Not going to lie. If SBD keeps going up like this Steemit borders on being seriously too good for making money.
So let me get this correctly. Steem itself is going up 1-5 pennies every day it seems. Which means that my upvotes are getting more powerful by default. My upvote at about 90% voting power seems to be around 70 cents right now.
So as of right now if I make a post using the 50% option set. By default I am making 35% of 1 SBD without even counting additional upvotes and stuff like that...
I make about $4.57. Even if nobody even sees or cares about my post...
So I went ahead and grabbed a picture of fucking toast off a google search. This picture of fucking toast is making me almost enough fucking money to buy an entire loaf of bread. Its not even my picture of toast. Its random internet fucking toast and here it is.
Toast BOOM 5 dollars.
Why does this matter? Because it feels like some kind of money singularity. And SBD is still going the fuck up because there are so few coins in circulation!! I noticed that SBD has always tended to be a pump and dump coin where whales would show up and conflagrate smoldering whale shit exclaiming to the heavens that "now the parabolic bubble begins" before stomping it out and walking away with everyone's money.
But SBD seems to have taken this differently. Those random and senseless pump and dumps actually appear to cause the price to increase permanently. And each of these events have accumulated up to 13 dollar fucking coins. The normal pump and dump antics of other coins where the coin quickly farts back down to its original value are not happening with SBD...
And now because of this random happy shitstorm. I am making a lot more per post than I was imagining... SBD is like the terminator of coins. It gets stronger from what would normally be considered unnatural growth.
SBD doesn't feel pain or fear. SBD doesn't fully go back down when hit with pump and dumps. Its corrections a short lived. And now I can steal toast from the internet and fucking make decent money.
The nature of the Steemit bubble is when SBD decided to go FULL FUCKING HAM. A parabolic rise in value that cant be explained with a graph or easily understood has appeared but only to those who realize that in order to make money from SBD you need invest in another fucking coin.
SBD tested 15 dollars recently.. Another pump and dump will easily put it up to that point. This is madness!!!!!!
... I need to invest more in steem ...
Once people realize that SBD went back in time to kill John Conner the jig will be up and we will be seeing toast fucking everywhere!!!!
Why is everyone so fond about LTC and Ether, but none is talking about Steem. We are taking big profits here. I regret putting only small amounts of money in Steem when it was at $0.97
I'm serious thinking about expanding my position and buying some big ammount of Steem.
The simple answer to your question is that LTC and Ethereum are easier to get to than Steem.
Its the fiat-to-crypto interface.
Yeah this is not a small turn of events. While I am making light of it in this post to some extent. SBD becoming a true store of value turn the entire prospects of the platform on its head. This upvote I gave you just now probably made you like 4 dollars worth of SBD.
!! That's insane!!
This made my miserable Monday morning routine just that much brighter. I will never look at breakfast the same. Every time my wife makes me toast, I'm going to be looking out for a robot. But the point is a serious one and could have long term consequences on the greater health of the platform effectively making it feel too exclusive to new users.
Brilliant and to go with your toast...
Although I really don't mind earning more for writing, I do wonder how this will effect the SteemIt platform in the long run...
By the way, I think the 'toast' idea was great. I regret not coming up with it myself ;-)
I don't like seeing that at all honestly. I thought its whole purpose was to be worth approximately 1$. I mean sure I love getting paid more for what I write and I would be stupid if I didn't but this doesn't feel right to get 10 times what I should have got. Everybody is putting their post in 50% SBD and yet the price only goes up, plus it doesn't seem to ever go down as you said. SBD pumping so much is the only reason I started investing in some other coins since I fear that if it ever goes down, it will take Steem with it.
But maybe was it never supposed to be worth 1$ ? Even witnesses are confused, some of them told me it was meant to be worth 1$, others told me it was meant to be worth at least 1$. I'm so lost right now !
The whole idea behind SBD was to serve as a peg to the dollar. SBD was supposed to be worth $1 worth of Steem. However, as it is a freely-traded token, there was never a guarantee that it would stay at that price. What we're seeing I think has more to do with organic demand for it (though the level of that demand is debatable). Given that there is less SBD than Steem, it makes sense to see the price of SBD shoot up much higher than the price of Steem, but both are rising.
SBD/Steem could collapse, but this is true of any crypto. Personally I don't see it happening to the extent that Steem falls under a dollar.
Alright, thanks a lot for the clarification. I kinda get it more now even though it still feels a bit awkward to me to have it being worth so much. I guess we will see what the future brings.