Is This the End for STEEM? Or the Calm Before the Storm?
I thought it was bad enough when it hit $1. But somehow it busted through the floor, and just kept falling. It's at 87 cents per coin right now on Poloniex. I haven't seen it dip this low since the winter of 2016. Those were dire times, it's chilling to be right back there again.
If you'd asked me last year where Steem would be by this time, I'd have said at $5 or higher. Everybody was predicting that. Wishful thinking apparently. Then again it was also struggling in December of 2017, right before it surged insanely high for a few weeks.
The low price I'm despairing over also makes it attractive to investors though, and both STEEM and SBD have an inherent value most other cryptos don't just by virtue of being attached to this site (and the growing family of sites that use them).
This makes me feel reassured that they will never simply crater to $0 and stay there. They will hold some value so long as Steemit and the other sites using them continue to operate. But how much lower can it get before those sites begin to hemorrhage users, fed up with making fractions of a penny per post?
Most are already in that position, but at least could aspire to grow their earnings over time. Now even that is in doubt, unless investors start buying up STEEM in a hurry. One thing's for sure, holding my breath for STEEM to recover is not a viable survival strategy.
I'm going to need to make some alternate sources of income work, sooner rather than later. I have some stuff lined up already I am not thrilled about, but I'm sure it'll work for however long this slump lasts.
Stay Cozy!
End? No way!
This is just a begining.
@alexbeyman,
I think they are on the schedule to leash the best aka SMT! Hang on dude, it might be here on time and will bring STEEM to the moon!
Cheers~
As to hemorrhaging users. We've already had that. The question is whether the new users make up for and replace that. It's been pretty bad if you really watch since most of the efforts seem to center around those who purchase votes rather than actual curation.
I do think most of what we're seeing with the steem prices though are tied to the overall decline we're seeing in all of crypto.
Though to steemit, inc. I say. "Communities?" We've been talking about communities for around two years. I believe it was around this time two years ago I first heard about them. Then some time after that we started hearing about Smart Media Tokens (SMTs) and that has some people excited. Yet it's not here. I believe at this point a lot of people have adopted the stance of the hype no longer keeps us convinced. We'll be excited IF/WHEN we actually see it actually present.
I do think many people have concerns that the printing money that this project has been for some people has some people not as active or passionate about make these things happen as they otherwise might have. When paying your bills becomes less of an issue then all of us have potential to lose that sense of urgency. If you are first out of the gate with a crypto idea you can apparently SEIZE and insure your legacy. That is if you don't start taking it easy as you bask in the windfalls of wealth.
Whether that is the case or not. I don't know. I don't think many of us do as Steemit, Inc. is known for silence at this point. It's hard to tell how important this is, or if they are taking the money and running as I've heard many people say in the past. I have seen gaps closed by competitors, and opportunities seized that should have been seized by steem long before this. None of us are perfect. We miss signs, we miss opportunities, and if that is all it is then we've got your back. If it is complacency then yes I would expect the usage of steem to decline as competitors enter the fray and do what it has been promising but not delivering.
Look at the speed at which they conceived up, launched, iterated, and then had running this brilliant never before seen project. Then compare that to what has happened since then.
While I do like the reports from the various Hard Forks from @steemitblog, I also find them very underwhelming in this point.
And alex... as to needing another source of income. I can understand that IF this was your only source. All I can say to those of you that have done quite well in the past... when you do well, don't start living as though that is the norm. Live within your means and weathering the rough patches should surely be doable.
Hopefully Steemit manages to deliver on some of these things that are very vaporware-like at this point and that indeed could turn things around.
Right now... Minds looks nice, has a vibrant community, and is only held back by the slowness of Ethereum. Eth has also been promising a transition to Proof of Stake and Sharding which if they actually pull off will decrease the gap between it an Steem.
Now if someone makes something like Steem on EOS... that could be a pretty serious contender. Right now it is like a race... Steem has been in the front, but they've tripped a few times and some of the other racers are starting to nip at their heels.
EDIT: Sorry about the typos and incorrect choice of words here or there. I wrote it as a reply, and a stream of consciousness and while I see places I should correct I am going to leave it as is.
It would be interesting to see what type of accounts steemit has been hemorrhaging as people call it.I have seen very few V4V comments and F4F comments lately, if they are the hemorrhage, then good for steemit. If it is active people, real people not pretend ones, then there is a problem. Perhaps many are going to minds or some other new kid on the block hangout, if so, then steem inc needs to start being concerned.
...yeah, that's true - I never realized until you just said, but you are correct.
I just opened a minds account ....still getting my bearings...time, and all that..It's way too early for me to give an opinion as such...
https://www.minds.com/patriotwargamer
Most of the people I am aware of are just slowing down, taking breaks, etc. Some that may be leaving may be fairly new. I personally only know of one myself that seemed to be doing well, got angry, and left. Then I found out recently he has occasionally been posting on his daughter's account... but apparently had a blow up there yesterday similar to the one he had on his own before he sold his account.
So yeah... I hear we are losing people, but I haven't seen the stats myself.
Minds only announced the Minds Token I think this last week, and then CEO was on Infowars yesterday, so that traffic may begin to happen.
Though if people are really doing well they likely will continue to post here, but also post to Minds.
I am not leaving Steem, but I am thinking of posting some of my posts to Minds as well to see what happens. Mainly the @newsagg headlines. I don't make much making those, but that isn't why I do them. So if it reaches and is useful to more people that is good to me.
We shall see. I haven't gotten to that point yet.
styxhenhammer666 was pushing it too..
Steemit didn't make as much of presence when they launched... (infowars? )
Considering they were the first, their after launch 'project speed', does leave you wondering.....
Though having messed with minds.com quite a bit today I do think the steem ecosystem is better than minds. The dlive.io platform is pretty impressive too.
I'll continue to post to minds, but I don't think it is as good as steem. It looks better in many ways than steemit, and in other ways I prefer steemit.
It does have a hell of a lot more views though. ;)
Bitchute is really a hit and miss and dlive.io kicks its ass badly, but bitchute has a lot of users.
Though one of the main infowars restreamers Ron Gibson switched to dlive.io today on @rongibsonchannel and it is kicking ass compared to bitchute.
Good things could happen for steem regardless of what Steemit, inc. does simply because things on the steem blockchain actually work quite well in general.
I will have a scout - but it's very hard to switch methods....and easy to discount to because of the lack familiarity..
(for me anyway!lol)
I looked at the 'Minds" page a little while back, I doubt I will join until they make some changes even then not likely unless steem blockchain has a huge meltdown and becomes completely unusable. One of the nice things about the seeming slowdown is fewer spam account followers.
'Look at the speed at which they conceived up, launched, iterated, and then had running this brilliant never before seen project. Then compare that to what has happened since then.'
Exactly, that's what's so baffling. It's like Steemit have been standing still for two years ...
See underneath re- just joined minds...
You can make your own groups there, invite only...( I think - I'm literally still working out the buttons! lol...)
Ive been her nearly 11 months now, and there does seem to be a lack of 'impetous', for want of a better word - in steemit's ambition to get 'moving ahead'.
In today's techy world, that is a bad strategy..
I just setup an @newsagg account there. Though it doesn't look like simply writing my aggregation in steemit and then being able to move it over to minds will be super straightforward.
I haven't found it's rules for markdown and/or html in blog posts yet.
Prefer HTML as that is what my existing template is.
lol - It's weird after spending hour here, navigating a new place! lol
I didn't have much time yesterday, but I'll look some more today.
I'm @patriotwargamer, I'll add you ( or something.. whatever it is you do.. lol)
You can make groups - I think - - maybe make a 'steemitians coming over to minds group?'
The bull run will retourn most probably end of October beginning Novembre if not mid year 2019. But it dos not mean that altcoins will rise with Bitcoin thats the sad part.
Good luck with it.
Come on "Calm Before the Storm" !!
Holding here as I've seen this before...........
So We Should Hold STEEM?
Personally I'dd suggest looking at market cap and considering what you feel a fair market cap would be if the platform was a company and STEEM was stock in that company. With HF20 coming up, I can't think of any reason why a fair market cap would be anything below €1,000 M. Today it is at €200M.
I think its probably a good idea to "BUY" STEEM at every opportunity until market cap hits €500M, then, if you can, hold on to it and don't sell any untill it hits €1,000 M at least.
Certainly, I'd never sell this low.
Your words aren't very encouraging @alexbeyman. Since I arrived in March of this year, I have heard about how the steem was going to rise in June or July. None of that happened. With the elimination of SBD, what awaits us? What does it mean that he's been eliminated? I believe that many of us are walking like blind people, tumbling without being able to see light. I believe that there is a need for publications to inform and guide us, especially the latter, so that we know what to do if we want to stay on the boat or continue with the musicians. Greetings and thanks!
Elimination of SBD is likely temporary. That's happened before. It is a measure that is automated when the amount of SBD in circulation reaches a certain amount when compared to the value of steem, and when it cannot be maintained easily at the $1 peg. SBD is always supposed to be pegged at $1 US, though for some time it has been over peg. They stop giving it out when it is difficult to keep it on that peg. When that stabilizes it is likely you'll see the SBD start to return. They talk about this some in some of the @steemitblog posts.
Thank you very much for that answer, @dwinblood. Very complete and clear.
The activity on steemit seems to be down also, I haven't gotten any new followers in two months whereas when I joined in February I got new followers with every post.
Remember that in that dire time you speak of it dropped as low as like $0.10. Then it rebounded some time later. I do think there is hope, as all of crypto is experiencing this decline at the moment. Though we also see some competition with Minds.com releasing the minds token (ERC20) as live and them championing the idea of free speech as long as it is legal... They are behind steem in many ways and are ahead in others. Their CEO was even on Infowars today which in the era of blatant colluding censorship between the big corporations is very attractive. That was a brilliant move on his part and a chance lost for steem to have done that instead. Most of us know that ETH and ERC20 for the time being is far slower than steem (Graphene 2.0 based) or something like EOS, but that is what they chose and at a time when freedom of speech in under attack the likes of what have not been seen since the times kings, queens, emperors, and dictators ruled the globe people seeking a bastion of FREEDOM OF SPEECH is highly desireable.
Opportunity missed... though perhaps they can turn that around and reclaim some of that thunder if they are paying attention.