Capitulation and Opportunity
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In the middle of this red sea of bad news, and knowing full well what might happen to the proverbial messenger, @ned shared this post on his account where he let us know how this market has been affecting Steemit Inc's plans.
I won't lie, when I first started reading I felt some fear, I started to think what would happen if all the work was for nothing. But, as I became aware of myself, of the fact that I was allowing my mind to go where I must never go, I pulled my thoughts back together.
Here's the kicker, as they say. Between being fed truth or comforting lies, I will always chose truth. I want to know what's happening regardless if it makes me feel great or no. In this new world we are crafting where the very definition of trust has been reshaped, the concept of transparency has to be taken to new heights.
It's precisely because of this that I applaud @ned's decision to put his own face on a video and tell us in many words, we've reached what I can only describe as capitulation. Today, following this announcement, we will see the reaction of the community and what I'm sure will be the final test of our personal convictions.
However, there is a silver lining here, and I would argue it's actually the one thing that will keep me smiling even if we go much lower. When the last taker presses the sell button and there is no one left who is willing to part with his tokens, then the true foundation will be built, and there, precisely there is where I want to be.
You see, fundamentally nothing has changed about STEEM, the blockchain is still here, the building has not stopped either. The markets may say STEEM is worth 40,60,70 percent less than before, but in actuality STEEM has grown in value, just not in dollars or satoshis.
So my friends, if you are scared I understand you, but I do know fear has never helped anyone built anything meaningful. And yes, I may be a little crazy, maybe too crazy for your taste, but that's exactly where the biggest opportunities lie, and I'm not about to walk away from mine.
The bear market will not last forever just as the bull market had to come to an end.
But I think the bear market will eventually run out of coins to sell and I feel the bears running out of steam, I feel the bull market will catch many by suprise, just as the bear market did. I feel it coming... It's just a case of who has the patience to pick a position and wait it out.
@kabir88
Holy shit, I've been listening to this song all night.. Had a dream involving it last night, and posted about it! Alright, dammit... a portent it is...
Super well said!
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OWCH!!! my dreams... jk
I mean really, what am I going to do switch to youtube? Well maybe eventually. Playing to an empty room is one thing, recording it and posting it on a platform where nobody sees it is just too meta.
But I can handle it for a while anyway. I’m still a believer.
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I had the same thoughts while reading his post but some thoughts came to mind as well... I think we have built a great community and believe that this could be a great first step to decentralize it further by taking over more of the development of the blockchain ourselves. While funding could be a challenge I believe your words in that there is value here to be leverage which can be used to gather investors through innovative ideas to attract them here. Let’s see where this goes!
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I am here for the long-term, I have developed the resilience to keep going and the best is near. :)
Funny thing is, Steem is doing well today (even against Bitcoin).
Do we say it does so "despite" of @ned's news? or perhaps "because of"? or maybe it's just another Wednesday in the crypto market?
Up to you to decide, we're just doing our bit to give you all the data we can find.
something curious that was pointed out to me yesterday... when Dan left, Steem went up... How does that make sense? no idea... hahahaha
✌
nice line..
thank you... it came from the gut.. I'm totally there mentally atm
;)
Exactly. I'm with you @meno <3
Do you think his announcement is going to affect the price of Steem?
We're sitting in 48th Place on coinmarketcap and we used to be in something like 24th Place I think.
I was thinking that the bottom was going to be somewhere around $0.21 but I really guess anything could happen at this point.
As for me I wouldn't say fear had anything to do with it but there is quite a bit of disappointment.
its best to remove the sell pressure to keep the lights on... the silver lining is that this "in theory" should help the price stay healthier.
I've been hoping for lower and lower prices to help redistribute the wealth on the platform but now I wonder if lower steem prices will damage steemit inc's ability to hold it together. If people sell tokens and the bear market goes where I want it to can steemit survive or will it cease operation in your opinion. I don't want to route against myself lol
steemit inc is not the only one operating a public node, so even if they were to disappear, we would still be here. Now, that being said.. this is very unlikely to happen.
Before your time on steem, the token went down to 7 cents and very and i do mean very slowly creeped back up. I don't think we are headed to that valuation, I really don't.
Also to put this in perspective for you. if BTC was 10k at the moment, as many of us thought it would be around this time, Steem would be 85 cents or so, even if it did not "recover" at all in satoshis. Needless to say, if bitcoin rallies, all other coins do too.
well, it seems like Ned is saying they have money problems so I'm wondering how the bear market has effected it and will lower prices make it worse. I'm also wondering how many people were laid off.
I don't have any specifics to be honest, meaning number wise. But, what's important to understand here is that the way Steemit Inc foots the bill is by selling STEEM into the markets. So, if their payroll is fat, they are selling a lot of STEEM. Currently there are more sellers than buyers, hence the current price and it requires more tokens to pay the payroll.
Steemit Inc still has a lot of Steem... millions and millions, they are not illiquid either, they just have to match market demand.
I see now. Thanks so much for spelling it out for me
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