Whales keep powering down, too many Steem on the market, price goes South.
I just had a look on steemdown.com, how many of the Top Accounts still powering down...
.... as you can see it still to many. 93 out of the Top 200 powering down.
Neds powerdown circle ended yesterday and he sold his Steem on the market, the result you can see here:
.... so i understand that the Whales have to give their power to others, that we have a better balance in Steemit, but from a point of view of an investor, who spend money and see its getting worth less and less every day, it pisses me off. I do the numbers every day, so i can tell you that we get more and more Steem and less and less new users who come in and who are willing to buy it. So this doesnt look good at all at the moment. If this continues like this, i guess i dont have to write the daily Report anymore....
And Neds amount of Steem was only a small amount of Steem compared to the steemit account itself. It is still powering down every week, but they keep the steem in the account, dont sell it to the market, if they do the price would plunge...
Would be nice to hear something from @dantheman, its quite a while ago he talked about it....
https://steemit.com/steemit/@dantheman/quick-update-regarding-user-retention
That was my 2 cents for today, whats yours?
If you like the Report please follow, re-steem, upvote and comment.
Note: 100% of the payout of this post will be paid out in Steem Power.
Thanks! It's very worthful to have critical voices here on board!
Especially because the warnings are underlined with solid figures.
Keep on steemin' - we need your information as we need our daily breakfast.
Thanks for your comment, appreciate it!
They care so much about the network that they deride anyone who dares put an image up without crediting the place they found it. Then they dump large quantities effectively kicking Steemit in the jewels. At least the blockchain will be pristine and unpolluted if they succeed in killing the price of the crypto. Comparison: empty warehouses are nice too.
I am investing here on Steemit, and I don't need the money back right away. If the people you talk about are carelessly dumping Steem today, what motivation do I have to keep buying and powering up?
The chart seems stuck in blip-crash, blip-crash mode, heading for the basement.
Buy low
Sell High
It's low now
So I buy
Look at that - I am a poet after all!
hahah, post it, maybe you win something :)
Don't try to catch a falling knife.
I dont know whats the Roadmap here, but it has to be changed, otherwise soon it looks like that:
Yeah I don't get it, I'm trying to understand the powering down to distribute power but who's to say that the people buying Steem will actually invest it back into the ecosystem and not just speculate and trade it for Bitcoin and reduce the markey cap.
I created the @steemsports idea so whales could vote and we distribute SP, that way. Then they don't have to power down or as much, maybe only once a month if they need some money.
I hope more whales will see @steemsports as a way to distribute wealth to the people and create employment for writers and editors.
I love the concept of @steemsports ! Its just great !
What's steemsports?
Keep up the great work. Shared on twitter and upvoted. Stephen
Nicely done! One of the best reports out there. Upvoted and followed.
Thanks man!
I think we have broken the confidence level at just under 50c , I powered upa small amount I could afford over 50c but now am sad I did not wait until now at 30c as I would have almost twice as much..I am sure I am not the only one with these emotions. I see many people who used to post a lot no longer active maybe due to poor return on posts, this could be a critical turning point either way.
Thats what i am afraid of, people start to be pissed off and stop to write, i have more than one friend who stopped writing....
I used to have this same view until I realized it's not the responsibility of the Whales to keep this afloat, but all of us to as well. This means by doing what we can to invest into it - blogging, bring new people here, getting new investors to buy Steem power, to be a curator, and etc. Whales alone won't keep this to be sustained - it'll be us minnows who look for other creative ways to push up the value, and this has limitless potential. I've personally gone through the same gripes, but I'm telling you - it's all of us here who want this to thrive that will make it count. The more so the more a "Whale" won't be needed. It needs to be built up in other ways. Growing pains.... growing pains... :) Just my two cents as what I've observed.
I haven't been in Crypto long enough to understand if there is a bottom. What eventually happens?
If we get to a certain low in either price or volume, do the exchanges stop trading it? Just curious if anyone has experienced one of these plans go "bust"?
Exchanges don't care about the price. There are many coins that trade with some volume at right around a satoshi (0.00000001 btc/coin).
If volume drops to very low levels, however, some exchanges would consider de-listing.
Steem and Steem Dollars have a long way to go before that happens.
Even if exchanges delist a coin, I'd expect a community to survive for sometime.
Thank you for the reply.
The last four-hour candle looks green and we are at the bottom of the channel. Something positive.
dont call me sceptic, but i think this still to go way down.....
Upvoted and resteemed. People need to talk about this. It's all very well those at the top saying they are powering down to redisatribute steem but come on! Sounds like bullshit to me after seeing the numbers
158 new accounts... I have not seen this level for a long time.
In case you have ever wondered where the new accounts go.... https://steemit.com/narnvim/@narnvim/1000-upvotes-follow-flags-per-0-01usd-accounts-per-0-75usd
New users can't go down, thats a positive, because one can't unsubscribe from this shit and just check out.
Maybe a reason at all to sue them on their T+Cs.
I am a noob. The volatility confuses me. Wait at what price should I trade my accumulated Steem?