Is the New Steem Already Resulting to a Reverse Exodus?
Image credit: @majes.tytyty
A few months ago, the Steem blockchain witnessed one of the most dramatic hardforks, one which remarkably altered the hitherto existing economic model known to Steem. Also, the use of bid bots was almost 'criminalized' with an armour tank of downvotes ready to confront anyone romancing the bid bots.
These new changes, and a few others whose details are already in the public domain, define the "New Steem". The New Steem was, to a large extent, a rescue mission to revive Steem in the summit of the bear market.
Before the advent of the New Steem, however, it is pertinent to mention that thousands of users were already exiting Steem. Just before the last hard fork, we saw a massive exodus of people who were powering down their Steem each week and were either converting it to fiat or other cryptos. The general belief was that Steem was a sinking ship.
As one would naturally expect, the exodus had significant effect on the price of Steem. With each passing day, it would seem, the price of Steem was on a consistent nosedive. Hence, the New Steem was a rescue mission, mission to save the ship of Steem from an imminent wreck.
With curation now in top gear, with bid bots now moribund, with toxic whales now bundled out of the system, it becomes necessary to ask whether the New Steem is resulting to reverse Exodus. Put more lucidly, is the New Steem bringing back those who once left or abandoned Steem?
The question above is timely because of the recent surge in the price of Steem. Since it is a well known fact that Steem is not a token that is generally traded on the exchanges, what then accounts for the overnight increase of over $20m in the market cap of Steem? Does that event mark the beginning of a reverse exodus that will take Steem back to its glory days?
Honestly, it appears too early to tell whether the New Steem has indeed kick-started a reverse exodus into the Steem blockchain. The price of Steem within the next few weeks will, to a great extent, determine whether the reverse exodus has begun. However, the jump of over $20m in market cap within 48 hours should not be taken for granted - we can genuinely speculate that the big players are returning.
Until I come your way again, I wish you a full STEEM ahead.
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@gandhibaba, I can't say in absolute way about the aspect that, who left they are coming back to the Steem Blockchain but in my opinion and i have to say one thing and that is, now New Steem Blockchain have so many opportunities and new culture, and whoever is joining now hardly anyone wants to leave. Stay blessed.
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Thanks for your fine comments.
Welcome. 🙂
Well, nothing is certain yet, but I do believe steem has come to stay after survive long term dip in price as well as value. And for those left steem during the great storm it had witness there is probably that few of them might come back, but as usual they are just fair weather Friend only available when the going seems cool. I hope the new era of steem is here with us now. Bravo!
It's one great reason for which I remain optimistic about Steem. Surely, the runaways will return again, perhaps with new money!
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STOPYou described the past quite well, but didn't answer the question. Maybe the statistics of @arcange and @penguinpablo can help you.
(I personally think it isn't resulting...)
Thanks for reading my post and for referring me to the stats of @penguinpablo and @arcange. I will review their stats and perhaps answer the question better in another post. Cheers!
A lot of people gave up on Steem due to the "New Steem" movement. So I am not sure how much it helped, if at all...
But we seem to be leaving the bear market and entering the long awaited altseason. Steem will likely benefit, but I sincerely doubt that #NewSteem helped this price hike in any way. In fact, I believe the act of giving people free downvotes will plummet Steem long-term. It is a bad decision, at least, that is my view. I don't like the atmosphere that free downvotes created.
Even though we've had very sluggish growth over the past year or more, the platform as a whole remains resilient.
Moreover, as I've said many times, the price may be low, but that reflects the overall crypto market, not the value of Steem alone.
So, let's keep working at this, whether we are witnesses or developers or content creators or team builders. Many of us remain here, and most of us are quite enthusiastic and passionate about fostering more growth here.
Full Steem Ahead!
Very correct observation there, boss. The market is generally down and we should ride along in the event of a trend reversal. Ultimately, the future remains bright and colourful. Cheers!