About STEEM prices and powerups [burnsteem100]
The weird thing to me is how the percentage of powered-up STEEM barely seems to change, no matter what happens to the price. See here, for example.
IIRC, it has been hovering near 36% of virtual supply since the time when Upbit delisted SBDs, and it was around 38% for a year or more before that. (The drop from 38 to 36 after the delisting was because of the massive wave of SBD conversions that created a boatload of new liquid STEEM. It had nothing to do with people powering down.)
It's very surprising to me that the power-up percentage doesn't seem to respond to STEEM price changes - at all - and I'm not sure what to make of it.
My expectation would have been higher percentages when prices are lower, and lower percentages when prices are higher (locking in profits vs. chasing arbitrage). We don't seem to see that though.
Why do you think that is?
I think that is because…
0.00 SBD,
0.64 STEEM,
0.64 SP
This is as good as any theory that I've come up with.
0.00 SBD,
1.11 STEEM,
1.11 SP
That flatline looks unnatural to me, like it's being built on a stagnant dataset.
Even if there's a fair bit of Steem sitting on exchanges, belonging to people who only own it for pump/dump and manipulation purposes (as in, don't even have Steemit accounts) it doesn't make sense.
I'd want to see more granularity just to make sure the numbers are actually moving., even if by a fraction of a percent.
0.00 SBD,
0.51 STEEM,
0.51 SP
Good point. Maybe I'm just expecting movement at too large of a scale. There definitely is movement at a more granular level (though I have no idea if it is correlated with price changes).
As far as the data, I have the numbers in a spreadsheet, and they're definitely updating. It's in google sheets, downloading once per day from the blockchain's global properties. For example, here are the raw numbers & calculated percentages from the last couple of weeks.
0.00 SBD,
0.24 STEEM,
0.24 SP
Well, then I'd lean towards the somewhat disturbing possibility that most of the large stake holders are so automated that everything stays pretty constant. Seems a little too even for my liking, but let's just say that whole large account SE Asian contingent run on some kind of system where they automatically power down every time they add 5,000 Steem (or whatever) so their stake never really changes by more than base inflation, over time.
Most of the South Americans and Africans power down in perpetuity because they need every cent to simply scrape by, so there's very little change there.
Which leaves a pretty small contingent to actually move the needle... but that still doesn't explain why it's so constant vs. the price of Steem. I'd expect way more price elasticity.
I'm just speculating... getting further might call for a major deep dive on STEEM movements through various exchange accounts still active here.
0.00 SBD,
24.07 STEEM,
24.07 SP
Yeah, I'm probably not that curious, but I agree that it seems flatter than I'd expect... especially considering that ~74% of new tokens are in the form of SP (if I'm reasoning correctly). There's natural pressure that should be pushing it upwards a bit.
0.00 SBD,
0.25 STEEM,
0.25 SP