Demand is far from high, when people tell their friend they can be paid just for writing content do you think these people go wallet in hand to buy steem?
You want to know what is holding the price? A 480 BTC wall , thats nothing when you know how many steem are ready to be dumped.
You are wishful thinking if you think all investors prefer to blog than speculate. They may even do both.
That's not what i meant to say, new users to steemit that never heard of crytpo before do not buy steem power, they just try to make a few bucks by writing.The majority of them at least. I have no doubt that some crypto folks may speculate on the current rise
Okay but his point was that the speculation demand will raise the price offsetting the minting of new coins (debasement). He is correct about that for as long as speculators want to buy more tokens risking their money on the bubble.
Yep that's correct, as i said in a previous post. short term steem price is likely to go up, however when growth of the platform hits the limit there will be nothing to offset the 100% yearly inflation , i suspect we won't even have to wait for this limit to be reached because buy support today is way too low to compensate for the 100% inflation, the only reason price does nt drop now is because people are hoarding, the crash wont be pretty when everyone realize this is similar to a ponzi