Yeah, the STEEM price is what decides if we complete this project, and little else. Even 500 STEEM donations don't move the progress bar the same way a crypto price move does. We can be 85% one week, and 45% the next.
You're right that prices will at some point recover. Will they recover enough to complete the project, though, that's the question. It has been 3 straight years of nonstop losses, month after month after month. It's hard to be sure we're at the bottom.
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at the moment it is profitable to even convert sbd to steem, which i guess presses the steem price down since some people buy sbd to convert it to steem again. but the conversion price is now almost the same as the actual steem price. (conversion price 0.178 buy price ~0.18). last week the conversion price was higher than the buy price, hence people who do triangular trade over bittrex profit a lot, buying steem, selling it on bittrex for bitcoin, selling bitcoin for sbd and selling it for steem again XD.
also if this water well is publicly available for people to fetch water, and since a large number of these people in venezuela are, due to their bad inflation, crypto/steem users, it would be worth considering asking for public funding for this project. and make it a well that belongs to the steem community and is publicly accessible.
https://steempeak.com/me/proposals
this would be the first of a kind infrastructure project that happens in the real world.