Hello stemain, I am mostly a trader & investor not a good blogger but I will talk frankly about my concern regarding STEEM price and steemit in this blog.
The thing is that steemit looks relax in trending page, no blog about STEEM price not even in steem tag no specific blog about recent fall in price which surprise me really, we are talking about 55% fall in price in less than one month W*F.
Tow fact in mind
1- recently there was a blood bath of flagging war between big accounts, what we sae was awful, childish and embarrassing and maybe there is more behind seen. any way no need to mention names but it settled down or at least i hope so (some think cold war just begin), some whales are powering down now.
2- STEEM market is relatively small compare to other and am sure you already guessed it can be easily controlled by one whale in fact Poloniex sell order have less 2 million STEEM, one fat whale can have that. It is obvious that steemit controlled by whales and so do STEEM price.
There is two possibility :
1- Price fall because of BTC rise, that i think would be unlikely for tow reasons, first 55% is out of proportion to BTC rise (15% in same period), the second reason STEEM overall showed good stability compare to other Altcoin when BTC rise.
2- It have been manipulated, that is more likely to me but why? who will benefit from low price ? not sure about that but if cold war between whales isn't over yet getting cheap coins would be away to explain it but harming those who powering down by keeping price low is more likely.
It so easy for one whale to pump STEEM price back again.
Why support wall removed just after we started to get random comments about someone powering down?
Why no support now ?
To be honest this month steemit looks like a mafia community, strong accounts act like a lobby, voting for each other and attacking together!!! someone play steemit God by flagging people blogs because he is the one who decide how much rewards you should get.
A strong accounts abuse the platform and fighting over the kingdom, medium accounts feel unfair and small accounts wondering, this cycle caused thefirst steemit crash before 6 months.
is it second crash ?
a social media war just started ?
what do you think the impression newbie would be seeing strong account fighting over money, no matter how much you convince your self that it is a principle fight, it isn't?
As a trader & investor let me assure you that no reasonable person will put money in STEEM this days or maybe months.
Any way sorry if you felt offended, it is not my intention, I still believe that steemit have potential and what is happening is a growth pain not a disease, i hope so.
Stop killing a beautiful platform meant to represent average people hope .
