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RE: ScaredyCatGuide Calls It - STEEM Price Action is Dead!
Do you think the decline is related to the market calibrating to the utility value on steemit?
I think about it like this: Steem price hits $3, rewards get lucrative, draws in a bunch of new people - they post, upvote, comment which reduces the reward pool for the people who were here before. Then rewards drop, people leave after a few weeks, price declines and the cycle repeats with the next uptrend.
That is quite interesting. I wonder (and worry) about the utility value of steemit. That ebb and flow of rewards to rewards pool could have something too it. Suppose we will see how the next swing plays out.
Speaking of utility value, something that comes to mind is the diminishing returns on Steem Power as a self-voting author. It's value decreases once a self-vote can propel your post into the 'Hot' feed. From there your post is more likely to garner upvotes from other users that will outperform your own vote(speculation).
Yes, there seems to be "saturation points" in such items. Pretty good eye my man. Enjoying the comments.