Shouldn't Steem be Going Up in Value?
The last week has been amazing for Steem and Steemit. We have got the support of many heavy-hitters in the Bitcoin world.
Charlie Shrem
Roger Ver
Trace Mayer
Tom Zander
Just to name a few.
Updates
The Steemit team have been working hard behind the scenes preparing new updated features. They just released a fork this week to deal with someone cheating the POW algo. @dan has made multiple posts trying to feel out the communities stance on things.
Price
One thing that has remained steady, regardless of updates or personalities, the constant downward price of Steem in the market. Even as new as I am to all this, I would assume all this good news would encourage higher value for the currency. I watch multiple other coins on poloniex outperforming Steem, even coins that do not have a fraction of what Steem offers. It really blows my mind to watch. If I was a conspiracy type person, I would think there was a serious conspiracy against Steem and Steemit.
It is because lots of the heavy hitters have been cashing out. It doesn't matter if they cash out in steem dollars - it is linked to steem, so if the steem dollar price goes down, it drags down the steem price.
Yes not many of these big new posters are converting Steem dollars to Steem power. Perhaps if the internal market was not always overpriced.
Stable prices are a good thing. Remember that the supply of Steem is increasing with each users contribution. Endless supply should keep expectations in check.
If it can be man made it can be man broken. ALL cryptos are under constant attack. Key-loggers are the worst, as they've stolen many STEEM this way so far. I've got a GOOD firewall and store ALL my keys offline!