You may have noticed that Steem price took a high jump in the last few days. The price went from 33 cents to 39 cents in the last 48 hours. That’s a price hike of over 17%. The price hike came after Steem Inc announced that they have made progress in developing Hivemind. They stated in an official blog:
Hello Steemians, we are excited to announce that Steemit’s APIs are now powered by Hivemind! By routing most of the social APIs to Hivemind, we are able to dramatically shrink the size of the full nodes we run. Because there are so many social applications sharing information on Steem, full nodes had become extremely large and expensive to run especially because they are not optimized for use cases that are not consensus-critical.
This new update is expected to reduce the size of Steem full nodes. Before the update, it was extremely hard to run those nodes. They required an insanely high amount of RAM (if I am not wrong, it was over 250 GB). The high costs made many investors concerned about the sustainability of Steem blockchain.
Now that this concern is no longer an issue, more and more investors are entering Steem again. Compared to other cryptocurrencies, Steem price has taken a huge hit in the bear market. Steem went from 6 dollars in Q1 2018 to 22 cents in January 2019.
The reason behind this is the uncertainty around whether Steem will even be able to exist in the near future. Steem’s full node performance issues made many people think that Steem might never be able to scale to the level of a social networking site like reddit or twitter.
The recent hivemind update reassured the community that Steem is able to scale better and increase efficiency. It can now support a lot more content than before. This is the main reason why Steem price is going up. Steemit.com recently added advertisements to increase their revenue. That may also have influenced the price rise.
While I believe your reasons are valid I would also add that the Korean exchange Bithumb is finally unfreezing Steem deposits and withdrawals soon. I believe in the next few hours it's suppose to be unfrozen. My ability to predict the markets is dog-shit but it will still be interesting to see how the markets and the price of Steem react over the coming days.
Thanks for the update. I didn't hear about that yet. That sure could have impact on the price.
I forgot to mention that since Bithumb froze trading of STEEM months ago, the price has remained listed at $1 Steem.
It just went live and the price has corrected by -60%, but also trading seems quite active at the moment.
https://en.bithumb.com/trade/order/STEEM
Excellent ... where can we see the Ads on Steemit ? I don’t see any ? Curious to know what they are ?
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It appears in between posts list.
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On my account, every post, every comment has an ad at the bottom. Annoying
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I think they only appear to people who don't have an account. Once you sign in to steemit the ads aren't shown.
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A lot of people were also talking about how the Korean market was opening up as well? I'm glad these changes are going through and the community has rallied to begin taking action for creating competition for development teams. I love steemit and really think this platform can be something revolutionary creating a brighter future and bringing together people.
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There was also FOMO about Samsung buying over Steemit inc. lol...
That was just a rumour.
so why Ned is did power down and moved his Miliions of steem coins to his bittrex account and why @steemit1 start a power down opration last two days. I think we should not trust them any more and maybe steemit can be a ponzi and they will escape.???!!!!!!!!
they freaked when the devs/witnesses suggested a fork removing their premine. they basically gave themselves a bunch of coins, the devs talked about making a fork without those coins.
This move is childish.
It will go more up this year..based on the analysis I have on my phone
Where will they show ads?
Yeah... I don’t see them ?
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I didn't notice or see any ads in my browser probably it will automatically block by my browser.