It just occurred to me that if Steem was at the current price of BTC, some of us will be billionaires.
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So here's my question: Is Steem actually ready for an in increase in price? If people are willing to write at the current price of Steem, why would Steem ever increase in value?
These questions come from my argument (which I recently had with @l0k1) that there's no direct connection between the Steem currency and the Steemit network. The latter is just a blogging platform, which has chosen to use Steem instead of one of the other cryptocurrencies. At most, Steemit and we, as people using Steem, are only increasing investor confidence in the currency, because we're getting paid with it.
So, I ask the same question again - why would Steem ever increase its value, if people are happy getting paid for their work, at its current rate?
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If anything, people are happy to cash out steem to fiat. (via Bitcoin obviously)
Price will continue to fall as they are still giving it away. No one pays for what they can get for free...
What do you mean by "giving it away"?
Bitcoin can't be created, it'll always be worth more.
From what I understand, Steem has inflation built into it
Actually Bitcoin is mined and the quantity continues to increase. I'm not sure how Steem works, though!
But there is a finite number: 21 Million BTC. I believe Steem can continue until into Zimbabwe territory. Thus the inflation
I suppose I should finally read the Whitepaper.
I don't think Steem will go up for a while I think it has some time before we see another outbreak...I could be wrong but its not something I want to bet on... I gave you a follow please follow back! check out my Bitshares article! Graphene is taking over!!
I don't think it'll go up at any time. It will be a reliable low value currency, as long as there are projects like Steemit to use it. Here and there the price will go up, as some rich Forex trader tries to singlehandedly change the market and make it seem like Steem si going the BTC way, basically scamming everyone into investing, and then selling at the highest point. It's happened before, it will happen with Steem - sadly, an incident like this will keep future investors away, fearing they might lose their cash with such a volatile currency.
Thanks for starting this thread. Same thoughts here. I do believe most coins are currently overrated. But the future lies in blockchain. I really advice people to take a look at: https://www.coincheckup.com This site is really helpful in my coin research. I don't know any other sites with so much indepth analysis. Check: https://www.coincheckup.com/coins/Steem#analysis For a complete Steem Analysis.