Chart Of The Day: Do You Still Believe In Your Tokens?

in investing •  4 months ago 

“What Do You Expect From The New Tokens?” – I asked some days ago about the expectations about the price of the new Steem-Engine or SCOT-tokens. The poll showed most people were uncertain, imagined no clear direction or couldn’t give an estimation:

  • There will be no clear direction, some up, some down (50.0%) 8 / 16
  • So many factors, impossible to predict something (37.5%) 6/16

So far, so good. It is a new sort of token and it can be really difficult to see the future. But I think that should not prevent us from looking at the past.

Why historical prices?

That is always what investors are making: looking at the charts, watching the historical price movements and analyzing the past. The past price developments do not guarantee future performance, but that is what we know and that is what provides us some information.

I was surprised as I knew Steem-Engine doesn’t provide price history at the moment. I asked them and they didn’t mention when they were going to do it. So, what can a simple small investor do who is willing to do his homework? He begins to collect those valuable price information.

Bad news

The bad news is, the tokens know mostly only one way: Downstairs. At least the ones I have chosen fell a lot from July 7, 2019. Many people are happy because the tokens, the frontend votes on sites like Palnet, Steemleo, or Creativecoin, provide high income. Much higher than Steem itself does. But the tokens seem to stay under strong selling pressure.

cod do you believe in your token.jpg
(Click to view in higher resolution.)

I’m collecting all token prices from July the 7th on, once a day, approximately at 4-5 p. m. UTC (Coordinated Universal Time). I’m not a robot and I’m not always online, so some delays can happen. The data is so more estimation than an exact recording. But better than nothing (If somebody knows how to regain this information more precisely from the blockchain I’ll be glad to get rid of this collecting activity.)

Transparency on crypto exchanges

There are a lot of tokens, I counted 423 today. I’m only charting a few of them today. I’m trying to find a nice way to show at least the ones with a more significant trading volume.

This cryptocurrency trading, the token marketplace is some sort of stock exchange. All stock, bond, commodity and cryptocurrency exchanges need transparency, and that includes also transparent public price information.

The series

I started a series with the title “Chart Of The Day” because I see every day interesting things on the markets or in the news. Other parts here:

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I think your chart is just reflecting the overall decline in crypto:

image.png

Some kind of tracker since each coin's inception might make more sense.

Generally alt coins market Is bearish as all is waiting for btc to do the magic

Yes, but Steem is underperforming others, and many SCOT-tokens underperforming Steem. Unfortunately, I have no data before July 7th.

Good observations. One can buy in-game items with DEC, but I don't know what most of the other tokens are for. Only a handful seems to have any utility apart of upvoting posts, somewhere. Why should those upvotes of (mostly trash) posts have any financial value?

Well the whole steem engine does serve a purpose as it apparently reached 1 million steem. So it might take steem of the open market to affect the price.
As for all the tokens. Unless the develop their own purpose and sinks they will keep going down. Look at dec. those have a purpose and sinks so hence they go up

Posted using Partiko iOS

Beside the sinks, new tokens are issued in the market. Although, some Steem is out of traffic, the new tokens have a high inflation. The overall token+Steem total supply seems to be growing. The system seems to be inflationary to me. What wouldn't be a problem if new users were entering the space. But I don't see them.

I believe in PORN. It doubled yesterday. ;)

hehehe

This token is new. Let's see it again in a month. I wish at least the more popular 10 tokens were surging in the longer term.

Thought I was the only once noticing the number, no trader would want to enter into any market without taking analysis of what has happend in the market in other to predict the direction of the market, most of these communities are just dishing out free tokens forgetting someone has to buy back. It's the survival of the fittest, strongest chains survives weakest chains die off. Thank for this hopefully Developers will fix it in time.

This buyback is more complicated, for example, some issuers are burning tokens already. Or are trying to find use cases. But I'm afraid selling pressure can persist in the long term. The tokens are basically very inflationary.
Thank you.

Thanks for doing this @deathcross.

I'm not aware of an automated method to grab the data and so your work is appreciated.

yes, man!!! A lot!!!!!

It’s simple ... buy low, sell high 😂

Posted using Partiko iOS

Could I first sell high, and later buy back low, please....? No. :(

That’s a problem if they NEVER go “high”

Posted using Partiko iOS

Your first chart is interesting. And useful. Thanks.
I keep accumulating those SPORTS's

I stake tokens I received in airdrops so that my upvotes award more coins, but that doesn’t motivate me to buy more. Other than ENG, which I believe you need to start a new coin, I see no reason to buy these. Are people buying just to increase their upvote thinking it will have more value there than just staking steem?

Posted using Partiko iOS

I see little reason to buy any of the tokens at this point, either. That's because the airdrops are still continuing. Also, the cognitive load of looking into every little coin and community is simply too much. I don't have a problem being at the receiving end of the rainfall, however. But I don't think most of these coins will have much of a market value in the future or even now. Some might and it is quite hard to tell which ones, so I'm keeping most of them for now.

I bought some. Maybe it was an error. But it is also possible that they jump in a crypto-hype in 1-2 years.

well all of these might now survive in long time

Same here.. just downstairs. I wait. 💕

Posted using Partiko Android

👌👌👌👌

Posted using Partiko Android

Congratulations @deathcross!
Your post was mentioned in the Steem Hit Parade in the following categories:

  • Upvotes - Ranked 5 with 1251 upvotes
  • Pending payout - Ranked 6 with $ 57,82

very nice