When Will The Falling Knife Hit The Ground?
The price of STEEM is now $0.193. The SBD Debt Ratio is a hair's breadth away from 10%. The USD peg of SBD seems to have broken as the price of SBD is currently $0.88. All alts are taking a beating as we speak with only Bitcoin holding gains above $11,700.
The December 2018 bottom of the price of STEEM was $0.20. I wonder how much lower it gets before buying it becomes too lucrative. At this price instant dolphinhood is for sale for less than $1000. Shelling out $10,000 could make one an Orca. Minnowhood, which is what some of us have struggled to attain for months, is up for grabs for less than $100.
If you have any faith in the project, buying in is quickly approaching a level too painful to pass up.
I vividly remember early 2018 when 10,000 STEEM was worth a nice new car or a down payment for a nice house. The bear market, which has continued for most alts excluding the top 20 has been sobering. Discussions are no longer about what will happen when STEEM reaches a valuation of a hundred dollars but more about what has to be done before the ecosystem can really deliver on its promises. That's obviously healthy.
I think the earning aspect should be downplayed in the future. What Steem has to offer is more about freedom and ownership, of content and platform than obscenely high earnings. I think the most promising app at present is 3speak.Online. I've seen many of my favourite content creators to have been shadow banned or outright banned from YouTube and other mainstream platforms. 3speak.Online has a fantastic opportunity to tap into this market.
I've been saying for quite some time that app accounts tend to be the best curators. 3speak.Online is a case in point. It's surprisingly easy to earn relatively well on well-thought out comments on videos on that platform. That's because the app has a lot of Steem Power and it is in the best interests of the app owners to reward quality comments. There is no need to belong to any cliques or to buy votes for visibility. Just post quality comments and be rewarded for it. It feels almost like the early days on Steem.
Back to the topic at hand. It is very clear Steem has a value proposition and, frankly, I don't care if the price finds a very low floor as long as there is enough money to go around for witnesses to keep the chain running and for Steemit, Inc to keep developing the core blockchain code.
What do you think is the price level at which development will die on Steem?
Good question and I agree about 3 speak being a healthy and potentially robust avenue for the chain. I also agree that the future focus should be about freedom and ownership, after all that’s why I’m here. The earnings have never played into my steeming style.
I believe I’ve heard some consensus witnesses say around 3 cents is where things start looking beyond bleak and spell disaster.
As far as a bottom for development I can’t say but I’m not going to be surprised if we get down to near a dime. Trimming the fat might be a necessary growing pain that’s inevitably coming. My positive price position is that steem is one of the only chains not grossly overvalued and coupled with the potential for growth and an unprecedented ability to be more than a store of value I feel steem will survive this thinning. The sentiments that cheap steem bring are understandably FUDesque and a sobering consolidation should prove to be healthy for the long view. The fast approaching HF will likely make for a good dust up as well but hopefully after the dust settles the community will galvanize to create a viable blockchain that is approachable to those outside of our experimental ecosystem.
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Interestingly, the all-time-low of STEEM was 7 cents. They didn't have MIRA around back then. On the other hand, the chain was a lot smaller and a lot less RAM was sufficient back then. What I'm really happy about is that we already have SCOT tribes and tokens. That has done much to liven up the place. Also, HF 21 will be out this month only a couple of weeks from now. SMTs will be rolled out soon after that. RC delegation pools are not far off. Many of the key pieces of core blockchain development are no longer pipe dreams but actually in the pipeline and not very far off at all. Should the price go really low and do a number of on the cash flow of Steemit, Inc, the ecosystem would not be left hanging dry as a result so long as the top 20 witnesses are able to keep their servers running.
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