Good day Steemian welcome to today's Steem price update for 8/3/2020.
I have been posting the Steem price update since almost the very beginning of Steemit.com.
Many have came here to discuss the daily Steem price's and changes for over 3 years now.
I also want to mention incase your wondering that when something doesn't seem normal from the other regular "Price Updates" that the daily Steem price posts do occasionally change their format from time to time.
But regardless of changes we will carry on as usual and by this I mean knowing the price of Steem as it's important for your daily plan or strategy.
And even if you are not planing to do anything with your Steem I still recommend checking out these updates and so keeping an eye on the price.
So without further ado lets take a look at today's Daily Steem Price change for 8/3/2020.
Should you be trading with Steem today...?
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There is always something going on around here. Well if you have been following the madness lately you may know that not so long ago Justin Sun brought Steemit INC. Yes that's right so Ned is no longer the owner, but with that said the purchase of Steemit INC to it's new owner of course came with ALOT of Steem Power. These are many millions of STEEM held by certain Steemit INC accounts and the promise at the time is that they are not to be used for voting on posts or witnesses as it was mined early on and was to be used for development costs only, well that was the plan with Ned in charge. Basically there is enough Steem Power in those accounts to knock out the Witnesses and replace them all with someone of your own choosing. And I guess in theory that is what Justin Sun as just done but not in the way that you are probably thinking. And this is because when Tron bought Steemit INC many in the community got worried that Tron could replace the witnesses with their own and so taking over the whole blockchain. So the action decided was to lock temperately out Tron from these accounts by freezing up their holdings meaning that Tron could not do anything with it, just like the initial agreement with Ned until we can confirm the blockchain was safe. That decision itself was indeed not a great start to this new relationship between Steem and Tron that's for sure but since there was no communication from Tron would you wait and risk the chain being taken over? Anyway that was the response from Steemit's Witnesses side to protect the blockchain but it didn't end there. Tron's response to this move was to gather from exchanges Poloniex, Binance, Huobi which hold much Steem and get them powering-up all that STEEM to have enough STEEM POWER for Tron to then up-vote all it's own witnesses in and replace the balance of power by making himself in-a-way "director" of all thing's Steemit. Which means that he could make his own Hardfork and unlock his main accounts again. There was a post explaining Justin's reasoning behind it apparently the witnesses who done this to he's account were now called "hackers" the post also contains reassurances that the Steem blockchain would not be moved to Tron without first the communities approval. So what does this mean for Steem? Well perhaps it's a demonstration that Steem unfortunately is not as decentralised as some of us may think, still it's steps ahead of our current day of capitalism.
I'm better now 💛 but the weather doesn't seem to be getting any warmer. Still like many had already predicted the Steem price started to rise in February this seemed regardless of what some would say is a bad or good move for Steemit INC to be sold over to Justin. The price did rise but many complained it's was only a little bump, still those with some SP behind their accounts already noticed the difference in benefits for having some skin in the game.
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If you can spare a little cash why not also power-up and show Steem a little love this February.
The goal is to reach 10.000 SP I have been on here for over 3 years and have never powered down once, meaning your votes are safe with me and help retain Steem's value. We totalled 7.841 SP at the end of 2019 and so that is what we started the year with. So if you want to help me jump-start this quest to lock away 10.000 Steem Power and retain more of Steem's value please consider leaving your best vote below.
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On Nov 22th the price of Steem fell to $0.10 this was the fault of Bitcoin as it dropped to around $6580 marking the lowest Steem price for 2019. In 2020 Steem's lowest was already better then in 2019 at $0.11 not only that but as you can see the Steem price is now higher then what it's been in months! It's only been recently we have seen jumps to $0.20! We broke record on February 12th at 0.23, but Steem still continued upwards. Would you believe it actually reached it's highest peak on Valentines day 💕❤️💓💓 Feb 14th at 0.29 STEEM. Perhaps there is more to this Valentines day thing after all eh?? But still in 2020 this current price brings in a great opportunity to buy-in for cheap a good amount of Steem Power for your account to those who can see it's amazing value by continuing to powering it up. My payments for buying into Steem were getting declined by the service I used but found a different method. Initially it was working great except for when I brought a higher amount, while I could still buy Bitcoins they seem to have errors when buying Steem in bigger quantities. Anyway as for Bitcoins it was back in October 26th when it last reached $10000 we did almost reach it in 2020 on Jan 19th but it is now better as it's cruising above $9000, Bitcoins did however reach $10000 on February 9th. There was alot of talk about Bitcoins coming out the bear market but to be honest Bitcoins had actually been going slowly upwards since Dec 18th 2019 and so far as stopped the trend in Feb 13th 2020. As for the SBD price it also dropped along with Steem and Bitcoins at the time of decline, it continued dropping slowly with Nov 13th being the lowest, followed then by in Nov 22th, it recovered for Nov 29th but there was not really any change until recently. SBD's went above $0.70 on Jan 18th which was last seen in Dec 22th and now Jan 24th marks this year's new highest at $0.92! Wow that was close to reaching the $1.00 mark right? We have not seen $1.00 worth of SBD's since Jun 28th in 2019! Well until now of course in Feb 13th.
TRON Owns Steemit INC.
Steemit INC was brought by the head guy over at Tron "Justin Sun" there was much worry on what would happen to Steemit INC and it's development team plus all their hard work in bringing us SMT's and communities for 2020. Many had seen tweets from Justin Sun claiming there was going to be a conversation of STEEM to TRON Token but from the live AMA with Ned and Justin he promised everything would continue as it was and that communities would be out in a week. Well the man "Justin" was not making-up stories as some days ago you could clearly see communities were launched. As for SMT's if your curious the whitepaper is the most authoritative reference for understanding what they can do for us in 2020. The best way to think of it all is like giving users the ability to create their own Steem-like-tokens. You could test out the Steem communities in the Steem BETA that was open for everybody, but it did seem to have it's passwords changed at some point. What about the people who got in first taking all the good "community names"? Well don't worry because as you can see from the community tags like "hive-169926" this is not a problem as you will still be able to get the name's you want for your own community regardless of someone else already taking the name you wanted. Steemit INC are also involved in the burning of Steem, as of right now alot of extra Steem is floating around because of the SBD conversions, also some of the gained rewards go towards the SteemDAO. There is also a proposal about power downs going on, from their current 13 week track of "powering down" too a new power down track of only 4 weeks, what do you guys think of this change? In the past new projects for Steem could receive a delegation but now Justin Sun is in control of the delegation account will there be changes I wonder? As projects most likely to receive any delegation are only for the ones who are offering the most value. So in like terms of a mix of services, fiat, crypto, utility tokens, equity etc. Projects had to compete for such delegations. This is because they can be of really good value, a project that had a 1M SP delegation for a year as gotten around 10,000 Steem per week for 52 weeks! That's around 520,000 Steem and so worth around $50k, and if you think modestly in the past that's even been worth as much as $500,000💛! Justin Sun as done away with Steemit's advertising model to improve the users experience on the website 💕 and while I think this is a great move 💛 perhaps we could do with the money in this current unknown situation.
If your a business or interested in marketing and finding a community of active users thanks to this wonderful platform I would advice you to invest in some STEEM Power first to gain more trust and view-ability withing the community.
Always do your own due diligence the above is only a opinion.
