Why has steem nosedived?
Anyone know why steem nosedived? And why it continues to drop lower than whale pooh?
An explanation in crayons would be perfect. :-)
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Image Source
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Anyone know why steem nosedived? And why it continues to drop lower than whale pooh?
An explanation in crayons would be perfect. :-)
The entire crypto market took a nosedive.
:-(
First there were a bunch of eth backed ICOs. That caused eth to go down drastically. Then btc started tanking when btc tanks everything tanks.
Look on the bright side. What goes down must come up again.
So wait till it bottoms out then buy lots of Steem!
Yeah, I've been buying while it's cheap.
My best guess is that everybody is nervous about the upcoming bitcoin fork.
Hmm? Maybe?
One source hypothesized the reduction in power-down time from HF-19 encouraged lots of people to start cashing out and the downturn could continue for two months. Of course, crypto is taking a hit all across the market so there are other factors in play but that might be one explanation. Hopefully the influx of new steemians (over one thousand per day I estimate) will prop up the demand for STEEM as we eagerly power up every little bit we can get our hands on.
EDIT: I'd add another source's hypothesis that the summer season is encouraging people to cash out to fund "fun-time" expenses so it could be a bit of a seasonal thing, too.
Yeah, seems the general consensus is it's a blip.
Found this on freebitco.in:
Recently, there have been discussions about the possibility of a bitcoin hard fork happening so we wanted to address the issue for users who have their coins stored with us.
We feel that the possibility of a hard fork has been greatly exaggerated, however we are prepared to deal with it if it does happen.
If there is a hard fork, we shall always follow the longest chain (the chain with the most proof of work) as our primary coin. Bitcoins on the secondary chain however, will be made available for withdrawal by users after there has been a clear winning chain. So for each satoshi that users have with us, they will receive 2 (or more if there are multiple forks), one on the longest chain and one in the minority chain/s.
So I take it we're at a bit of a crossroad when it comes to crypto currencies hence the jitters?