Steem risks dropping out of the top 50
The past 6 months may have been tough on crypto currencies, especially over the last 4 weeks, as outside forces work to drive down the price of crypto's to scare or intimidate the majority of people out of the market. I suspect that big money is working to bottom the prices so that they can all be purchased for pennies on the dollar. It worked when Rothschild took advantage of a rumor that the French won the battle. That rumor spread panic throughout the English markets as the prices plummeted. He bought up all the stocks for pennies on the dollar and then the real news came in. The English won the battle. Stock prices soared and he controlled the market!
I see forces at work within the Crypto currency market place, attempting the same thing. But something strange is happening to the Steem currency. Almost every single currency is dropping but Steem dropped from the top 20 to flirting with dropping out of the top 50. Why is Steem being hit harder than others?
While I am no expert, I am confident in suggesting that Steem has something that most other crypto's don't; social media influence. The value of Steem is backed by the work that people like you and I put into the blockchain. The problem is that there are some who work hard to devalue the blockchain through down votes, harassment, greed, violence and other activities that tear down the tribe rather than building it back up.
I suggest that Steem is getting hit harder than most because of the activities of others within the social media platform that is intimately bound to the crypto currency. The actions of these individuals, while justified to protect the value of the platform, are actually harming it significantly. I've written over and over again that the way to build this platform and the value of the currency is by building community, helping people through support, peace and non-violence. Yes, there will always be those who are greedy, violence, abusive, etc. I choose to confront them with words in a peaceful way than to engage in violence.
The whales, orcas and dolphins of steem have a duty and responsibility to ensure that the value of this currency continually goes up, NOT down. They can do that through active participation in the work of others. I rebuke those who engage in down vote wars, posting abusive memes to dehumanize others, writing abusive posts to attack people, etc. If we as a community don't turn this around now, this currency will bottom out and be worth nothing in short order. People will bail quickly and leave the power brokers in Wall Street in control of this currency that belongs to the people, not the thugs, greedy and ruthless. We maintain our control of this currency through peace, not war.
If we fail to do that, the temperature of this currency will get very, very chilly. Not many of us are able or willing to put up with such cold temperatures.
We are in total agreement as to the manipulation of Wall St. on the crypto markets, trying to squeeze every viable coin from panicked hands, in preparation of bringing on the bull market.
As to STEEM's more drastic fall in that market, there may be more factors explaining that which you have not mentioned. The flag wars are not winning new recruits, especially the attacks which cause collateral damage. Yet the driving away of new users cannot explain the additional loss as their cashing out would not amount to much.
It is my feeling that the sell offs by Steemit, Inc., to help pay for their over $2 million dollars of server costs not to mention staff payrolls, has been a huge factor.
Not sure if you have followed Ned's live chats over the last week or so, but that ship is being turned around. There has been a 70% layoff of Steemit, Inc.'s staff (while retaining all major developers) and brainstorming, by the remaining team, indicates that a cost effective witness node is coming down the pike. This will mean up to a "95%+ memory consumption reduction by moving our storage from memory to disk" with a target of running economical nodes "running on commodity hardware with 4GB of RAM and a standard SSD".
This is huge and something that has been on my mind since posting my fourth post on this platform. Finally!
This will mean a more decentralized network running on more cost effective hardware. Although not meant as financial advice, this news makes me more bullish on STEEM than ever.
STEEM On! 😎
Hangin' tough, brother. Miss you around here.
It is sad that Steem seems to keep dropping, relative to others. From what I can "read between the lines," it seems there is also some bias agaist Steem because it's not just purely speculative; it's more like a "utility coin" with a working infrastructure and community... and the market apparently doesn't like cryptos backed by an actual economic model. Seems a strange bias to me, but I'm no expert.
Bright Blessings!
You have a point that I did not consider which would also impact the ranking and price of the token. I think though, that it can be turned around if we work hard at it. I'm not giving up on it yet. <3 Peace to you.
It would be interesting to see some evidence on this perspective. I just assumed that Steemit Inc. was dumping coins on the market because ned completely mismanaged his company; foolishly gambling on a volatile market.
At the end of the day it should be more obvious. This is a transparent blockchain. Where's the report that tells us which accounts are sending coins to which exchanges? As a developer, I suppose I only have myself to blame.
I expect this fallout to last at least another three months as some accounts surely must have capitulated and started powering down.
It certainly doesn't help to have people in the community itself voicing discontent about Steem. What confidence does that give to those outside of Steem? No other coin has a social aspect to it, to undermine it in this way.
agreed!