I'd like to start with announcing that I love Steemit and I'm hooked. I'm not an expert here so don't quote me just yet about my take on this.
Steemit is a unique information sharing platform with a business model that allows all the entities involved get at least some kind of value out of it. Everyone who touches it seems to love it. Certainly I have been spending couple of hours here everyday.
It is interesting that most of the current social networks are dependent on the advertising. You get loaded with advertisements as you go onto the Facebook or Youtube. As they are big corporations that somehow need to make profit from their big user base. And that isn't the case for Steemit, at least not yet. The development team got their money from an ICO and the users get payed as the people are buying STEEM tokens on exchanges for Powering Up or just speculation. And it doesn't matter if it is expert trading or "dumb money" and speculation. The money is flowing in and we, the Steemit community, are the one who get the most benefits from it. More money means bigger the market cap for the STEEM and higher the price. Everyone likes to see their currency being competitive and rising at a decent rate.
As the market is recovering from the recent price corrections, STEEM is looking strong. After price touched the bottom of 60,000 satoshis yesterday, alot has changed. We are in a bullish market now and currently sitting around 70,000 satoshis. But that is to change soon. As I expect to price be back at 80,000 satoshis in no time. And if the Bitcoin and Ethereum are fine, STEEM can return to previous heights. Let's all hope that Ethereum's problems don't repeat and we can continue with our somewhat predictable cryptomarket trading.
