RE: The reason of steem losing its value
That is not the reason why it is going down. The reason why it is going down are big whales powering down and selling off Steem as well as big market traders who own a portfolio of all top coins including Steem are reacting to the BitCoin price and sell it off together with the other dropping coins. Whales upvoting themselves has certainly nothing or not much to do with it.
My view on whales upvoting themselves: I think that it doesn't matter if some whales do that. It is not cool but why should we be allowed to that and they - who invested MUCH MORE than us not? But then again, a smart whale knows that the Steem price will make him/her rich(er) when it jumps from 1$ to 10$ and beyond. And that happens much easier when the whales support the minnows who are the majority on the platform.
And do you have any statistics backening your point up that ALL whales are doing that? All the whales I am seeing are rather beneficial for the platform and delegate a lot of their power to great projects. If a whale starts just upvoting himself several control mechnisms exists to discover this behaviour and counter it. Whales do flag other whales for example.
Wow ! you cleared my doubts for sure , I got many comments disagreeing with my opinion but no one explained me why was I wrong! Thank you for providing such insight. Can you tell me the control mechanism that discover such behavior , I am new to this community so don't know much about it.
Then what do you think the reason for fall of steem price?
Like I said, Steem has problems on the market places. They didn't offer Steem for a while and it s all strange and confusing what is going on there. Needs technical improvement in Bittrex and Poloniex. Then there are big users selling Steem by powering down. Whenever that happens it is quite a bit of Steem and the price drops since there is not sooo much trading with Steem going on right now. And then there is Shapeshift.io that service that changes one currency into another. It used to support Steem but recently took it off for unknow reasons. Many things coming together. But don't worry, the price will go up as soon as the new updates for Steemit are coming with the new UX/UI and then there will be a multi million Dollar marketing campaign as well.
The mechanisms are plenty: @cheetah, then there is a bot called Steemitwatch or so. Then there are users who hunt people abusing the platoform and write posts about it. Then whales often come and downvote that content. I don't know much about these mechanics in detail but since everything is transparent and public nobody can hide what they do. They try and it is sometimes difficult to discover but eventually somebody finds out and does something about it.