Thoughts on Selling Pressure by meno

steem · @meno · May 9 '19

$7.65

Thoughts on Selling Pressure

I often think about the selling pressure that projects like STEEM have to deal with. I mean, it seems somewhat obvious to me that when the prices are so low, like they are now, more and more people would opt to hodl as we say. But, it doesn't seem to be the case at all.

https://coindoo.com/wp-content/uploads/2018/09/steem-cover.jpg

This is not to say that there are no people taking advantage of the low prices, I for one have been powering up everything I can, and know of other users who have also taken this approach. That being said, the slip down in Satoshi valuation tells me that the sell pressure is not really easing up, and I can't help but to speculate on the reasons why this is.

There are those who live off STEEM and thus require to sell, but they are not the majority and dare I say the volume of STEEM that gets sold for this purpose is probably insignificant. So, where is the big chunk of sales coming from? Is it really coming from Steemians?

One could say without a doubt, that there's a considerable amount of people who are just STEEM traders. This is to say that they don't participate of the community in any way, they simply read charts and try to catch the waves. These speculators are important for liquidity, and thus are necessary for the health of the ecosystem. But, do they truly dictate the price? Does the community affect the speculative market at all?

It's not unreasonable to think that if more and more people would power up, the result would be that we would dry up supply and thus demand would take over. In this sense, it seems obvious to me that the community can <b>affect</b> the speculative market through long term behaviors. But, the truth is that there is little to nothing anyone can do, to affect the behaviors of the masses simply through logical reasoning.

So what's the answer, you may ask? I think the answer is so complex, that it's probably impossible for me to break down on a single post. Truth is that the way that supply dries up is connected to experiential value, not just the value of STEEM as a virtual commodity. This makes it to where the only plausible solution is to have more projects that focus on creating an engaging experience for users. Of course we have games and other dapps that are working on that front, and yes they are contributing, but in a macro sense they've not taken over the tendency, at least not yet.

It's also very likely that most of the sell pressure comes from the cost of paying for the infrastructure of STEEM. This means basically, that the programmed sells offs of Steemit Inc which are necessary for them to hit payroll and pay the bills, added to the sells from witnesses and RPC node operators, etc, are too heavy at the moment. Could this be solved? Well, it seems that on this particular front we are making way.

As a matter of fact, it's speculated that with the full implementation of MIRA the cost for Witnesses would fall so low, the break even point for TOP 20 witnesses would be under 1 cent STEEM. If those numbers are accurate I'm not entirely sure, but they do seem promising.

All this writing and random thoughts to ask: Are you taking advantage of these low prices?

MenO

👍 therealwolf, chbartist, modernpastor, busy.pay, alexis555, curatorhulk, jphamer1, meno, holger80, nothus, steem-ua, eonwarped, talentclub, paulag, cub1, c0ff33a, ashtv, stevelivingston, futurethinker, harrisonmir, kubbyelizabeth, newageinv, evecab, edicted, crimsonclad, clayboyn, scaredycatguide, paintingangels, ivanfurqanpurba, steembirds, remlaps1, zyx066, r0nd0n, amberyooper, abh12345, moon32walker, sbi6, cpol, tipu.curator, tigerrkg, cryptogee, daudimitch, amymya, k0wsk1, teamsteem, cmp2020, ghostdylan, diabonua, chesatochi, banvie, silentscreamer, bookkeeping, saintchristopher, karinxxl, hoist, teutonium, botreporter, accelerator, howiemac, luisferchav, themightysquid, swiftbot, trevorpetrie, myotherstuff, and 103 others

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@mihirbarot · May 9 '19

$0.04

Its time to HODL of STEEM. And when every body who doesn't believe in this project they all will be out and we will see a healthy grow.

Posted using [Partiko Android](https://partiko.app/referral/mihirbarot)

👍 meno, toofasteddie, majowonline

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@fknmayhem · May 9 '19

$0.02

> But, do they truly dictate the price? Does the community affect the speculative market at all?

Yes, they do dictate the price. Lacking any genuine token utility they do dominate the price especially in an otherwise typically down pressure market.

The main problem is with *community* is that community alone is not transactional. *Blogging* as such is social capital, social capital of zero value unless made transactional. Transactional can be ads, for many a "guru blogger" it are (genuine) affiliates and/or services they sell. By genuine affiliates I mean affiliates to products rather than "Yet Another Shitdrop™".

Additionally, Steem - and crypto in general - still being young also comes with no real quality selector yet. At the same time the price is also pushed downwards by the staking mechanics which do not incentivize long term investors to buy and HODL while others look at maximizing from the pool due to focus on short term.

Community **is** awesome and community **does** matter but unless the community can create transactional value, beyond "circle jerk", which is tangible for investors... traders will dominate the patterns of liquidity.

It's the usual hunt for token utility. Utility which eventually drives the value of the token.

Another thing which would be of massive value would be when existing stake/reserves is used more, especially if used to "hack the media". There is so much unused "reserve" available which could be put to use and generate positive media week after week. But it doesn't happen. ¯\\\_(ツ)_/¯

👍 meno, jadabug, edm0nd24

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@stevelivingston · May 9 '19

$0.03

Can't help but feel that it's mainly down to programmatic selling by steemit mixed with a singular focus on btc on the buy side (at the expense of all alts). It's only (crazy) steemians (like us!) who are still buying and powering up.

MIRA should hopefully go a long way toward easing the sell pressure going forward.

Posted using [Partiko Android](https://partiko.app/referral/stevelivingston)

👍 meno, tamiil, harvhat

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@tamiil · May 9 '19

$0.02

MIRA should also make the user experience better for newcomers thus increasing the potential for new users who Power Up. What I'm talking about is the decreased RC costs for everything that comes with reduced infrastructure costs MIRA brings.

👍 stevelivingston, cheneats

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@stevelivingston · May 9 '19

Agreed

Posted using [Partiko Android](https://partiko.app/referral/stevelivingston)

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@jphamer1 · May 9 '19 (edited)

$0.71

People are just binning everything they have at the moment there is too much fear with all the hacks, and tether FUD. Just learn from it and buy up other peoples mistakes. Alt coin Capitulation is here and its not pretty.

👍 jphamer1, meno, tramelibre, ezravandi, jadabug, penghuren, cheneats, carnot

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@meno · May 9 '19

Yes, capitulation alright...  there is sure to be a big bounce of alts coming up soon.

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@jphamer1 · May 9 '19

$0.73

Possibly, im not sure what will happen. There is alot of Apathy i think maybe people wont get excited until Bitcoin pops 20k again. Money should start to flow around then. What ever happens buying now is going to be a winner in the end.

👍 jphamer1, tramelibre, ezravandi, delabo, jadabug, hdu, votes4minnows, carnot

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@tts · May 9 '19

To listen to the audio version of this article click on the play image.
[![](https://s18.postimg.org/51o0kpijd/play200x46.png)](http://ec2-52-72-169-104.compute-1.amazonaws.com/meno__thoughts-on-selling-pressure.mp3)
Brought to you by [@tts](https://steemit.com/tts/@tts/introduction). If you find it useful please consider upvoting this reply.

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@armadilloman · May 9 '19 (edited)

$0.03

Some people run into the gunfire, most run away.   Some see opportunity in danger other just want to, need to, get the hell out of the way.   I think one thing for some is just the need to do something, anything.  And selling some feles like running away from danger, not towards it.

👍 meno

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@harvhat · May 9 '19 (edited)

$0.03

It's down because the grass is greener elsewhere and there's too much scamming and gaming the system here. Serious issues which aren't being addressed. The people who benefit from them have too much power. The price will maybe have to go a lot lower before all the abusers jump ship. They got in for very cheap or free. That's what needs to happen before the real change can be made. It is sad.

👍 meno

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@pagandance · May 9 '19 (edited)

I traded all my altcoins for Steem just a few weeks ago, seeiing that we were near All Time Low of 2017. Normally, this would have acted as a good and strong support level.

And then! Bang! Right after that, One surreal post after another from the Steem(mis)management.

Beginning with the totally incomprehensible - still can't believe they did it - about wether we should replace the flag with downvoting.

The most insulting post to Steemit Users I have ever seen on this platform.

And this was only the beginning.

Then followed 2 other posts that said we have to post memes on other social media and the other that Steemit was going to campaign on Twitter.

(Incredible)²

How on earth can you imagine promoting a crappy website that is full of toxicity with over 1 million users classified as "dead fish".

You only go promoting something when you have a nice working product you can show with proud and NOT when your thingie is still a beta product that is become worse and worse and has become nothing but an echochamber with lots of side-dungeons where only diehard tech-nerds seem to thrive.

So as soon as the price went below the All Time Low of 5675 Satoshi I dumped all of my Liquid Steem.

Steem main objective no longer seems to be a social media platform, but just another platform coin to build all kinds of arcane "dapps" on top of it.

It had a very promising outlook at first glance, as "the new facebook, twitter and youtube", but those who designed it didn't have the user in mind, but were only interested in creating a digital capitalistic experiment, mimicing the American experiment, with a 1% elite ruling and bulliying everybody around.

https://www.reddit.com/r/steemit/comments/bl24ga/what_are_the_biggest_problems_that_people_face_on/

👍 meno
👎 abusereports

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@moon32walker · May 9 '19

$0.07

Speculators gonna speculate, builders gonna build, hodlers gonna hodl. At this moment there are more speculators than there are other groups.

Like you said steemitinc's huge stake is absolutely not helping, also there are still a lot of people who haven't finished their powerdown cycles. I think most of the dumpers are planing to buy lower once the price reaches that sub zero low point.

Whatever happens I'll be exploring Nextcolony galaxy, I'll be flipping  Splinterlands cards, I'll be selling dope in DrugWars and occasionally I'll write something.  Steem is still on!

👍 meno, tramelibre

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@edicted · May 9 '19

$0.07

morale is so low right now, blood in the streets.

### I wonder if it was like this in Summer 2016.

![steem-summer-2016.png](https://cdn.steemitimages.com/DQmSMZKGpiP5Eo9pseX4231cE1DJe9MSqjGDs42RYK7VWiD/steem-summer-2016.png)

# What about summer 2017 when Steem was 7.5 cents in March?
![steem-summer-2017.png](https://cdn.steemitimages.com/DQmSS8t7Ti8vTUiqT2xb9MzX5Cn61EhLWg9Uf3Yqfmh9hzi/steem-summer-2017.png)

# If history repeats so many people are going to be kicking themselves.

![steem-summer-bull-speculation-2019.png](https://cdn.steemitimages.com/DQmbJ4yLBCSrznGRBqm8L2eNW4HEyZ3FgCxAovaZnD975VS/steem-summer-bull-speculation-2019.png)

Business as usual I suppose.  
What's the definition of insanity again?

👍 meno, stephen.king989

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@chesatochi · May 9 '19 (edited)

$0.03

I see it like a huge opportunity and I am going to increase my position soon.

👍 meno

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@amberyooper · May 9 '19

$0.04

Just going by the belief that steem won't fall through the floor and die, now is an excellent time to invest in more steem.
Of course, if you are one of the people who fear that steem is on the way to dieing, you're probably trying to bail out before the ship sinks...

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@rishi556 · May 9 '19

I sell in order to pay for servers that I use to host servers for STEEM projects. It doesn't cover everything, but does help me pay. I'm not powering down for it though(powering up to @giftgiver so I can delegate to people who need it from there).

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@c0ff33a · May 10 '19

$0.03

I’m buying in and powering up all the time, it’s still a great time to bit buy and I still feel the future is very bright.

But the sell pressure is really driving prices, I’m not even really looking and I see power downs and big transfers out all over - forget Steemit inc you’ll be surprised where else it’s happening and it’s not to cover costs of servers.

Posted using [Partiko iOS](https://partiko.app/referral/c0ff33a)

👍 meno

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@meno · May 11 '19

a big move up is due my friend, we just have to be patient.

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@verifyme · May 10 '19

@meno You have received a 100% upvote from @botreporter because this post did not use any bidbots and you have not used bidbots in the last 30 days!

Upvoting this comment will help keep this service running.

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@newageinv · May 11 '19

$0.09

Buying every month no matter what... Long term is the important target; enjoying the journey as we go!

Posted using [Partiko iOS](https://partiko.app/referral/newageinv)

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@steem-ua · May 11 '19

#### Hi @meno!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your **UA** account score is currently 5.954 which ranks you at **#362** across all Steem accounts.
Your rank has dropped 4 places in the last three days (old rank 358).

In our last Algorithmic Curation Round, consisting of 179 contributions, your post is ranked at **#17**.
##### Evaluation of your UA score:

* You've built up a nice network.
* The readers appreciate your great work!
* Good user engagement!


**Feel free to join our [@steem-ua Discord server](https://discord.gg/KpBNYGz)**

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