It has been a bad few days for Crypto as you can see the three platforms that evolved from the same source are down, really down. The question is, will they recover soon or will this plunge last for some time? Because Crypto always evolves and comes out stronger, maybe not all the coins but a majority do.
There seem to be a lot of reasons for this price collapse like the world's economic situation, the prevalent idea that Crypto could be a Ponzi scheme so many people who are interested resist to take the plunge, Bitcoin miners in Kazakhstan not mining, fears of war in Ukraine, fear of what governments can do to restrict Crypto, and other reasons.
Hive is doing much better than Steemit because of the fact that Splinterlands has helped out, but frankly the crypto social media concept has failed to explode, it is still a small niche, perhaps too many copycats have hindered growth.
Steemit has only itself to blame, they were doing very good but then started with some restrictions that have resulted in less activity, of course the impact of this on the price must be minimal, price is a direct result of how much of a coin is traded, still if you restrict usage, you not only reduce interest the whole concept of decentralization ceases to be a thing. Unfortunately Hive also has some restrictions so this whole freedom for all is stretching things a little.
Blurt has more freedom, is less centralized, but it also has a much smaller membership so maybe that makes restrictions less necessary. But the year is just starting perhaps if we see the end of the pandemic, or at least it is mitigated we might see the world economy push forward and we can go back to seeing the numbers we want to see. Of course Hive is in much better shape with its price than it has mostly been, only that it has seen a decrease in value for the last few weeks. I hope everything goes up, these social medias regardless of which one, are a God send for many people. I know that wasn't the original idea but people in third world countries do make a nice side income with them.
FUD was there even when Bitcoin was $1000 and Nothing can stop the crypto revolution now!
First they ignore crypto, then they laugh at crypto, then they fight crypto, then we win
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