I've made it no secret that the new proposed economic initiatives are a complete joke. However, I honestly have no idea how how it will actually affect price action in the short term or the long term. No one does; crypto is just too volatile and has too many variables.
What does HF21 tell the world? Well, first and foremost it makes it obvious that Steemit Incorporated is still chugging away at development for the blockchain. It may not seem like much, but many people in the space consider us down and out.
Just 5 minutes ago I was reading an article about the new EOS social media platform and they happened to mention Steemit. What did they have to say about Steemit? That they were forced to layoff 70% of their employees. I guess they didn't get the memo about us exiting 'survival mode'.
This attitude seems to be pervasive in the cryptosphere.
Even @theycallmedan mentioned this just yesterday.
https://steemit.com/threespeak/@theycallmedan/kpbppjbb
While I might not agree with the direction Steemit Inc is taking this platform, it certainly isn't stagnant. I hear a lot of bloggers say they are leaving the community. However, developers seem to be just dandy with how everything is shaping up. When it really comes down to it, blogging doesn't bring the platform that much value, it's just a small way for the little guys with no technical expertise to try to add a little value here and there.
Speculation
Steem price was pushed down to the 60s rank in the face of Steemit laying off 70% and the subsequent powerdown debacle. VC Sharks have been calling out for blood, demanding that 90% of all projects die before a new bull run hits. Steem has been on the chopping block for quite some time.
What happens when everyone realizes that the VCs are wrong and that crypto can't be killed as easily has a traditional startup? Will money flow back into our market cap? Who knows... but I think it's a real possibility.
I hear a lot of talk about how Steem is dying. The basis of this speculation is placed solely on falling price action. I call BS. I think that's a ridiculous notion based on 6 months of flimsy data and FUD. The sky will clear and our bad liquidity will be put back into our favor on the upside. Volatility reigns supreme.
Competition with EOS
There is no competition. What happens when MEOS (Voice) users get jaded and look to other options like Steem? The number of new users being onboarded into the space is going to be far more than the number of users being absorbed into "competing" platforms. This will hold true for quite some time.
In any case, I'm looking forward to seeing how it all turns out.
I'm not going anywhere.