Why is bitcoin going through the roof and steem locked in it's place?
So it seems that the announcement of the Chinese government and in their slipstream the South Korean and Russians to declare ‘war’ on the bitcoin did not have any effect.
On contrary it has been at an all time high since then.
It’s like the people said well Fuck You! The bitcoin is here to stay and will end your monopoly on creating money out of thin air.
And then there is steem a crypto currency that is based on content and social interaction. Where you could argue that the bitcoin is mined out of thin air ( whilst untrue because it requires energy and processing power to mine) Steem has a legit platform behind it.
That’s why I am a bit surprised that the price of steem seems to be locked and isn’t moving a bit.
You would expect that a cryptocurrency backed by a social media platform would see a similar trend or even a higher one than the bitcoin.
Who of the steemians knows why this?
#steemthatshare
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Steem inflates. More and more Steem is created everyday.
A lot of the current users are from 3rd word countries, and sell everything they earn on steem.
So we are in a scenario where the Supply is growing about the same speed as demand.
When the demand for steem comes - and it will come, the price will go up. I suspect steem will stay at the $1 mark for awhile and when it becomes more mainstream it will surge in price.
Don't forget that Steem pays a dividend. Holding steem and just posting/upvoting will earn your $. A lot of people forget this. You really don't earn anything from bitcoin until you actually sell.
Do you think steem could get as high as the bitcoin?
That would make almost a Billionaire, I don't think so. But it can go pretty high though, especially if it gets picked up by some influentual people, it can go pretty fast!
I would be only a millionaire, but hey I'm not complaining, ;)
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