RE: Want to increase your Steem Power? 50% discount is here.
The problem with the marketcap number is it's not accurate. There are not 99M coins in circulation as @bacchist pointed out here. The volume is really low which might indicate things are over priced and few can get out of their positions anyway because of the vested nature of Steem Power. Maybe that means loss aversion will kick in and people will work that much harder writing great content and encouraging others to join (while maybe also buying in even more). When bitcoin danced around between $3 and $30 or $50 and $120 or $250 and $1200... it was all part of the process. Maybe Steem Power will prevent such wild swings? At the same time, people really don't like to see long, slow, extended declines like we're seeing now. Either way, grab some popcorn and buckle in. It's going to be a wild ride.
Most of the new coins go trough a speculative pump and dump early in their lifecycle. Without vesting, the correction might have been a lot more violent. I like the idea of not being able to power down right away. It prevents regular people from hurting themselves (ie. panicking and selling at the bottom).
Yeah the power down process is really well thought
Thanks for this part analysis. The market cap isn't accurate because only a fraction of STEEM is available for circulation. When only 5% of a market cap is in circulation, it would be surprising to see any sort of volume in line with coins at the same market cap...
My interpretation is that given all the TA done above, along with the fact that only a fraction of the market cap is currently available for trade, STEEM will continue to see a steady decline until it finds a support level. This may take a while. Recommendation: wait for the market to sell itself out before buying in. Good luck!