Steem token value, as with most coins on coin market cap is fake, of course you know this. It is a made up coin where small percentage of people hold most of the coins and if they decide to get rid of their stake in full numbers the bid order book would not be able to cover it. It would go to 0. Because whales do not need to cash out everything we hang around at this fake market cap. Am I right?
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You know what's also fake? The pieces of paper in my wallet with pictures of dead people on them. All financial value is based on shared delusions. It's a matter of picking a story you like most.
All order books would collapse (including BTC, Gold, Silver, and yes, even USD) if the large holders dump. I imagine China may do this some day.
Sure, everything is fake, just pick your horse, make a bet and see where it goes. Most people don't like volatility of crypto and that is why they will never touch it.
What if most of the BTC holders decide to cash out and dump it on exchanges? It's value would go to zero just the same. Steem's value is as fake as Bitcoin or any other coin out there (by your own definition). A more simple definition of it's value is that it is worth what people are willing to pay for it...right now the market values steem at around 40 cents USD...there is nothing fake about that.
When asset gets older you could argue it is harder to dump it as easy because more people entered the system, it is spread around more. Steem is still relatively young and volatile as fuck, well, not atm, we seem to be pegged at 0.4$. If one or two whales say they had enough and dump everything you would see how fake that 0.4$ price of one Steem is.
Yep, we are definitely struggling to get through 0.42 resistance...
Every time we touch that "territory" the price goes back to 0.4