Perhaps there is nothing as funny as getting robbed on your payday; however when you have budgets to meet, it's not funny. At the precise moment when Steemit is becoming hot and new users are joining Steemit, how dare the price of Steem drop so so so low and so so so fast?
Some Steemians just quit their jobs to become full time Steemit bloggers, other including @BlockRush have left our blogs and are now blogging full time on Steemit, while others have invested their entire life saving even even retirement funds into Steemit. Too many people have invested too much, this ridiculous price drop must stop, and it must stop now.
Early this month, we saw a little depreciation in the price of Steem and most Steemians tried to write it off as just another price fluctuation. Unfortunately, they were terribly terribly wrong as the price of Steem was to plummet into a free fall.
Price for 1 year of Steem chart
What is causing the Steem price drop?
Honestly, July has been the worst month for crypto-currencies as ALL cryptocurrencies are in for a heavy fall with some of the biggest losers being Bitcoin and Ethereum.
However, the price fall of Bitcoins and Ethereum should not directly affect Steemit, as Steem is an entirely different Blockchain with its own community. If the price of Steem is dropping, its directly due to the lose of confidence in its community of investors, users and developers which have lead them to take certain unhealthy actions which have crashed the price of Steem.
Some of the actions that contributed to Steem price drop include:
- cashing out Steem
- powering down Steem power
- powering down on declining payments
- not promoting posts, promoting posts burns Steem
- cashing out Steem on the external market
- never powering up on post - instead always using the 50%/50% feature
- never powering up with Steem Backed Dollar(SBD)
Why should we stop the price drop?
1) Steemit is special:
Unlike Bitcoins, Ether and whatever other cryptocurrency there is, they have yet to produce anything of value to the world. Bitcoin is simple a slow digital currency with increasing ridiculous networks and transaction fees.
Ethereum is a cloud computer which was too difficult for anyone to understand and when it was simplified, has become so simple its being used by spammers.
Most of the other crypto-tokens out there would not be different from Bitcoins and Ethereum; they start with a big promise, get hyped and then developers become too complacent to improve it.
Steem is a community, a user generated network and private currency. Steem is special.
2) Steem has its own special community.
If Steem is special, then the Steemit community is also special; every Steemian is special. Steemians are blogger, doctors, developers and investors. Steem does not rely on crypto-currency sympathizers and enthusiast, Steem has its own committed community.
Yes. So if the price of Steem may be dragged down by the general cryptocurrency crash, we the Steem community are actually responsible for whatever happens to Steem.
Steem is our baby; we know the value, purpose and use of Steem, we should not be distracted by the current crypto currency price drops to be tempted to cashout on Steem.
3) Steem has value:
Unlike most alt-coins which are simply digital currency, Steem is more of a reward medal than a cryptocurrency. You do not earn Steem by stepping up computers to solve meaning less math puzzles. You earn Steem when you create good content and people appreciate your work.
4) There is too much at stake:
Like we said earlier, too many Steemians have invested too much into Steem and we cannot afford to fail the Steemian community. Some have invested their pension funds, other have taken loans, some have quit their jobs, others are investing their life saving; if we do not help Steem, we would all be wasting our effort, time and money.
5) Steem is a solid investment:
No matter how low the price drops, you still have the same amount of Steem and would recover your lows when the crash is over.
Who do we stop the price drop?
There are a few ways to save Steem from the effect and influence of the general cryptocurrency crash:
1. Simple play stupid
Yes, Steemians must stop trying to play smart by cashing out their investment out of Steem into fiat currency. Users who have invested lots of money into Steem are panicking due to the price drop and are responding by cashing out in an attempt to safe their funds from further loss.
This move would seem smart but it is literally naive and the primary cause of Steem's fall. When you keep your money in Steem, no matter how the price drops, you would ALWAYS have the same amount of Steem. This means once the price stabilized, you are good.
2. Power up and advertise more
By powering up, we would be hording Steem which would decrease the number available in circulation. This would cause the price to rise while and consequently enrich all those who did horde Steem.
When you promote a post, you burn up Steem as funds used to promote posts go to a @null account. This would also reduce the amount of Steem in circulation, drive price up while giving your promoted post the chance to earn your more upvotes!
3. Invite more people to join Steemit
People invite people to like their Facebook pages, play games with them o Facebook and join groups. When was the last time you actually invited someone to join Steemit?
4. Pressure Steemit Inc. to improve Steemit
There is not doubt about the fact that the interface of Steemit is too classical for a modern GUI. With @Dan absence from Steemit, we would have to give @Ned some more pressure to improve the management of Steemit.
We have been seeing the Stemit beta at the top corner of every Steemit page forever. When is the full version actually going to come out? Steemit lacks too many features and design quality which could be one of the reasons why people shy away from it.
Busy.org has a better interface and features, so why is the official Steemit.com interface so back behinds?
What happens if we fail to do not stop the price stop?
Well, the answer to that terrible question is would be even more terrible; well all loose.
Most users are just getting unto Steemit and yet the system is already becoming too difficult to climb. We do not want to fail ourselves and the Blockchain community.
Thanks you for making time to read!
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