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RE: STEEM has now lost 99% of its value since opening day!
can only hope it turns around ..eventually! and perhaps the new HF is just the trick👍😄
can only hope it turns around ..eventually! and perhaps the new HF is just the trick👍😄
You never know!
I hear that insiders are selling off massive amounts of STEEM on a regular basis, suppressing the price brutally over the past few months. If that's true, perhaps they'll eventually run out, and the price will be able to recover?
why would they be interested in suppressing it? devaluing their own SP?🤔 maybe soon steemit inc will be making enough $ from ads and they won't need to dump anymore steem to pay for business expenses ?
I'm not suggesting the insiders are doing it purposely to devalue the price. I just meant that they're dumping massive amounts of Steem, and the outcome has been a price crash (suppression). Not necessarily manipulation. The reason they're doing it slowly over time is because doing it at once would completely devalue the price and collapse the market (their stake is that large). Doing it slowly ensures they get maximum profits (even though the price naturally declines throughout this process).
But as for your question why they might be suppressing it.... you've heard about stocks being manipulated lower, so that some large buyer can make a massive purchase, haven't you? I think even Soros and Buffet invest that way. You've heard about big banks (or even countries) manipulating the price of physical gold lower, to make a massive purchase (transfer of wealth), right?
So that kind of thing happens in other parts of the economy. Why not in a crypto?
And you've heard about corporate takeovers? I'm not well versed in the corporate world of business, but I believe that sometimes companies will have their stock value driven down so that another company can purchase them at a discount.
You asked! :p
I really hope you are right about this because that would mean there's still a chance for STEEM. To me it sounds a bit too optimistic and yet I still continue the fight. I think generally if the whales constantly drain STEEM there would be nothing to push up the price. I am now more than an year here and I see when Bitcoin goes down, steem also goes down, but when Bitcoin goes up STEEM does not follow, unfortunately.
The new token mania is a call to a positive change IMHO, I just hope it isn't too late. At least it is a lot more interesting than before. 😉🍻
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I don't think the cure for problems in the Steem currency is creating dozens more currencies. I think we should fix Steem before we tokenize everything else. But maybe it's a lost cause, who knows.