Is STEEM headed to the Moon? I don't think so...
Did you hear all that talk about STEEM going to the Moon? STEEM just recently hit a big spike in value a couple of days ago. There was talk all over Steemit about how it was going to keep on going up. Looking at today's charts, it doesn't seem to be headed that way any longer. It is headed right back down to where it came from. Fellow steemers, let's not get our hopes up too much. We need to keep our expectations realistic. STEEM is probably not going to be as successful as Bitcoin was (peaking at a value of about $1200). If you want this to grow, keep your STEEM and power up. Realize that there will always be those users cashing out their STEEM instead of powering up. Instead of treating this website like an investment, they are using this social media to get paid right away.
I hope that STEEM blasts out of our atmosphere one day, but it might take a while. Patience steemers!
(From Poloniex)
The steem token is a hyperinflatory token, so don't expect it to go any way except down, down, down. For holders of steem power, that doesn't matter though - what matters is the market cap, and I do expect it to grow. When I look at Steem at coinmarketcap.com, I don't care at all about the Steem value - only the market cap.
The reason for the latest price spike was the announcement that there will be a hardfork changing the economics so that the steem token won't be that hyperinflatory anymore. The market believes it's a good idea (and I also think so). After this hardfork, the steem value will probably stay more stable.
Still, don't expect it to go to the moon - after all, steem purchasers still have to support the content production.
That spike was probably a reaction to the new economic changes to Steemit scheduled for Nov. 16th, It was announced a few days ago and theprice spike happened in sync to the announcement.
We'll probably see it drop again as the powerdown is changed from 104 weeks to 13 weeks as per the change, then see it rise again after those 13 weeks pass.
Maybe after the 13 weeks some of the whales will be out of here!
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It will only start to go up in the very long term. It is too early for that to happen. The July bubble was based on novelty, hype and the comparatively tiny amount of liquid Steem in existence. Looking at that as any kind of basis for value is unrealistic and leads to the situation where people panic.
The most recent spike over the few days was just based on the news of changes. You see it all the time in crypto. I think as long as people keep sensible expectations then they will not lose their heads.
This post has been linked to from another place on Steem.
Advanced Steem Metrics Report for 7th November 2016 by @ontofractal
The Daily Tribune: Most Undervalued Posts of Nov 07 - Part II by @screenname
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Wise advice Charlie. Wilson, I am a little suspicious of the moon anyway, lol just kiddo.. well actually I am a little suspicious, its an interesting and mysterious multiverse out there!.....have a great day Amigo
I agree. We should look at Steemit long-term, instead of for immediate rewards.
Haha! Thanks for reading!
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The Moon, probably not. But Jersey is definitely do able :)
Psh, trust me, it's been here the whole time. :-P