Although it is quite true that the price of Steem has declined drastically in the past few months, HF20 is not in any way responsible for this downward trend.
As a matter of fact, HF20 was intended to strengthen Steem and make it more scalable for potential adopters. It is therefore unfortunate that we are seeing a falling Steem instead of one that is rising and strong.
Nevertheless, Steem is not alone in this bearish market move. The crypto market is generally down as the market sentiments have remained cold for the most part of the year. BTC, ETH, EOS and other coins have greatly declined from their all time highs.
Market observers have given a number of reasons for this downward trend. The general belief is that there is a panic in the crypto markets due to the body language of SEC and other stakeholders in the regulatory sector. This has led to massive sell offs that have continued to pull down the price.
It is being predicted that BTC will soon get to the bottom. Once this is done and a level of confidence returns to the market, the crypto market will pick up again. And of course, the price of Steem may reach a new all-time high. Until then, let us remain optimistic and resolute.
No HF20 is not responsible for that and the main reason responsible for that is the BCC hardfork and you all know what was the hashwar in that hard fork and suddenly after that, BTC fell like anything and a serious downtrend erupted across altcoins.
The truth is that HF20 has a positive impact on steem ecosystem and aftermath of HF20, the self upvoting has been significantly reduced and spamming has also reduced considerably and these are all positive news for a community like steem. Therefore in my opinion it is needless to blame HF20 for the low price of steem.
If you take the stat, then it is not the steem which has been hit so hard, major cryptocurrencies like ETH has been trading at 1/16th of its all time high, similarly LTC too is trading at 1/15th of its all time high and there are many more cryptocurrencies to count in line with that. Although steem has been trading quite bearishly but the sentiment is more to do with the broad based sentiment around BTC and I think recently the internal issues like running the infrastructure cost is also hurting lately. But as steemit Inc has started working on it, after 1/2 months it should do fine, but still it requires the improved sentiment around the crypto to trade higher.
Therefore unless BTC sentiment improves, we can not see any major improvement in terms of price action in steem and HF20 has nothing to do in this context.
Thank you and Have a great day.
It is caused by whales dumping horde of Steem on the market. A lot of whales dumped huge amounts of Steem on the market which significantly reduced the price of Steem.
Steem was already affected by the bear market and the demand for Steem was low. A large dump of tokens in this low demand market state resulted in a flash crash of Steem from 80 cents to 25 cents.
HF20 was executed for improving the Steem blockchain so that Steem price would go up higher. But during the launch of HF20, Steem blockchain was unstable for a week.
Many problems were discovered immediately after HF20 was executed. That's why it didn't follow up with a positive price movement.
I have had private conversations with many top level Steem users and they weren't quite happy about HF20. Because Steem's developers didn't check the code of Steem 20.0 (which is the Steem version of HF20) properly before making it live.
Not at all the HF 20 has nothing to do with the decline of the Steem price.
People read to much into it and try and look for reasons behind the drop in price. It has nothing to do with any of the reasons you hear. Normally Bitcoin and Steem would be flying at this time of the year and would be if the prices weren't being manipulated.
Outside influence is now playing with the markets and their prices. We all know that Bakkt is launching next month and they want the best prices possible for their launch.
The companies involved are not small but have enough firepower to increase the market cap by at least 100 times. For them to invest a few Billion now to control the markets until they are ready is nothing. The one company has over 7 Trillion dollars in investments. If this company spends a fraction on crypto the market cap will go through the roof.
This is why Steem has dropped in price. Bitcoin is linked to all the other alt coins and these coins follow whatever Bitcoin is doing, Bitcoin could possibly drop some more and it will make Steem drops some more as well then.
There might be but for me personally I don't think HF20 has created a decline of the price of Steem at all.
The main reason was first, BTC (and the overall market) has been in a continuous decline this year from the peak $20,000 down to $3,300 now - imagine that decrease. So, all of the Altcoins are affected now (even etherium from $2000+ too $88 now). and Steem was no exception there.
For HF20, it has even made the platform become more organized and stronger. The curation rewards suspension and changing from 30 to 15 minute curation window was loved by the community.
The introduction of Resource credits system paved a way to solve account creations. We don't have no problem now in terms of onboarding new potential users, thanks to dApps who were claiming discounted accounts and be able to use it for their participants.
I'm personally excited to see the upcoming changes. The bear market and FUD's can be ignored and this is the best time to accumulate Steem. Mark my words, this is the best time to accumulate Steem. Later, you'll come to a point that you'll realize Steem is difficult to buy anymore.
Steem is massively influenced by the market both up and down. A lot of Steem's price has nothing to do with what happens on Steemit.com
I don't think 99% of people on STEEM realise this , noone in the outside world knows what the heck is a SMT or a @ned or rc credits.... majority of crypto "investors" are in it for the speculation play and to them STEEM is just a collection of alphabets.
Anyone who will claim there is ONE single reason for a price decline is full of bullshit. There are a myriad of factors at play in ANY market - any single “reason” given being little more than a THEORY.
Now to contradict myself there and attempt summing up ONE reason: Steem has followed the basket of crypto currency price movements. Nothing unique to it, just the entire market as a whole in a bear market.
Not at all! In fact, at the debut of HF20, the price of Steem climbed a bit. Though there had been issues particularly with Resource Credits after HF20 which activities were lessened for few days.
If you look at the prices of majority of cryptocurrencies, they had major declines. Bitcoin dropped to it's lowest value this year, which is like a domino effect towards majority of cryptocurrencies. One of the factors is the hash war between Bitcoin Cash SV and Bitcoin Cash ABC after the fork.
We should stop blaming HF20 for the sharp decline of Steem. It may had issues, but it had good effects on the platform. As Bitcoin rises, we can expect Steem to surge.
Not in my opinion. Steem was already on a steep decline due to falling bitcoin prices. The hardfork its self did not drop the price but at the same time Ned started to power down so the other whales quickly followed suit. This put much more liquid steem on the market so with more supply and no demand the price will naturally fall like it has.
No. It was cause by the general cryptocurrency sell-off. I don't think it even had anything to do with Steem in particular.