If you're watching the bitcoin and altcoin charts today (and I bet a lot of you do), you'll only see red numbers! It seems that these markets wants to join the #colorchallenge on Steemit! With their 'Monday Red' contribution they are getting A LOT of attention!
The Steemit topic 'cryptocurrency' is filled with posts about "the crypto market collapsing", "Time to Buy", "Time to Sell" and people who look at this situation as a "Black Friday Sale for Steem". My favorite post about this topic is one from @lifewithcrypto :
"✪ STEEM SUMMER SALE ✪ UP TO 20% OFF FOR BUYING STEEM (LIMITED PROMOTION)"
Don't worry, just HODL!
I was looking for a reason for this sudden sell of, and it seems that I can't find a reason. Most of the time it is caused because of some bad news about the one or the other government putting up some restrictions for cryptocurrencies, news about a big hack, or some failure in one of the big blockchains... The only bad news I've found is about the "flashcrash" past Wednesday on the Coinbase's GDAX exchange, but they already have said that they will refund people who made some losses because of it. So maybe it's just a 'natural' correction, which can be good for the long term.
The last time such a huge price drops took place was in the end of May, and as you can see in the charts, it didn't last that long! In fact, once the "bottom" has reached, the prices will sky-rocket again! So yes, my personal opinion is that it is not yet the time for a market-collapse, the "bubble" isn't bursting (yet), I think it's time to do some research, and look for good investments, projects you truly believe in! And yes, you can see this as "black friday sales", but do your research!
Repost: Steem-value went down: what can we do about it?
1. Spread the word
Talk about Steemit with your friends, family and colleges. Don't talk about the 'blockchain' in the first place, people tend to like things they know and what they can understand easily. Compare it with other blog-platforms like Reddit, Blogger, Tumblr, 9 Gag and even 4 Chan. Don't forget to mention the fact that Steemit is way better and that you can earn some money with it!
2. Buy more steem, do it at the 'Ask'-price
Go to a popular exchange and buy more Steem! While doing this, choose for the 'ask'-price or set a high bid manually. This will make the price go up, for sure if you buy high amounts. You can use the steem you bought to power it up. With this higher amount of vested Steempower in your account you can upvote the posts of your friends, family and college's who just joined Steemit, and let them earn some money!
3. Post interesting Steemit posts on other social media platforms
Another way of spreading the word is posting steemit posts on Facebook and Twitter, talk about them on YouTube, and share them through What's app and SnapChat!
If you and every other Steemian followed every step of this post...
Steem will skyrocket to the moon!
