How can Steem loose value? Please answer in Comments. All responses appreciated
I am down to Hand-wringing. I just fail to understand the way Steem is going.
Who are those willing to sell substantial amounts at such low rates?
Has anyone responded on behalf of Steemit?
Last time Steem went down to 20 cents I had joined the Spud20, this time I am doubtful it had any effect.
US Dollar= Propped up by Government bullying the world
Yuan = Pushed down by the Chinese Central Bank
Euro = Held in check by member nations and US influence
Bitcoin = Rallying due to vast acceptance
Steem= Falling WHY???
Sadly it's a problem at the top, the people who own it sell large amounts of steem on a regular basis. They explained they brought ads in to try and make it so they didn't need to do that, but until they make enough money to cover their overheads from ads, i think the article explained they were gunna keep doing it.
https://steemit.com/steemit/@elipowell/steemit-inc-financial-update
Might be this is their reason but it also shows they do not put any trust in their own product any longer. And why should organisations have trust in Steemit.inc if their own top is selling? Not exactly the right time to do so, to make an income/cover their overhead. 🤔
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They have been doing it since at least 2016, consistently selling large amounts of steem in one go and flooding the market, thus dropping the value. The comments on that post by steemit have so much information people have gathered about what they have been doing. But about 11 months ago my other half stumbled across accounts where steemit were funneling STEEM and SBD off the platform and selling it off, and had been for years, it's a long post but he does name some of the accounts they used to sell from. They used to transfer the funds between a lot of accounts before selling so it was harder to trace back, but the beauty of the blockchain is that it is all there if someone goes looking. And despite doing this, they haven't entirely sunk it because the principle works, and there are enough people who want to trust and support it.
At least they are being transparent about the fact they are selling so much off every month. It seems like such a shame, because some of the earlier crashes in price match up with their big cash outs. I personally suspect that is why they changed how it works so more people ended up buying in, because they had so much to sell. Then again, I am here for the people, money was a bonus, but it did work for a while, unfortunately the people behind it either had no understanding of economics, or they knowingly ran it down. There are new people in charge, and they seem far from perfect still, but they do seem like they might consider taking on feedback, and there are people like @raj808 writing wonderful responses to steemits proposals with a positive focus on what can be done. There is still a swell of possibility, I don't know if the currency will ever recover to what it was, but there are enough people who want it to and are prepared to make the effort, and put themselves out there.
I never really followed it. I was invited to join and did and found it a hard place to be. No way you can easily find your way if no one helps you out. You need to bump in to someone accidentally.
I left and came back months later to give it an other try. Mainly because I could not log in to an other site I joined. The second time was right after HF20 and it took me weeks to discover why I could not post and comment. My luck was I started freewriting.
I guess we have to see if steemit or steem is worth our investments. I bought steem but not here since no one took the time to explain how to do it no matter how many times I asked.
Thank you for your long respond. I appreciate it. Happy day 💕
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@calluna your comment shows you value Steemians and Steemit. We need more of this- Many of us love the space and the SBD or SBI makes it more practicable.
Also the idea that your work is appreciated gets a huge boost if the upvote value reads more than $0.05 which is much easier to achieve by many more contributors if Steem is valued close to one dollar.
Thanks!
Many Thanks! I am going over to the long post. Things will improve.
Hope is Eternal.
Does bankrupt US influence the euro? Dollar and Euro are printed extra.
You have your answer. No matter what the real reason is if the top sells the trust is gone.
🤔
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You and Me and thousands of 'laymen' Steemians should join up somehow. This may sound hard but can be done.
As I wrote before: Hope is Eternal
I agree, this can be done. Suggestions?
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Well it can because bitcoin is not stable
Could be. But I think this is more due to a systematic offloading- please read the comments above by @calluna