Vlog 423: The current downtrend on Steem is taken many to the brink and beyond but not me.

in threespeak •  last month 

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Everyone is on their own Steem Journey.

The current downtrend on Steem is taken many to the brink and beyond.

I'm glad I spend some time in London to refresh and clear my head and refocus on my journey on Steem.

I've spoken to Matt from 3speak and he gave me some good insights of why the Steem price is going down and how we can offset it.

Being heavily involved in Steem I see a lot of good things besides the price. But I also realize that's not common knowledge.

I also have now accepted that this might take more time than I initially thought.

I keep building and adding value to Steem while we wait.

I talk about it more in my vlog.



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I personally think that when Bitcoin is rising all altcoins will fall. That beside all the altcoins created on the steem blockchain it will attract the people who are investing in steem. So instead of investing in steem they are investing in pal or Leo or !BEER this trickles the second downtrend the third is the continues sell off steem for operational costs of businesses running on steem and the final downtrend is the selling of steem by people who are leaving this blockchain because of the HF21 50/50 thinking of the top 20 witnesses ruling this chain etc. rule.

I know how hard it is to keep blogging while outside your normal routine I'm still having problems with that last weekend. 🙈

Yes we need to keep blogging before the HF21 after that it will get a lot... less.

I will keep doing my stuff and I will keep the powerup. Better that it is down for me personally. I forgot to buy last week I forgot to pay my Powerbill too again I will do that tonight. 28 cents? 😍😍😍 buy buy buy. 🤗

Posted using Partiko Android

I agree with everything you said in the video but its really hard to see the price slip like it has. I really thought we were at the bottom and wouldn't go lower. Hopefully this is the absolute bottom and we won't be here for long before we climb back up but its hard to combat that selling pressure like you say.

I can't see us being in the doldrums for as long as 6 months unless there is a really bad event, I do think we will have a major rally that will surprise a lot of people, there is too much cool stuff happening on Steem in my view for the price to be held back for much longer.

A couple of reasons for the drop could be uncertainty regarding HF21 and also Steem Inc and their commitment to the project. I know Eli has had to restructure for cost savings etc but we have had that 6 months now and we need to see things moving, time was wasted on SMT's in my view when the platform still needs a lot of tools and development around content discovery and the organising of feeds. Shame a lot of time was wasted going nowhere, if that changes and we do see progress then I think we will be alright.

There is still 100 hope in this platform

It sounds like Steemit Inc is going to stop selling off their stake soon, so hopefully that will turn things around. It definitely has to be a little bit of a kick in the gut when you see the price drop so much despite how much you have invested in the platform.

Where are you hearing that from? Id like to know if there is any reason for them to stop selling. In fact, what would be nice is if they started burning tokens.

It might not specifically state it, but I think it was kind of inferred by this post.

https://steemit.com/steemit/@elipowell/steemit-inc-financial-update

The only thing I'm wondering here regarding the Steemit Inc selling is that the plan to stop selling seems to be based on Ad revenue. I've only started checking out the alternate front ends such as PALnet and SteemPeak but I have to say that SteemPeak is a waaaaaaaay better user experience than the standard Steemit.com website. Don't worry, I'm getting to the point...

If lots of users choose one of these alternate front ends, who is going to be looking at the Ads on Steemit.com? Anyone?

A very good point!

Insightful and pleasure to watch as always. Since Steem engine has started to get going, I have not checked my blockfolio once. This all kind of clicked round the simple fact that the utility of Steem is growing in depth and coverage. We all know it isn't easy to figure out the ecosystem when you first drop yourself into it. It takes time, education and experience to get a minimum of comprehension.

It is crystal clear to me with the advent of all the Scot tribes, that the big external speculators don't really know whats going on here :) As you kind've need to 'live' here to be in the know. But once that changes, we will all benefit.

Yes we need way more sinks in Steem to add value. Scot tribes are sinking all my Steem rewards. I used to withdraw half of it to external exchanges. Now that number is zero. So, again who is dumping? and are they really aware of the super nova of creation and actual usage going here?

To be honest, it is relatively low against BTC now which makes me much more nervous than the USD prices.
It's possible that we haven't reached the bottom, but I won't sell and buy the dip, because frankly I think that is very risky at this point. I'm not quite at the point of acquiring more yet. However, it is a good buy in my opinion at these prices. I've just got other priorities.
I do feel development is well on track and there are exciting things happening. I would hate to have an empty Steem wallet when that happens. Some are saying 6 months. I say it could be 6 hours for all we know. As soon as the message gets out, especialy beyond those already in cryptocurrencies, I think Steem will do very well. People will want a little Voice, Libra and Steem.

You said the L word

Posted using Partiko iOS

Lol I thought we formed bottom as well, guess we were wrong haha
Never mind, I have decided not to focus on price at all - Makes me counter productive which is disgusting thing.
Need to keep up buying while I still can, fuck this price manipulation, once we hit trillion of dollars steem will be sitting on 20 dollars, and there is no doubt...

I have decided not to focus on price at all - Makes me counter productive which is disgusting thing.

Good mindset!

Excellent video and explanation of information you received and your thoughts and outlook.
I have been on steem and pretty much just replied to post that where good or upvoted them, I always said I would start blogging more, When I first got on the steem train I posted s few blogs, but just got so many other responsibilities that must take priority.
I will start again as I really would like to start posting, with that said, I believe in steem, I believe the price is dropping and more will buy at such a low price.
I know when I get a few extra dollars, I will invest in steem to add to my account, I may not have as much as you and others here, but you are an inspiration along with others who blog daily.
Thanks again for the information and inspiration.

Mark @exyle I am actually Glad I bought some more Steemmonsters to improve my Deck this past week. It Now Takes Even More Steem to Buy Some of the Legendary Cards Now. Great Hedge against the price of STEEM.......

Good stuff man!

Last time it was in the 20 cent range, I invested another batch of funds. Looks like it may be time to invest again very soon and reap the rewards later! I still remember when it was at $6 and higher and I kept wishing I had bought when under a dollar. This is a great time for folks to capitalize. Buy low, sell high. Now is the time to invest for those that can. I am also confident it will bounce back soon.

Hi @exyle

I think we need higher curation rewards, because content without users is worth less than with users. More Users come if there see the system works.

In addition, Steem code should support the most profitable way. At the Moment there are delegate to bots.

With 75% curation and 25% author rewards, authors should also power up, because the return to reward their followers is greater.

Say it is more unlikely that an author sold all rewards, because he gets more Steem in return when he builds his community and rewards.(
self-reinforcing process)

The Followers votes not only for one author but also for others. This is how Steem distributes itself more efficiently.

An investor who invests 100,000$ or more gets a better return on Steem. At 75% Steem also has a much higher value than at the moment. ( and we need this ones)

I know authors are afraid to earn less. But 25% of $ 20 is more than 75% of $ 5.

From the point of view, how an economic system works, that would be the solution that economists would suggest.

I would be interested in your opinion.

Best regards
@freddio

The reasoning behind this price analysis doesn't make a lot of sense. In a world of markets based on reason, maybe... But this world doesn't exist.

If this theory would be correct, there would be a lot of selling pressure on bitcoin as most of the bitcoin mined needs to be sold to pay for the electricity cost. Certainly a lot more needs to be sold than the 8 or 9% inflation STEEM has at the moment.

The price of a certain crypto currency is fully based on speculation and in the belief the price will go up or down. Bitcoin maximalism is on the rise at the moment, so the price of bitcoin goes up.

Alt season will come one day, but not all alts will be included. Only the major ones where people believe there are fundamentals.

Now that STEEM has slipped passed place 80 on CMC, it is not a given STEEM will ever recover. Just like you, I can see there is a lot of development going on on STEEM, but it really doensn't matter because the project is perceived as a failed project by the broader crypto audience.

This sentiment can be turned around, but the longer it takes the more difficult it will become.

It doesn't mean the price can't go up again. But at this moment I don't see how STEEM could become a top 20 or 30 cryptocurrency once again.

Don't be blinded by what you perceive to be fundamentals, in the end it will not matter. You are way to convinced this project will succeed while the chances of that happening are getting slimmer and slimmer everyday, regardless of the development and community efforts.

  ·  last month (edited)

I agree it's not really about the price..but when you just look at the position you see that steem is falling back each weekend, once it falls out of 100 it's almost game over.
how many coins do you know that are outside the top 50,top100? To be honest I do maybe 2 or 3.
Even if LIBRA is not a real decentralized platform once its introduced to 2 Billion people why should they even consider a (social media) platform that none of theire friends are using?
There are a lot of red flags here, I do not sell my stake for at least another year but things going down here.
In my opinion, every company in the world is working on a daily basis to develop new strategies,so this argument doesnt count. steem had 2,3 years time to get in a good starting position, today it seems like we losing ground every week.

Recovering from below market cap 100 would indeed be difficult, I agree.

A drastic rebranding is needed for STEEM, something that shows something totally new is coming.

For STEEM to gain momentum again, a clear break with the past is needed. Something that shows to the broader crypto world this project is worth in investing in.

There is less bitcoin sold from mining than steem inflation. Steem inflation is around 8%. Mining inflation for btc is a bit lower than 4%.

Also, Steemit, Inc is selling millions of steem per year, which if I remember correctly represent half the amount of the inflation.

So steem selling pressure is 12% of the supply per year.

More importantly, trading volume on bitcoin is very high, so any selling pressure is going to get eaten up by liquidity. But the steem markets are totally illiquid, so selling pressure will get the price down.

Posted using Partiko iOS

Sure, I agree.

But with bitcoin, you also need to pay for the electricity. That certainly puts selling pressure on the miners creating new bitcoin.

On STEEM, there is no such selling pressure. There is the inflation, and indeed Steemit Inc. selling their portion gradually.

The liquidity and velocity of bitcoin certainly help to absorb this more easily.

Great vlog as usual.
I would add two things though. Or my opinion if you wish

SPS will add even more selling pressure on steem which is not good. The big stakeholders will have a final say which project will be pushed forward. We already have this so I see no point.

We need rewards on posts and comments to be shown in steem, not dollars. People will maybe understand that our rewards are not declining.

Great seeing you leave and having had a nice time in London and reflecting on steem in general. It's definitely disheartening that we're going down and the focal knowledge point I saw in this video is that money has to come into the Steem, I mean but people only keep taking as value keeps decreasing, imagine if this was 50/50 where the amount of what's taken equals the amount of what's brought in. That way value will increase. I mean it's time I think we all look at this angle because I think people has to see this, at the end it all boils down to people placing faith on steem and channeling in money to help it revive.

It's nice to hear someone be optimistic about Steem. I Am as well, But I'd be lying if I said that the price isn't making me incredibly nervous.

You'll be hardpressed to find me being negative about Steem. But I get where you are coming from. It's tough seeing the price go down as it has. But Steem is more than the price. There is an incredible amount of development going on and in the long run that will matter.

I invest today because I believe the price will reverse at some point. But I don't know when or how low it will go this time around.

As you say, for every up-vote on a blog or comment increases the steem supply.

There is no demand for steem ie. what can you purchase with it - very little. For example, compare that to say Dash that is used in South America.

Steem is down, but so are the other crypto alt-coins and have not recovered to the extent like Bitcoin.

Once Bitcoin rises to its previous all-time high or above, we will see the new crypto investors entering the market. Put off by Bitcoin's high price, they will flock to the alt-coins (as well as current investors) just as they did in the previous bull run.

Just my thoughts from your vlog.

I agree, I also believe some of those BTC's will eventually find their way to Steem.

@exyle,
I wish this downtrend might finish soon and we can enjoy the real uptrend of STEEM! Honestly I hate to see this valuable crypto currency and the blockchain in that much of deep in CMC!

Cheers~

Sorry about the airdrop @exyle :( We wish we could've gotten you a bunch of LEO, you do so much for Steem!

With your amazing content and these incredible vlogs about our favorite blockchain, you'll surely stack up LEO quickly ;)

Don't worry about it! It's my own fault. And thanks for your nice words.

Steemit, Inc buying tokens is a vey bad idea, surprised you mentionned that. A lot of people are already complaining that they have a very large supply, and can centralize the chain whenever they want. all we can do is trust them not to vote their own witnesses.

It's just an example. You can replace Steemit Inc. for any other party/community/app that builds on Steem.

Okay I see. Personally, I would prefer to see a way of burning tokens instead of just people (or Dapps) buying steem. Because even Dapps will decide to sell one day.

Posted using Partiko iOS

Many people i realized are very disappointed and that brakes me too the prices are a matter of time will be p but the trust with any project matters

You are right. We must collectively power up our steem.
I hope the price will stabilize very soon.
Peace

Sorry, out of BEER, please retry later...

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Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!

Ive got this privilege to meet and chat with @Starkerz at London Cryptocurrency Show last year, SteemFest3 and before I have left UK at the end of June. We also recorded a few videos which will be release soon ;p He's got a huge knowledge about crypto, steem and blockchain and we definitely have to learn from him.