STEEM Pumps 50% | How Much Does Price Affect The Blockchain?
I was monitoring the pump happening in STEEM last night before I went to sleep. To my surprise, I woke up and saw that it was nothing compared to the rally we had this morning. At one point, I saw STEEM up 55% on the day and hovering around $0.23/STEEM.
$0.23 per STEEM is pretty crazy when you’ve grown accustomed to the horribly low STEEM prices that we have all been experiencing for the past several months now. I mean, this is nearly a doubling in price from the $0.10-0.11 level that many of us were keeping our eyes on.
When you invest as much time, energy and emotions into something as many of us do here on Steem, a price pump is an exhilarating feeling. When I woke up this morning, I couldn’t help but have a huge smile on my face.
I jumped out of bed like it was Christmas morning and I continued to monitor the STEEM price and the latest happenings from my computer. It’s a great feeling to see something that you know should succeed actually performing well.
Steem has such strong fundamentals, it is just so poorly marketed and has a few other shortcomings that cause the market cap, price and public perception to be less than its potential. You don’t want to be all hype (i.e. tron) but you also don’t want to be all development either.
A healthy mix of the two is important. Just look at Elon Musk and Tesla. He’s a hype master, but he backs up the hype with solid fundamentals and a core focus on development and innovation.
When you combine these two things, you see pumps like ^ happen more often.. and the price would actually stick. I have been on Steem for quite a while now. After years of watching the ups and downs and participating on-chain each and every day, I believe that we have been in a hibernation phase for the past few years.
Steem has been growing on a fundamental level. The development continues, new innovations at the blockchain level and a whole suite of dApps and communities that are continually building and building for long-term success in an emerging industry.
How Much does the Price of STEEM Impact the Ultimate Goal of Steem as a Blockchain Solution?
Whether you’re talking about Bitcoin or Steem or any other project in the crypto space, it is so easy to get wrapped up in the price. I mean, it seems like 99% of the discussion around crypto is all price-related…. News story after news story tout bubbles, price runs, price dips and the like.
This is the smallest sliver of what crypto has to offer.
If you are really in this space… and I mean… REALLY in this space — it has a lot more to do with making real headway in the technologies that people can use on a daily basis to improve their lives.
The price of crypto might make a lot of us rich and of course, it is fun to speculate and invest in a potentially prosperous future — but the usage of these technologies is what really matters.
I spend 10+ hours a day on Steem. Whether I’m working on new Steemleo projects like adding features to the Leodex or writing a post or reading some great articles by my fellow Steemians, the ideas that I’m focused on are the ideas that move the chain forward.
Price plays a small role in this. The real thing to look at is development. Price is not entirely irrelevant though… just watch as the floodgates open up once again and new and old Steemians start pouring in from seemingly out of nowhere.
Rising prices and the potential for prosperity are a funny thing. We’ll see a rush of the masses back to the Steem blockchain once the price starts to really take off.
Those of us who have chosen to stay on Steem and continually invest time and resources into more STEEM and STEEM POWER need to continually build the nets. The nets that we’ll use to catch all the inflowing masses and keep them on Steem. We need better account processes, better onboarding, better marketing, better economic systems, better interfaces...
There’s a long list of things to do, but I have never believed for a second that Steem is lagging behind other blockchains in terms of these core developments.
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I like reading posts today. Just like you, I felt awesome all day. I don't care much for price but I will admit that if steem hits 50 cents I will have rescued all the money I've lost in crypto. But I'm addicted so I wouldn't sell at that price lol
Lots of positivity from the community is what held this platform together.
It's amazing what a few cents in the price can do to peoples confidence this place is buzzing all of a sudden, just goes to show how we are now stuck with price as the golden metric and why chains do wash trading and try to keep their volumes up. I just think that it doesn't take much for steem to shoot up in prices if you look at the order books its not the biggest sell orders compared to other currencies.
I would like it to get to a price where we have a pegged SBD though, that would be nice other than that I'm not too tied to the price or what it does.
Wonder how it will affect tokens though? Mini pumps all round
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While price isn't everything it definitely helps get attention from those that might not have noticed otherwise. One of the main reasons that Bitcoin and Ethereum gets some development on both of those platforms is because they are #1 and #2.
Thanks for all the development you've done with SteemLeo in the community though as I know that during the next bullrun, these features and projects are going to be what helps set Steem apart from other alts in the top 100 or even in the top 50.
I think price is what you pay, value is what you get, if you choose your purchases wisely, and base them on more then price.
I agree with you that there are a lot of positives here and an amazing amount of development and innovation. I think the blockchain is going to be famously successful, but when us the question. I continue to write posts, comment and engage regardless of the small current value because I am being paid in Steem and Steemleo. The current dollar valuation of these two tokens seems below their current and definitely future value.
I look to the future and play the long game here.