It's been a heady few days watching the Steem price rise to almost $2. I've seen this happen before. It's been over $2 before, but also been down to 6c in the time I've been here. The cryptocurrency markets are notoriously volatile. Even the top coins can swing by a huge amount in a matter of hours. The recent Steem rise doesn't seem to be driven by any particular news as all coins have been boosted by Bitcoin getting pumped. All the news coverage has brought in new investors eager to get a slice of the pie. They may have been caught out by this 'correction'.
Meanwhile, the Steem Dollar is still on the rise. It's been higher than this at times, but this is way off what it should be. It's meant to be pegged at $1, but market demand has driven it up. That's bad for anyone wanting to use it for transactions where the value is predictable, but it's been good for those of us getting rewarded with SBD for our posts as we can exchange it for Steem at a great rate. Don't use the 'Convert to Steem' option. Use the Market to buy Steem at the current rate. You can around 5 Steem for 1 SBD at the moment. If you believe in this platform then you will want to power that up so you gain some influence.
The use of Steemit is on the rise. The number of visitors has started climbing again. I reckon we need around 200,000 daily visitors to reach the top 2000 globally, but certain countries are doing much better. Steemit is pretty big in South Korea. I'd be interested to hear if it's getting much media coverage there. It's also growing in the UK and is now in the top 1000 sites. Other promising countries are Netherlands, Belgium and Nigeria.
I just found a positive summary of Steemit on Technowize. It's not a huge site, but it all helps. Hacked also had a good article recently. There are a fair number of Steemit users in Germany even if the site doesn't rank as highly there. A story from a respected German newspaper may boost recruitment.
I'm generally optimistic. Don't worry too much about the fluctuating prices. Concentrate on creating good content and engage with others to create a vibrant platform that will be attractive to new users. They should feel that it's going to be fun even if they don't initially make much money. After all, they use every other site for no reward. We're preparing for Hard fork 20 next year when Steemit will be able to handle millions of new users. Then we can really kick off marketing it to the world. When they realise there is an alternative to the ad-plagued sites they could come flocking in.
Steem on and on and on!
I'll buy guitar picks for Steem Dollars
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