It could also mean a big dump, this is really nothing new to Steem, the usual pattern is a big account holder of Steem waits for a reasonable rise of Steem and market dumps, taking the order towards the point where it gets filled...
I won't be surprise if the above is the issue...
Added to that the token metrics is still not settle out, if Steem is to maintain any sort high price, it needs SBD debt ratio much lower and trading higher, we just have two down sloping selling pressure on two assets, Steem users on the platform are natural sellers and with increasing debt of 10% its more downward selling pressure on SBD as well. What should have been done is keeping to debt ratio relatively low (3 to 5%) and using SBD on the internal exchange as a way of buying up the supply of Steem. Combined that with hodling, it would shift the graph higher, folks would naturally want to power up as they see strength, its a reinforcing nature but we seem more concern on the platform on cashing out than the actual value of any of the tokens
Great. I generally agree.
The above issues (whether a dump or an order mistake, or whatever) do not matter. However, I have accepted that this is not a good signal since the Bithumb-led STEEM upturn has recently declined.
As you say, the STEEM ecosystem is somewhat unstable due to SBD Debt Ratio problems.
I have been analyzing SBD Debt Ratio and bidbot related issues from time to time.
The SBD Debt Ratio has its own limitations, such as the upper limit for short-term prescriptions.
But in the end, it seems that STEEM's fundamentals need to be improved to solve them.
Rewards pools are so distorted because of the numerous bidbots, voting circles, and so on.
In this situation, STEEM is difficult to rise.
STEEM would be just like any PoS coin if there is no innovative action to fundamentally control the rewards pool as a joint well and abuse of reward pools.
SBD demand creation must be done outside the bidbot.
Thank you for your good feedback.
Steem can only sustain a high price with SBD trading much higher than a dollar and its debt ratio kept within the 3-5% range, this would encourage more hodling of SBD further lifting the price which can then be used on the internal exchange to soak up the excess Steem supply and thereby positive impact the external exchange via declining supply but those trading on the internal exchange must take some temporary pain...
This is the only way I really see Steem sustaining any sort of rally
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