BTC up by 10%, STEEM down by more than 20%, I always consider STEEM as stable currency, it rarely have sudden volatile move on market with exception of what happened in Jul\Aug 2016, that was painful for many but steemit grow more in term of community and price stability, I will leave it for someone who was there to talk about.
Jul\Aug STEEM price CryptoMarketCap
I know some trader that change to STEEM if BTC price fluctuating to save their money, in the storm STEEM umbrella work fine, the beautiful thing about steem price that it is bounce less and always tend to go back to its price before storm.
Now What happened ?
Snapshot form CryptoMarketCap
To me this fall not consistent with BTC rise, if you take a look at whales who is powering down now, you can see it is more than previous regular powering down, especially if you follow steemdown.com closely. 97 form top 200 is powering down now .
Poloniex STEEM trade in for 7 days
What is the cause STEEM price to fall beside BTC rise & inflation?
Is it recent flag war? we all felt some tension between big accounts on steemit last days, further more some warning about massive power down, i didn't pay much attention to that but maybe it had its effect .
Is it the talk about cancelling curation rewards, sure that will make a huge different for whales and other big account depending mainly on curation rewards?
Only strong who believe in STEEMIT will remain
Any way STEEMIT has tough time now but I think it will grow stronger, as one friend said "some will go but more will come", I think more people joining steemit will help community grow and price stabilize and even increase dramatically, That can be achieve effectively with core development in steemit and new implementation of STEEM at other project, at the end STEEM is a cryptocurrency with limitless potential.
I am a total beginner to Steem, one thing i would liek to see is a total overhaul of the very confusing system.
I am sure 90% of people who use steem care little for steempower. It is too complicated. All people want to do is come here, write articles and earn some money.
You raise a very good point. Why are all the whales "cashing out?" steempower for steem tokens? I am correct in thinking thats what happens.
Is it a case of large investors wanting to buy out all these top accounts?
Looks that way.... but for what reason?
For me and many other we learned about steemit as a way of maybe making a little extra income for creating content.
@vintagebazaar welcome to steemit, you re in the right place brother
overall steemit is a great place, most community are warm and helpful
about whales powering down, most of them have regular power down at the end any one who earn some STEEM can cash out it is his\her coin, now there is extra unusual cash out but i don't think this is the only reason for the price to go down.
steemit need patient and persistant if you want to be effective in it, keep it up, tough time will pass away, steemit have much to achieve , thank you for the comment, wish you the best
Thank you Dr Crypto,
I most certainly see the Huge Potential here to create something massive. I keep thinking, what is steemit actually became like Facebook where more people could interact with each other and socialize , with the big difference , of actually earning while you are visiting and helping to create content on the site.
Maybe one day Steemit can become as big or bigger than facebook.
Thank you for the warm welcome, hope you have a great weekend.
Totally agree, following you now, looking forward to read your blogs
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I hope this is just a glitch. I have a few thousand SP that I hope will be worth something in the long term. I think the technology is great and it's the future of social blogging. It's been lower than this before and recovered. We have to be prepared for some bumps along the way. I think it's done well to be so stable for so long.
agree with you, but that glitch make me curiase to know the reason, cryptocurrency world is wild my friend, as you said waiting for good bullish movement soon, thank you for the comment
I saw Swiscoin go up 14000% yesterday and then drop again. I didn't have any of that. The market is so unpredictable, but I have faith in Steem
Yea that was of the hook, Pasc did that month ago, i think this year will be very volatile year for Altcoin, bump & dump everywhere