The biggest question I have from this morning's Steem activities is what Bittrex is going to do with that 23.6 million STEEM that was sent to them with an incorrect memo.
If they are given back to the people who owned the tokens on Steem, will those folks proceed to market dump them all at once, taking STEEM down to unfathomable lows? Will they hold and sell off bit by bit? Or will they never see their tokens again?
Meanwhile, the 4 week power down has been implemented, speeding up the process for us getting out of STEEM entirely. This does not happen automatically. If you already had a power down in progress of 13 weeks, then that schedule remains. If you want to get out in 4 weeks, you need to initiate a new power down, which will start a new 4 week clock to get to 0.
I'm now seven days from my next powerdown. I was able to sell 550 STEEM yesterday around the mid point of the run, didn't catch the top, but didn't sell the bottom, so I am content with that sell.
Of course getting 0.01BTC out of a token that once would have been valued at 1 BTC is a tough pill to swallow, but we take what we can get at this point.
Where will STEEM be in 4 weeks? I'm not savvy enough with the charts to know what a market dump would do to the token value or long term prospects. I hope Justin's brainwashed followers will keep the price up somewhat to get some value out of it. But some projects just end up going to zero.