RE: Is Steem Running Out Of Steam?
Think of it like this. Goldman Sachs thinks crypto has real value. If they didn't they wouldn't bother expending so much time and money to seize up the Poloniex exchanges to drive crypto prices down. In fact, the entire establishment financial sector thinks crypto has real value - which is why right now they are pushing congress to regulate cryptocurrencies at a time when they are advocating for every other part of the financial markets to be DEREGULATED. These forces are driving the prices of cryptos and STEEM in particular down, even at a time when there is a massive influx of users to STEEM including many high-visibility names. Steemit has been getting plugged by popular independent news shows in the last few weeks, shows like Jimmy Dore, Jordan Chariton, TYT, the Rubin Report, Redacted Tonight, and many of the viewers of those shows are flooding in to STEEMIT as we speak.
But at the same time the price is dropping. What does this mean? I'll tell you what it means. It means the value of STEEM is going up, while the dollar cost is being artificially depressed. In other words, it's a reverse bubble. Time to buy STEEM, because unless the old establishment is actually capable of ENDING the use of cryptocurrency altogether, all they are managing to do is make is temporarily cheap to buy STEEM and other currencies. Those prices will inevitably shoot back up because STEEMIT does have real objective value to a consumer base that wants social media that is not filtered or censored. The crypto investers that have spines are the ones that will end up at the top of the food chains. The ones who sell when prices dip will end up losing big. This is what always happens in a speculative market. As it should.
Survival of the fittest, baby.
There are basically two kinds of users on STEEMIT. The first is here because of how much they can sell STEEM for. They are here trying to figure out what to post in order to get lots of STEEM so they can turn it around for USDs. Those are the people replying with comments like "yes it's all very scary and what should we do next?"
I'm the second type of STEEMIT user. I'm here because Facebook and YouTube are censoring content and I don't believe in using censored or filtered social media. I'm not leaving, and frankly I want all the first type of users to leave. All they are doing is clogging up STEEMIT with their fumbling attempts to figure out how to post "content" that will earn STEEM. If they would leave, the people who actually have worthwhile content would be able to share it and I would be able to find it without having to wade through a sea of garbage posts.
I think that the people going after the exchanges and trying to regulate them is to take tax revenue. Goldman sachs is just buying the rumor and selling the fact, I don't think they could care less if cryptos died tomorrow. What I am trying to convey in my article is that the markets (both crypto and equities) have been rising together. When the equities corrected so did the cryptos. Everyone is posting their crypto charts showing the next rise when the next fall may happen if the equities correct for the 2nd time. This first correction that we has was nothing compared to what is coming. Steem is not a stable currency and never has been, you can just look at its chart to see this. In order for Steemit to succeed it needs to bring in exterior investment, the p2p environment within steemit is currently not enough to stabilize Steem. I'm hoping that the devs have a plan on turning things around. We shall see soon enough.
GS is fighting cryptos for the same reason it has been propping up the petro dollar for decades, because it is all in for the USD. Everything it has depends on the value of the USD and cryptos are a direct threat to that.
Steem currency was designed to be based on the value of its content, period. Many users have come here because they want a crypto that is easy to obtain just by posting. It's a new thing and some people with not a lot to say but a whole lot of time to say it are flooding this place with mediocre junk and upvoting stuff for various reasons that have more to do with gaining influence and increasing the value of their own posts than with the actual value of the content. This is what is creating the value bubble, and yes it will burst. Good. Because when that happens, all the people who are here trying to game STEEMIT with low quality nonsense will loose interest and leave. They will move on to the next way to get something for less work, and that will leave STEEMIT to users like me who are here because of what STEEMIT is.
This is also why you are ultimately wrong. STEEMIT does have intrinsic value to the world, it's just that people who are currently talking about lack of "STEEM value" don't understand what STEEMIT's value is. The sooner they get frustrated and leave, the better, and I'll be here to buy up their STEEM for cheap.
this is absolutely true, and thats what investors are looking for to grab the opportunities and used to buy the deep feom. week hands.
and also for the first steemit users, so right about it, though i am also here to get some steem and make a daily bread i still won't lie to admit my hate for Facebook, i rebel against it, when i joined steemit last year October and saw how decentralized it is, it took me February to check my Facebook and just update for old time sake.
facebook and google sells our private data to companies and also uses our data to run ads that really is a bad thing to talk about.