Why Is The Price Of Steem Falling? And How We Are The Reason?
You all must have noticed that the rewards on all our posts have significantly lowered, the reason for it being the falling price of Steem, It is to be noticed that since the last month the prices are regularly dropping with an angle of 30 degrees to 45 degrees. The prices have slashed from 2.35 $ to 1.22 $ in just a month that is around 50 % drop, In any currency 50 % is a huge drop.
Well not getting into technical details let me give you a basic understanding of when the value of any currency drops. The value of any currency will drop when most of the people holding the currency will start selling it, as simple as that:
So why is the price of Steem dropping?
Well the reason it is dropping is you. Yes it is you. You who do not believe in Steem, who do not believe in the power of Steemit community, did you know that there are 254,009 users in Steem? And now would you please try to guess the number of inactive users or so called dead fish?
Well as per the daily Steemit report by the amazing @arcange there are 203917 dead fishes, can you believe that? 80 % of total Steemit population is dead fish? Do you know that you might have gotten your Steemit account for free but it did costed Steemit real money to create your account so, all that money paid for creating all these accounts was wasted?
There are many people in the Steemverse who come here, suddenly get rich and since they don't believe that Steem is real they take their money out and convert it into bitcoin or a fiat currency.
Most of the members do not believe Steem is a real asset, Instead I have seen many members who have transferred out their Steem after just 1 month of their first post . Being selfish is the real reason price of Steem is falling down, isn’t it?
Now do you think if old time Steemers like | @acidyo | @papapeppers | @roelandp | @kaylinart | @trafalgar | @craig-grant | @firepower | @doitvoluntarily | @timsaid and many more who have dedicatedly given there time and resources to steemit would had thought just like you would you have ever been gotten a chance to be here ?
Now I am not saying you should never take out your Steem, ofcourse you should use it if you need it after all it is earned by you only, but also do realize your responsibility in contributing to Steemit, by creating amazing content, curating or voting others content and of course spreading knowledge about Steemit in any and every way you can.
P.S -
Think of Steem as something of a very long run not just a sprint, with the rate of Steem falling like this you existence in the crypto world has been challenged! Are you going to face that challenge and win or are you going to lose just by being selfish?
It cracked me up that "the reason is you"; while the people reading this are not part of that group ;-)
Although I agree with the fact that Steem is a marathon instead of a sprint, I do think there is another reason people fail to really participate.
And that reason is the layout of the steemit website.
When I joined a few days ago I was seriously underwhelmed by the UX. A mainpage with a long list of 2-line intro's is not really appealing.
And this comes from someone with over 30 years experience in IT, having grown up with machine-language and MS Dos.
I think people expect something along the lines of a FB or other social network, where you sort of have your own environment.
Also, like I mentioned in an earlier post, I feel that missing multi-language support is one of the biggest problems.
And I myself am still confused with the 5 items in the top left corner; Home I understand, but what is the meaning of new, does that not appear on the Home screen? And what is the difference between hot and trending, to me that sounds alike.
And than we have promoted, which confuses the hell out of me. Who promotes, why, and how does this differ from new and trending?
I really believe that a professional designer can make some serious improvements and make the total experience much better.
Please don't feel like I'm just ranting, I appreciate all the work that went into Steem and Steemit. My remarks are only meant as input to make the community grow and be more active.
I hear you, that was my first impression too. Home, new promoted? A lot to improve around here, I guess it's still beta at it says. So I hope things will change.
Wow .. This comment of yours can altogether be a new article .... In the new an promoted fields most of the articles are same ! I had to search for how to get to my own content and was literally using bookmarks for everything, Yeah every things is in beta stage right now, 2-3 hours back I was reading that they are going to install a language filtering rule, I don't remember the exact post , but if this is installed it will be quite helpful !
I have to agree with this 100%
If we can just make it simple enough for the average computer user.
I like Steemit because it gives me a reason to hoard money. =)
hahahahha. true!
ha ha ... Sneakiest reason I can Imagine :P
Excellent point. Steemit is a long run. Myself, I have failed to invest since I am new, but I am planning to do so as nearly as possible since I found out about steemit in the last month and see it as a really good project with an awesome community. What do you suggest about the "dead fish"? Should new accounts be payable? That should filter some of the pool but on the other hand that is what got users like me into it. The option to try it out first and love it a month later. Best of luck!
New accounts are already payble they cost around 5-6 dollors or so but the cost is paid by the steemit engine.. Yeah you are right that free account gives new users like me and you to get into steemit... No need to invest money if you don't have it ... Invest your time into it that is enough ..
ReSteem! This is true, we have to remain positive always and keep doing what we do regardless, people will be selfish, people will manipulate markets. But as long as we continue to stay consistent and spread the word by posting very informing blogs like this we will fight through any storm and reach steem paradise! Keep up the great work @Utfull :)
Extremely interesting synopsis of the reasoning of the price drop - Well written - Excellent post / UPVOTED AND RESTEEMED
Thankyou Krytonika ... Took me 12 hours, your comment make it worth :)
A lot of cryptocurrency on the market is connected with Ethereum by ability to mine it on graphic cards. The Bitcoin is the one who stabilize entire cryptocurrency market.
Because of the falls on the stock market every cryptocurrency who is on the market fell.
We live in world of connected cryptocurrencys and value of every of them depend of strength of the market.
Yeah it is true that the world of cryptocurrency rises and falls together, other currency like bitcoin as you said have fallen down by large margins too.
Totally agree, let's continue to do our best here for the comunity!
yes together we can and we will :)
Well said @utfull, among all the dead fishes, I hope that there will be like you, me, us who are staying for this wonderful community, and not just for the money. And continoulsy contributing whatever talent we have for this to exist.
yes ... Keep contributing anyway we can :)
We are all in this together, because we love steemit.
Hi mate! can i make you interested in investig in my borrow application. I am planing to return in less than a year (if everything goes ok) with 29.54% interest, here is a link to my loan( its not afiliate link) https://www.bitbond.com/listings/47QC9DEE3Z
Thanks for the opportunity, but not interested.
Could it also mean some people are struggling somewhat financially with the slump worldwide people are feeling?
Hmmm .. yeah that can be a possibility ,, never thought like that !