Steem Pump Creates Bonus Conversion Window
Today has been one of those good days when something that wasn't expected happened. Most of us are on our power downs and one of mine came due today. I have been monitoring the price trying to work out how many Hive I would be expecting. I was happy getting half of what I had on Steem thinking the price has to drop with all the volumes coming out. Who knows maybe one can double ones stake or grow it significantly over the coming weeks.Timing is everything and taking advantage of what is thrown at us. Who knows an extra 300 or 500 Hive could take months to earn in the future and I will gladly take the extras right now.
Yesterday I would have received less than 700 Hive for my 960 Steem and with today's pump I received just on 1000 Hive. That is 300 Hive more than I had banked for and a great result. In the crypto world anything is possible and this is just another example.
I have kept the blocktrades page open all week monitoring the conversion rate.
Many people said Steem is dead which is probably right as a block chain but as a coin for investment possibly not. How many of the crypto currencies have no real purpose yet they have higher values than the coins that do. Sometimes what the coin stands for means nothing as this has price pump has now proven.
I would have expected Steem to be hovering around in single digits right now with most accounts powering down flooding the market with excess Steem. Having a similar value to Hive I was not expecting but will take it for now with open arms. source
The higher the price of Steem the better as more will be sold and pumped into Hive accounts.
The current Steem price has made me think though that going forward it would be wise not to power down the entire account as there is still value to be had. I am not a fan of what is going on platform wise with censorship and the puppet witnesses, but I think you just have to take any emotion away and see it for what it is.
My thinking for going forward is to earn passively on Steem and use what Steem I have to subsidize my Hive account. I will spend 99 percent of my time on Hive as that is where I see my future, but not going to just drop a gift horse when it is available.
Who knows Steem could possibly end up in single digits, but it is out performing any expectations I had right now and benefiting users powering down and converting. I am happy as the more staked on Hive the better as there is less going to the exchanges is the long run. Obviously some needs to go to the exchanges to create liquidity, but not the amounts we saw with Steem.
The way the economy is going crypto currencies could weirdly enough end up being a safe haven for investors. No one knows how bad things could get and the Financial crisis we saw a few years back could be dwarfed in what we are going to experience now. Governments recklessly printing money is rather worrying. We saw what happened to Zimbabwe as that was their modus operandi. Inflation went through the roof and the currency devalued.
