Hi there my Hivean friends and followers!
Welcome to my ATH (Ask the Hive) weekly series that I created to increase the engagement level on Hive (or at least among my followers).
In the last round, we had a very interesting and prolific debate about your first flight experiences that eventually generated as many as 65 comments - thanks for your contribution guys! I hope we will have a lot of engagement in this round too :)
The question for this round is: why isn´t Steem price crashing?
Screenshot taken from coingecko.com
Seriously, this is something that has been boggling my mind for some time already. We all know what was happening on Steem during and after the fork (censorship, blacklisting, stealing people´s funds etc.) and if you look at what is going on there now, one has to wonder how come this coin hasn´t crashed yet.
The Steemit trending page looks like a bad joke with Chinese/Korean spams farming up to a hundred dollars per post. It literally feels like there is absolutely nothing good happening on that chain and yet, the price of Steem seems to be pretty stable, lingering at some 20 cents (just a bit below Hive actually). Any idea why? Who can be buying Steem at this point? Let me know in the comment section below, I am really curious to check out your replies.
As usually, I will try to upvote all creative and interesting comments.
This post was created by me for the Hive blockchain exclusively. All rights reserved.
China is an economic powerhouse and a man decently connected with the powers that be now runs Steemit. That is a reality that means that letting Steem die would cause loss of face -- and China is on the move in the world, so that is not about to happen. Love it or hate it, Justin Sun does have plenty of resources to bring to bear, and he too is not about to lose any more face. He will do what he has to do to keep Steem competitive with Hive.
My thing: we on Hive need to stop letting Steem live rent free in our collective heads. I realize we are not even six months out. I get it. A lot of people lost a lot to get us here. I get that. However, the geopolitics around the resilience of Steem are not going to budge, and at some point, we do need to stop kicking against this particular "Great Wall."
156 years ago, General Ulysses S. Grant uttered the philosophy that made him the winning general of the American Civil War, after five generals before him had been either soundly defeated or at least ground to a halt by just ONE Confederate general. In essence, Grant told his men to stop worrying about what that general was going to do and instead: "Let's focus on what WE'RE going to do." He rode that to victory, the presidency, and world fame. Just a thought from history for Hive: let's stop looking over waiting for the sun to set on Steem and FOCUS on what we're going to do...
Very good points, thanks for your contribution. I personally have been focusing on Hive 100% for a few months already and I am not even looking over that "great wall" too often... It just didn´t make much sense to me how come the coin is still alive for the reasons described above but now that I am getting some feedback on this matter here in the comments, I am figuring out things and connections I was not thinking about before. Thanks for sharing your thoughts, much appreciated.
Very well said.
Cheers
I'm no crypto expert nor do I explore the bowels of steemit anymore but my tokens are still there, debating to do the full switch or continue with my theory. When we were there, seemed like there was some bitterness between americans and korean community and as much as hive is the better place to be for english speakers, they are probably happy we are gone and their spam is rising to the top. I think steem is dead as far as ethics but I think now it will be mostly english on hive and korean or other asian communities on steem.
People forget that sun is a big name in crypo shady or not with some powerful mentors by his side like jack ma or whatever that built ebays biggest competitor so I don't think it's going to die, it's just not what we wanted it to be as a community based platform. He didn't ninja mine but bought his stake and has a lot of insentive to keep it alive at least until we hit another crypto boom and he can consider cashing out with some reasonable gains. Loosing face isn't the asian way. What he did to the community was a slap in the face and we returned the favor by leaving and starting over. I think we will be better off here anyway and hold true to our community values regardless of hive price.
Valid points here, thank you for your contribution! :)
I'll answer you with some questions, as the quality of our questions is more valuable than our answers.
Who is in control of the token's price? Answer: Exchanges, by using automatic market maker bots. It's not a surprise to me that they are trying to maintain an equilibrium between both tokens (Hive/Steem).
Why do you think that hive should have more value than steem? It's the same code, people posting good and bad content and getting rewards from a pool. Here, people are more intelligent to abuse. Sadly, hivers give juicy upvotes to the posts after 3-4 days to not be on trending. 😁
We have to deal with our abusers too, there are enormous jerk circles like Honeybee and Backscratcher trails upvoting a lot of shitposts with high rewards. 👻
Hive a beautiful day!
You are right, we have some issues here on Hive too of course. Even some pretty big issues. But still, a lot of promising development has been going on here compared to nothing but rewards farming on Steem... It´s just my opinion but I really believe that Hive has much higher value and potential than Steem. Only time will tell though.
Thanks for your contribution, have a great day too :)
It's pretty easy to explain actually (I think)
I think steem will be here until either Steeminc or Justin throw in the towel. It might be years actually and who knows, maybe Steem will turn out to be more successful in terms of token price (although we all know that Hive is the better chain)
Thank you for sharing your thoughts, it makes sense indeed. On the other hand, it would mean that the crypto market can be manipulated really easily as people don´t even know/care what they are buying/supporting...
yeah, I think that is a caveat... I think it should get better when cryptos get a wider recognition and demand in return also increases
It's reached equilibrium due to low volatility; not enough volume to move it either side; not enough people trading it. Those who have it staked won't sell, and those who sell are easly met with buy orders; there would need to be a few milion to move it for real (not many of us who left Steem have this amount).
Equilibrium or deadlock? :) But yeah, sounds reasonable... Thanks for sharing your thoughts with us Arthur!
Yeah, I have a theory that over the long term it tends to zero, but it's been a while that I don't think about it, so I don't have a strong evidence to back the idea.
Crypto "investors" are mere speculators who do not care about the value propositions of the coins they invest in. They only care about hype and technicals at best.
I think not all of them are like that but a lot of them are for sure, unfortunately...
I would like to add why steem isn't crashing and why isn't hive price doubling?😒
Haha that´s a good question too actually :)
yepp...
Doba power down u Steemu byla snížena na 4 týdny. Je zajímavé, že dlease.io přináší mnohem vyšší zhodnocení na Steemu než na Hive. A to samé platí pro delegaci SP/HP například na tipu.
To jsem nevěděl, zajímavé... Jak si to vysvětluješ?
Nepátral jsem po tom. Mohlo by to být úbytkem uživatelů, když na ty zbylé zbude větší krajíc z fondu odměn, jestli se nepletu.
Jo, to by mohlo být ono...
I've been wondering the same recently. It doesn't make much sense. There's been a lot of sell pressure from us Hivers. Maybe Sun is propping it up?
Yeah, probably... It actually makes better sense to me now that I have read all the comments here. Looks like there is a whole bunch of reasons / factors.
Justin keeps pumping his products and it seems like the Korean community is buying. The amount of reward abuse is disgusting right now. I’m glad to sell my last stake shortly.
Well, from what I know, he has been supported by the Korean community from the very beginning. But I don´t think they are big enough to keep the price of Steem stable for such a long time so other factors mentioned here in comments probably also contribute to it...
Warren and Sun are playing back and forth: once you buy, then I sell. Then I buy, and you sell.
I thought Buffet was against crypto...
Yeah, STEEM is not crypto. It's shitco.
:D
https://peakd.com/cesky/@krakonos/steemit-hive-a-bernard-law-montgomery-aneb-velky-pell-mell🤑
Díky.