Why is the value of Steem coin decreasing?
I asked Google AI and this is what they answered:
"STEEM's value is decreasing due to a combination of factors, including the general downturn in the cryptocurrency market, technical trading breakdowns, and internal issues like lingering effects from the 2020 Hive hard fork, which eroded confidence and impacted community engagement. Low trading volume also makes the coin more vulnerable to amplified price swings, further contributing to its decline."
I hope these issues can be addressed and resolved and we don't lose Steem altogether.
Upvoted! Thank you for supporting witness @jswit.
google isn't really up to date.. did you ask where the info is found?
The witnesses work at it and if everyone only drains it's clear the value drops, it's not different with other crypto.
How are you?
Hi. Since the breakaway of Hive Steem value has been stagnant or decreasing. It must be related to that event somehow. I'm hanging in there. Noticed you are taking up painting pretty seriously. Nice.
0.00 SBD,
12.54 STEEM,
12.54 SP
Both Hive and Steem do the same, fighting the decrease of the coin, but the main problem is if people keep draining and no one invests.
A solution? No idea. The little ones cannot save the coin.
As far as I understand, SBI is burned to help push Steem up.
It distracts me if I paint. What else should I do to kill the (old) days, except for staying in bed?
How are you doing? Are you scribbling?
🍀❤️
0.00 SBD,
38.42 STEEM,
38.42 SP
Not sure how it all works. How safe the whole thing is. Ever since I got hacked and they stole my stash of SBD I'm super leery. Kind of lost my enthusiasm. I am just upvoting here and there and seeing what others are doing..... By posting and commenting the coin is created? How does the coin get used? Can it buy things? I guess it can be traded for other crypto and for government regulated currencies. What does it mean people are draining? cashing out? Thanks for your response. Good to hear from you. I'm designing a fancy greenhouse/gazebo thing for a special plant. meditation area...
0.00 SBD,
29.58 STEEM,
29.58 SP
The coin is created when the blocks for the blockchain are made. The servers of the witnesses transport all the data with these blocks, and a part of them also make those blocks (and coins).
The more coins are used, the lower the value. Stopping the creation of Steem is possible if servers are shut down, but this also means the blockchain falls apart.
An option to get and keep the value high is if Steem is hodl or bought and hodl. The more is sold (this you also do if you exchange it for a different crypto) the more the value drops.
The big whales and scammers take a lot of Steem and add nothing to keep the value high. They all sell steem sondoes everyone who takes it to live from and always powers down.
Burning Steek didn't work since the biggest wallets did not join.
Now SBI is burned. Not yours, not mine, but the SBI that has never been paid out. It could be exchanged for Steem or something else, but by burning it, it is taken out of roulation which means: fewer Steem and hopefully a faster result of it comes to the value of Steem.
Hive deals with the same issues and had a hard fork but they also control the platform more if it comes to scammers.
Thank you. That helps. I love the Steemit platform. Great people. Creative. Atistic. Thoughtful. But where is the light at the end of the tunnel?
0.00 SBD,
0.44 STEEM,
0.44 SP
P.S. I love to see the results of your greenhouse; who knows, I might build one too.
🍀❤️
Hi, @jiva34,
Thank you for your contribution. Your post has been manually curated.
- Delegate to @ecosynthesizer and vote @symbionts as a witness to support us.
- Explore Steem using our Steem Blockchain Explorer
- Easily create accounts on Steem using JoinSteem
The light at the end of the tunnel? It's hard to tell. If we are unplugged, the entire world is (blackout) there's nothing left except for what you have in your home/pantry. This counts for crypto but also for you bankaccount, the connections you have using internet/wifi...
🍀❤️
@wakeupkitty
True. Some things are more volatile than others. The value of gold and silver fluctuates too, but it is something you can hold in your hand and compared to other things of value has a history of stability. It too can also be stolen, nothing in this world has permanence. Just some things involve less emotional stress. Some people are enlivened by the volatility, risk, while others seek the least amount of volatility. 99% of all day traders in the markets lose. Everything is a gamble. I'm counting on being able to take the next breath. But.... maybe it won't come. At some point I'll see how to "spend" time on Steemit, and in the meantime hope it survives the ups and downs and that I get that next breath. Stay safe.. Love you...
0.00 SBD,
0.44 STEEM,
0.44 SP
Hi, @wakucat,
Thank you for your contribution. Your post has been manually curated.
- Delegate to @ecosynthesizer and vote @symbionts as a witness to support us.
- Explore Steem using our Steem Blockchain Explorer
- Easily create accounts on Steem using JoinSteem
🍀❤️
@wakeupkitty
🍀❤️
@wakeupkitty