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RE: WHY IS THE PRICE OF STEEM DROPPING!? - Crypto Nights Episode #6
Hi Anton, good episode and touching on a sensitive issue. I wouldn't be surprised if the price of STEEM was to break beyond $2 or drop below 50 cents. Cryptocurrencies being renowned for high volatility, there is always a bull that considers the price is low and a bear that considers it high.
John, I must admit that only last week I was highly optimistic about the future value of Steem, but after doing some digging around, my perspective changed. As I mentioned in the video, I think the platform is absolutely fantastic and the exceedingly fast pace of new members shows this. However, I am coming across more frequently, those who are only interested in the financial gain rather than promoting and sharing interesting content. I think I'll keep names to myself for now and just keep a close eye on how it all develops over the next 18 months or so.
Yes, crypto in general is often regarded as a massive "buy the dip scheme" to coin a phrase, aligned incentives and on-boarding new users seems to be part the appeal, difficult to distinguish the shills from people who are genuinely interested in the technology or as you say "promoting and sharing interesting content" For me it is all about the tech, although naturally I also enjoy financial gain, joined Steemit in July 2016 and only the past month or so started using the Steemit and bitshares platforms. I'm learning too.
I'm not suggesting that the financial incentive should be disregarded, however think it's important to highlight that certain individuals solely using Steemit to drive the price of of Steem up by attracting wealthy individuals before selling their 'stake'. The platform should be to educate others and share great content.
I've been reading and watching some fantastic content.