Steem Pushes Past $1.00
Will the BitCoin deFork help keep Steem above $1.00?
If you missed it, BitCoin canceled the SegWit2x fork that was supposed to happen a few days from now. The fork would have allowed for faster transactions and possibly reduced transactions fees, which is a big issue with BitCoin and cryptocurrncies in general.
BitCoin itself was about to break $8,000, but the announcement cut it down and now it is just about $7,100. Of course, if you bought BitCoin a year ago, you are still doing very well.
Steem had issues back in October which were partially responsible for the drop in price. Also, Steem isn't traded very heavily on the exchanges, which means that either people aren't selling or people aren't buying. I'm guessing that people weren't wanting to sell at the loss and people were worried about buying a coin that was going down while others were going up.
In my Bots Don't Care About Your Full Steem Article, I pointed out that Steem Dollars (SBD) were higher than Steem. While SBD has also gone up, Steem is finally above SBD, which is a good thing for the value of Steem.
Not a good thing if you just sent a bunch of SBD on the 3 day cruise of conversion to Steem hoping for a 10-12% bonus on the price.
The real question is, is this due to the deFork or is this just another bump and dump? Is the increase price because the website is fixed or is this just a push to do some quick exchanges over the weekend for a nice profit?
I'm sure there are plenty of people who bought in when Steem hit $0.80 and are looking forward to a 20% or more payout with less than a week's worth of investing time. Good for them to know when to ride the spike. For those of us still squirreling away Steem POWER, I guess it is good for us to be at Power Up 100% and see our wallet value increase.
I don't see this as a trigger to send Steem back up to the $2-3 range. I don't expect any great movement until Smart Media Tokens (SMTs) begin to be used and accepted. Only then will the value of Steem really rise and it won't be like BitCoin. BitCoin is limited in quantity, Steem is not. However, BitCoin transactions are slow and they will have to address the issues sooner or later. Don't expect this deFork to be canceled for good. There will be something else that happens to resolve the transaction issue.
So, Steem on and Power Up 100%!
Let the positive energy sing!
More Power to the Minnows!!
Getting above a dollar is probably good as you point out. What will it take to make this dog able to run even farther than a $1?
At the 20 year, Steem will no longer be filling the Rewards Pool at a high rate, it will be at its lowest rate. So, that's when it should be harder to get more Steem and the price should rise.
Also, the hope is that SMTs will drive demand of Steem.
I understand the SMT creation and how it is supposed to help the value of steemit. However, there continues to be the problem with retention and bringing new users that actually interact.
I hope you're right. It looks pretty good to my. According to coinmarketcap the alt ar rising ;)
Everyone is moving out of BitCoin back to actively trading the Alts. When the BitCoin fork comes again, it will reverse itself as people hope to get more free coins.
Yea..the lure of FREE is a big mover of most things, not just #cryptocurrencies.