Yeah, part of why I decided to stop cashing out my Steem was because of what it's doing at Poloniex. I was getting frustrated because the exchange rate was dropping which meant I wouldn't be able to cash out for as much spending money as I have been. But then I thought to myself, "Well yeah, go ahead and complain about it but you're part of the problem, knucklehead!"
I had started considering moving my Steem over to Poloniex, and posting a sell order at the rate I wanted for it. "Sure, I'll just leave it on Polo and wait for someone to pay what I want for it. That will help bring the value back up!" But after discussing that with myself for a few minutes, I started to think none of these options are ultimately good for the longevity of the value of Steem. Sure, I could post a sale order at .005, but it would still be a sale which (in my mind) indicates a lack of faith in the currency. I go around claiming I believe in Steemit and, by necessity, Steem. Does my selling what Steem I have show that? I came to the conclusion that it probably doesn't.
So far I've really kind of been a Bitcoin maximalist, but I really don't want to put all my eggs in one basket. I was hopeful for Ethereum, but I've lost faith in it. Steem is certainly the next best option I've seen in terms of something I'm willing to trust for long-term use alongside Bitcoin.
So while I'd like to have some easy money each week, I'd rather do what's best for the platform in the long run. From now on I'll be holding the Steem I get from my Power Down and doing my best to help the system even more... unless I change my mind.
Now just to do some research on whether holding Steem or SBD benefits the system (and myself) best! Have fun and Steem on!
Very smart move.
But that is just my opinion.
Thanks. At this point I've decided to split what I had in liquid 50/50 between SBD and Steem. I will probably do the same things next week and possibly from now on.
Here is interesting option to deal with SD->Steem->SD conversion. https://steemit.com/steem/@bacchist/my-week-1-sbd-conversion-results-18-615-sbd-or-7-446-roi
I've never really been interested in doing a conversion because I don't want to destroy any SBD and create more Steem, but I'm glad to see someone did the leg work for it. Thanks for the heads up.
You can really see people selling in high volume on Poloniex every day. makes it hard to get an upward swing in price when you want to sell. Seems like it's part of the system though.
Yeah, it's just a thing in the crypto world. In any market, really. You can't only see upward movement, but it sucks to see this much of a downward trend, even if I feel it was inflated to begin with.
Maybe they could sell contextual ads like FB and Goog, accept STEEM as payment and redistribute the proceeds into the network. It would encourage people to hang on to STEEM and keep the minions interested. Also send traffic to the advertiser's posts.
I don't think the issue is the amount of Steem coming in, it's more a matter of getting people to stop selling it for Bitcoin. The only way to really prevent this will be fore more retailers to accept Steem as well as Bitcoin, then people wouldn't feel the immediate need to sell their Steem for Bitcoin simply to use it as money. It's just an issue of general adoption. Steem is still really young though, so it might be a bit.
I agree, it's such a young platform I think of it more as investing now and hopefully letting the reward come in the future.