Steem - Curious why STEEM is going up?

in #steem7 months ago

The crypto and traditional markets are blood red, but not STEEM, why is that?

You may have noticed that steem is doing pretty well today, astonishing well, actually.

As I type, it is up some 50% on the day and has climbed all the way to the 56th spot on coinmarketcap.com.

The highest it has been in literally years.

Not a small feat on a day when bitcoin and the rest of the market is seeing red.

So, what the heck is going on?

Well, it's actually pretty simple really...

All you really need to see is this:

(Source: https://steemd.com/@hkdev404)

It's a screenshot of a Justin Sun controlled account moving steem over to Binance.

What does that have to do with anything?

Well, it all comes back to this announcement seen yesterday:

https://steemit.com/communityfork/@hiveio/announcing-the-launch-of-hive-blockchain

It's the announcement of a steem fork taking place on Friday morning at 10:00 AM EST.

Yes, we all know about that by now, but what does that have to do with the steem price going up and Justin Sun?

Well, very likely what we are seeing is people buying steem right now in order to get more HIVE when the fork/snapshot happens on Friday morning.

The more steem you own, the more HIVE you will receive.

Justin transferring his steem to Binance (after Binance says they will publicly support the fork/airdrop) is pretty strong evidence that Justin is hoping to collect a few of these newly created HIVE coins himself.

Since the exchanges are honoring the airdrop, the more steem he buys over there, the more HIVE he will receive come Friday morning.

So, if you are curious why STEEM is so strong right now, now you likely have your answer...

People (and probably Justin Sun) are buying it up so that they can get more HIVE come early Friday morning.

Which if that is the case, we might expect to see steem remain strong over the next couple days.

What happens to the price of steem come midday on Friday, though?

Well, the answer to that one might not be so fun...

Stay informed my friends.

-Doc

Sort:  

But how much Steem i.e. Hive can Justin buy? Enough to fuck with Hive governance?

The Hive announcement should probably have been kept a secret until hours before the launch.

 7 months ago 

He's losing, like 70 million; almost everything is powered up in accounts that are being excluded from the airdrop.
That 2-3 million will be around 1% of Hive. (he currently has around 20% of the SP) Not enough to wreck governance.
He can still use it to be a vindictive bully and vandal on posts; but its no existential threat to the chain.

There has been roughly $20 million worth of steem bought within the past 24 hours. A lot of that could be Justin...

 7 months ago 

True. Hope not, but it's certainly possible.

 7 months ago 

20 million STEEM or $20 million worth?

$20 million worth... He could have easily bought double digits million steem today.

 7 months ago 

That's insane. So if it's all him, he could have even more sway over Hive than he did over Steem.

It's for sure not all him, but he may own a substantial portion, yes.

No he can't! Even if he somehow acquired 8Mill more steem yesterday. Before that he owned 85 million (they will be gone).
No influence over governance of HIVE will be possible. He knows that and will likly just dump the HIVE tokens for free money and to dump the price...

I have no doubt he'll be vindictive. He's absolutely pissed.

And he still has a whole day left to buy more steem.

This hive announcement really should have been posponed.

That or do a snapshot that was backdated. IE, do a snapshot of account balances a week ago or something like that.

That's the first mistake the new team did.
We'll get a whale with 5M coins, and don't forget about ned. I'm sure he has a couple of M of steem in a hidden account.
Expect a big, big mess.
And I'm expecting some big surprises in regards to the price of both coins.
Oh, BTW. I bought 2K of steem yesterday. Lucky me.

Posted via Steemleo

Surprises for prices in the positive or negative direction?

Am getting more tired about this Justin sun stuff

What about it?

I heard that he's the cause of this steem and hive.
He's about to take full control of Steem.
Isn't it?
Now the price of steem is going up (as we long expected) and he still wants something from hive.
Why can't he stay one place for goodness sake?

I think he is just after the profit. His pet project is Tron. Everything else is just about the profit.

Oh no
He's a desperate business man

any idea yet on which keys are needed to log into hive in a few days? as i understand it when it launches if i post to steem it wont show up there and vice versa? so how can the same log in keys work for both? is that right that they will?

From what I understand, yes. All the keys will be the same. And yes whatever you post here will not show up on HIVE and vice versa, they will be two separate blockchains going their own way.

which keys do you need to log in though? lower level ones or?

On Hive you will use the Steem keys for the same purposes. Use your posting key for posting and voting. Us your active key for transfers. Use your Owner key to reset your account keys. If you reset the keys on Hive blockchain your keys on Steem blockchain will not be changed.

It should be exactly the same as steemit currently is. What are you wondering about? If you have your keys, nothing to worry about. Posting and Active access the site and wallet I believe.

thanks for the info, do you know if we have to sign in right away? or do we wait until launch?

thx again

It's in the announcement post I believe. No you don't have to sign in now.

ok i read through and didn't look like we had to immediately sign up, thanks again

You have to sign in now! Https://hive.blogs

why do i have to sign in now? is this a time sensitive thing? what happens if i dont log in soon? I was going to wait until it launches to try logging in.. no?

You can't sign in until after Hive blockchain launches at 10 AM EDST on Friday 3/20/20. Also, there is nothing to claim and no requirement to ever sign in. Your account will be there whenever you are ready to access it on the Hive blockchain as a carbon copy of everything which has occurred and all your account balances up until that snapshot moment on Friday morning taken from the Steem blockchain.

"Very likely", " perhaps", "likely"
... Might be but it is guessing and I have doubts those airdrops will be given... If he or Tron invests it's for a different reason.

If the coins are on the exchange, and the exchange has publicly stated they will be given, how could they not get them?

Because I read some accounts will not receive them. I assume that is said for a good reason.

I started powering down my SP but I used my steem to buy a btc cloud miner. Am I doing the right thing?

That depends on what happens to bitcoin

👍 I hope it get better.

It already has changed a bit I see

The price is increasing slowly. I just helped a few of my friend to cash out yesterday before the eth is under maintenance in blocktrades.

His shit should be excluded. Binance's too.

Would excluding an exchange that is saying it will probably list the new token a good idea? Especially just at the start of this new blockchain? And yes, I believe Justin Sun is behind this Steem pump.

He won't be able to vote from the exchange and his stake won't be as big as it is on Steem. Even with what he bought now.

The thing is if he has a lot of Steem on an exchange and he gets airdropped Hive token, he will have a vote if he powers this Hive up.

True, but I think it will still be smaller in percentage than the ninja stake for steem. But we’ll see.

Key word... probably

The snapshot has been done few days ago....

Who told you that?