Has STEEM reached a price floor?

in esteem •  last year  (edited)

I have been in and around the STEEM platform for a couple of years now. Not the same account. I have changed names before mainly trying to find a good catchy name for a blog I could enjoy writing. I must say, I am not disappointed that the price is so low. In fact I think it's good that STEEM seems to have found a price floor. Price floors are usually implemented by governments to prevent a commodity from being sold less than a certain specific price. Although, markets also tend to also find a natural price for a commodity (the lowest price someone ever paid for a unit). The current STEEM prices seems to be a market price floor. In other words, market conditions seem to have leveled out.

As an Optimist, I'm looking at the bright side with all the products and communities building around STEEM, the natural effect is that we will ultimately see they much more positive price. For the moment there are many things affecting crypto prices in general. These are some of the few that I have considered:

Banking regulations

Banks around the world have realize that the masses are interested in cryptocurrency and other digital assets. Why? Well they understand the potential of the technology that blockchain. In fact, they are some of the few institutions that are investing heavily in researching blockchain. The lifeblood of a bank is the ability to charge interest over tokens. They lend money to charge an interest, and therefore make money. Blockchain and digital assets are a direct threat to Banks. Realizing this, banks have began to impose a number of unspoken measures against cryptocurrencies. For example, banks that were allowing Fiat to flow directly to digital token exchanges, have stopped doing so. Also, some banks do not allow their issued credit cards to be used to purchase cryptocurrency.
Check out this link by @ura-soul

https://steemit.com/threespeak/@ura-soul/mevhvstr

Government regulations

Do any of you remember when there were stories of countries that wanted to fund their financial institutions with cryptocurrencies? What happened to them? My theory is that they have been subtlety pressured to halt such ideas. Banks and governments work hand-in-hand to provide as much financial stability as they can to a nation. The idea of government transparency through blockchain has also become irreconcilable. Governments, like Banks depends on obscure transactions to achieve nefarious goals. The chances that a government uses blockchain as a tool for transparency are very thin.

News coverage

Again, in synchronization with government and banking, major news outlets have reduced their commenting of cryptocurrencies. In my opinion, they will not and have not ever gone in-depth to explain the need for the wide use of decentralized tokens. It is not the in self interest of the big media corporation to promote Bitcoin and other digital assets. Why? Because free speech is being empowered by blockchain. The power is being redirected to the individual, and not the collective.

Here is a interesting view point from @heiditravels that sheds some light on what’s going on at Bitmex.

https://steemit.com/bitcoin/@heiditravels/how-government-regulations-could-inadvertently-improve-the-crypto-space

My opinion:

In my opinion I think that there’s two great things 2 take away from this change in perspective to tokens.

  1. First of all, we must be doing something right. Change is always followed by opposition, and change is usually for the better. The fact that we are receiving opposition from the ruling class (bureaucrats, banksters, and other statist types) tells me that we are threatening their modus operandi. It is affecting them.

  2. Secondly, I'm understanding that we need to do more. I can do more. If my free, unhindered access to blockchain technology is changing the world for the better, that I need to study it, use it more broadly and talk more about the subject.

In summary, the price the price of STEEM, Bitcoin, and other digital assets is under attack by the media. STEEM is not the only one affected, and the price IS very low. This is not something that overly concerns me because we are at war and we are injuring the centralized powers that be. Going back to my initial though about a market price floor.

Do you think that price will go lower than $ .23? If so, why?


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Dear @deepwaters

Interesting choice of topic.

Personally I think STEEM is far from reaching the bottom. As long as Steemit Inc is dumping huge amount of STEEM every month in order to cover their expenses (and at the same time not bringing any revenue from ads into steem blockchain and only keeping it fully within their business) -> price will be only heading down.

On top of that HF21 is being introduced and those upcoming changes are putting many people off. So selling pressure is only growing.

The current STEEM prices seems to be a market price floor.

I think STEEM didn't find market price floor yet and we're still going to slide down. But that's just my own opinion. PErhaps I'm not as optimistic as you are :)

The chances that a government uses blockchain as a tool for transparency are very thin.

You nailed it. Big time.

Yours
Piotr

Piotr,
I appreciate your point of view. Specially with your critique of Steemit, Inc. Do you think they should accept compensation for their own posts? I think so... They publish content and they should accept paid upvotes. It would help to some degree.
Also, YES, they should accept advertisment money and also create advertisment to invite new users.
I appreciate the comment, and I wil be following.

Howdy sir deepwaters! This is a great post, lots of good points and information here! I'd suggest that you use Steem as your first tag, that will help get some attention. I agree with this entire post, well said!

  ·  last year (edited)

Thank you for the recommendation. I will keep it in mind on my next one. Do you suggest 'Steem' as the first tag for posts about the STEEM network, or all posts in general?

ps. I highly appreciate the resteem.

Howdy today sir deepwaters! Just the first tag to be Steem if it's about the network. Otherwise I think it would be oceanography or animals or nature or wildlife or science..I'm not sure what all you are going to write about. lol. My pleasure with the resteem, it should help get your name out there.

Yeah I hope this is the floor. Hard enough to be growing yet your earnings remain the same...

But I am at 1800 steem! Yes! Love it!

And 3k Weedcash? Yep!

Posted using Partiko Android

That is very impressive! I am only hovering over 400 SP, but I will power up more in the coming days. Might as well take advantage of the low price to gain more power. NEED MORE POWER>>>

Gotta start somewhere. And I buy votes from smartmarket and make 20% roi after curation

Posted using Partiko Android

Awesome! Any other promotion services that you would recommend?

  ·  last year (edited)

There's still 3mill SP to be powered down and sold from the Steemit account, so I doubt there's many people left here to buy all that Steem. 17cents im guessing or even as low as 8?!

I appreciate your input.
Part of the point with the post is that there is so much going on against digital assets in general. It is no coincidence Donald Trump is talking against Bitcoin. All of that considered, the price may go lower, and it also means there is a huge upturn potential.
Just of curiosity, where could I see statistics like that? Like pending power downs...

I'm not much uptown date with the news, but yes for sure Steem and other ALTs will have an upside turn soon enough. I'm not exactly sure the best place to find the info for the accounts that are powering down but I know it does exist!

We are so early still for crypto and the masses are too numbed to see the need for crypto sadly!

I think getting more products and services that are exclusively transacted with crypto currencies would go a long way.
At least that's what I'm thinking of. What can I sell online?

Check out @penguinpablo for power down data.

Thank you. I am seeing his project steemnow.com and it is an extremely useful tool.