Steem Debates: Will The Price Ever Rise Again?
I noticed this morning that the crypto price feed has disappeared from Steemit.com. My guess is that because of the fact that Steem seems to be the only major crypto not enjoying a renaissance after the doldrums of 2018.
The price feed always seemed a bit strange to me, for one why the hell was Ripple (XRP) there? It kind of sums up the Steemit back room for me, well intentioned but completely missing the mark.
Anyway it's gone now, perhaps the constant reminder that Bitcoin and its cohorts have gone parabolic whilst Steem remains on the floor.
Price Prediction
My own personal theory is that the Steem price won't go up anytime soon, if ever again.
My reasons? Well, I believe that the bots and the bad whales have the reward pool pretty sewn up, so unlike the pre-bot days when user numbers fell, individual reward share increased. Which would have a knock-on effect with the price.
That no longer happens, and coupled with the fact that 1.2 million Steem is created each and every day, I can't see how it can hold its value.
However maybe I'm wrong. Perhaps this is just like when everyone laughed at Amazon. Making jokes about their stocks being used for toilet paper . . .
Debate Time
I love a lively debate, so I'd love to hear what you think about the Steem price in particular. Do you think we will see a price rise soon? If so why?
Okay, this could turn out to be embarrassing for me because I haven't actually checked the price this morning. However I'll stick my neck out and say that it's $0.35 give or take a cent or two.
STEEM DEBATE TIME! WHAT DO YOU THINK WILL HAPPEN WITH THE STEEM PRICE AND WHY? WAS THE PRICE FEED A GOOD IDEA? DO YOU MISS IT?
AS EVER, LET ME KNOW BELOW!
OMG! Like the price right now for STEEM is $0.336
I believe we will see a rapid rise in STEEM price, like 10x because everything else is going to 100x.
I am very much with you on that the inflation rate is eating all of our would be price gains, however, i believe we are about to see explosive move in bitcoin, then in LTC and BCH. This explosive move will far overpower the STEEM inflation.
Now, the question is, will the frenzy for crypto get more people into Steem?
That is the big question isn't it?
I think if the scramble is big enough, then people will get into Steem, however once they find out how its produced, I think it will cause a bit of confusion and concern.
Cg
1.2 million Steem each day? Where are you pulling that number from? The inflation is around 9.5% per year, and a bit more with SBD conversions.
And I don’t ever recall a pre-bot period on Steem in my 3 years here.
I actually think Steem is healthier than it’s ever been, except with the BTC bull, all alts are getting hit, Steem even more so because of the past negative PR.
I'm pulling that number from the original figures, although Brian has told me I'm wrong, which I accept.
Your memory doesn't serve you well, there were no bots for the first few months..
I can't see how that is the case, the price is not exactly an all time low, but it's not really setting the world on fire. Plus of course Steemit's daily usage figures are pretty poor.
We'll see I guess.
Cg
O sorry forgot to respond to your comment.
Brian is right with the inflation. A hardfork more than 2 years ago changed these figures.
I came on to Steem shortly after the July 4 event in 2016. When I arrived there were already bots. I didn’t realize there was a time before that without bots.
Steem is healthier than it’s ever been because:
So yeah, compared to three years ago, it’s a much healthier environment.
1.2 million Steem a day!?! It’s less than a tenth of that, about 80,000 right now I believe.
I also see lots of other solid projects, like BAT and even EOS that are seeing no significant price movements to match Bitcoin right now. I don’t believe that prices are currently reflecting any fundamentals and shouldn’t be used as an indicator of the progress and development of a project.
I do believe alts will be like the dot com bubble/bust, only a handful will make it... if Steem can simply survive for a while, it can still have a bright future on the other side.
Thanks Brian for correcting that. I'm using that 1.2 million figure from ages ago, so thought it hadn't changed.
I take on board what you're saying about BAT and EOS. Can I ask you, is there one particular thing that will make Steemit great again?
Cg
I guess I’m most optimistic at just the number of seeds being planted so to speak. If even one front end or community sees a modicum of wide adoption everything will benefit and we could see a virtuous cycle take hold. A larger userbase attracting more business investment and vice versa back and forth. It could be sparked by Actifit, Steem Monsters, SteemHunt, dLike, Wherein...
In many ways Steem is better than its ever been, so talking about making it great again is misleading! The blockchain is more functional than at peak price, stake is better distributed, more dApps, etc! Funnily enough you kind of demonstrated that outdated information still haunts Steem. I truly hope that the recently hinted at marketing initiatives and unified messaging that Steemit Inc. is trying to organize comes to fruition and helps as well.
the Media Officials project that is currently ramping up is going to be interesting. I did a chat with @instructor2121 last Tuesday on Curation Corner. There will be about 1300 sites linked into the platform on just about any topic you can think of when it gets fully onboard. Domains that have some traction in the search engines.
They have very deliberately focused on customer experience rather than trying to introduce them immediately to crypto. The recording is up on my account if you'd like to hear what we talked about.
To listen to the audio version of this article click on the play image.
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I'm worried with the low price and already low post rewards being further cut with the next hard fork, seems more will leave and fewer will try.
Less people are posting quality content. There is an increase in stupid fucking gaming posts “checkout my score” and exercise posts “actifit report card”... This dilutes the newsfeed. The fact that DTube vids are not embedded into steem and those posts require you to go off-site is another factor.
Furthermore, people seem to be commenting less on quality content - or even reading content for that matter - and prefer to try and race for curation rewards by stalking whales (why else do so many posts have 150+ upvotes but not a single comment)......
Obviously we want to keep it free & fair, but I do believe that the current setup is causing too much BS, and promoting lesser quality and lower interaction.