It looks like the markets have got a little bit of a flu. Good time to buy if you have a little of something to spare. I was able to make some sells on Bittrex and now just waiting for some buys to flow through. The volume was incredibly low for some reason, and I am guessing that the lack of withdrawal on Binance is affecting the price there, as it is about 10% lower - however, our largest staked account will get its first powerdown available in 4 days, so the liquidity should increase and perhaps they will reinstate withdrawals.Worth buying some cheap STEEM there? That is my plan at least - if the price is right.
At the moment though, I don't know what a good price for STEEM is as there is likely going to be a fair amount more volatility due to the condition on the platform, as well as the probability of various forks. My head is still making calculations on habit to some degree, and my mindset is still to stack some STEEM for the future.
At least for me, the social aspect of Steem makes trading in it quite different than other coins, as there are multiple layers to the investment. Trading for example in Bitcoin, I don't have to consider anything else except for price going up and down and the technology itself. I don't know other traders, I won't care about their wins and losses, as long as I am able to increase my value. Steem brings in some level of social responsibility, even if many do not take it.
The other aspect is of course that Bitcoin requires a direct investment, "real" money put in, and while mining is possible, that has costs also. This means that the majority of Bitcoin traders are investors of some kind who have made the conscious decision to pay to enter into the marketplace, in the same way as buying stocks. I think the possibility to work for the investment into Steem is brilliant as it gives some chance for those without financial extra to get a foot in the door.
This opportunity (and crypto in general) is especially valuable for the young and for those who haven't the possibility of getting into the traditional markets, as while there is risk there, the ceiling is far from known and there is plenty of upside. The traditional markets are essentially a closed service now that are designed to increasingly focus wealth on a smaller group of participants.
Essentially, all the costs have increased for the younger generations, including education, housing and goods and services and the value is being directed to those who own and control the top already. One of the arguments I have heard from some people on Steem as to why they don't buy, is that "young people don't care", investors are old men. Yes, this is likely the case, but they were young men once and they were able to take the opportunities presented them, and there were more then.
While the tech startup companies are founded by the "tech kids" and the usage comes from the millennials, the investment that backed them and supported them into unicorn companies is coming from a relatively narrow selection of investors, and they invest into everything. Firstly, they had the financial availability to invest, secondly they had enough cushion to take the risks.
With the consumer society they have created through their investments, the advertising drives they have employed and the social networks they own to encourage continual upgrades - the younger generations are spending far more than the past disposables, leaving very little disposable income for investment, for economic development for the future.
People think that YOLO is a movement of the young, but that is nonsense, it is a marketing ploy of the old. Spend now, because you don't know if you can tomorrow. And due to the instant gratification addiction generated, people spend, and spend and feel entitled to, because it makes them feel good.
You know what doesn't feel good? Not being able to buy the things that we need to survive daily, and I think that there are people around the world coming to terms with this kind of limitation as we speak, as people react to a virus. The real virus is the spread of information through the internet as it creates mania at the drop of the hat, and each makes the internet population more reactive to the last event.
This isn't just about spreading information and disinformation about health issues, it includes all internet memes and social movements that can spread like digital wildfire and affect behavior. sure, some of the movements might be good for us, but things like the idea that we do not have to invest now for our future is definitely harmful, and one has to question who benefits from this spread.
Well of course, the same group of people who always benefit, the same investors that got in early to control the flow of information and the collection of data, the ones that have been able to consolidate production to create global conglomerates, the same group that are able to earn incredible amounts on money that they do not even have.
Once the system is in place, it largely becomes a perpetual machine of wealth generation and collection that continually draws value back to a handful of buckets. It is highly effective and those buckets don't have holes in them, and the taps are only opened in highly controlled flows and, very precisely directed to influence the next round of filling.
But, like all machines, no matter how well cared for and maintained they are, they will eventually wear out, lose their efficiency and break, as their purpose will no longer fit the requirements of the conditions. I think we are fast approaching this point and the breakages are going to be catastrophic for all involved. I think those in control know it too, but they are largely of the age and have enough of a buffer to understand, they will not have to be the ones to deal with it, as the problems will fall to younger generations.
But, can those younger generations survive in a world that requires long-term investments into incremental improvements, when for their entire lives they have lived by a mantra of individualism and instant gratification through unsustainable consumption. You might only live once, but the next generation might not have much of a life, and it might not be worth living at all.
What a legacy to leave behind.
Taraz
[ a Steem original ]
