Steemit Price up almost 62% What the....

in #steemit8 years ago

That's the biggest jump I've ever seen.

Any guesses as to why?

@steemike

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You aint seen nothing yet.... I think, this isn't financial advice you know what nvm lol

Now at 68.4% That's just nuts. People are tripling their money in a day...

I look at ETH volume on poloniex and think about if they jump ship to steem a lot these days lol. I hope people short this pump here so I can get some more while its still 30 cents

btw I would upvote this post just waiting for my vp to recover

Yeah, crazy. Race to the bottom. I think the market is just acting irrationally. Mind you, some of them could be turning to Steem. It's very possible.

markets acting irrationally was when the whole world ignored my pleas to disregard eth and they sent it to a billion in marketcap lol

In the short term, it is hard to distinguish increase in value from flow.
IMO, this can be a reflex from the inflation protocol changes.

Oh and as far as why it is up. It is definately due to the lowered inflation rate after the hardfork in a few hr

Because of the Hard Fork

Just remember that there's only one fundamental change in the hard fork that should have an instantaneous effect on price, and that will come into effect in one week: the change to a 13-week power down instead of a 104-week. In one week, the effective liquid supply of Steem will likely increase instantaneously, which may have the effect of decreasing the price.

The decrease in inflation from the hard fork should increase the price long-term, but IMO there's nothing about the inflation change that should cause the price to rise 68% in one day.