The price of STEEM keeps dropping and this is wonderful news for some of us. As @exyle stated over the last few days, he is in buying mode. Hence, a drop in price is very helpful.
A number of people have alluded to the fact that something very interesting is happening. The most recent drop in price, to levels not seen in over 18 months, is causing a shift on the Steem blockchain. There are a number of people using this opportunity to power up and enhance their positions. This only makes the blockchain that much stronger.
We recently crossed over 200M STEEM vested. This is how Steemians show their confidence in what is taking place on here. Powering up removes the liquidity since it is a 13 week process to power down. When one does this, he or she is "investing" in the blockchain.
This is a recent shot from steemd.com.
The total listed for STEEM supply increased which is a feature of the blockchain. Each SBD is redeemable for $.,00 in STEEM. Since this is a debt instrument, it must be accounted for. With the price of STEEM so low, it takes more than 2 STEEM to retire 1 SBD.
Nevertheless, the fact that so much STEEM is being powered up tells me that there are more Steemians now with "skin in the game". To me, this means a more dedicated community.
It is one thing to earn STEEM as a payout for activities done. That is what this blockchain is for. However, there is a different mindset when looking at STEEM that is earned compared to that which is bought.
I can tell you from experience. There was STEEM I have which was earned at $8 when the price of STEEM was up there. I do not look at this STEEM as giving me a $7.60 loss. The STEEM I bought at $1.30, I view differently. Because I used money to acquire it, I know I am down more than $.90 on each STEEM.
Honestly, when it comes to STEEM I do not think a lot about profit and loss like I do some of my other coins. The reason for this is I realize that having SP enables me to amass more STEEM in a variety of different ways. Hence, my $.90 loss is offset since I used that SP for more than a year for my daily activities.
A number of people commented on my posts of late that they bought some STEEM and powered up. This is wonderful. I feel these people will be very happy in the years to come with their decision. I also feel that the blockchain is stronger today than it was a few months ago because of the different people doing just this.
Evidently, there is a big account that is selling STEEM. I would imagine this is someone who earned a boat load of it early on when posting and getting thousands of STEEM per post. Couple this with the absurd inflation rate that existed for the first year or so and you can see how an account can grow.
Of course, there is no way to tell why someone is selling and, it really does not matter. The important point is we are seeing a shift taking place. Newer accounts are now adding as are some older ones. In skimming the numbers, it looks like the Orcas and Dolphins are adding the most MVests while the Minnows are doing well in adding accounts.
More people with skin in the game makes for a stronger ecosystem. These people, I surmise, are excited about the future of what is taking place. Many of the are regular users of the applications already on here and expect more to emerge over the next couple years. I know this is my viewpoint.
With each passing day I get more excited about what is taking place on here.
And how can I not be? Look at what my full upvote is worth right now.
You all better be nice to me. My daily upvote total is now worth $1.2B.
If you found this article informative, please give an upvote and resteem.
No this is not financial advice. Do what thou wilt with thou money.
It really is a great time to be active here on the steemit platform. A lot of people get discouraged and flood away from the scene simply because steem is so low. In reality, this is the best time to be active and earn some more steem, maybe even invest some liquid.
So is this why acct. values are estimated so ridiculously high right now or is there some sort of glitch running through the steem ecosystem? I see my wallet is currently worth over 202 billion?? I know this has to be some sort of mistake haha
I am going to presume it is a technical error.
If not, you might want to cash out of at least a few billion...always good to take some money off the table. 😀
hahaha yeah seriously.
So what about your 3.6 trillion lol
I am not that smart. I am going to let it ride.
I think I can be a gazillionaire out of this.
OK, I should be happy with only 1% of voting power then ;-)
Haha 😂 😁 😂
Your upvote value really made me laugh.
I really get all what you're saying as I've been following you for awhile Mr Steemit preacher.
But am powering down now, not to convert to fiat but to buy lifetimes upvote all over the place, be it, sbi to inciboost to........ whatever.
Is this idea OK to you?.
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You posted this twice. The only problem with the lifetime upvotes are that they are illiquid and you cannot use the power to vote for others and support the community.
The network caused it to post twice, while the partiko told me time out, it has sent already and I never knew, sorry about that.
As per lifetime upvote, I took it as my last option when my post payout were close to nothing. Funny enough, 95% of my sbi shares were from contest I won.
If you know any means where I can get good upvote to cheer me up, I'll be glad to listen.
Thanks.
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Haha 😂 😁 😂
Your upvote value really made me laugh.
I really get all what you're saying as I've been following you for awhile Mr Steemit preacher.
But am powering down now, not to convert to fiat but to buy lifetimes upvote all over the place, be it, sbi to inciboost to........ whatever.
Is this idea OK to you?.
Posted using Partiko Android
That could be a smart move. Not a path I took but if you figured out the ROI, it could me a lifetime of upvotes. I believe SBI is about 6 months before it breaks even.
I've been buying steem since I singed up in January 2018. I think my first purchase was around $3 for steem, at less than $0.50 per coin now, it's a great time to average down my overall purchase price.
Thanks for bringing the positivity!
Looks like you don't need cryptocurrency to go to the Moon anymore.. you can just buy your own moon now.
Overnight I became a trillionaire.
I dusted Jeff Bezos.
Lol. I bought the Etihad franchise yesterday.
Fun with numbers. It is a joy to play with.
Like Monopoly money but with a few more zeros.
You know the stuff.
There is a bit of a swing in vests between whales and the rest of the economy system. When I posted yesterday it was whales lost 0.55 percent of the total vests which is a huge drop in the 9 days I looked at. If this market holds for a few weeks that could turn into 5 - 10 per cent as so many smaller accounts are buying and a couple of large ones selling.
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Yeah on a monthly basis, that would be over a 1.6% drop...that is a big number in a month especially for such a large MVest basis.
There is no doubt a shift is taking place. It is not enormous in that the numbers will suddenly flip overnight but there is a decrease in the whales and increase in Minnows, Dolphins, and Orcas.
Exactly. The change won't be overnight but if the market holds like this for a while there will be a far more even spread of steem power going forward. When prices recover it could be significant as these are the accounts keeping the day to day activity going on here.
The developers do their own thing and will be our future but for now we need to keep the people active as well of there will be no attraction to develop for them. This is a great show of faith and community strength and will even spread rewards further afield in the future.
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If it drops to 1 cent, many will become whales.
And a ton more will be Orcas.
Steem On
Have any idea what is causing this value glitch? XD
Is there a way I can find out who are the biggest accounts selling Steem now? I am interested in looking at this...
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STOPTo support your work, I also upvoted your post!
Do not miss the last post from @steemitboard:
I have seen steem payouts when steem was >$6, not gonna lose this opportunity.
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I am anxiously waiting for my latest conversion to be done as it is due tonight. I am hoping to get a good conversion rate but it should add more than 10% more Steem Power to my account once powered up. I also feel that the price is stabilizing as more continue to buy up the supply from seller. The fact that more are powering up this Steem than just trading it should make for a good support in the future!
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Anyone selling now do not go through posting everyday to earn steem.
Or simply they have to.
Maybe now since steem is so low if you have liquid steem you have to sell more to get the amount you were looking for.
Best of all other steemians are buying or vesting.
Good post.
Keep on postin
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I'm also very excited about the applications that are already here or coming up... And comparing to the $8 for one STEEM levels, now it's like a 95% discount...
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you better not forget people who been comenting since a while...I will settle for a 10% vote of 100 M.
At these prices it's only going to cost me $600 more to reach dolphin status. The value of Steem will continue to decline while SBD is less than $1.00 from the inflation trade-ins. Still, it's a great time to buy.
What will we tell the complainers in the years to come when they say it's unfair that we got in so low? We can say the same thing we say now. Value of speculative assets is totally uncertain. We bought in because we believed in the tech, not because of speculation.
I agree @edicted. It was a pricing point that was unexpected (by me at least). I am taking advantage of it also.
Interesting that the same situations exists with people on the blockchain now with the applications. There is the opportunity to take advantage of some things to earn oneself a large amount of the application tokens that are projected to use the SMT protocol. People on here today are becoming dolphins and orcas on those sites.
What will people say about that?
Ironic that some of those who complained about the bigger accounts on STEEM are also now trying to become that on the apps.
Finally, there are a few complainers I know from the past who are still NOT adding at these prices. They are given an opportunity and they are not taking it. Maybe they are not optimistic about the technology like you mentioned.
I'm actually hoping to buy about $100 worth of Actifit tokens when they come onto the market. I assume the price will be very low because so many users acquired the coins for free and get a kick out of receiving something for "nothing".
I think the price will be under a penny per coin. The crazy thing about that is that there are very few @actifit coins in circulation compared to other cryptos. Currently less than 15 million... less than Bitcoin.
Very true. I think we will see what you describe with many of the tokens presently being paid out on here. Hunt, AFIT, and Dlike all will most likely see the same thing: selling of free coins.
It will be a buying opportunity for those who want to pick up whatever tokens they believe in.
I agree that this a good time to buy some STEEM and power it up, tm. I don’t expect the crypto markets (and markets in general) to rally until January. There should be quite a few opportunities over the next 5-6 weeks to pick up some bargains!