A Steemit Inc. Livestream and Crypto Market Freefall

in #life5 years ago (edited)

Today is turning out to be quite an eventful one. We got none other than our very own Ned Scott scheduled to speak in a few hours regarding the new announcements from his company as well as some answers to a few select questions provided by our community members. And in addition, just a few moments ago, the next leg down in the crypto markets began...

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I must admit that the post last night by Ned gave me a sliver of hope for the future of this blockchain. We got a timeline for the next three months of so, outlining the implementation of "first" generation SMT's and a proposal for drastically reduced RAM requirements for full nodes. A far cry from the doom and gloom of last week where we were wondering if this entire blockchain is salvageable at all. Well, I'll take it for what it is. I mean, at this stage, I know it's simply more "talk" and actions will speak louder. But it appears like the cogs are moving in the background.

In regards to the livestream itself, communication will be a key feature I'll be on the lookout for. In that, I mean the way Ned delivers his points across to the community. Because I'd like to think I've got a good enough command of the English language and still somehow struggle to understand what he says. Simplification for us noobs who aren't so "tech savvy" would be an excellent starting point. Basically, good old fashioned straight talking is what we want, I hope you'd agree. No extra vocal padding around the subjects at hand. But I'm hopeful this will be the case. It's on in less than three hours from now so we'll all have to wait and see, I guess.

And it may not come as a surprise, but the crypto markets are tanking again, with Steem staring 27 cents directly in the face and BTC breaking down towards the $3,500 mark once more. This bear market is intensely strong and even with record numbers of shortholders, any potential bullish momentum looks to be all but non-existent right now. It looks like this whole sordid episode will take a long time to play out. Check out the monthly BTC charts to see further confirmation of this. But these most definitely don't seem to be the times to sell off. The sustaining power of this bear market has been something out of our worst nightmares and a quick, sharp pullback could manifest itself out of the literal blue. HODL and dollar cost average, peepz!

Sentiment in the markets could not be any lower, it would appear. Add to that the fact that so much FUD has been smeared all over the Steem token and it would seem the perfect recipe for disaster. But should Ned pull a small miracle out of the hat and get this train going again, the upside potential is absolute staggering. I'm hoping for the latter outcome, of course. Watch this space, guys...

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Hope you enjoyed this post, please look out for more on the way... (author: @ezzy)


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Indeed, if in 3 months we can have cheap full nodes + SMT lite, that would be awesome and very encouraging.

I'm looking forward to seeing where we're at 3 months from now. :)

@ezzy We are Either All Richer Three Months from Now or Maybe we're Out of Business. I am Hoping for All Richer................

Simple as... :)

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Reducing Steemit's overhead costs will certainly help things out but the big problem with Steem/Steemit is it's external value. Unless they can create enough interest with content creators and investors there isn't much else that is going to save this thing.

True, which is why I'm holding out this new run up for SMT's. There's a long road ahead, that's for sure.

The combination of both makes things worst for Steem in particular as it continues to follow bitcoin no matter the news but it also represents an opportunity as sellers are dumping anything without taking the individual assets into consideration which is irrational given the development achieved over the last year. Hopefully, Steemit Inc and the community can figure out a good balance to keep the lights on while not sacrificing future development.

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