I don't want to burst your bubble but you need to know that the more coins are being issued the more money from investors will be required to maintain the current price. So not only there is a lack of buyers but the unnecessary inflation requires steemit to have more buyers than we already have ( which is very few) Hopefully that made sense.
as it takes a certain type of person to do it, the type that is only 1%
Indeed which is why the 2 year lock time period is preventing a lot of people from participating in steem .
the lower the price goes the more authors will quit because the rewards are not worth the effort, then only those who are on steemit for the community, investors, and developers will remain, that's when the distribution of steem power will be most effective, then eventually when things recover, steemit will have a better platform with better distribution. When the steem power is more distributed, users who post short simple blog posts will get rewarded more frequently, with lower dollar amounts per blog post, there will be a better ratio of social network rewards to blogging rewards. More steemians will be able to earn rewards like @halo
It's good that there's not enough buyers right now, or else I would not be able to eventually get 1 cent steem. There are many features and upgrades being worked on for steemit that will be implemented over the next 6 months, as time passes there will be many more buyers for sure. Right now it's a sweet spot for investing in steemit for small investors like myself, when the millions start pouring in a few months from now, there will not be any 20 cent steem. I think most of the complaints about the steem price are from content creators who want better rewards. When the price of steem was above $1, potential investors complained that the price is too high with such a big inflation rate. Now the price is low and investors can't complain, but content creators are crying for rape and murder.
"300%-100% inflation is a no go for any sane traders.", agreed as far as I know, the steem token was never meant to be traded on exchanges for profit, it was created to back steem dollars, and to purchase VESTS as on ramp steem power. It's working great.
This would be expensive as fuck in a few weeks.
Indeed you will never see that price ever again, certainly not with this insane inflation.
Without speculation steem is going nowhere, hype and speculation is everything in crypto.
Ethereum managed to pass 1.8 billion market cap with zero working app, only HYPE.
If steem was a speculative tool it's price would probably 5-10$/steem right now with all the new projects going . Whales would be millionaires instantly. Smooth would be retired already!
Not kidding
If steem is working great can you explain why the price is lower than when it wasn't working at all?