Today has been pretty depressing for most people, myself included.
Yes we got the changes that are supposedly going to make the site better in the long run but the reset of the rewards pool sure was a kick in the pants...
However, there is a tiny bit of a silver lining if you can look hard enough...
What's that you might ask?!
Why, it's the price of Steem!
You see, the price of Steem had been holding steady between $.16-$.17 for most of the day, which doesn't sound all that important but it is for two reasons:
1. Today was a total downer and could have easily caused some people to just hit the sell button because they are down on the site. Emotions often play a big role in deciding whether or not to hit the sell button.
2. It's a Thursday. If you look back at the past several weeks the price of steem often makes it's lows on or around Thursdays.
Yet now as I am typing this steem has just popped up to $.193
What gives?
Well there is the hope of the announcement tomorrow from Steemit.inc that it may bring with it some earth shattering news, and it very well might. That alone could very well be what is driving this price action right now...
or
And this one is a little more ninja-ish. It could be that since the reward payouts have now been moved to a 7 day payout window there will be no dilution hitting the markets for at least the next 6 and 1/2 days.
Think about that for a second.
Every single day the entire rewards pool is paid out and that steem is collected by the authors. That steem is then either powered up, sits in an account, or is sold... (I am not sure exactly how much of that gets sold on a daily basis but it is a non zero amount).
And, when you have a price that has been holding steady even with that tiny bit of dilution/selling coming in each day, when you remove that selling there is a good chance the price will inch up. Which is likely what we will see over the coming days in my opinion.
And guess what...
This is only day 1!
Lets see what days 2-7 bring!
Combine that fact with some great news from the company tomorrow and we could see some real fireworks in the coming days. After a day like today, we could sure use some optimism!
Live well my friends!
