Aaaaannnnd It’s Gone: .....NOT..... so much for the dreaded STEEM dump!
There was some FUD doing the rounds that when bittrex reopened the wallets Steem would be dumped on mass due to the "cyber attack" and that would be the end of steemit.
Well that didn't happen....
The price briefly dropped to just below $3 when the wallets were re-enabled and then bounced back to $3.70- $3.80 mark.
The low levels of liquid STEEM due to STEEM Power and people holding tightly onto their vested stake is showing its true genius once again.
Here is a snip of one of the many version of this FUD floating around.
FUD is a good sign. No one FUDs some unheard thing with no promise at all.
Remember all the FUD bitcoin got (and is still getting)?
That said, a correction to steem's price seems natural, that doesn't mean it's a bad thing. Cheaper steem for people to power up, I guess.
Yup, pumps, hacks, FUD etc. all signs of a maturing coin.
The dev team has learned from previous ventures and designed Steem to be resistant to dumping. By providing a profit incentive to 'power up' and convert Steem to Steem Power much of the volatility that is inherent in thin crypto asset markets is mitigated. Frankly I am shocked at how resilient the price is after the huge run and subsequent hack. Proof positive that Steem is working as designed. Congratulations to Dan and the rest of the dev team!
There is no substitute for experience
I was one of those people cautioning about a potential sell-off, but I never said it was the end of Steemit. I've always been saying that the long term potential here is huge.
But if you look at the charts, there was a sell-off.
And it hasn't quite ended yet.
Yup, I fully agree with you, sell-off's we will have, but no impending doom as some articles distributed far and wide on the internet were trying to imply.
Great time for those that understand to get some cheap coin before the next big pump, exchange listings still to come.
If you bail on this currency, then the people leaving don't see the true potential in a social media based currency. You literally get paid to create content anywhere anytime. This is a huge change for the market. Anyone can get excited about it without having to learn about ledgers and miners and all these complex fundamentals to cryptocurrency.
So much going for this coin, it would defiantly take a level of ignorance to bail.
yay steemit strong :)
4 waves
thx!
STEEM dump!
SO when is a dump called a dump.. All i see is selling.. Its a dump in my opinion