My new target is 1 cent steem, a steemit investors dream
@snowflake
Whales are not the problem. When these whales will have fully cashed out there will be new whales that will do the exact same thing. Whales will always exist and they will always dump large amount of coins. The reward pool is a drop in a bucket compared to the hyper inflation and the narcissic behaviour is not having a consequence on the price. The problem is that there is no buyer to buy steem, period. Steemit thought it could prevent this insane inflation from having any effect on the price by locking people's money but it showed that this is not working, people are not willing to lock their investment which is why there is no buyers. Not to mention that the inflation devalues the currency so much that there will be no reward left for anyone and investors are seeing the shortcomings of this platform. The problem is that there is nobody on the other sides to buy from the whales, 300%-100% inflation is a no go for any sane traders.
@craig-grant
I am super happy about the price of steem dropping lower everyday, because I'm buying and powering up steem everyday. You are right about there not being enough buyers who want to lock up their investment, as it takes a certain type of person to do it, the type that is only 1%
@snowflake
I don't want to burst your bubble but you need to know that the more coins are being issued the more money from investors will be required to maintain the current price. So not only there is a lack of buyers but the unnecessary inflation requires steemit to have more buyers than we already have ( which is very few) Hopefully that made sense.
"as it takes a certain type of person to do it, the type that is only 1%"
Indeed which is why the 2 year lock time period is preventing a lot of people from participating in steem .
@craig-grant
It's good that there's not enough buyers right now, or else I would not be able to eventually get 1 cent steem. There are many features and upgrades being worked on for steemit that will be implemented over the next 6 months, plus other aplications on the steem blockchain. As time passes there will be many more buyers for sure. Right now is a sweet spot for investing in steemit for small investors like myself, when the millions start pouring in a few months from now, there will not be any 20 cent steem. I think most of the complaints about the steem price are from content creators who want better rewards. When the price of steem was above $1, potential investors complained that the price is too high with such a big inflation rate. Now the price is low and investors can't complain, but content creators are crying for rape and murder.
"300%-100% inflation is a no go for any sane traders.", agreed... as far as I know, the steem token was never meant to be traded on exchanges for profit, it was created to back steem dollars, and to purchase VESTS as on ramp to steem power. It's working great.
@telos
Maybe I'm not great at investing... but why not just wait until it's at $0.01 if you think it's going to go that low?
Everyday the amount of steem it cost to get 1 MV (million vests) increases, so waiting to power up steem to buy vests is not smart. It's better to power up everyday and get the vests at the daily price. Those who are powering down now will not be able to get VESTS at today's price if they decide to power up again 3 weeks from now. Six weeks ago it cost about 250 steem to get 1 MV, today it is 406 steem and rising daily. Many users who invest in steemit are not aware of the steem/vests calculation. You can see it @ https://steemd.com/distribution
Waiting to power up means I am not gaining more steem power interest while I'm holding on to the money.
Money comes into my life daily/weekly, I do not have liquid savings, only real estate. If I need access to large amounts of money for an emergency I have creadit cards with lots of available credit. I use credit cards as my savings account, and I spend all the money that comes into my life.
Powering up $20 to $50 steem each day is money I can afford to lose, if steemit fails I wont feel like I lost anything, it's money I would have spent on stuff I don't need, even tho I'm investing in steem, I still throw away money every week on stuff I don't need.
Since I started using @steemvoter to upvote with a bot, my curation rewards went from less than 5 steem per day to more than 30 per day. Using a bot effectively requires skilled human curation management of what authors to vote for, how much voting power, and time to vote. Steemvoter takes curating to a much higher level, and more fun. If you set yourself up to use steemvoter, please add me to your list of authors to vote on :) http://steemvoter.com
Follow @craig-grant
Heaven = Have Fun (fly up now). @ http://flyupnow.com
Wowza, so many letters ;-)
Some good thoughts, life is a game.
We all are just players, we win and lose every day, but here everyone wins, that's why i love steemit.
Very great post @Craig-grant I will now further my knowledge on Vests and such. I happened to see Steem@around .11 cents yesterday morning(pacific-time) ;) I believe 0.01 will be reached as well
Due keep in mind that Steem-Power is an option. You can simply purchase Steem and place here on Steemit as a nice wallet. So, I do not understand why this would be unattractive to investors. Steem-Power yes, but Steem, hmmm!
Great post. I agree.
That's an interesting point about the vests. I didn't know about that. It makes sense now! Thanks! :)
Ok, I THINK I added an account on Steemvoter...... and I added an upvote for you... and yuliana... now be a good chap and add mine to yours :)
I added you to my list :)
You may very well be right. Steem could go to $0.01 and be hang out down by Quark on CoinMarketCap. :-( And if it goes to $0.01 it can go to $0.0001.
It's going to take a lot to turn this sumbich around at this point.
the lower the price goes the more authors will quit because the rewards are not worth the effort, then only those who are on steemit for the community, investors, and developers will remain, that's when the distribution of steem power will be most effective, then eventually when things recover, steemit will have a better platform with better distribution. When the steem power is more distributed, users who post short simple blog posts will get rewarded more frequently, with lower dollar amounts per blog post, there will be a better ratio of social network rewards to blogging rewards. More steemians will be able to earn rewards like @halo
It seems plausible but unfortunately as more authors quit a lot will never return. A person has to almost be in crypto or be connected to someone who is in crypto at this point to really know about and be on this platform. Everyone I brought to it quit already. One of the issues I see is that if the price gets down to $0.01 and someone buys $10,000 worth and powers it up. Their vote still isn't worth much and they can't really earn that much curation rewards and it still depends on a lot of price recovery. I haven't brought in outside money into the platform but I spent a hell of a lot of time on here under the premise that Steemit could be really big. It still has unbelievable potential but I fear for its future.
$10,000 worth at 1 cent is worth it when the price goes from 1 cent to 50 cents, there are a limited amount of investors when compared to the unlimited amount of authors in the world, so it's no big deal if authors quit and never come back, but it is a big deal to get a good investor into steemit
I expect the price of Steem to go below 1 cent but not in 2016. I project a price of around 0.02 cents in 2017 unless there is some marketing effort. Currently there is no effort in marketing so the price will only decline when no one knows what Steem is.
The price of Steem will be similar to the price of Bitshares which has a similar marketing strategy unless changes are made soon. 0.02 is optimistic if you consider the price of Bitshares. That said, buying it for under 1 cent is up to you and I wouldn't frown on it. I will not be buying until 2017, possibly when the price is below 1 cent, and in the 0.5 cent range.
Whales are wise to power down and buy Steem Dollars. Steem Dollars are the only token which hold any value because Steem Power isn't being marketed as being useful for anything.
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