After the price spiked up to $4, I knew it was going to fall a lot. I just didn't see it continuing to fall for so long. I thought after Jeff and a few other names got on the site, that would start pushing the price up a bit, but no, not really. Still, the market cap is about 3x what it was before the spike, even though the price is about the same.

The fact that there are so many developers popping up to make third party apps and sites is definitely a bullish sign. I'm not even sure if Bitcoin had so many developers working on things when it was at this stage. With Synereo and Yours and the rest so far away from coming up with a product, Steemit is really the only game in town, which is probably going to be a huge advantage going forward.

One thing which would make me hesitant to open my wallet, is the high inflation is Steem, though obviously that's curbed when you're investing in Steem Power. It's said that Bitcoin needs $1 MM of investment every day to maintain its current levels. Right now with Steem, with 100% inflation per year, Steem requires (100% / 365 x 171,333,361 x $0.29) = $137,000 of investment per day to maintain its price. (If you feel like doublechecking my math, go ahead.) The daily volume of Steem is pretty close to that, so maybe it's reasonable to say that the Steem price can grow from here. Of course, if you're holding Steem Power, there doesn't have to be quite that much investment for our holding to grow in dollar terms. Let's wait and see.