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.
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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