Why is the daily trading volume of Steem and SBD so low? Steem is a top 50 coin and has a tested blockchain, an actual product (not just a cat game) and thousands of users! I cannot find a specific reason why the daily trading volume is so freakin low!Steem was ranked 130th last month in daily trading volume. Check it out.
A lot of the other coins in the top 100 have daily trading volumes ten times the size of Steem, yet they lack an actual product and they are mainly just imitations of top 15 coins or even shitcoins. It is hard to fill orders of over 1000 steem on both Bittrex and Binance. Just a few months ago, traders showed great interest in Steem.
I understand that we are going through a bearish market, and recently went through an insane bull market, but the drop seems very drastic to me. Why are investors/traders not interested?
Here are some of my theories:
1. They realized that anyone can earn Steem/SBD quickly by writing a decent article and using voting bots and resteeming services (yes, I use them too), thus making it too easy to acquire steem and causing a drop in value.
2. They sincerely lack confidence in the project.
3. They are afraid of the “bad whales”ruining everything
4. They are waiting for the platform to be more developed
5. They aren’t being exposed to Steemit due to all the ad bans
6. They don’t like the witnesses
7. Alot of the famous crypto youtubers dont discus Steemit anymore
Could a lack of liquidity greatly affect Steem’s price in the long term?
What are your thoughts?
I think that the main reason for the decrease in daily trading volume of Steem was the tightening of the rules in Korea, now to trade on crypto-exchanges, Koreans must tie the cryptowallets to their bank account.
In addition, Dan brought to exchange huge stacks of Steem...
It seems like there is so much infighting these days on steemit.
I hear so much negativity about whales on the platform now. They were supposed to be the ones helping the small accounts to grow.
There has been a lot of abuse on the platform that i think has also stunted the growth, i think a lot of people start on the platform and when they realise just how complex the economics of it is, they get intimidated.
Even with the price of STEEM at 1.5usd , Very few have 750usd to become a minnow. And getting there organically would be a full time job to say the least. There are so many users that are getting their but they invest so much time and energy in the platform.
I hope that this platform grows and sees more users, but i dont think it can be marketed as a "profitable" social media platform for most users. Most users will be very disappointed and abandon when they peg their expectations to the "trending" page.
However in light of the recent Facebook fiasco, i do hope to see a lot of new users on the platform.
I guess steemits success is in the hands of the developers. Only they can solve steemits deepest issues.
Take advantage of the low pricing now so that you will be ahead of the curve when the rest of the market catches on.
I want to, but the volume is scaring me.
I think the loss of interest is not directly related to #STEEM and #Steemit. The overall cryptocurrency market has declined aggressively which have left many people disappointed and disinterested. There have been numerous articles about the decline in Google searches for Bitcoin and others. Many Youtubers have also seen their channel views also decline with the market. Unfortunately, the market are very correlated to whatever happens to Bitcoin. However, this may change in the future when longer term investors step into the market and invest in the major projects that have a viable projects that can grow. Given the flexibility and scalibility of the #STEEM platform, it could gain interest relatively quickly.
Lets hope for the best.
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