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RE: Why STEEM Drops More Relative To Other Cryptocurrencies

in #steemleo • 5 years ago

Thanks for this. There were a couple of things I hadn’t thought of.
I also thought maybe the proliferation of ‘tribes’ was contributing to it. Could it be all the added ‘value’ being created from thin air through tribes like Leo, pal, sportstalk, etc is diluting the steem price?

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5 years ago in #steemleo by
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     5 years ago  

    As @shanibeer said, that only adds to the need since it did create a "sink" for STEEM. There are lots of places to put STEEM on Steem-engine. Even when one sells the token, it is for STEEM, not the other way around.

    And when STEEM is put in there to buy a token, it is held as a backing for the Peg. The STEEM is not sold on the open market (outside the ecosystem).

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     5 years ago  

    Sure, but I’m thinking of the fact that people are just accumulating these tokens and they haven’t really changed their behaviour except maybe strategically added some extra tags. Their accumulation of steem is the same and at the same time they’re earning extra tokens (duplicate or triplicate earning).

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       5 years ago  

      Thats a good thing as long as the earned tokens remain in steem ecosystem(scot) and not just converted to steem only to hit the external markets for fiat or other crypto

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         5 years ago  

        I guess there could be some selling pressure through offloading coins, but you also have to invest Steem to buy any tokens. I believe about 1 million steem is pegged at last news.