What’s up, guys? This is Tai Zen. In this video guys, I want to share with you something that I’ve learned about Steemit. If you noticed, recently, the price of Steemit has fallen dramatically. It’s only 45-degree angle declined and now it’s kind of like going sideways a little bit.
I want to share with you what I believe is to be the cause of this a downturn. Especially now, that’s being listed on Poloniex and it’s more popular. It’s gaining a couple of thousand new users a day.
If I’m reading the statistics correctly on a steemit.com, that’s STEEMD on right the side at the very bottom will show you how many people are signing up. I think they have over 70,000 users now if I understand correctly. I think the last time I checked it was like a couple of thousand new accounts is being created every day.
In case you don’t know Steemit, it belongs in the cryptocurrency social media bucket with Scenario and Akasha and a few others. They’re using the blockchain technology and cryptocurrency technology to build a social media platform that’s censorship proof and all the other stuff. It’s the first one that’s actually working.
The reason why I believe that the price is falling is there are so many new users that are coming into the Steemit platform. When they earned money on their blog posts, they can’t believe that it’s actually real because it’s the first time they’ve had any experience with cryptocurrencies. They can’t believe that this is really making them money for writing a good blog post.
Because of that, they think that it’s some magic internet money and they’re just cashing the money that they make from all the blogs they post out and converting it to Bitcoins, then converting Bitcoins to USD.
There are two groups of people. One group is making money from the Steemit post and they’re immediately converting it to Bitcoin. Those are the people that have some type of experience with cryptocurrencies and they know a cryptocurrency is legit. They just don’t know if Steemit is legit or not. Therefore, as soon as they make any Steemd dollars, they convert it to Bitcoins and keep it in Bitcoins.
Now, there’s also that larger group of people who are new to cryptocurrencies. You see a huge wave of new users, especially very popular YouTubers, coming to the Steemit platform. They’re all of a sudden now post something on Steemit. As a result, their followers are following them over to the Steemit platform. They’re creating new accounts and upvoting their favorite youtube. In return, the YouTubers are getting money from it and they don’t realize that it’s real money. They’re just going to cash on it while they can before it runs out.
That’s the reason why I believe the price of Steemit has been falling.
Obviously, there are people like myself who are experimenting with Steemit. As soon as we make money on our posts, we do not cash it out. We just leave it there.
Then, there are people like the Dollar Vigilante, Charlie Sram, who are popular guys in the cryptocurrency community. When any of these popular names from the cryptocurrency world make money from their esteemed accounts, they’re converting a small portion of it just to test it out to see if it’s legit and is real. They’ll keep the rest in there just to see what happens so they can report on it like me.
However, the majority of the public will not understand that, so they’re going to cash it out and convert it to Bitcoins and to USD.
That’s the reason why, in my opinion, the price of Steemit has been constantly falling since they started new registrations. Hopefully, this video helps you guys out and eliminate some of the fear and anxiety that you might be having while you are holding onto the Steemit investment.
Thanks for watching this video.
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