Supply and Defend | Steem's price unphased by reopening of gateways on Binance
You can tell things are different when we see an increased supply result in higher prices. For one: The Euro has climbed tremendously despite (or maybe because of) the enormous influx of newly printed money (more than 1 Trillion in the last few weeks). Weird, they always taught us that more supply leads to lower prices but here we see the opposite.
You know where else we see the opposite? The price of Steem.
Despite all the warnings, voting shenanigans with the exchanges, the hostile takeover of the Steem blockchain and the ensuing tornado of bad press Steem's price is holding steady and even climbing. The difference to before is: Binance has opened the gateways again meaning people can withdraw their Steem but also deposit it to sell it.
You would think the mass exodus to Hive would have shown in the charts, that there would have been a major dump of Steem the moment those gateways reopened and people could sell the first half of their powered-down stake.
But "remarkably" price seems unaffected.
It would be a major candidate for "the market has priced everything in already" and I am beginning to see the possibility that all major dumps have long occurred leading up to where we are now, rather than to see the price dump now when "everybody" wants to sell their stake.
I am starting to wonder whether the majority are actually selling or whether there are more new people now who are buying Steem, unphased by all the recent trauma.
There will come a time when all of this is forgotten. If you don't believe me ask Ethereum investors today whether they are familiar with the ETH and ETH classic fallout, and you will probably hear merely a minority be aware of the issues back then.
My point is things blow over, even in the world of crypto.
We have about 2 weeks left for the 4 week window since #hardfork23 to pass. If we don't see a major dump by then I am starting to think we are never gonna see it. Not if there are big marketing plans for Steem in the background and certain groups are accumulating now that we are just above 22 cents.
Had hit the 9 cent mark twice, which would have been the perfect buy thus far. To see that all these bad developments around steem have not completely tanked its price yet should be a red flag. A red flag because Steem might just pump as much or more than other coins in the next bullrun that seems to be lingering just around the corner. Steem at $1 would mean a 5x'ing of your SP's value from here.
I don't exactly see that as impossible even when all heart has left the blockchain and moved over to Hive.
Don't underestimate the power of marketing and concerted campaigns to making terrible products successful.