RE: Is Steem Running Out Of Steam?
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.