FIT trading diary, Steem and altcoin's weakness against BTC. DApp's funding model.

Today, FIT went down to $5.27 but bounced back to $5.41. I was able to catch few FIT at $5.32 to make my average buying cost at $5.39. I am hoping a quick rebound at $5.50s or even at $5.60s. Earlier, I have blogged about FIT being oversold and a bounce was incoming.

I am planning to trade actively this summer. If I am able to make some profit, I have plan to buy more Steem if it stays low.

In the meantime, Steem and altcoins are showing weakness against BTC. Traders are taking position in BTC assuming BTC is bound to touch $6K, the last big support. $6K support might work as a big resistance for next few months. At some points traders will move back to altcoins but nobody knows when.

Recently, few big names DApps such as @utopian-io and @dtube struggled to acquire external funding. Due to bear market external investors are not interested to fund projects unless big efforts are put in marketing. Fortunately, @utopian-io got funding from @freedom. Note to newcomers, the largest individual SP holder, @freedom get bot praises and criticisms. He not only has large delegations to @bidbots, but also supported many projects. @bidbots are the necessary evil that fill the vacuum of the advertising (i.e SEO).

Interestingly, few DApps such as @steemhunt, @actifit, @dlike etc. have found an economic model to reward their users. They take delegation from investors to reward users. In return, they reward investors with their TOKENs. If they make good developments and keen on marketing, their TOKENs can accrue value. Recent success of HUNT token shows the path.

However, I personally believe even STINC should launch their own token to reward bloggers in Steemit. Then Steem only can be produced for witness reward, few percentage for staking and protocol development (worker proposal). Scarcity of Steem will raise its value. Surviving and well functioning DApps will keep their users and their TOKENs will have value. Users and content creators will move to successful DApps. Steem will only used for infrastructure such RC ration. Successful DApps will acquire more SP to sustain their growth.

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger