Yeah, and it's probably not in the eye of the major investors right now. There is a lot of dumb money going into STEEM right now. Not because STEEM is dumb, because there's dumb money going into every single crypto in existence. If investors at large were to discover that people are regularly cashing out tens of thousands per day with nothing but spam BS, people would be stampeding to pull their money out.
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Market forces are whats running it. Im guessing your being sarcastic.
Do you think so? I'm not so sure. I think those with a lot invested are actually incentivized to normalize that as they too tend to self reward and cash out from time to time.
I mean there are people who load tens of thousands on bittrex or binance and sort of indiscriminantly buy altcoins in the 20-50 list because they're low cap, and have the ability to really explode in value. Some of them really are crap coins, but the ones that are legit will explode and the gains make up for the loss of the bad coins. STEEM likely has a lot of investors that have never even created an account on the platform.
A lot of the money pouring into crypto is smart money - money that is going to take over those currencies.
Money that can then crash it anytime they want, and buy it back cheap, by causing panics.
Real money, in other words.
Right, I just mean there are a lot of people that are buying coins that they know absolutely nothing about. They'll see a comment on reddit or see how low the market cap is, see it pump and just buy it based on that. I would wager there is a not-insignificant amount of STEEM holders that aren't even aware of the social media aspect of it.
I don't think that dumb money is the bulk of investments in crypto. It's impossible to tell.
The inflation oncoming is a damn good reason to avoid dollars, and even dumb investments in other currencies are at least smart to get out of dollars.