Steem trading volume on life support.. Bithumb isnt helping
Im sure most of you guys noticed the current state of Steem on the open market. Its on life support.
Current trade volume is extremely low. Take away Bithumb from the equation and Steem is trading currently at 1million USD trading volume on the open market. That would be around 200th place in 24 hour Volume rankings.
Yes its that bad.
And Bithumb isnt helping either. The price difference is 500% and we arent seeing it come inside 10% any time soon for having any chance of Bithumb opening for deposits and withdrawals. Thats quite a big problem since Bithumb holds 95% of Steem trade volume (as listen on CMC).
Steem being scarcer on an exchange that has locked deposits and withdrawals means price volatility will be higher as well as potential gains on that exchange. So if a speculator is confident and is looking for quick profit he will go gamble on a asset with high volume and lower supply.
I cant say i know for sure how low trade volumes need to get for a particular crypto currency to get delisted from an exchange like Binance or Bittrex but at this rate who knows what could happen.
A crypto with a proven use case and superior technology is barely breaking 1mil in trade volume. That is really alarming.
And sure, you could say: "Just wait for the bull run, its coming". Sure, but i still believe that Steem should be doing better in relation to other crypto, not just be a currency thats following overall trends.
A bandwagon cryptocurrency.
Everything goes up, Steem goes up, everything goes down, Steem goes down.
I really think we are at a time where we hit the wall, and its time to promote STEEM. And this is on Ned and Steemit.inc most of all. Its time for large stake holders and Ned to get on all and any media they have access to, youtube crypto shows, mainstream shows, mainstream financial newspapers.
Even paying people to "shill" Steem and SMTs wouldnt be a stupid idea..
You have something in the works-You have something to present-You have places to present it at-You have money to pay for promotion.
Just a few thoughts. ;)
See you guys around.
That's what makes it frustrating to be hung up on BTC's price, I agree. Still, we need BTC to endure. Next year it'll be BTC's 10th anniversary; it's the only crypto that has proven itself over such a long period. BTC will never become a currency, but we need it as digital gold. For now at least.
But you are also right: Steem has proven itself to be useful and should be valued for that. But then again, since when have markets acted rationally...?
Great post! Thanks @lordbutterfly :-)
Sry i missed your comment. I must have installed Gina a day after.
Well yeah i think we share the same sentiment. BTC really needs to step back a bit and create room for some other alt coin to take its place. BTC use case is really limited and i dont understand people being hung up on BTC being a store of value. Just as BTC can be a store of value any other crypto can. It just needs to grow to the size of BTC.
Im really not seeing rationale in the markets either. A tech market that doesnt care about tech? Its kind of perplexing, but then again change to this will happen gradually.
I'm using Steemit for fun and not for money.
I think there is a problem with Steemit. The system is very capitalistic. If you have money, you can make money. If you are poor, you have great posts, you will not make money.
That's a problem when you want to market this Dapp. Because people are now searching for equal opportunities in Dapps. and not another place where whales who make money are the 1% holders
I tend to agree with you. I think we all realize that the problem with politics (and therefor government) today is that it is all about money. We probably can also agree that getting money out of politics would be a very good thing for most of us. Unfortunately, Steem is all about money and not so much about quality content. If you have a lot of Steem, or can buy it, you can rule here. If you don't, you are largely SOL. The Gini coefficient of Steem is near 1, which I don't think bodes well for the future. That said, these issues should not affect Steem as a cryptocurrency. Who cares how Steem is generated or distributed with respect to the Steem currency? Bitcoin is generated very inefficiently through mining--an activity that really doesn't provide any other benefit. Yet it is still the dominant crypto. But like you I believe Steem needs to change more to proof of brain, rather than proof of stake. If it doesn't, I suspect something will come along that supplants it.
Proud member of #steemitbloggers @steemitbloggers
I agree with you ! I really like the term Proof of Brain !
Things in crypto are escalating quickly, and we will see more projects with different approaches. Some will fail, some will manage to be the internet of tomorrow. It's very confusing for investors where to put money because of this kind of diversity. But still whatever is happening on blockchains is better than what's happening on Web2 content!
I wouldnt say that you cant make money only if you have money here. Its true that the distribution is skewed atm but there are opportunities for regular people as well. Ive known many succeed solely based on their hard work here.
Problem is that like in life there are not many that can stand out easily.
I know for one i dont have any particular skill that makes me stand out which is why it seems my only way to earn money here is those 10% ROI that bots give me.
Im basically making 2-3Steem by buying 30STEEM worth of upvotes.
Unfortunately like almost all projects, Steem will derive its value/traffic from the performance of BTC. We have to remember that most people don't even realise there is another cryptocurrency outside of BTC. It is going take time for projects to separate themselves from BTC and be valued accordingly. Just have to trust the process and keep pushing forward in these down times.
Well it is how it works currently. But BTC is a dinosaur of the crypto world with no use case other crypto currencies dont fullfill many times better.
It really is time to move away from BTC for the health of the ecosystem. I think BTC took us as far as we can go.
STEEM is also a part of Crypto-currencies.
Crypto-currencies is just like “AIR” we can’t see it. But it’s there. Who made it no one knows. What’s the future it’s a big question mark. Will it sustain for ever “a big question mark”.
But still everyone is attracted to it. Because more adventurous a product is more people attracted towards it.
Crypto-currencies market is not so good around the world so facing problem.
But a STEEM currency is little bit different. As per my knowledge in longer run STEEM will rock and will make a unique position in Crypto world.
I agree with you. It is "air" but so is the money in your bank account. So are stocks..
If you watched wolf of wallstreet you might have heard the term "Fugazi"..
Your post on "Steem trading volume on life support.. Bithumb isnt helping" is just stunning and amazing.
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Interesting insights
But no, steem will be a bandwagon coin