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RE: Is this why the price of STEEM is struggling? STEEM Withdrawls 2017
Exactly. This is a long term game. I'm not worried about the price of Steem at all. This long exhalation was always going to happen. Once the whales cash out, and that Steem gets bought up by many more users, they will be much more likely to hold on to their smaller SP balances. This is a natural cycle in all crypto. Long fractals. It just means that when the price spike does come, it will be extremely fast and violent.
This is a long term game, and steem does need to change hands and the power be distributed among a wider base
Lets add in this point, if the price of steem goes up, so does the vote value. New people coming to steemit have been seeing 0 on their vote given. This is not very motivational.
I do think the problem here is people's lack of willingness to invest in Steem rather than any problem with the system. At the moment anybody can put $50 into Steem, that's literally pocket change, and as the statistics stand, that already puts them into a higher bracket of users than the majority, who have nothing. With just 50 SP you can see your voting power have a real effect, especially if fully utilised daily and the rewards powered up. But most people don't do that. Even if the Steem price goes up the proportions won't change. It will still take the same amount of money to buy a proportional level of voting power.
Thank you for your detailed analysis though, it's very interesting and much appreciated!
$50 is not pocket change to many many users here. It really depends on where you are from.
Yes, indeed! $50 can represent a big chunk of cash!