Steemit: Is Steem Going Into A Downward Spiral? Will It Recover Someday?

clerkboy3 Level 1

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March 21, 2017, 7:09 pm

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Steemit: Is Steem Going Into A Downward Spiral? Will It Recover Someday?

I know there is some confusion over the 3 currencies on the Steemit Platform: Steem, Steem Dollars and Steem Power. On this article I am going to be focused on Steem.
After converting your currencies (Steem and Steem Dollars) into Bitcoins*, than you can convert into dollars, euros, sterling pounds or another currency.
* You need to have one account at either Poloniex or Bittrex, this article explains the process (I know, it is a bit complicated)

You can go to this website and see by yourself the extreme volatility and depreciation of the Steem currency in the last months…
It is quite worrying! Since 12 July till 24 August of 2016, the Steem currency was trading above $1 and from 10 July till 15 September of 2016, the currency was always above $0,50. Now it is much below those values (even with the recent increase in value it is still a 60% to 80% decline, few days ago it was 80-90% decline or even more compared respectively to $0,50 and $1). The decline can be above 98% (!!!) by comparing the maximum and minimum values of the currency since its inception…
Is the last “rally” or increase in the Steem value going to be consistent and save the currency?
Do you think the Steemit platform and its currency do have a future??
I would love to see the Steemit platform success
What are your thoughts on this issue??

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Cristian

I never heard of Steem before and personally, I don't trust anything that isn't bitcoin right now. To tell you the truth I don't even fully trust bitcoin either, it can crash anytime like it did in the past, destroying all of your investments in an instant.

0 7 years ago

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overcast

I have posted around 10 articles on steemit. And not much earned. I think I have to find out what else can be done with steemit. Because steeem power is very hard to earn. And spending that power to buy USD is even more so. And in turn this type of time investment is not even worth it these days.

0 7 years ago

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Corzhens

I have been subscribed to some sites that use their own currency although the usage is only for purposes of making the figures look big. Like one site with a currency that is equivalent to 1/10 cent. Anyway, with the current situation of Steemit I guess it can still recover depending on the users therein. But if the users will be leaving the site then it will sink down further.

0 6 years ago

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