Is STEEM 'dying'?
Both are 1 year logarithmic charts measured against the USDollar. First, STEEM:
Major risk of breaking through to fresh lows. Only during a brief price crash during the first months of STEEM's history was it ever cheaper than it is now. The entire blockchain and all its content is only worth 73 million USD.
And now the entire crypto market:
Very similar, up until the low (set at Christmastime). After that, STEEM has made a bearish 'head and shoulders' pattern, while the overall crypto market has made a bullish pattern of higher highs and higher lows.
Posts that point out and document these facts are generally not supported by the community. We should not mistake lack of upvotes for inaccuracy - this information is correct. It's not welcomed or appreciated, but sometimes reality is like that. I still think it's important to pay attention to fundamentals and financial data even when things aren't as we wish.
Yesterday, I was asked to leave the community by someone who didn't like that I had noticed that many are asking "Is Steem dying?" His response was that "Steem is immortal" and will never die. While true that a blockchain will continue to function as long as people use it, there's no guarantee people will always use it. Steem could die if people stop using it, which appears to be happening now. Mentioning websites that rose to popularity and then disappeared into internet history, like Myspace, is appropriate. Steem can't go to zero, but it can lose 99% of its current value, over and over and over again without limit. And it can never completely be destroyed, as long as the internet lives on, but that doesn't mean it will always be a vibrant successful community. "Steem is immortal" is a simplistic view, and being used to justify ridiculous arguments and decisions.
Communities can die. Even ones that utilize blockchain technology.
I'm not saying I want STEEM to die. On the contrary, I want it to succeed. I'm 100% all in STEEM, and have lost 99% of my savings, but I'm staying in. Steem on.
DRutter