So...This Just Happened

in #steem6 years ago


Cue The Music, Or...?

On the eve of HF 20 with the witnesses reaching consensus again after a snag in the works stopped the STEEM blockchain last Monday, we have the above chart, according to World Coin Index.

There's been enough pump and dumps of STEEM/SBD over the last several months since I've been watching it more that I'm not getting overly excited about it, but there some things to noteworthy.

24 hour volume, while not into record territories by any means, has been steadily rising from hovering above and below a million throughout a lot of the summer and now into September, to over 2 million the last few days, to now 7 million as of this moment.

The other thing that I find interesting is, the rest of the crypto market has not jumped accordingly. Even off a high, STEEM apparently is still at a much higher percentage climb while Bitcoin, Ethereum and others are experiencing more lateral movement with a downward trend at the moment.

Could this be the start of the good news we've all been waiting months for? Or is it this just another one of those blips?

It's also worth mentioning that the price of SBD is currently trading lower than STEEM, so the inversion is reversed for the time being.

Houbi seems to be leading the charge with prices above $1.15, with Binance at $1.00. Hitbtc, Bittrex and Poloniex all show under $1.00, but up from $0.85 average I saw on Saturday.

As of right now, volume has increased above 7.3 million, so it's continuing to rise.


The fundamentals are surely looking good for STEEM.

There are also several signals in Technicals pointing towards a major bullish move.

To the left, there is weekly MACD just about to cross for a bullish signal.

To the right, there are 5 green daily candles. A phenomena that has not been seen in STEEM since April and a price of approx 4 dollars. Moreover, the MACD seems to be ready to cross 0 - also a bullish sign.

Snímek obrazovky 2018-09-24 v 21.04.58.png

Hey, @tim3w4rp.

Getting all "technical* on me, are you? Good. Someone should. :) Well, I'm glad to have some added credence to what I'm hoping is happening versus what appears to be happening and that's another pump and dump. Some of dragosroua's commenters apparently can't get in to buy STEEM or checked Huobi and Binance and found out they were suspending access. Which is odd because both of those continue to increase in volume. A major hack just for STEEM maybe? Not sure what that would be all about.

I'm ready for it jump to $4 or higher. That would be awesome.

I love getting technical. :)

Honestly, I don't think we should be calling this a pump and dump. According to the technicals, there could be one lower low somewhere around the 0,35 area, but I don't think we're going there. It's been 9 months since ATH. Things have to turn around at some point already. We all know STEEM is not a scam coin and unlike most other coins, it has a working product.

I would credit the suspended access to the hardfork.

Potential for $0.35, eh? But you think we've moved beyond that. Well, a dip down to $0.35 would allow me to buy some more STEEM, but I think I'm ready to see things open up a bit, see how fast this puppy can fly. We're back above $1 again on another spike and drop, so who knows. Someone is having a some fun out there.

Yea. It's where there was the highest amount of trading volume in the past. I wish I could show you the graph, but I've lost my TradingView trial.

Hopefully it will keep going in this direction. Based on the apps that are available it should not be tied so strongly to the rise and fall of Bitcoin the way the vaporware chains are.

Hey, @practicalthought.

With the emphasis being on should. I've not been able to find much rhyme or reason to any of this, so being lockstepped with the rest of cryptodom is the first sign of order I've seen anywhere. I would imagine though, as all of these new blockchains mature, and some run their course, that each individual chain will be able to take on their own identity and differentiate themselves even more.

I'm not that big of a fan of the available apps, but I know what you're saying. Any utility other than mining, buying and selling tokens on a blockchain should increase desirability and thus price.

Could it be that someone just tries to make a good joke?

Hey, @crypto-econom1st.

Your guess is as good as mine. Probably better. As it is, comments on dragosroua's post are saying they've suspended or locked people out on Huobi and Binance. Huobi and Binance have similar volume but Huobi's trading $0.15 higher. Binance is closer to $1. And yet, the trading continues. 8.6 million in volume as of right now. Upbit, Poloniex and Bittrex are still at around $0.97, which is still a $0.09-$0.14 increase over what I saw Saturday night.

Oh dear I had forgotten that the fork is upon us. I just hope for a smooth week. A rise in Steem price would be a very nice bonus.

Yes it would, @headchange. We've been way undervalued for at least five months it seems, and especially within the last couple since we've been wallowing below $1.

It's bound to go up. It's just waiting around for it to happen that you basically end up occupying yourself with something else as to not dwell on it.

re: HF 20

Hey, glad I could be that reminder for you. Consensus or the super majority among the Top 21 witnesses took place sometime yesterday, so we're already beyond last Monday's snafu, and so as long as something doesn't occur at the changeover time tomorrow (11 EDT, 15 UTC I think it is), we will at least have the blockchain up and running.

How Resource Credits taking over for bandwidth is going to affect everyone, who knows, but I think that will be the first thing we'll notice if it's too low. The rest we probably won't see so much until later, like the self-upvoting change from 15 minutes to 0 (for those who self-upvote), and for those who autovote, there might be adjustments to be made there.

After that, Velocity is supposed to be kicking in, so new folks will have the potential of showing up in greater abundance than what we've seen since about March or so when they closed the tap to more of a trickle. I don't know who immediate we'll see the influx. My guess is, it will depend on where STEEM is trading as we finish the year. SMTs could have a greater impact if they work out of the gate. Who knows? Not me. :)

Undervalued, why?
To my opinion Steem should have zero value. Cause where does the blockchain earn anything? Or add value to?

Where does any blockchain do that? What about stocks or even products you buy at the store? Someone sets a value and someone else agrees to it. Same thing's happening here. It's not like I'm in total agreement with it, but when it comes to blockchains, you can at least do more things and faster. And it's not meant to just be for social media, anyway. It's meant for an entire global digital economy to sit on it.

You are right about that. If people see value in something then it does have value. And based on my feeling this is the most important reason for crypto to have any value. Because a small number of people really believe in it. But to my opinion it doesn't really solve any issue and only creates new ones.

Oh, well, there's a lot of overinflated or false expectations created, and there's a lot of gaming the system, if that can even be considered a thing in a place with no rules, and it creates animosity and badwill and other kinds of negativity.

That said, if it ever becomes the global digital economy it was meant to be, I would hope there would be all kinds of solutions to issues.

As it is, I think there's some folks who, because of charity on the blockchain, are better off than they would have been otherwise, and I think there are folks living in poorer economies that are at least subsisting if not doing better. It's probably not that widespread, given the nature of this place right now, but it's a start.

I probably come off sounding like one of the believers. Truth to tell, I don't have a clue where this is going or what people think they're doing with it. I just like to look at and consider all sides and then act accordingly. There's always good with the bad, and generally, that opposite also applies.

One of the things that I saw mentioned in another article I was reading about the jump said that deposits and withdrawals are prohibited from some of the exchanges right now. Could be they're just internal pumps. We'll see though!

Hey, @themanwithnoname.

I'm just coming back from dragosroua's post where he edited in about that. There's a reply now on my comment saying that they're suspending it ahead of the hard fork. Not sure if I agree with that or not, but hey, stranger things. :)

There are so many ways for the price to jump without the price really changing that I don't worry about it too much anymore. The nice thing is that Steemit is registering the jump, so Steem Monsters cards are cheaper. That's nice when you're buying them to give away. ;)

The nice thing is that Steemit is registering the jump, so Steem Monsters cards are cheaper.

Is this only if you buy with Steem @themanwithnoname? I'm a bit dense around these things? 😊

If you're paying with Steem, the prices are the same, but you have to pay less Steem because each one is worth more. It's price divided by the Steem price = Steem you pay.

I didn't ask that very well @themanwithnoname. I was planning on paying with Fiat but, it seems the moment has passed now anyway.

Or maybe not. As I say I'm a bit dense around such things. 😂

Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
SBDSteem Dollars1.023$0.79%6.69%

I think this is the very first time I've ever had you comment on a post of mine, That's because I rarely mention so many coins. I guess I'm marking this occasion with a reply back. Thanks for giving us the low down on the prices as they were just over an hour ago. Too bad STEEM isn't keeping to the $1.04 but is now back under a $1.

This sounds interesting and inspiring , hope this continues and steem could touch new heights. Thank you for the update @glenalbrethsen

I was actually very surprised to see it, @hananali. I've been sitting here curating and commenting and all of a sudden I look up and there's the STEEM price, and it's already coming down from about $1.15! It couldn't have been more than half an hour since the last time I looked. Looks like dragosroua just posted something about it too, so I'll need to head over and see what he thinks, since he's more in the know.

At any rate, if it's just another pump and dump, maybe it can still be a precursor to better things to come. :)

By the way, haven't seen you around. But then, up until last week, I wasn't around either. How goes it? All well, I hope. :)

Am not familiar with him yet but I got to know about it from your post and I would have to thank ginabot here as well which notified me that you have posted something new and I was really surprised to see it just like you were, anyways its a happy sign and we can just hope that it stays up and that terrible bump it had some weeks ago when it reached below 1USD .

Everything's good, have been to university and was quite busy with admission procedures and early classes plus we had some religious event here last week so had to go to the villages praying for the elders in family who are no more.
How have you been? its good to see you after a long time :) All well?

Oh, yeah, things are good. My wife had hernia surgery a month ago now and so that was taking up a lot of my time up until last week. She's much better, been given a clean bill of health by the surgeon, so all was well and now is probably better. It just limited my time on Steemit.

Sounds like a busy time right now, but it is good to see you around. I wish you luck with navigating through the education process and later with your studies.

What kind of religious event? And is it to typical to pray for those who are no longer with us?

yeah I guess you told us about her, how is she now? Forward our good wishes to her :) Family comes first, Steemit can wait.

Its an event where we show sympathy and respects for the family of Prophet Muhammad which lost their life trying to spread the message of peace. So we make prayers for them and visit the graveyards to pray for our family members who have left us and feed the poor, its like some days when you will see people offering free food everywhere and people will organize gatherings to remember the incident which happened hundreds of years ago but is still alive in history.
Its the first month of Islamic Calendar which is called Muharram , 9th and 10th of Muharram are the main days and public holidays.
I hope I explained better

Okay. Yes, I think you explained it very well. Sounds like quite the event. So, are the prayers for those who have passed on for their well-being and such in the hereafter? I guess I'm just trying to understand what those who are dead might need. Is it possible they're not in a better place? I'm just guessing at this point. :) The feeding the poor and the remembering parts all sound very good.

My wife is doing well. She's pretty much healed from the surgery and is expected to be back to her normal activities as early as next week. So, hopefully, she'll be better than ever at this point. Thank you.

Yeah it was very tough on THEM and THEIR families but they didn't back off and gave their lives away fighting against the evil.

Yes prayers are for the ones who have lost their lives, they surely are at a very better place but we believe we should still pay our tributes to them and remember them at least on the days.

Plus the activities include offering food to the poor and needy, arranging seminars where they describe the incident and tell everyone how They fought for the good against the bad.

Am glad she is getting back to routine life :) Say hi to her and tell her that she will be fine soon

Let's hope it's for real and that it keeps rising :0)

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Hey, @simplymike.

My guess is, it's okay to cross fingers, but as I would advise in most cases, no breath holding. :)

It's interesting, though. I haven't seen STEEM break away a whole lot since the beginning of the year, and if something like that does happen, it's generally because one of the exchanges is going crazy with a varying degree of volume that ends up being factored out by the index. So, who knows. I've been waiting to see how the Steemit wallet counts it, but so far, it's hanging below $1.00.

I read that withdrawals on 2 exchanges are suspended - most of the time that means that something suspicious is going on...

Just saw that on dragosroua's post, too. Could be. The other exchanges were coming up, too, so while lower, that still amounts to increase. Who knows. There's been enough weird things going on I wouldn't be surprised if it's more of that. Interesting that it would be too exchanges, too. They normally only manage one. :)

I guess we'll just have to wait and see. The increase in price should start some time... won't be bad timing if it would be now, lol

howdy sir Glen..well I sure hope this isn't a blip. People are going to be watching this like a hawk. thank you sir.

And... it's a blip. Or at least mostly a blip at this point. We're back down to $0.93 something. It' still higher than what it was at $0.88, but it's still working it's way down, just slowing the descent a bit. I've been contemplating a follow up post to this one. :)

yes sir I think you should do that for all your loyal fans.

I'm confused about the time of the fork @glenalbrethsen. It seems to vary depending on whose post you read.

I though it was in the early hours of Wednesday morning my time but no-one seems to be saying that.

Is it 11 o'clock in the morning (Tuesday) "New York" time?

New York is normally 5 hours behind us so that would make it 4 o'clock in the afternoon for me. 😊

That's right. 11 am EDT. Makes it 8 am where I'm at, so if something goes haywire like last time, I get to be down most of the day again. :)

I haven't seen different times myself. The steemitblog has the official time on it's posts, anyway, so they'd be the ones to fall back on. As it is, I'm not sure if everything is instantaneous or it might take some time to notice the effects. I guess we'll find out. So many of us have never experienced a hard fork, and this one is one of the larger ones with some significant changes that it's not exactly prudent to expect all will be perfect when it does switch over. I just hope those with lower SP don't suddenly find themselves unable to proceed as they're used to doing, because the new resource credit instead of bandwidth system wasn't quite right. My guess is with most of the rest, barring another bug, we won't know whether they're functioning immediately or not.

new resource credit instead of bandwidth system

I didn't really understand that @glenalbrethsen and was just trusting it would all work out OK. 😁

I'm not sure what the situation is with the dust threshold either. Is it being removed altogether do you know?

Well, there's two dust thresholds that I know of. One is for payout, where we want the total amount of upvotes on a comment or post to exceed $0.03. Then there's the voting one, where it has to be a certain amount or it simply doesn't get counted by the blockchain. I believe that's the one that's effectively going away. It's been a while since I looked into all of this, but basically, they're saying vote away, just don't be surprised if nothing happens. :)

Well, I'm not sure what I understand about how resources credits versus bandwidth either. Bandwidth seems more straightforward. You need to have a certain amount of it in order to do anything. And since they've been allocating it, or divvying it up somehow, there had to be a certain amount of SP or working capital in the account in order for it not to run out so quickly.

Resource credits handles that differently. Again, I'd have to go back and look, but it's not the same and so my concern with any change over like that, where you're replacing entire systems with something else, that in real world situations, something won't be accounted for. We've already see that happen with other things. So, we'll see. I hope it's a knowable, quantifiable equation that can be calculated before you start it up, but again, I know just enough to make me question whether there will be a smooth transition to it once it takes effect.

the total amount of upvotes on a comment or post to exceed $0.03

That is the one I was concerned with @glenalbrethsen. As far as you know is that one going to remain the same?

As far as I know. That was the one timcliff was wondering about increasing earlier in the year in a post he wrote that educated all of us on its existence in the first place, then caused the minnow rebellion, so he decided to shelve the proposal.

There is the change in the upvote window so, if you're autovoting within 15 minutes of a post, you'll want to change that, plus, if you're voting between 15-30 minutes, you might want to adjust that, too. there's a science to this curation business that I don't quite understand yet, even with Asher's best efforts to educate us on it with his weekly league post, but timing is one of the factors.

I'm not getting any further with the curation either @glenalbrethsen. Asher gave me some tips but said it's not really possible until you get to 5K Steem Power.

You need to do high percentage votes I think and, if I do that, there isn't much left to upvote anything else.

Even switching to voting 0.03c every time I vote on a comment means I run out of voting power fast and I can't vote on all the comments I'd like to.

I got all excited this morning because Dust Sweeper appeared to have gone back to it's old ways of upvoting 10 times a day.

But apparently that is only temporary due to HF20. Daniel doesn't want to take the risk that Dusty's voting power will be stuck at 100% and so is allowing it to go down more than ususual.

It's a real eye opener into how much dust is lost through low upvotes on my comments.

Starting to feel fed up about it all again so I'd better move onto something else for a while.

When you said

if you're autovoting within 15 minutes of a post, you'll want to change that

did you meant self voting?

I will be changing my votes that are set up to go between 15-30 minutes but that will then put them into the <15 minutes.