Why isn't Steem seeing any recovery with other alts?
Just curious your guys opinion on why Steem isn't seeing much of a recovery like many of the other alts out there. Obviously not every alt has recovered, coins like Ardor, Rise, Metal, Bat, etc, etc, etc are slow to recover but many have seen a pretty substantial rise and others while moving a bit slower are seeing a slow climb back up. Steem seems to have knid of halted with some slow recoveries of a few cents but back down again.
It doesn't make a lot of sense to me. We have a community, we have a project that's actually like and not just an idea, however I guess that doesn't always mean $$$. I think another good example is the Brave browser which is behind BAT or the basic attention token. They have known developers, an active community, a live working and functioning browser you can actually use on your phone and/or computer and that one is stuck as well. Whether you agree with or like BAT or even Steem you would think at least having something functioning, having something more than an idea would count for something but apparently not.
I don't get too hungup on the price of Steem for the most part, all mine gets rolled up into Steem power though I did buy from $1.10 down to the high 90's and was hoping to catch a rebound and make a few bucks. I guess I'll probably just throw it into Steem Power and power up my posting and votes a bit but it's a pretty substantial amount of money at least for me that I have sitting.
Steem really tests your patience. It has been down for a long time, maybe once it starts to move it will move fast.
I'm betting on steem right now I picked up a huge stake at around .88 holding long though. I'm not very worried about it. Steemit is a platform that I enjoy using, and from what I can tell it's very active. It's only a matter of time before we start seeing gains. Or at least I hope so lol.
Steem is one of the most impressive blockchain projects and is the most used blockchain as far as transactions go. It would seem that people would flock to something that is real but I think STEEM suffers from a couple things.
A lot of new users end up bringing their time and energy to the table and after they get payouts they want to go through the motions of cashing out which is very understandable. This kind of money can change people's lives especially in 3rd world and 2nd world countries. That always puts downward pressure on the price.
Also a lot of the crypto community felt like they check out STEEM in 2016 and felt they saw an unfair system at work. So it really got a bad reputation from a lot of the community and it is taking a lot of time to overcome that.
Also I think that people want to believe in these non existent projects that have no code and are just an idea rather than something that is real in the same way they like to believe in Bigfoot, Chupacabras, Mothman ......etc. They just want to believe in something and something that is real in front of their face there is no mystery behind it. Ethereum has been pitched as this platform that is going to do everything but after 3 / 4 years all we see it doing is sharting out scammy shit tokens for the most part. Well Counterparty and NXT could do that before Ethereum. But people want to believe. STEEM is too real for people. LOL Hopefully it will have a bright future though once some major players realize what it is capable of!
Are you not a fan of Ethereum. I go back and forth between being bullish and then not so much. Nice to see it running up a little here but I'lll be curious to see what the future holds for Ethereum
I just think Ethereum was mainly another marketing ploy to be honest. I can't even count the amount of people who will start telling me how there are going to be all these decentralized apps running on Ethereum .....etc....etc.... And I will say , Ok where are they? It has been out for years so where are all the apps? ???? And a lot of times suddenly they are like ..... well I don't know... I assume there are some apps out there. And then they are shocked to find out from me there are really none at all.
The only one I have really seen is Etherdelta which is an exchange to trade the ERC20 tokens but any real world use case like we are seeing with STEEMIT, DTUBE, Steepshot....there aren't any and Ethereum can't do enough transactions / second to support it.
So a lot of these ICOs that say they are going to build these apps on Ethereum it isn't possible. There are supposed to be prediction markets, social media sites like this....etc....etc.....etc. And it never comes. Ethereum will have to scale for it to be possible.
There are over 10,000 ERC20 tokens and the worry with the price is that these ICO scammers will be selling the Ethereum to cash out and that will weight on the price but we won't see the whole force of that until this boom is over and people aren't getting their projects as easily funded.
As far as an investment it is hard to say though. There is a lot of hype and people are just buying it up because they have been told it is the future. So it could keep going up and ultimately it could scale in the future and be able to support more transactions / second.
I don't want to sound like I am hating on Ethereum totally. I think it is an important step in crypto currency history but unless it scales fast it won't keep up. But I think Vatalik means well and is a bright individual and there are a lot of smart people working on the project.
Okay I'm with ya...but the founder has a badass sense of style, that's gotta count for something lol...
Hahah, Yeah he is pretty funny with his shirts. I have seen in wearing funny Dogecoin shirts as well. He means well I just don't know if Ethereum is every going to live up to the promise that it has everyone repeating. But we will see in the future.
It is crazy to think about that less than a year ago it was trading for $8 / coin. Pretty insane.
Unlike most ICO's have raised a ton of money and produced nothing. Steemit has a platform and a user base as you have alluded to. The weird thing about the Crypto space is a month in this space is like years in other assets. I was quite bearish on Steemit for a while but the Contrarian I am. When people start saying things are dead that is when I like to make my biggest bets. I really don't think Steemit will be an overnight story but Bitcoin wasn't either. We do have irrational exuberance in the Crypto Space. Steemit in my opinion will be one of the winners when its all said and done.
I was flipping Steem for a while buy at $1.10, sell at $1.35, let it fall do it again. I wound up getting stuck in at a high price and it hasn't come back. I think I'm going to send my Steem from Bittrex over here and just power up and try to make a little something that way.
To be honest, I don't try to trade Crypto's. I always get burned like the video you did like 6 months ago I want to say. Where you planned on having a bunch of Bitcoin but tried to trade it and and it didn't work out. I just HODL. Because a Month in Crypto is like 2 years in other Assets. I think impatience is playing a major role. Steemit is much further along than any ICO project I have seen. It's a get something you are comfortable with and HODL.
At least when you get frustrated with Steemit, you can get your money back in 11 weeks as opposed to 104 weeks like it used to be. But have no fear, I still believe there are good things ahead. Check out this post by @taskmaster4450 posted this morning Kaboom!
It's very easy steem is related to dollar and always costs about 1 dollar, but not related to bitcoin, if it was related to bitcoin the things change of course and it will be interesting for investors, but it's not the case. I hope things change someday !
Or let's wait sphere.social and peerity.io, I hope they will be better when they will start !
Just a small comment, Steem is not tied to the USD, Steem Dollar (SBD) is :-)
Hey @cryptotem thanks for posting that I was confused for a second I was like hey we were at $2.20 a while back.
Ride the wave it will climb back up.
Steem tends to have a bit of inertia but it will take off. Remember it sat at 7 cents for a long time. (So maybe it's time to stock up)