This is SHOCKING!!!
Since I joined Steemit site, I haven't seen much rise in the value of STEEM and SBD (Steem backed dollars). On the contrary, since my joining the price has come down to almost half by now.
It's a matter of study that why prices are falling down. The steemit community is rising great! More members are joining daily and lot of interesting content is being generated. As the community is growing, the demand of STEEM and SBD should have increased raising its value but opposite has happened.
One thing is there, all the coins are seeing downward spiral currently. The market cap of cryptocurrency including Bitcoin reached around $110 Billion before couple of weeks which has come down to around $90 Billion currently. May be overall bearish sentiments of the market would be affecting STEEM and SBD to fall.
Hope to see the recovery in prices soon. Waiting for STEEM and SBD to reach in double digits soon!
Do let us know your expert opinion in comments.
The market does have some effect on it yes. Investors know bitcoin so the rise and fall of bitcoin affects other cryptocurrencies more than it should.
A couple of other things have factored in;
Steemit has experienced EXPLOSIVE growth. Unfortunately the majority of that growth has been low value users trying to "get rich" and posting copy-pasted content or low-value posts like "upvote-for-upvote". This is not good for the growth of community value and has caused many of the quality content producers to slow down their own posting and voting.
HF19 "Equality" has taken HUGE bites out of the voting pool! Where a minnow used to be able to cast 40 $0.01 votes a day, she can now only cast 10 or 11 $0.02 votes or 20 every 2 days. This has significantly reduced the number of upvotes on posts and comments!
TROLLS!
It only takes two or three people willing to invest $5,000 in their Steemit accounts to ruin the experience for hard working bloggers that are trying to earn our dimes.
I believe Steemit has the opportunity to be something greater than bitcoin because instead of being an arbitrary currency that only exists because it's users agree it has value, Steemit actually provides a REAL PRODUCT on which the value is based. I hope to see a growth in value in the near future.
Hopefully that wasn't too negative ... just my 2 cents
That's not at all negative @timeshiftarts. Thanks a lot for providing such a great input. All your points are valid and makes sense. I am sure with people like you this community is going to get better over time and the shortcoming we are seeing currently will be curbed gradually.
Love your response here. And I agree with you a decent amount.
Steemit has to figure out how to govern the Rich Whales down to the Lowly Minnows better. But, as they says, come for the money, stay for the community, which is essentially want turned me from pure investor in STEEM to actually participating.
Steemit really feels like the social network of the late 1990's (i.e. LiveJournal) with few features, low-fi look and feel, and a small community of passionate individuals. Honestly it's refreshing from the complicated mess that has become our standard social media services.
Hey @gamerveda, thanks a lot for extending the inputs provided by @timeshiftarts.
Coming to the points you guys have mentioned
Steemit has got good potential and even I feel that down the line it will emerge as a highly valuable crypto currency as it is backed by very good concept. Let's see what happens. We will be in a good profit if it rises. Fingers crossed! :-)
Crypto's have always been very volatile and this isn't going to change anytime soon. As the vast majority of coins are not bought for dollars but for bitcoin, they are linked and when bitcoin takes a dive, they all tend to do so. Expect more volatility in bitcoin as we approach the end of the month! If we get through that OK, hopefully we will recover for the second half of the year!
Yes, the cryptos are highly dependent on Bitcoin currently as that is the main currency which is being used for conversion. So fluctuations in BTC is affecting other coins greatly. What is the reason to expect more volatility in Bitcoin as we approach end of the month?
Various scaling issues with bitcoin. If there are any issues then this could well affect the price of bitcoin:
http://www.coindesk.com/bitcoin-scaling-project-segwit2x-release-new-code-tomorrow/
Yeah, we have to see how segwit2x unfolds and what improvement it brings for Bitcoin. I am sure the stability and credibility of BTC will increase in the coming months making it more trustworthy for the investors. Then we'll see new price heights of Bitcoin.
SBD was intended to be pegged to $1 USD so I'm not surprised if it's returned to this level. The fact that it shot way above $2 a week or so back was insane and there was no way to really trade it on Poloniex since deposits and withdrawals were disabled at the time.
Either way, I'm not sure if it'll actually rise in value like STEEM will, because it's not intended to. Of course the market does what it wants to. I'm just not going to invest in it beyond the rewards I receive from the platform. Then convert that over to SP :)
Yes, the core purpose of SBD is to be pegged to $1 USD but it has increased and as it is being traded, I am sure the price will keep fluctuating. It could go well above expected $1 USD.
And regarding investing in SBD, it is good to convert it into SP on this platform but some people might be interesting in SBD too as prices are changing :-)
I def need to keep a eye on STEEM & SBD because we could be losing out when we convert in and out. Thanks for the post.
I like this post
Thanks @rogasa3000.
god post i follwed you follweing me pleas god post
Yeah. Drop in the price of Bitcoin would be affecting price of STEEM and SBD. But BTC is hanging around 2500 currently. It is not showing drastic changes in fall like other cryptos. May be it has reached there steady level.
Hope to see the recovery starting for other currencies soon!