Steemit is doing well by all accounts - the size and complexity of the blockchain is increasing, buzz is up, FaceBook is falling apart, and so on.
But OUCH, the STEEM cryptocurrency has fallen by 82% against the USD dollar in the past 3 months!
Reactions vary
Some people see these facts and shoot the messenger. Luckily, most people realize I'm just pointing out reality, which itself is always a good thing. Might as well face facts as they are rather than be comfortably ignorant, right?
A few people react with "who cares?" and that's a valid response.
A fair number will respond by purchasing more STEEM (doubling down). This could be a great tactic if Steemit continues to do well. "It doesn't bother me, in fact I'm happy, it just means I can buy more for less!" This is the classic "stacker" mentality we saw with precious metals in 2009-2013.
There are those, however, who are upset or afraid.
To them, I would point at the long term price chart. STEEM does this every so often. I don't personally like it, and I don't think it reflects the fundamentals, but the history shows it to be true. It has gone down into the pennies before, then back near $5, and back into the pennies again, before the recent high of $8.50, and the latest plunge.
I'd also mention that this appears to be part of a broader cryptocurrency market crash. It doesn't necessarily reflect poorly on Steemit's website, community, posts, blockchain, or side projects.
Personally, I'm "all in" STEEM. You need to make your own decisions about that, but one thing I will recommend is that you try to take anger, fear, and sadness out of it as much as you can. It doesn't help you, and there's really no need for it anyway.
Steem on!!
The Steemit platform is not only functioning well, but improving and growing. The cryptocurrency STEEM is loosely built on the value of this platform, but won't always directly reflect it. Sometimes STEEM will lag behind the actual value of the blockchain, as now, but other times it will outpace the blockchain's value. If you're here long term, this is vital to keep in mind.
I'm not trying to convince anybody of anything. You can see my stance, and I've laid out some of the data to chew on. My mission here is complete.
Talk to you soon : )