Please @steemit, let the STEEM price to breathe a little for some time…
@toofasteddie
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:
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…
@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:
@abit
@actifit
@aggroed
@arcange
@blockbrothers
@cervantes
@coingecko
@cryptopassion
@curie
@dragosroua
@drakos
@emrebeyler
@fyrst-witness
@good-karma
@gtg
@holger80
@klye
@lukestokes
@mahdiyari
@partiko
@pharesim
@quochuy
@roelandp
@steemitboard
@steempeak
@steempress
@swisswitness
@themarkymark
@therealwolf
@yabapmatt
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.
Just, keep using your witness votes doing an important work.
Steem on!
Visa, Mastercard, PayPal and Uber are all backing Facebook’s new cryptocurrency, according to a new report.
The Wall Street Journal reported Thursday that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency, a stablecoin that has been developed in secrecy for more than six months. Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency.
Stripe, Booking.com and MercadoLibre are part of the project, according to the Journal, though the report does not specify what their roles are.
Hackers are now accessing wallets containing cryptocurrency stolen from Binance in May. Coinfirm, the company that tracked the original few moves in early May has spotted a massive outflow from the original hoard of wallets created on May 7, 2019.
Coinfirm’s CEO, Grant Blaisdell, wrote:
The attack was conducted using diversified techniques including viruses and phishing. According to Binance, stolen funds constituted approximately 2 percent of total BTC holdings of the exchange. In order to prevent user’s funds from being affected and guarantee stable work of the platform, Binance used its SAFU fund to cover the loses. The Secure Asset Fund for Users was established on July 14, 2018 and consists of 10 percent of all trading fees.
Another top executive is leaving ConsenSys.
Chief Marketing Officer Amanda Gutterman is the latest to depart the ethereum venture studio, according to two sources familiar with the matter. A ConsenSys spokesperson later confirmed that Gutterman is stepping down from her role as CMO.
Gutterman becomes the third executive departure in recent months, with Andrew Keys announcing his new project on June 6 and former ConsenSys Ventures head Kavita Gupta stepping away in May.
The blockchain conglomerate, led by ethereum co-founder Joseph Lubin, emerged from a round of layoffs late last year that brought the company’s headcount below 1,000. The Brooklyn-based firm still plays an outsized role in developing the ethereum ecosystem.
Institutional cryptocurrency platform Bakkt will begin testing its first product, physically-delivered bitcoin (BTC) futures on July 22, the company announced in a blog post on June 13.
Bakkt, which has seen multiple delays over regulatory compliance since its original announcement in August 2018, will offer futures as the first in a series of offerings, full details of which remain unclear.
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US,” chief operating officer Adam White wrote in the blog post, adding:
“This is no small step. This launch will usher in a new standard for accessing crypto markets. Compared to other markets, institutional participation in crypto remains constrained due to limitations like market infrastructure and regulatory certainty.”
We all know that banks make it difficult for blockchain businesses by denying them access to conventional banking services and accounts. Well now, it seems insurance firms are throwing a spanner in the works for cryptocurrency mining businesses in Africa.
Old Mutual Insure, a pan-African insurance firm, is opting out of insuring the computer equipment used by cryptocurrency mining firms, a local news outlet reports. The insurance firm has taken the decision to refuse insurance, citing the unregulated nature of the industry, and that cryptocurrency is often associated with cybercrime as the main reasons.
“We are pleased to announce an update to the Netkoin website will launch on 14 June 2019.”
“Please don’t miss out on this Friday’s AGA held by Nick, GM of Gifto”
“UNCHAIN is a 2 day conference featuring the world‘s leading cryptocurrency and blockchain entrepreneurs.”
Deposit date: 10 June 2019. Listing date: 14 June 2019.
ZG Exchange Listing
Here is the chart of yesterday :
Here is the current chart :
So we were not able to break the resistance line at 0.43$ and it created a little rejection towards the next support line around 0.415$. Now we can see clearly we are sitting on this new support line. The important point now is to see in which direction we will go. We could use this support line to do a bounce and break the resistance line at 0.43$ or break that support line and again go in the south direction.
Last Updates
…and the history repeats again and again lately…BITCOIN corrects, STEEM shyly grows, BITCOIN stand up then STEEM goes down…Only yesterday STEEM was growing at 7% rate a day, while BITCOIN was stuck a between -2 and +1% rate, actually STEEM managed to recover from the 64th position to the 54th in a short time and it was really encouraging to see that good signal….
And now, we are back to the start, defending the former position in front of altcoins as the “very well-known” SOLVE or the famous THETA:
Of course if BITCOIN grows strongly, it pushed all the market prices, including STEEM but the thing here is that STEEM does not manage to grow at the same rate, even more, it used to decrease a little in relation with BITCOIN, which indicates that people sells STEEM for BITCOIN, continuously…
Since early April, we have a clear and solid resistance level placed at 0.45 USD. This level has been touched more than 5 times since then, and every time we get a rejection downwards.
50DMA and 200DMA weirdly travelling following the same path…no jumps, everything under “control”…
@steemit , @ned , the majority of the witnesses and some other major whales squeezing the lemon in a “controlled” way, while we, the “dreamer” steemians that still keep being active, try to squeeze their brain while searching for more options, more newcomers, more attention at tweeter, facebook and at everywhere… creating the SPUD day, promoting the Seven77 Challenge, creating palnet.io…
… A few hours ago, I have read a post from @klye which has been bombarded with a massive amount of downvotes of flags or whatever the name they want to use…a very sad situation indeed.
The post title is: “Power Down Halted… Time to Get Back to It!“
@klye is not only a witness but also a skilled developer, well appreciated, at least in the past, by the developers community at STEEM. This witness fellow decided to stop POWERING DOWN his STEEM stake and so, quit from feeding the exchanges with his “modest” STEEM extracted from the Power-down process…
In my opinion, that’s the kind of commitment I would expect right now from a witness…that’s why I am going to sacrifice one of my 30 voted witnesses for him…
I wonder what would be the price of STEEM right now if the biggest accounts would also halt their Power Down…
What would happen if all of them stop feeding the exchanges for, let’s say, a couple of weeks or so?
Would it be positive for STEEM to recover?
Would STEEM move within the 30 first places of the total market cap? and, if so, would not be a major attraction for investors to come?
I think YES.
Please, think about and resteem this post if you agree…
@toofasteddie
So here we are again at this price level that has become a sticking point for some time. We will see something new or more of the same?
Pendulum of Price
Looking at the daily chart of steem we see that this 40 cent area has been are line in the sand. Price closed above 40 cents a couple days ago and currently remains above it.
The real question is can we form some kind of base here to see possible price appreciation into the 50s.
Back in April it looked like price was firmly established above 40 cents and our upside wad near
Wednesday, June 12 — Top cryptocurrencies bitcoin (BTC), ether (ETH), and ripple (XRP) are all in the green. Cryptocurrencies on the whole are trending up today, according to data provided by Coin360.
Bitcoin’s 50- and 100-candle moving averages on the three-day chart look set to produce a bullish crossover – a sign of bull market momentum. Back in October 2015, the same cross marked the start of a long-term bull market.
This time, BTC has already rallied more than 180 percent ahead of the bull cross. As a result, we may not see a big move to the higher side immediately following the confirmation of the bull cross.
Prices could rise to $8,400 in the next 24 hours, having witnessed a bearish channel breakout on Wednesday. A break below key 4-hour chart support at $7,910 would weaken the case for a rise to $8,400.
The Takeaway:
With $63.2 million in fresh funding from 14 banks, Fnality is building tokenized versions of five major fiat currencies.
The digitized fiat would be fully collateralized by cash held at central banks and is meant to solve the “cash on ledger” problem faced by other financial blockchain projects.
The consortium says it is open to working with JPMorgan, whose JPM Coin project has similar aims.
Fnality’s tech partner, Clearmatics, is building these systems on a private version of ethereum.
Cryptocurrency exchange Ethfinex, the sister exchange of Bitfinex, has launched a test decentralized autonomous organization (DAO), the company confirmed in a blog post on June 12.
Ethfinex — which earlier this month launched a decentralized over-the-counter (OTC) trading platform — said it wants to decentralize control of its operations.
The DAO was built by DAOstack and is known as efxDAO, with an initial funding budget of $5,000.
“Today we reach an important milestone in our path to decentralised governance of Ethfinex,” the exchange’s community lead, Ben Wilson, wrote in the blog post. Wilson added:
“We have collaborated with decentralisation protocol experts DAOstack to create an experimental funding Decentralised Autonomous Organisation (DAO), efxDAO.”
An Indian government-initiated program is offering a course for undergraduates to learn about cryptocurrency, blockchains, and their use cases. This 12-week interactive course is free to enroll and learn from. Among the topics covered are Bitcoin basics and consensus. Meanwhile, India’s regulatory framework for cryptocurrency is reportedly ready.
A learning platform called Swayam, which was initiated by the Indian Government’s Ministry of Human Resource Development, is offering a free computer science course on Bitcoin, cryptocurrencies and blockchains. This 12-week undergraduate course entitled “Blockchain Architecture Design and Use Cases” runs from July 29 to Oct. 18. The exam will be on Nov. 17 for those wanting to obtain a certificate from the course. This is an All India Council for Technical Education (AICTE) approved Faculty Development Programme (FDP) course.
FinanceX lists XLM with VND and IDR pairs at 10 AM (UTC+7).
LTO Network gives a keynote presentation on LTO x IBM Watson at IBM Think Conference in Amsterdam.
Find out why #blockchain technology is beyond just crypto and FinTech and how it can help as a lever of sustainable development with #NEM…
“Join Qtum Official on June 13th at 4PM UTC for an AMA in the Trust Wallet Telegram group.”
“…The first issue of TENX Tokens to eligible token holders will be carried out on 13 June 2019.”
Here is the chart of yesterday :
Here is the current chart :
So yesterday I was saying you that the best scenario was a pull back on the support line as consolidation and after the continuation of the UP. We dropped more deeper than the support line but it looks like the market want again come back on that line. We are now sitting on it and we need a break out in one of the directions.
Last Updates
…that I didn’t know about the palnet.io chain and frontend…
You can use any steem interface to write and publish a post in the Steem Blockchain but if you want to earn more tokens, in this case PAL Tokens, you just have to add the tag #palnet in the post, whatever the interface you use…
…but what I learnt today additionally is that you can upvote any post at palnet.io and you will also automatically upvote the same post at the steem blockchain!
Perhaps it was so obvious for many but not for me at least… basically, you multiply the chances to be rewarded.
The only thing you have to take care about is the PAL Upvote percentage because the upvote at the STEEM blockchain will replicate the same percentage…
Honestly, I don’t understand yet what is the aim of the palnet.io project besides the double rewarding…perhaps it is just a question of becoming independent from STEEMIT? I would appreciate some explanations from palnet.io developers, for instance @aggroed explaining road map and perspectives because I really like the idea…
By the way, if you want to check your voting power in both PAL and STEEM check the following tool created by @blockchainstudio (thanks to @holger80 for the informative post):
https://economicstudio.github.io/vp/?a=toofasteddie&t=PAL
(just change my name by yours)
I think from now on I am going to use #palnet tag as the main 😉
@toofasteddie
Believe it or not it’s been already 5 consecutive days on which STEEM presents positive numbers in terms of price…
Of course I am speaking about the STEEM/BTC pair. The STEEM/USD pair is not bad neither but it is affected by the correction of BITCOIN.
What is interesting to see is that, both, the 50 and the 200 Daily Moving Average are now holding STEEM more solidly than ever and it is trying to break a known resistance right now, on a time not specially good for BITCOIN…
I really think we touched the bottom already on December, the problem is that there is an excess of STEEM available at the market due, mainly, by the major transfers performed by STEEMIT INC during the past months, some of them were really massive… in particular during early this year, and according to what I have extracted from the data obtained at Steemworld, STEEMIT did in a couple of months transfers to alternative accounts which withdraw STEEM to the exchanges in enormous quantities (millions of STEEM)…
So, even if STEEM has done the bottom there, the amount of available STEEM at Bittrex, Binance, Huobi etc… highly exceed the demand of the buyers…
Lately, STEEMIT has decreased the amount of coins transferred to the Exchanges…
We are speaking about a huge change from a few Millions to less than 1 Million of STEEM… this are very good news for everybody.
Hope they can maintain this withdrawal level in order for STEEM to recover a little bit its price… we deserve it as well.
@toofasteddie
Cryptocurrency exchange Liquid will reportedly be the first to host encrypted messaging app Telegram’s Gram tokens when they go on public sale, a press release confirmed on June 11.
Telegram, which has not provided an official statement on the move, became the focus of international attention last year when it held a private initial coin offering (ICO) for Gram, which raised $1.7 billion for its Telegram Open Network (TON) project.
A message from an unofficial TON channel on Telegram wrote that Liquid could be attempting to catch on to the hype surrounding the as-of-yet unreleased token, and that investors should wait for official information from Telegram.
Major South Korean commercial lender KB Kookmin Bank has signed a Memorandum of Understanding with blockchain technology firm Atomrigs Lab to jointly explore digital asset management and protection solutions. The news was released at a press conference at the bank’s office in Seoul on June 11.
The MoU — signed yesterday, June 10, in Seoul — establishes that the two partners will focus on digital asset market growth and new crypto-related businesses, according to Korean news outlet Yonhap News.
Atomrigs Lab is a firm specializing in blockchain development for the financial sector, and has been developing blockchain-based digital asset protection technologies using next-generation cryptography.
The community behind the privacy-centric bitcoin app Wasabi Wallet recently brought together 100 people to collectively execute a “CoinJoin” transaction on bitcoin in what might be the biggest event of its kind.
Some context: bitcoin itself is far from private, as users can, via the blockchain, see where coins are being transferred to and from. One effort to afford greater privacy to transactions is CoinJoin, a long-standing technology first proposed in 2013 by long-time bitcoin idea man and cryptographer Greg Maxwell. The idea is that transactions can be made more private by jumbling a number of different transactions together and then redistributing them.
At 100 transactions, Wasabi Wallet’s effort might be the biggest, but it’s certainly an advancement for the privacy tech as a whole.
So-called lightning network “watchtowers” — a much-anticipated next step for securing the network — are coming soon.
Watchtowers have long been considered a missing piece of bitcoin’s lightning layer, as they’re crucial for squashing fraud on the experimental, off-chain network that could make bitcoin payments faster and more scalable. With version 0.7 of the LND software release coming at an undisclosed date in June, Lightning Labs is launching the most complete build of a network watchtower to date.
When someone uses lightning, it’s necessary for someone using it to remain online to make sure their “counterparty” isn’t trying to steal those funds. But this is obviously a UX nightmare; for example, customers don’t have to monitor their Wells Fargo accounts every day to ensure that they’re not being defrauded.
The number of businesses accepting cryptocurrencies for goods and services has been growing, particularly for P2P coins such as bitcoin cash. Finding places where you can spend your digital cash is easy thanks to platforms such as Bitcoin People.
Bitcoinpeople.online is a merchant directory listing companies that support payments in bitcoin cash (BCH) and several other major coins and tokens. It’s useful for both potential customers who want to find places to spend their digital currencies and for businesses that are willing to accept digital assets for their products.
If you are a crypto entrepreneur, you can sign up and list your businesses for free. To do so, you need to register with the platform. Creating an account requires you to choose a username and password and provide a valid email address. You can also promote your brand as a featured business on the Bitcoin People homepage and on other relevant pages for about $1 per month.
Holochain AMA No. 27 on YouTube at 6 PM (UTC).
Vebitcoin Listing
On June 11th at 00:00 UTC we will reward TRON $TRX holders with 990,000,000 $BTT.
On June 11 and 13, #PundiX Co-Founder and CFO @pundixdanny will participate the panel “What is my #Blockchain” hosted by @LIDTEvents.
MATIC sponsors Hack@IDF hackathon from June 11-13 in Bengaluru, India.
Here is the chart of yesterday :
Here is the current chart :
As you can see on the chart, the STEEM is doing a nice UP today, and continuing its progression of the last days, ignoring the correction that we experienced yesterday. However, look the chart that I drawed today for you : Be really carefull with that double top pattern. We need to break that line very soon or if it si not the case and that we start to drop now, it will be a very bearish signal…
Last Updates
