Steemit is doing well by all accounts - the size and complexity of the blockchain is increasing, buzz is up, FaceBook is falling apart, and so on.
But OUCH, the STEEM cryptocurrency has fallen by 82% against the USD dollar in the past 3 months!
Reactions vary
Some people see these facts and shoot the messenger. Luckily, most people realize I'm just pointing out reality, which itself is always a good thing. Might as well face facts as they are rather than be comfortably ignorant, right?
A few people react with "who cares?" and that's a valid response.
A fair number will respond by purchasing more STEEM (doubling down). This could be a great tactic if Steemit continues to do well. "It doesn't bother me, in fact I'm happy, it just means I can buy more for less!" This is the classic "stacker" mentality we saw with precious metals in 2009-2013.
There are those, however, who are upset or afraid.
To them, I would point at the long term price chart. STEEM does this every so often. I don't personally like it, and I don't think it reflects the fundamentals, but the history shows it to be true. It has gone down into the pennies before, then back near $5, and back into the pennies again, before the recent high of $8.50, and the latest plunge.
I'd also mention that this appears to be part of a broader cryptocurrency market crash. It doesn't necessarily reflect poorly on Steemit's website, community, posts, blockchain, or side projects.
Personally, I'm "all in" STEEM. You need to make your own decisions about that, but one thing I will recommend is that you try to take anger, fear, and sadness out of it as much as you can. It doesn't help you, and there's really no need for it anyway.
Steem on!!
The Steemit platform is not only functioning well, but improving and growing. The cryptocurrency STEEM is loosely built on the value of this platform, but won't always directly reflect it. Sometimes STEEM will lag behind the actual value of the blockchain, as now, but other times it will outpace the blockchain's value. If you're here long term, this is vital to keep in mind.
I'm not trying to convince anybody of anything. You can see my stance, and I've laid out some of the data to chew on. My mission here is complete.
Talk to you soon : )
I'm not worried about the price of Steem dropping so much. It is indeed a part of the broader market crash. As long as the Steemit community continues to grow, Steem will do fine in the long run. We can't control the price of Steem so there's no sense in worrying about it. All we can do is continue to make quality content and bring more people to this wonderful community. Thanks for sharing this post with us.
Thanks. Yeah, Steemit is healthy and the long term outlook is excellent.
The only issues I have really with this platform are the long signup time, and DTube's ongoing instability. If they solve those things, we will all be very happy for many reasons.
That's an impressive drop, but hopefully most of it is over, and the crypto market starts to recover... the momentum is going to drive things to a massive new high this year! Steemit is on fire!
Thank you! 100% Upvote, and Resteemed!!
Im not worried at all because there is no reason at all it wont go back up, if i was financially able to i would buy right now. I just need to try to post more often, kinda burnt out at the moment to do one every time i pull the plants out, but plants are looking great so ill try to do one tonight or tomorrow.
Agreed! I'm just happy to be able to hold on, and accumulate a little bit more by posting and commenting. Still, I'm looking forward to the next exciting ride up, with tons of new members coming on, new followers, more people to reach, more upvotes to get : P
Yeah its exciting! Heck man there so much new people on here posting in cannabis and i can’t keep up with them! Lol
And if all goes well this isn't even 5% of the site it will be in a few years. HEMPTASTIC! : O
Why is there no Steemit app? Is there a plan to develop one?
Hmmm, good question. I'm sorry that I don't know the answer. In fact, I've never used an app before, so I'm definitely not the person to ask about that.
Never used an app and your on Steemit? That’s gotta be relatively rare! Well if you have an iPhone there an app for Steemit notifications on the App Store. It’s called Steemify. https://steemit.com/steemdev/@blockbrothers/announcing-steemify-a-dedicated-notification-app
Hmmm, I actually wonder how rare it is. I've had a PC since I was 10 when the Commodore64 was available to the public for $3500. When the internet became available, I dove right in, and got a modem to connect. Later, it was Pentium PCs and high speed internet through cable or telephone. When Smartphones came out, I learned what a security hazard they were, and didn't get one. I've continued to not get one. PCs with internet are still a thing. I wonder how many strange stories like mine there are?
I said relatively based on my region and experience, (United States). I’d estimate about 90% or more of the people I know use apps for something. Things like navigation apps are nice, but you’re right about security. Because so many people can track you by your cell phone now. Do you use cell phones?
Good question! I haven't used any phones in over a year now, but when I do, I buy a new phone that is an older model like a flip phone and pay with cash. My PC does everything a phone does and more, except go with me everywhere. I've been able to mostly get rid of phones completely.
I'm all in! Forget the talk and numbers. I'm in it to get to 500 then 1000 sp. Grow the Cannabis community.
Oh great time to buy. Anyone out there trading my change for fiat? I got a little jar. I could get a few sp!