Well that has to be the biggest crash in cryptocurrencies ever. Looks like over $20 billion was wiped off values overnight with every coin in the top 20 well down. I know people had been getting excited about the Steem price, but it was being carried along with a wave that was lifting many coins up. Now the tide has gone out.
I really don't know what has driven this, but it seemed inevitable that at least some coins would fall as they just didn't justify the rise. As it is it looks like the market just collapsed. Someone had been pumping in billions for a while and has decided to take it elsewhere. It's kind of strange to see the value of my account plummet, but I'll still have made good money at the current price. Let's see if Steem can now thrive on its own merits.
Even winning the BTCC poll has not saved Ethereum Classic for now. I know people were really pushing for Steem to win, but it looks like it was a battle of Twitter bots really. I still think the publicity could help Steem and Steemit. More people will be paying attention to them now.
The stats for Steemit are good, but I still see reports that people are having to wait a few days for their account to be validated. Is there any update from the team on this? Is it just a massive backlog?
I'm not getting upset over money I never had. In any case I'm suffering from man flu, so that it occupying my mind at the moment.
Steemit will prevail. Keep the faith and Steem on!
Mine cryptocurrency in the cloud at Eobot, including Steem. You can earn as you chat using WowApp. If you use these links I get a small reward. You can recruit others to do the same.
And today we've regained half of the lost total market cap again :)
It's crazy how this changes each day. Looks like most coins are going up again
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I see no need to panic, really. Unless someone was really needing money to get through a financial pinch. But for long-term growth prospects I imagine all is well.
I had been planning to spend some Steem, but I may have to wait a while. I think it will recover in the longer term
It certainly will.
No worries, market crashes are nothing new. I think
Natural Thing - Just buy and hold. If the price falls and your have some spare cash - great - buy the dip. Win Win
We are a witness of history being made today.
As someone looking to get in for the long term, that was a nice correction.
Will you be buying some coins?
I assume you are into Python judging by your user name ;)
Yes, probably buying coins and looking at some of the ICOs out in June. Don't think the price drop has any impact on ICOs since the coin hasn't been released though, right? Still learning so i'm not too familiar.
Ah yes... i do a bit of data science stuff for fun. R mainly but Python as well. You must do as well, to have caught numpy :)
I dabble in Python. Want to do more of it.
@steevc, I looked at the STEEM fundamentals this morning and everything looks good. We are being dragged down in the Bitcoin panic caused by the overextended rally followed by profit taking. I think this is a great investment opportunity. My full report is below:
Daily Investor Report
Looking forward to reading your report, they're always great.
This is great news for any long-term investors - cryptocurrency is on sale. Let's all take advantage and buy up as much Steem as we can afford.
does it even count a crash when crypto goes up by 100% in a week and then back down by 30-40%? All I know is my portfolio is as strong as ever.
I don't think Steem went up on its own merits, so we have to expect it to drop along with everything else. I'm not in a situation to buy more, but I'll hang on to most of what I have for now.
I heard that many stockmarket traders were pumping alt coins just to what would happen, and then they pulled out, again, to see what would happen.
It being called "the suit invasion and evasion"
It felt like a pump, so it was a matter of time before they dumped. Must be a shock to a lot of people
Yeah for sure, thing to do is not to panic. I have used its as an opportunity to buy more.
I'm here for a good time and a long time!
Good to hear it :)
I read that bitcoin got declared as a official pay method in asia. I think this sudden and short bushfire was just the first wave of many. Bitcoin had crashes like this before but kept growing. As long as we have electricity, I feel good about all this :)
I think it's just been driven by speculation lately. Some coins will recover and Steem should be one of them
Disclaimer: I am just a bot trying to be helpful.