Whats up to Steem?
Dear Steem-bountiers
it sound me very strange how is going on Steem market now.
The BTC value seems fixed just below 4000 USD but Steem is going up to 36 position of market cap without a reason in the market, so what is going on?
When in the past i try to pump Steem with my post during similar situations, after the value was always going down, but i feel this time will be not the same because i think we have now something from Steemit anarchy growing up.
Yes, because if we suppose that Steemit.inc did something to get this situation, is not true.
Ned and Elipowell are not doing anything, just watching that luckly we have some users who is tired of this shit and start to use Steem blockchain to develop STM app without their approval.
I think @drugwars and @magicdice are giving to Steem this pumping up, am i wrong?
Of course i will put a bounty to see your opinion about it...:)))
I always support my beloved community of @steem-bounty.
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There is a mix of reasons for the increase in price IMO. Part is new demand, but what might be more important is the decrease in required selling pressure.
The new demand is because a huge mix of activities that are happening IMO. Once you have a couple great successes of dApps devs start looking closer at your blockchain. They see the low price of steem and the huge payday potential...seriously look at how much DW has raked in for a "pre-alpha" game that really isn't that impressive. Sorry, but I played cooler games in the 90's. They have plans, but the current game is basically Farmville with the twist of stealing your neighbors crop. I think the game ahs great potential, but it's only that...potential.
Now as DW's has reached top rankings on dApp ranking sites it then brings in new players which means new investors in steem.
Don't forget the new ability to trade tokens vs steem and so forth. This adds value to the entire blockchain IMO.
Think that the blockchain is taking control of their future and this has a lot of people excited. That excitement has spilled over onto Twitter with a massive push there.
Now onto less selling pressure. The recent cost savings seen by devs and witnesses running nodes is substantial. This savings means less steem needs to be sold each day to pay their bills. Oh and then the price goes up a little and even less needs to be sold, then it goes up a little more and even less needs to be sold. It's an interesting cycle and the cost savings rolled out by steemit inc marked the bottom of the Steem price drop. The largest sellers of STEEM aren't the bloggers, it's the devs and witnesses who are covering their expenses....oh and blocktrades.
So even a slight increase in demand mixed with a fairly substantial decrease in new supply prices can go up pretty quickly. You don't need to bring in a ton of new investors to increase the steem price as most STEEM is tied up in SP. The total "float" (free steem that is liquid which can be sold now) for steem is very low compared to most coins.
If you have spare cash it's probably time to stop thinking about buying and just do it.
Excellent comment @pifc
I like the way you explained decreasing selling pressure and increasing demand.
ps. what is DW?
Indeed. And bot owners.
Cheers
Piotr
The game Drug Wars
Dear @pifc, right now, as you can see here:
https://www.alexa.com/siteinfo/steemit.com
dapps are famous between steemit user, but to get new users the apps owner have to think about RC problem, because they use steem blockchain and it have a cost...
There is no question that RC's are an issue for the dapps on steem. Something that I know has been talked about is RC pools. So a community like PIFC can put say 9,000,000,000,000 rc's into the pool and authorize community members to access them if they run out of rc's.
It would be a great way to allow new people to come to steem, make sure they become part of some communities which will hopefully teach them what to do and more importantly not do on Steem, and then have enough RC's to interact in any way they choose. At the same time it will then be up to the communities to make sure they are giving access to the right type of people and not spammers. If it's a "bad actor" they can just revoke the RC pool access and the person will be forced to find another way to get the RC's they need.
Dear @pifc what you wrote could be the best solution, but we know Who Is Ned and as usual he Will not do anything ☹️
Posted using Partiko Android
Oh I don't think that is remotely fair to say about Ned right now. Steemit inc has done a ton in the last few months to bring down the operating costs of running a full node. This helps decentralize steem even further as more people including dapps will be able to run their own node. More nodes there are less issues like ddos attacks can effect the steem blockchain.
Look at the other day when steemit was up and down....but mainly down due to an attack. Yes they really hurt steemit.com, but steem as a whole moved along without much of an issue. You had busy and all the other frontends to access steem.
Now with lower costs there will be less and less dev's relying on steemit.com's main node which is a very good thing. It makes us one step closer to a true decentralized platform.
As I said above about why I felt the price had gone up, well a huge part of that is because the costs have come down so there is less selling pressure each day from those who run nodes.
Now that this project is nearing completion other project can move forward. But first step has to be getting your house finances in order and this was a major step forward.
To be honest i'm not quite sure been looking at the markets lately and i'm seeing growth but nothing in the news thats been much of a game changer besides binance launching ICOs directly on their exchange which has been great for them.
I do think that since Steemit has introduced ads there has been less pressure on them to dump their coins each time to pay for operating costs and they can hold on to stake longer so the scarcity we used to have is now increasng as people kept picking up cheap steem
As i wrote in one of my post, if the dapps owner will not help new comers to solve the problem of RC, they will never grown over actual Steemit community. Ok to get some SP is not so expensive, but for who is not interest on take SP, dapps should help them to use thier app
I agree with you on the fact that Steem is surging up these days and also feel that a possible reason could be the number of DApps that are rapidly being built on this platform. I feel it might soon surpass other platforms like Ethereum in number of DApps. Steem provides a lot of flexibility in creating such platforms than any other blockchain out there.
I hope Steem regains the highs again as it used to have a few years back.
I am not so optimistic till we are in this anarchy situation, please come to give me your opinion on my latest post...
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Personally, I think one of the main reasons would be on going campaign on Twitter which I am also participating in it. We are spreading the gospel of Steem across Twitter.
Secondly, there has been some big Korean investors pouring money in to Steem and this increased the price in Korean exchanges that later spread out.
Thirdly, I would give credit to drugwars. There have been many new users flooding the game and this is another factor.
Thanks!
Posted using Partiko Android
Dear my friend, of course drugwars is now increase popularity but only between steemit users.
Regarding Twitter, is not so easy make Steem popular there, it is too hard make it popular there.
Anyway the problem of RC should be solved if we want more users and money come...
I am fully agree with you, Drugwars and Magicdice are make me coming back in Steemit, but @knircky and @steem-bounty helped me to still enjoy here
Steem-bounty is a great family and knircky is a great man!
Drug wars definitely is extremely popular these days. But don't take the credit away from steem monsters too. It is much older than drug wars and has a good user community also.
Gaming option to the steem community was the game changer. It will take steem places for sure.
Posted using Partiko Android
ok but this steemmonster ask 10 usd to let in, i do not think is so fair it...
I know. I kept myself away from it during the start because of the same reason. But eventually bought one. I hope I break even on that soon.
Posted using Partiko Android
Yes games like drug wars, magic dice , moonsteem and steemonsters ( the tournaments just started) play a big part in the pump.
But also projects like Smartengine ( now you can even trade your tokens against steem).
The community helps steem to increase its value
I already made a post about steem-engine and i am not believing too much in that because it is like shit coin wallet, especially bernie shit coin...
I totally agree with you on this one 👍
Posted using Partiko Android
A lost of activity going on on Steemit lately, esp. with Drugwars. More and more people join these days. There are bright days ahead of us!
I am not so optimist, please come to read my latest post...