I don't know how most Steemians look at the Steem price.
I think most users of our blockchain compare it to the US Dollar and only the more experience crypto traders will more likely compare it to Bitcoin.
If you compare STEEM to BTC it's not great (saying it lightly).
Today I woke up to some greens but STEEM has fallen compared to BTC for a while.
A couple of days ago we reached a new low of 4000 satoshis per STEEM.
Today (while writing this) we are at 4600 satoshis (+15%).
Do notice the top trendline and how close we are to 0 Satoshi (purple horizontal line).
In USD it isn't so bad and we are still far above the All-time Low of $0,07.
What's interesting.
That small Satoshi blip upwards made STEEM go from 27 cents to 36 cents. (Roughly +30%).
When people are looking to buy STEEM with USD (which I think most are) those numbers matters.
So remember when STEEM goes up in Satoshi value this will have a multiplier effect on the USD price of STEEM (if BTC will stay the same value)
What will happen next?
I have no crystal ball but I can try to guess.
In the most horrible scenario, BTC will go to several million and STEEM keeps dropping to 1 sat (it can't go below zero).
Before that will happen people will be buying STEEM. I know this because I will.
If we do go to 1 Sat, 1 BTC will buy you 100 million STEEM.
It's not very likely that scenario would happen unless Steem would stop working altogether.
And that's not very likely either. Steem works fine and with MIRA coming out will be super cheap to run.
But let's say STEEM keeps dropping anyway in the months to come.
People will keep building on Steem regardless.
We have businesses on here that can earn revenue without relying on the STEEM price so they are not jeopardy.
The core of the users will stay. Many build a home here. I don't see them jump ship.
According to @aggroed STEEM can drop to $0,004 cents before a top 20 witness becomes unprofitable, so they keep running. Blocks will be produced regardless of price.
And the STEEM token will be distributed even more at a lower price creating a strong middle class.
Eventually leading to enough value being created that will push the price of STEEM up in the years to come.
Wow! What a worst case scenario. I am shaking in my boots.
I think the other scenario is way worst for most Steemians. The one where the price goes up tomorrow and won't come down anymore.
I am prepared for both.
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