Just today I read a post by a Steemian who has invested serious money in Steem by trading other cryptos for STEEM and lost massive value by doing so - to the tune of half a million USD. This Steemian also mentioned how be bought a lot of STEEM around the time its dollar value was between $5 to $7. Ouch.
STEEM had just gone up parabolically in value in satoshis and in dollars. Anyone who buys shortly after an event like that - especially considering how BTC had collapsed from its December peak in January 2018 when the STEEM price was at that level is acting rashly. I also bought some STEEM in the beginning of 2018 but I did so mainly because it didn't feel right to rely solely on a large delegation from a friend. I really have to wonder what the people who want to quit now but who were buying up large amounts of STEEM 16 months ago were and are thinking. If you compare the pace of development then and now, there is a stark difference in favour of now.
Now the Steemian has announced that he will power down and sell at least half of his STEEM to avoid losing any more. My comment to his intentions is that since the crypto market has been shown to be profoundly irrational time and again, it would be very unwise to sell a large chunk of STEEM right now. The market simply doesn't care whether or not Steemit Inc or the top 20 witnesses are creating value to match their rewards or not. The market doesn't know shit about STEEM. If the valuation of STEEM were really based on fundamentals like how development was going, SBD and STEEM would never have pumped the way they did in December 2017 (SBD)and January 2018 (STEEM). That's simply what alts tend to do when a BTC parabolic wave has broken: the money that chased BTC starts pouring into alts instead. It's all a mad speculative game.
Last winter, we have finally seen remarkable decentralization in the STEEM ecosystem in terms of development. The creators of Steem-Engine got fed up with the ineptitude of Steemit Inc and went on a massive development spree that resulted in the equivalent of SMTs on a side chain. A lot more is in the pipeline or already being rolled out. Check out Steem-Engine.
I think we have some great people among the top 20 witnesses who really deserve their spot. These people are putting serious effort into development, which I think should be one of the major criteria in deciding which witness to vote for. Even Steemit Inc has got MIRA finally out.
I wouldn't sell right now. If I really thought Steem wasn't going anywhere, I'd wait for the next overall bull market and try to sell at the top.