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RE: Does any of you buy STEEM? Well...I do.
I believe we will hit a new low before Steem takes off again. This uncertainty on what's going on with the platform and Stinc, the Steemit censoring etc, is going to bring it soon. As soon as most negative people have cashed out though, and Stinc sorts out their shit, we might see an increase.
Not financial advice :P
What most people fail to understand is that since there is no steem/usd pair, what determines steem’s price is Btc, so what really matters is BTC’s price and not steem’s...
Read this and you’ll understand how things work
https://steemit.com/steem/@mindtrap/are-you-still-wondering-who-s-in-charge-out-there
Tip: Keep buying steem when BTC is dipping
Financial advice:)
Actually, it's a combination of two things: The USD/BTC pair and the BTC/STEEM pair -which was the one I was referring to. The second pair right now looks like this:
I understand that most people just take the USD value of a STEEM [(BTC per STEEM) times (USD per BTC)], which is wrong (I've done it too though). Use the BTC value, and when you are happy with your BTC earnings (if you are a trader of course), hodl and sell when the price is high enough for you
Chart Source: coinmarketcap.com
Out of these 2 combinations the BTC/USD pair is what determines the price.
To give an example, steem is being traded at 7700 shat as we speak and is climbing in terms of btc/steem
If though for some reason BTC starts dropping and at the end of the day 1 btc= 2000$ then, no matter if steem climbed and is traded at 12K shat, steem’s price will be lower that it is now