So we just got the hardfork and there's lots of Steem flying around and we see the price dipping. Really guys and gals, this is not going to be a problem. We are seeing a price drop in Steem and a few on the platform have expressed their concerns. Keep in mind that We are still WAY up from where we were just over a month ago.
I think the price of steem coming down is because of a couple factors.
- Tech stocks are suffering lately and its weighing down all or some of the crypto world just a bit.
- Lots of steem SBD that will be getting in the hands of new minnows who will begin finally experiencing how exchanges work.
HOWEVER, lots of SBD and SP will be sitting in minnow accounts in small increments that never get touched or moved around. Those small increments will add up quickly and not move much.
According to the stats I saw over at @jerrybanfield, Steemit had over 40,000 new sign ups last month (including me!) and of those 40,000 new users, only about 8,000 are active daily. Most come and go and earn a little here and there but that newly acquired SP and SBD for these rarely active users are going to sit around for a while.
As that continues, you're going to have the effect of a lot of steem taken out of the market and that is going to drive the price up and up.....and up.
I know one new user who locked themselves out of their account because they lost their password and they had earned over $200 SBD. It's going to sit there forever. How many other people have done and will do the same in small and large amounts as thousands of new people sign up. Steem like that taken out of the money pool will keep sending the price up and up and up...
I don't think I'm wrong here. Right?
I'm continuing to enjoy the community here and interact with everyone. In the mean time, I'm holding steem and converting SBD into more Steempower.
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