RE: Steem: The Bulls vs. The Bears
That's a pretty menacing bear you've got there. Is that what it looks like when people are selling their stocks or crypto? Yikes!
Steemit has been more down than up for me today, STEEM has been steadily dropping, and this last major downturn seemed to happen after the CEO appeared on Bloomberg.
So, as I said in my other reply, who knows where we're going. There's so many things STEEM has going for it that it should be higher than many other cryptos just because of its potential. But it's not. Is that because most of the top 10 crypto are relying on scarcity to drive their price, while that's not what's happening here?
Or is it others are looking at the price and wondering the same thing and decide it should be higher so they won't pull the trigger either?
I can't believe it's all about Steemit, or the allocation of rewards, or the predistribution. If it is, then how is STEEM ever going to go anywhere?
I would think for it to hit $0.16, you would have to see major SP leaving, SP that was been here since its inception, or thereabouts. It would have to be more than just the speculators giving up.
lol... I've finally gotten to your comment... and I have been meaning to tell you that we don't really get to see what the bear "looks" like when the bear is in action, but we do get to see the damage and that guy pretty much sums it up... torn shit and all :P...
As far as some of your other points, I am definitely not the expert on the technical aspects of what makes ETH or BTC better than steem... In fact from what I've heard on BTC, the costs of trading it are prohibitive... so maybe it got there first and is accepted? That explains one, the other 9 people like @mudcat36 is way more on that mission than me. He makes his living off knowing that.
I think you are right that steem about the value of steem as being more than steemit... I think steemit is an application and does consume lots of it, but the advocates say that steemit is really not relevant at all and the value of steem will be higher one way or the other. I know EOS is coming very soon as a rival and lots of steem believers have their feet in both camps... It should be launched very soon, definitely by end of summer and at that point (from what I've heard) we will find out a lot about how strong/weak steem will be. Plus supposedly the smart tokens and the communities that will spring up with them will also be a huge deal... I hear a lot of things, but always try to stay up at 30k feet and look at the big picture.
I do know two things, that is that this is a fast moving space and there are many people with many opinions. I try to listen to everything and reflect using the things I know... for instance on your last point, I completely agree. But every bear market I have seen has always looked so bad that people do "give up" and throw in the towel. My guess is if we crack $1.5, then people will worry about dropping below $1... And if we crack $1, there will be calls for even lower. At some point you end that cycle when the weak hands give up, the questions will be when will those weak hands be gone and why will they leave in the first place.
If you get any answers, please let me know... And ps... Haejin is now a 79... I don't think he is stoppable.
Haejin's been at 79 for a few weeks now. He's one third of a point away from being the only 80 ever. With some additional firepower from Wednesday of last week until a day or two ago, they were consistently knocking him down to $0 payout. Then, it slacked off, started up again for a while and has again slacked off.
Well, I'll let you know, but I doubt I'll hear anything before you do. You've got your ears in more camps than me. I just happen to stumble upon things here and there, and since I'm not doing nearly as much 'research' as I was, I'm pretty much relying on someone I'm following to resteem something.
Speaking of SMTs—prior to Ned saying something about it at I think Consensus, had you heard about the Good Person Token that's supposed to bring account based voting to Steemit? I hadn't. It was totally out of the blue as far as any update talk I've seen. Which makes me wonder just what that means for Hivemind/Community and HF 20, because it sounds like SMTs are front and center.
I didn't know he was that close to 80, so you are more up to date than me :P ... and on the SMT's I have seen some chatter about them coming this summer and the convo's were around how they were going to be individually community driven and policed and the people chitchatting about them really thought they would be a gamechanger... I personally don't have enough time to dig deep enough to really figure those aspects out. I do think there is a lot of competition coming and I recognize that people talk "their book" a lot... I was also surprised that the price of steem dropped after @ned spoke again at a major conference. I don't know what he said, but some of the people that trade it for a living told me this would've been the week to soar if it was going to... So it dropping was a bit of a surprise to them...
I have heard about Hivemind, not sure what it means or how revolutionary it will be. On the hard fork, I have been hearing it is coming for awhile now, I guess we will see soon enough. And no I haven't heard about Good Person Token, but I will buy one for you if its in the steem or sbd price range ;) ... :)
That's twice now the price has dropped after Ned speaks. Not sure why that is, since people around here want him out and about. Or at least to hear from him more often. Maybe smart money is realizing just how young he is? I don't know. I've never been able to figure out what moves markets, but it's not what makes me buy things.
That's disappointing, regardless. If it's supposed to soar. Maybe it's a delayed soar.
Hivemind is another layer that will go onto the blockchain to make it easier for apps to be built and access information faster. I guess there's certain things apps don't need direct access to the blockchain to, so Hivemind will act a sort of go between if I understand it right. Some are actually counting on Steemit becoming more robust because of Hivemind. Communities is supposed to come with it, which is what I think our interface is going to become. The hard fork has been ghost since the
partyQ & A in Austin a couple months ago where they talked about manually verifying accounts. Velocity is supposed to be the big deal there.The good person token is the account based voting. One person, one vote. There's supposed to be a whitelist, which I guess is done through verifying you're a real person. Why it's not being called the real person token, or something else entirely, I don't know.
well first, I think the "good person" token sounds better than the real person... I wanted to buy you one if it was the good person token, but if its just a real person then I'm not too excited to compliment you as a "real person"... But I guess with all these bots flying around, maybe it is a compliment after all and I am just a step behind the times ;)...
Thanks for the update on Hivemind, that makes some sense as to why they are excited (a tech feature that might be innovative)... As far as new communities springing up outside of steemit (but on steem), I have my doubts about how that will work... I won't really air them here so that I'm not negative, but it seems like if there will be a migration to another platform it would most likely happen on another coin-based architechture... Mainly because I think it would be perceived that the same owners that control steem (the SP holders) would also still control the underlying infrastructure... I know that would be one of my concerns, so if I ever left (which I don't plan on doing), I doubt I would want to stay with my current overlords since I view them as the problem holding this place back.
Thanks for the update though, you are definitely more up on the details than me... I'm really curious as to what happens as haejin gets bigger and bigger... I think it will be fun to watch in some ways, especially remembering how many reacted when he was just a 75...
ps... I have heard he is going after certain bots now... (that's a plus in some ways)... I forget which one, but he's got a flag battle ranging for sure with one of them!
Well, good sounded subjective. What constitutes good around here? How about One Person Token, since it's supposed to be one person one vote? Oh well, we're not in on the naming, anyway.
I think communities is supposed to be on Steemit, not off. I think it's whatever the UI is supposed to be after it hits. Not sure what it supposed to look like, only basically forming communities around accounts. So, I guess you could make your account the community, or some other account. There was some talk about it having to do with the existing tags, too, but I haven't read that in a while so I don't know. I don't even really know what I think I know, since it's all third party, anyway.
Well, he was going after promobot for some reason, but I'm not sure that was turning out very well. Could be others. I haven't been following who he flags, just the ongoing flagging on him. He's apparently enjoying the visibility it's been giving him.