It has NEVER been this cheap to buy STEEM with Bitcoin!
Or, put another way, STEEM has never been so worthless in relation to other cryptos.
Or, put yet another way, anyone who has converted other cryptocurrencies into Steem (including me) made a bad trade. We should have waited until today.
My team has been working to turn my $5000 (0.2 BTC) investment into $500. (We've lost 90% of our savings and contributed hundreds of hours to building this site's content.) Today that 0.2 BTC would be worth 1100 USD, or 3500 Steem - DOUBLE what we've been able to grind our way up to! If only we had sat on that money instead of investing it here, we'd be better off, and have 2 years of full-time labour to invest in something else, too.
A lot of investment has pulled out of STEEM, much of it permanently. Will there be a huge price spike sometime in the future, when the overall crypto market recovers? Will people bring their money here, turning around this 3+ year slide toward zero?
DRutter
eh, steem is still 50% higher than the local low
Yeah, anyone who bought Steem WITH FIAT at the low (Christmas) is up 50%. But they'd be up 80% if they'd bought any other crypto at Christmas, so that's not a great stat.
EDIT: lol, I put you to 25 rep with my upvote!
The recent up and downswings of steem aren't correlated to the rest of the market. Yeah, if Bitcoin swings up and Steem swings down it looks pretty bad in that moment.
Steem spiked out of nowhere on march 10 and now we are seeing a weird correction. Steem doesn't have a lot of liquidity. A single whale could push the price down to 5 cents if they wanted to.
You don't even need to be a whale, the volumes were so low, it started to drop when I sold some steem on binance. Most of the volume seems to be traders and not many actual buyers. With steemitinc constantly dumping their stake, it doesn't take much in additional sales to bring the price down
Cant argue with that.
our liquidity is so bad.
that volatility goes both ways though
stinc wont apply downward pressure forever
Here's hoping, but I can't see stinc managing their funds any better. I doubt they even have a proper treasury function, or any hedging instruments.
Don't forget the steem foundation which will be another big seller of steem if/when it comes into existence.
Not sure where new buyers are going to come from. N00bs love shiny new projects when they get into the market and we don't seem to have any institutional investors. We are outside top 10/20/50 so even the crypto tracker funds won't be buying
I'm buying :D
800,000 worth of steem I hope ;)
Holding on to 60th spot, for now..
are you staying onboard or will you sell some steam to “earn” back you original investment?
I am staying on board for 2 reasons:
STEEM ON
I bought in with nothing and I’m up to 315 SP. The price was .80 cents when I onboarded so in 7 months I’ve acquired over a hundred usd for staying mostly off of fb.
I’d say within an hour or so of being a steemian it became obvious this was not the place to be making my first crypto investment. I still haven’t bought into anything but I’ve learned quite a bit more than steem is a completely broken ecosystem and has no clear vision. That’s far more valuable than the 100 bucks I really dunno what I could do except buy doge with and purchase hotels.com gift cards. Do basically what I’m saying is steem is essentially worthless as an asset and it’s seems that isn’t likely changing anytime soon.
It’s truly fascinating seeing the different levels of the sky is falling pervasive mentalities here. The only semi success stories are the consensus witnesses/bot owners and or whales that vote sell. They all profit off this place because the masses of users are stuck with a big L and scrambling to find a way towards mass adoption fantasies. Grab your forks
in that case
steem on