Incorporating new weekly data from yesterday’s @penguinpablo post.
This week seems that we have managed to increase the amount of Liquid STEEM deposited at the exchanges by more than 800000 STEEM again…
Previous week the Value of Liquid Steem deposited at the exchanges was 112,938,418 STEEM
Current Week is: 113,769,695 STEEM
Difference: + 831,277 STEEM more than last week
TOTAL STEEM SUPPLY:
TOTAL LIQUID STEEM DEPOSITED AT THE EXCHANGES:
CONSEQUENCES?
BITCOIN:
STEEM:
STEEM/BTC:
Congratulations to all the big accounts doing a recurrent weekly power Down and withdraw process in a weekly basis and more in particular to our @steemit friends and associates as @gsr-io which this time has withdrawed only a little less than 200000 STEEM to the exchanges which is great!!!
…and still there is people thinking that this process does not affect at all to the STEEM Price, LOL…
Please, let the STEEM price to breathe a little for some time…
Complementing @exyle ‘s post this morning and taken the data provided by @penguinpablo in his weekly reports, the following are the charts related with the amount of total STEEM SUPPLY and the amount of LIQUID STEEM STORED at the EXCHANGES since the beginning of the year:
TOTAL STEEM SUPPLY:
TOTAL LIQUID STEEM DEPOSITED AT THE EXCHANGES:
The amount of LIQUID STEEM into the exchanges is still growing despite it seems that the curve is getting flatter , this quantity is so big that the price seems to be stagnant and sometimes even worse because, even if the general trend on the market is positive, STEEM seems to lose value in relation with the rest of the cryptomarket.
Why STEEM is losing continuosly price while BITCOIN grows?
Have a look to the following STEEM/BTC price, from beggining of the year till now…
…and now have a look to the massive entrance of 14 Millions STEEM within only 3 weeks by the end of January till mid February, starting just after the peak of the 22nd of January:
Steemit and other wales have been sending massive quantities of STEEM to the exchanges, and I guess they have been selling them in a very planned mode, not in one shot because it is impossible since Buyers are not sufficient to absorb such quantities…actually, what we have seen since early March till a couple of weeks ago is the STEEM/BTC continuous decay due to 14 Millions STEEM deposited on exchanges on February…
One positive signal can be the following:
Take the last month of STEEM/BTC chart and identify on which weeks we have more and less STEEM deposits at exchanges:
Same with the STEEM/USD pair:
For me it is a clear indication that there are STEEM BUYERS outside. But do you think they are sufficiently stupid to buy STEEM knowing that a whale monster as @steemit is permanently powering down and increasing the amount of STEEM in circulation at the exchanges week after week?
…and I wonder…
if MIRA has been already released 16 days ago…should not be the Costs of running the blockchain be reduced drastically?
Why @steemit is keeping apparently the 400000 STEEM per week Power Down Process and sending the full amount to an alternative account AKA @gsr-io which is at the same time withdrawing more or less the same amount to the exchanges?
Would not be a good time to inform about the real costs reductions dear @elipowell ?
Please, let the STEEM price to breathe a little for some time…
STOP POWER DOWN.
@toofasteddie
P.S: After having checked the top 20 STEEM witnesses, I found that still some of them are Powering Down, but I learnt as well that even if we would sum all the witnesses weekly earnings and we would “throw it” to the exchanges, this amount would be very little in comparison with the amount that @steemit itself is powering down… anyway, I am still thinking that a general STOP POWER DOWN EVENT should be very positive for the sake of everybody here and for the project in general so, my selection criteria for witness votes will take into account that requirement as well…for the moment.
Thanks to @crimsonclad and @svemirac for the constructive discussion on the topic in my yesterday’s post.
Yesterday I wrote this post on which I wrote that we should consider the option to start a campaign similar to the STEEM POWER UP DAY aka #SPUD but in the inverse way in order to see and quantify what is the effect on the steem PRICE if we manage by at least a couple of weeks to stop feeding the exchanges with fresh STEEM.
I have called it the STOP POWER DOWN MONTH aka #SPDM and I think the effect can be beneficial for every body, including witnesses and whales because if we create scarcity we would have a lot of chances to see STEEM growing at the CoinMarketCap.
Despite I am pretty happy with my list of selected/voted witnesses, I am going to start doing my particular campaign by removing my witness votes from those witnesses within the top 20 that keeps Powering Down.
For your information the following is my current list of witnesses:
I am going to analyse each one of them, if you are within the first 20 top witnesses and you still keep powering down I will remove my vote on you, at least temporary.
It could be great to know as well the opinion of the witness community…hope they comment.
It would be great if more steemians follow also this campaign, if you agree with me RESTEEM would be appreciated.
If you feel like not having time to do a proper analysis and still think that mine is fair , you can also choose me as your proxy that will vote for witnesses for you.
Just, keep using your witness votes doing an important work.
