The thing that boggles my mind the most is: Why isn't STEEM way higher? I mean, considering all the obvious advantages - speed, low transaction cost, actual use case other than money, a working social network. There are drawbacks, sure, but not that many. The biggest problem is, and we've talked about this in the past, is getting fiat directly into STEEM.
I mean, there are tokens with scammy whitepapers and no product whatsoever that are way higher on coinmarketcap. Just doesn't make sense.
You know, the ease of acquiring STEEM, or lack thereof, could easily be the culprit. If you can't get it without jumping through hoops, exchanging it for some other crypto coin, potentially losing value and definitely paying more fees along the way, what's the real advantage? For those using the social platform, it's a little different than someone strictly looking to buy some STEEM. And even so, we jump through the same hoops with fiat. I don't know. Why is it possible to by Bitcoin, Ethereum or Litecoin with fiat? Do you have to be in the Top 10 of crypto? Is there a waiting period? Does it cost a lot of money? Or is it simply the laws governing crypto here in the US, since STEEM is US-based?
I really don't think investors care that much what's happening here, but they probably care if we care. In other words, if people are coming to use the site and staying, that might be important, but STEEM's value isn't limited to what happens here or on the d-Apps. It's everything else that can make it into the global phenomenon it's meant to be.
And with that, account approval has slowed way down since they started monkeying with it and trying to make it faster. They may still be doing it manually, too, but unless things have picked up recently, instead of bringing people on board in the thousands, its been more like in the hundreds.
Just checked. 318 accounts yesterday. Highest for the week 502. It was five to ten times that a day when I came on.