Steem hits monthly low - Do we buy?
Buying Steem during wider market corrections and converting to Steem Power has been a strategy I have used for a while now. Locking away my Steem this way makes me feel much more comfortable than holding it on an exchange.
Today we have a Steem price touching $1 as we did last month, and the one before. This time around though the cycle, led mostly by Bitcoin, looks different.
Chart powered by worldcoinindex.com
Bitcoin is sat near $5000, and in dangerous 'double-top' territory, while Steem is hovering around $1, and may have dropped briefly lower on some exchanges in the past 12 hours.
If Bitcoin pops $5000, we could be off on a while ride with our Steem, if the double-top is confirmed, then I suspect a 'sea of red' in cryptocurrency land - and Steem will not be excluded.
Chart powered by worldcoinindex.com
Today I recommend to either buy a small amount of Steem, or just watch the story unfold. We do not need to be hasty, and the future is looking great for the Steem Blockchain.
For the past 18 months, the Steem Blockchain has been battle-tested by users on the likes of Steemit, eSteem, Chainbb, Busy.org, and the various apps and tools querying the data that is stored.
We have all been test subjects, and some of the subjects have been paid well for their 'testing' - very well indeed.
'Proof of brain' has been... errr, proven to work, and now this 'tokens rewards algorithm' that encourages people to create and curate content can be confidently dropped in to other locations.
source
Companies will soon be able to create their own tokens that use the same technology, an example of which was detailed in a recent post I wrote.
In my mind, this is where the growth area and focus is, and we will all benefit as companies issue their own tokens based on the Steem blockchain.
If successful, this can only mean one thing, a parabolic rise in the price of Steem. We just need to continue blogging, and hold on for the ride.
Congratulations! The test is complete, and next year the fruits of our labour (labor if you like American fruits) will be there for all to see.