The Steem Monster secondary card market is crashing - and you should love it!

Dear Steem Monster friends,

over the last days prices for steem monster cards on the secondary market have crashed. Legendary cards, which @aggroed had once stated that the should be worth at least 50 USD, have been sold for less than 9 Steem, levelled up common cards have changed owners for as little as 0.02 Steem per card, rares for about 0.06 Steem. People that have bought the cards in hope for a quick buck are panicking and watching the discussions in the Steem Monster discord channel you could physically feel the tension. What has happened?

Steem Monsters is primarily a game and the cards you buy have a utility - you can play with them and win prices in tournaments etc; but not yet. At the moment all you can do is collect the cards - and trade them in a loosely organized market by chatting with other player - or investors, what ever you want to call them.

My view on this situation is that some people have bought a hell of a lot of cards - @thomasgutierrez for example had collected the full deck and every single card on max level already 9 days ago, spending thousand of USD on cards.

But card prices did not rise - and this initially for a good reason as the relatively high drop rate of legendary cards allowed for an arbitrage profit by buying packs and selling them individually. On top, some people bought lots of packs for half the regular price when a glitch in the SBD price led to an artificially low price of the packs.

This has led to the situation that a lot of people have accumulated a large stock of cards they wanted to sell - but most users and future players at this point in time tend to buy the packs instead of buying directly on the secondary market. This is completely understandable as a lot is still unclear with regard to the future strength of the cards.

What happens if there is more demand than supply in a market, with some seller coming under pressure to sell no matter the price? Prices rush down. And that what they did - they rushed to the bottom.

But what does this mean for the normal players? They should be happy! They should love it and take the opportunity to buy some cards as long as they are still available. The current situation is clearly not sustainable as supply will have to dry up at the current prices. It is simply cheaper to buy the cards on the secondary market than to buy packs.

Coming closer to the actual start of the game should hopefully result in a new wave of hype. And the developers have so far delivered a great product for the current stage - so there is no reason to be less optimistic about the success of the game than 2 weeks ago.

So take your chance and buy some cards for cheap as long as they are available. I can assure you - I did and I did not sell a single card in the last days.

All the best,
rondras