A lot of people that are making thousands and sometimes tens of thousands of blogging rewards are wanting to cash those out asap which is putting more sell orders than buy orders, dropping the value of steem.
There should be something like a $1,000 or $2,000 cap on blog rewards because who's going to buy steem if they can just earn it and sell it for btc or fiat?
If we make steem harder to earn but still somewhat generous, the value of steem will improve.
Even a $3,000 reward would be better. You think make up girl is going to invest her 33 grand or cash it out?
Think about, the only real attraction for steem right now is the possibility for make up girl to make 33 grand.
If she and others cash out the price might indeed crash further but at some point it turns interesting to buy steem based on speculation giving rise to new makup girl eventually some makup girl will want to reinvest
also original makeup girl if she cashes out may create new users from her friends in RL this could be a reinvestment in itself if she tells where she earned the money
Yeah but is anyone actually buying Steem anymore? I know as long as i can earn it im not and I don't think im the only one with that line of thinking.
seems like today people bought on poloniex reaching new alltime high
From my understand after the last Fork the Author \Poster only gets 25% of the payout and half of it is in steem power and the other is an steem dollars. its like winning a million dollar lotto but you get taxed at 40% and left with 60%
The crash is common from a big rally we had last week. Ask stock experts.