Steem is massively undervalued base on its adoption, blockchain scalability and the growing numbers of dapps calling Steem its home. Over the last couple days we have seen several cryptocurrency rally but Steem fail to get off the ground. I notice there is a lot of tension and the sentiment towards the project is at an all-time low. Many factors are at play but at these prices, I am starting to "nimble" as sentiment is something that can shift quickly and the ship can set sail while many investors lay on the sidelines. The biggest problem Steem face at the moment is its model and its approach towards the market. For me its early days especially its ridiculous inflation rate and significant pre-mined stake is hurting price discovery. I often wonder who are selling at these prices but I am reminded that many sellers never bought in (early adopters and Steemit Inc) so dumping 10k and in some cases 50K liquid is no big deal for these sellers. My recommendation to people seeing value in Steem is that the bottom could be a long way and sentiment must first improve before we see a risk on approach by traders. I would continue to advocate that the Steem team hasn't utilize its most lethal weapon: Steem Dollars but first I like to see some changes in its debt ratio moving it towards the 3 to 5% range. Given Steem increasing supply and unfavorable model I believe its more important to utilize SBD as a liquidity tool with a floor of 1 USD with upside potential, that way traders can always utilize it to buy up excess Steem and via HODLing mechanism, it can give external exchanges and exchanges some metrics that they can work it. SBD price discovery may be a better representation of Steem market demand as it does not reflect heavily on the early inflationary rate and significant premined.
Nonetheless, despite all this positivity we must remain realistic and the downturn can continue, other exchanges may choose to put the Steem wallet in maintenance as exchanges try to protect their traders from losses which has has been done already (Bithumb). My appeal to some of these large sellers, GIVE STEEM SOME BREATHING GROUND TO RECOVER. I also see a really big opportunity for gaming dapps to be develop on the Steem blockchain, I strongly believe this is an area that Steem team should look into and give incentives to developers to build on the Steem blockchain. This can really help the "Buy side" of the Steem token as players buy Steem to take part in these dapps. Magic Dice is another good example of a dapp with huge potential but more marketing and even more games should be explored. My vision from all of this is really an ecosystem where bloggers, gamers and even those involve in E-sport have an ecosystem where they can enjoy. The ultimate goal of Steem team is find ways of monetizing these developments (dapps) and I believe if the rewards are good, the players would come to the party and the selling side should not be a problem as buyers are coming in to take part.
I close off to say this, Steem isn't where it should be and I would continue to be positive towards the project and share my ideas, I hope it reach the right eyes and ears and we can really focus on making this place better. Keep Steeming on...