comparing Steem to the whole cryptocurrency market over the past year
Is STEEM 'dying'?
Both are 1 year logarithmic charts measured against the USDollar. First, STEEM:
Major risk of breaking through to fresh lows. Only during a brief price crash during the first months of STEEM's history was it ever cheaper than it is now. The entire blockchain and all its content is only worth 73 million USD.
And now the entire crypto market:
Very similar, up until the low (set at Christmastime). After that, STEEM has made a bearish 'head and shoulders' pattern, while the overall crypto market has made a bullish pattern of higher highs and higher lows.
Posts that point out and document these facts are generally not supported by the community. We should not mistake lack of upvotes for inaccuracy - this information is correct. It's not welcomed or appreciated, but sometimes reality is like that. I still think it's important to pay attention to fundamentals and financial data even when things aren't as we wish.
Yesterday, I was asked to leave the community by someone who didn't like that I had noticed that many are asking "Is Steem dying?" His response was that "Steem is immortal" and will never die. While true that a blockchain will continue to function as long as people use it, there's no guarantee people will always use it. Steem could die if people stop using it, which appears to be happening now. Mentioning websites that rose to popularity and then disappeared into internet history, like Myspace, is appropriate. Steem can't go to zero, but it can lose 99% of its current value, over and over and over again without limit. And it can never completely be destroyed, as long as the internet lives on, but that doesn't mean it will always be a vibrant successful community. "Steem is immortal" is a simplistic view, and being used to justify ridiculous arguments and decisions.
Communities can die. Even ones that utilize blockchain technology.
I'm not saying I want STEEM to die. On the contrary, I want it to succeed. I'm 100% all in STEEM, and have lost 99% of my savings, but I'm staying in. Steem on.
DRutter
So many cracks in the Steem story began to appear a year or two ago.
Each time they did, we said "as long as the price eventually recovers along with Bitcoin, this won't matter".
But that's not happening, so all those cracks matter now.
Some people take the "Steem is invincible" concept too far, and use it to justify outlandish claims like "there will always be a bustling community here, even if the price falls to .00000001 and there's no support for front ends of apps". Yes, we're using a blockchain. No, that doesn't guarantee success.
If we want something that works we're going to have to build and maintain it ourselves.
We try to add something to every post or comment we make on Steem. Even if it's just a few sentences, doesn't need to be complicated. Just try and add your perspective and unique thoughts, and people will notice the value in it. If only the community itself was healthy and growing.... but that hasn't been the case since almost the very beginning here.
Yeah .... Looks like this is the End of the Line. It was fun for a little while. Wish I had sold all my Steem back at $8
Would you have sold it for bitcoin, or dollars, or something else? No matter what, it would have been better than Steem.
It's sad, because it seemed to be poised for greatness... then it just stopped improving and began turning to crap.
Probably Bitcoin....or maybe Litecoin then Gold coins from SilverGoldBull.com
Very nice. If only, eh? You'd have piles of silver, or a few gold coins. Or an enviable litecoin position. One thing with Steem is that you're kinda locked in. It's not easy to trade once you're powered up. If you don't power up, you can't do much, and you can't make much money unless your content is world class. The average content creator isn't welcome here lately. But if you try and leave, watch your crumbs turn to dust in this market as you power down and wait for your tokens. Most of us are just trying to ride it out, and hoping this experiment wasn't a waste of years from several hundred thousand people's lives.
Yeah.... exactly. I have powered down several times with hopes to preserve some gains over the past few months but every time I receive my 300 Steem the price has plummeted that same day. Everyone gets their powerdown Steem on the same day and it drops like crazy
Luckily I have been sending some Steem to Binance to buy Bitcoin over the past 2 years and locked in about $2,000 .... so my last 2 years blogging here is not completely wasted.
At least there's that. It's a partial success story, anyway. And we can keep our fingers crossed because the story isn't over yet.
It’s so hard to predict... I just thought this was a bi blast upwards for everything, but in reality it was absolutely dominated by btc. XRP wasn’t affected, and many weren’t. Btc seems to be dropping now, hopefully it will blast up again but who knows! I hope steem doesn’t die. However, when I joined in Feb 2018 it was about $5
Yeah! I've never tried to predict Steem's price, except to hope that it would follow the trend of the other cryptos. At the moment, it isn't doing that... and the community is shrinking and fracturing.
Looking at the same chart, but without the 'dominating' bitcoin:
I think we're in a buying opportunity for most cryptocurrencies. I say most because certain individual cryptos have fallen out of favour with investors right now - STEEM being one of them. But for most, this is just a momentary sale, a chance to get a bit more before the next leg up in this long-term bull market.
Bitcoin should double by the end of the year.
Is price all that matters?
No, lots of other things matter! Anything in particular you want to discuss?
Why did steem got so low?
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