Looking At Steem From The Fundamentals

"When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact." - Warren Buffett

In yesterday's post, i looked at the STEEMBTC chart and how negative it was. Charts are just one piece of the puzzle when it comes to investing. There's also the fundamentals and the order flow. So let's look at some fundamentals.

For this, i'm going to rely on the stats that @penguinpablo puts out. Here's the latest from today:
https://steemit.com/steemit/@penguinpablo/daily-steem-stats-report-friday-july-12-2019

Power downs

Not a single day where the power-up was greater than the power-down. Even on days with lower power downs, the power-ups were still lower.

Transfers to and from the exchanges

Not everybody decides to power up their Steem. Some might keep them handy for transacting on Steem, whether it be on Steem-Engine, SteemMonsters, DrugWars, NextColony etc. So let's look at the transfer from and to the exchanges.

People are transferring more steem onto the exchanges than they are withdrawing from it.

Back to the quote at hand

I really like all the development that's going on with the Steem blockchain but all the fantastic development in the world can't outrun the bad economics.

Too much steem in too few hands. It would be interesting to see how big a share the top ten powerdowns or transfers to the exchange make up as a percentage of the whole. I'd wager it is a disproportionate amount.

Anyway, i'm regretting my purchase in April or May. I should have just looked at these stats.