Karma Police... 1 BTC = 59,300 Steem Today... A Wake Up Call To Steem Whales

I'd take a guess that most Steemians who've been here long enough have exhausted most of their resources to buy Steem at various prices. It's noble and risky, and I truly hope that nobody loses their shirt in the process.

Unfortunately, the majority of these purchases were likely higher than today's market price of $0.193 Steem. It's hard to stomach that number just from an observational standpoint, so I empathize with people who've faithfully watched the market value of their stake decline as much as it has.

I also admire those who have used the Steem blockchain and tried to grow it for the right reasons over this time (NOT abuse it). These people are all troopers.

As these are the lowest prices I've seen in 2 years, I presume that only a small clan of remaining Steemians were here to buy at points when Steem was lower. Shockingly, the red is isn't too far away for them as well.

For full disclosure, none of my Steem now was bought. I've considered buying many times, but have not proceeded.

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Some food for thought...

Looking at the "Own Steem" rankings, it's essentially been the same names in the top 100 for a long time. It's great that these people have held strong (despite heavy reward pool abuse by many), but that lack of growth is no bueno.

I've heard countless Steemians bash Bitcoin and Ethereum, and even been told by some that they're terrible for a variety of reasons. I've ignored that biased static/ignorance, and never let that influence me to change my investment strategy. I'm comfortable with my situation and firmly believe believe that those who need to criticize do so as a projection of fear, lack of understanding, and ego.

It's not a price thing to me. Price is only temporary. Development and blockchain conditions are also temporary. That's the ironic thing in my view. People who've praised Steem as being amazing (while calling others slow and horrendous), have now watched Steem decline in many ways, while others have advanced.

Regardless, I hope we all win in the crypto game as early adopters. It's not a competition. It's a fundamental shift in society and finance. We all win when crypto wins.

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However, as price divergence continues to widen, I think the tides may turn for a potential change of guard on Steem.

::peer:: Why, Matt, why?

Well, faithful BTC holders' purchasing power against ALT coins is starting to become obscenely strong. I feel the temptation growing more and more, and I doubt that I'm the only one.

But... but... if it isn't Bitcoin, it's a s... Why play with fire?

Well, some people like to diversify and invest in a noble vision, and some simply like to gamble.

Just a handful of BTC stand between the old guard of SP whales and new investors who could easily dwarf these people who've become complacent. Wouldn't that be a riot for some egos around here??

To be honest, it would be refreshing to see people with delusions of grandeur get a rude awakening. They had their chance to do good here and sat on their piles of tokens with Gold Sickness (Lord of the Rings reference for 100 points). Off topic, Karma Police is a great song by Radiohead.

At today's prices, just 5 BTC could buy over 296,000 STEEM to be ranked 63rd in Steem holdings across the entire blockchain. JUST 5 BTC! While 5 BTC would be a lot for most people, it's not for many early BTC adopters.

10 BTC would be 592,000 STEEM to be ranked 38th globally. A few more and you're in the top 20. Crazy right?

Think about that for a minute.

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While many Steem whales self-vote and abuse the rewards pool for a small fiat value of Steem to mitigate the depreciation (defended by their own defense mechanisms to avoid feeling guilty), they're most certainly NOT using their stake to promote a better economy to attract new users and significant investors.

Overall, prominent BTC holders are just one click away from making the current guard look like chum without making a dent in their portfolio. While many are BTC maximalists, I could see the temptation to diversify into a decentralized censorship-resistant social media blockchain as a lotto ticket. And, if they do, many current whales on their high horses (odd mental picture) will be in for a rude awakening.

Let's take a deeper dive into that mental image:

So, to any whale that thinks maximizing their ROI is pivotal, it's not. You should be using your stake to grow this ecosystem and improve the economy so significant investors don't balk when they see our landing page, lack of growth, or drama all around.

Heck, I'm a loyal Steemian that understands most of the system and I can't even make myself invest. Imagine people with millions and billions to play with...

While relatively large Steem stakeholders at this time may be overjoyed at the thought of large buy orders in this scenario so they can go back to selling, they're not here... It's a pipe dream in these conditions.

Maybe they will come if the BTC/Steem ratio continues to improve for the holders of the former to the point they don't even care about the blockchain and want to roll the dice. Maybe they'll just hold their Steem and not stake it. Maybe they'll stake it. Who knows... All I know if that I can't see that happening much now because of the current landscape and influence.

Nobody can predict what will happen next, but we sure as hell know that we can do things to make this place more suitable for big money to want to load up.

Let this be a reality check. People who we idolize here are on the brink of extinction in two ways: (1) If Steem continues to decline, and, (2) if and when substantial BTC money diversifies for speculation.

Sounds like it's time to put differences aside and work together to SURVIVE, not just grow.

I'd love to lead by example and invest, but I simply haven't felt comfortable with the state of affairs here, and still don't.

@steemmatt

^{Don't ignore where the money is going.}