The Price of Steem and the $50 million market cap bottom
Currently the total market cap for Steem is $79,476,459 USD and 21,756 BTC. The current price of Steem is around 25 cents. Unfortunately I think we have around -$30 million in market cap to go before Steem hits it's true bottom. I base this on historical market cap for Steem in the 2016 period to 2017 period. Steem had a market cap back then in the range of 20-60 million USD but it is very critical to note that the market cap in Bitcoin for Steem was also much higher back then.
Steem has missed just about all of it's 2017-2018 roadmaps and broken almost all promises. We did not see SMTs, we did not see communities, we did not see improved UX on Steemit, and as a result we only saw losses in BTC value. In addition we had a hard fork which seems to have devastated the economics of Steem. For this reason Steem is on a long term bearish trend which I see continuing for most of 2019.
I predict we will reach $50 million market cap bottom by February or March. I do not think SMT will be launching this year and while we might get SMT-lite, it is not what was promised and so the market will likely react to that. I'm not giving any investment advice and merely make observations from the charts. I expect to see the price of Steem below or around 10 cents for most of this year.
So bad ?
And so good ? 10 cents per steem ?
100K SP for only $10000 ?
I wish it comes true. My fiat cash is stocked safely. And waiting.
Posted using Partiko Android
I don't think that's the full story. What about the dapps? Steem Monsters, Steemhunt, Actifit, Partiko, DTube and Steepshot are the ones I use. I know there's many more. I know that if Steemit Inc. don't get it right this year, others are working on alternatives to SMT's. People get lazy in a bull market but it looks like they're working hard in the bear market.
10 cent Steem is probably odds on but I think that's because the overall bear market doesn't look over yet. There's still a possibility that it wont happen though and I'm making sure I hold my Steem through this. There is high risk and I'm prepared to lose everything but the potential rewards look too good to risk missing.
Waiting for BTC to save the price of Steem is senseless. If Steem had any independent value then the price in BTC should be going up as the price of BTC in USD goes down. The opposite is happening.
Maybe the market is undervaluing Steem but then Steem missed all it's roadmaps, deadlines, and goals.
Steemit Inc. messed up but Steem is becoming less reliant on them. That has to be a good thing but it will take time.
Posted using Partiko Android
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Why do you think @ned and @steemit failed to achieve their published goals @dana-edwards?
Was it because of the time they spent preparing for and implimenting Hardfork 20?
When they first published the roadmap see my response. I told them it's a mistake to publish the roadmap. I didn't want them to generate hype and expectation if there as a high chance they would not be able to meet their goals.
In other words I told them don't publish any dates to their goals. They put out dates and missed them.
How did you know that there was a high likelyhood that they wouldn't reach their goals on time?
I examined the source code they had and could see there was no way they'd make the deadline they promised.
Ah okay @dana-edwards. 👍
So it is likely that nobody would have been able to meet the deadline they set, if they had the same amount of resources and man-power - the goals they set or at least published were to great, and the time & dates of completion that they expected or at least published were unrealistic.
If the steem price falls around 10 cents thats an excellent buying opportunity. This might attract more and more new ones onto this platform
Posted using Partiko iOS
Agreed. Excellent buying opportunity. Not sure how we get around the fact that people wanting to join are not able...
Posted using Partiko Android
I agree on your predictions. It scares the crap outta me, because I've put so much on the line. But I'm hoping we'll see a recovery at some point in the next year or two.
And look at this:
https://steemit.com/steem/@dana-edwards/dan-and-ned-powering-down-millions-worth-of-steem-why
You have 100,000 Steem which is an amazing accomplishment. Unfortunately if the biggest whales dump then it might not even be worth 1 cent I don't know what they know or what they are preparing for but the fact that they are making moves so quietly and secretly without telling us? It must be for a reason... each.
Aww I saw that! It's scaring me!
haha Right? it was my goal this entire time I got here. Finally got it to that point. But part of me is wishing I pulled a good chunk when Steem was at ATH.
That scares me it could get that low. I think when I joined it was worth a couple pennies at the least. I hope in the next few days they say something. Otherwise it might be best for many of us to diversify our investment.
Personally, I hope your price prediction is true while hoping the community stop relying on STINC that messed up big time, Steem should works towards a community driven project.