Is Voice not being run on the EOS mainnet the reason for Steem's gains?

jrcornel in #steem • 4 years ago (edited)

EOS's hiccup is Steem's gain?

It was revealed recently that Voice would not be running (at least initially) on the EOS mainnet.

The announcement was actually revealed slightly earlier, but news outlets really started to run with it yesterday when Coindesk put out an article.

That article can be seen here btw:

https://www.coindesk.com/block-one-will-not-launch-its-social-network-on-eos

The basic premise is that EOS won't be releasing Voice on the mainnet with the beta launch on Feb. 14th 2020 like many had anticipated.

The official beta launch was emailed and mentioned all over the inter-webs about a month ago:

https://www.eosgo.io/news/voice-beta-to-launch-on-february-14-2020

As you might imagine, many were disappointed by this news, especially those who had bought EOS as an investment specifically because of the promise of Voice.

Though, keep in mind that it does look like they intend to run Voice on the mainnet eventually.

Reading between the lines, it is possible that Voice never actually launches on the mainnet...

And that may be exactly what is causing users to flee EOS and pick up some steem again.

The charts of EOS and Steem over the past 24 hours look close to complete opposites:

Steem is up roughly 50%, and EOS is down close to 4%.

https://steemit.com/steem/@jrcornel/steem-up-50-on-the-day-currently-sitting-usd-22-on-bittrex

There is no guarantee of course that this is what is behind the price rise in steem.

In fact, it may be completely random and completely unrelated.

However, steem is significantly outperforming just about every other project currently, so there is reason to believe it is being driven by something.

Steem was ranked 80th on Coinmarketcap.com yesterday morning, and today it is ranked 67th.

Something I found interesting...

The interesting thing about running Voice as they plan to means that perhaps at some point Voice could be run on steem...

At least potentially...

The quote from their website:

"While Voice is in beta and a highly iterative state, it will be run on a purpose-made EOSIO blockchain. In time, we would like Voice to leverage the EOS Public Blockchain, and potentially others that can meet the performance and governance demands of Voice."

Perhaps that is why steem is suddenly finding itself catching a bid again?

I'm not sure exactly why, but for now it appears that EOS's hiccup is Steem's gain.

Stay informed my friends.

Image Source:

https://unhashed.com/cryptocurrency-news/best-steem-wallets/

-Doc

#steemit #palnet #steemleo #marlians #dblog #bilpcoin #news

4 years ago in #steem by jrcornel

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paasz 4 years ago

Steem is winning again!!!

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3 votes

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armadilloman 4 years ago

Whatever the reason, someone(s) dropped $20,000,000 into Steem in the last 24 hours, making it the top gainer percentage wise on Coin Marketcap by a LONG ways.

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3 votes

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edicted 4 years ago (edited)

If $20M was dumped into Steem it would x10+. Less than $1M was actually bought. Our market cap is very thin and fickle. If someone decided they want to buy a million Steem right now that would double the perceived market cap. That would cost less than $350,000.

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2 votes

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edouard 4 years ago

Makes sense, also, if people were fleeing EOS for Steem, EOS would have dropped lower than a slight 4% correction.

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jrcornel 4 years ago

Not really. Like he just mentioned it would only take $1 million or so leaving, and EOS trades a lot more money per day on average so it takes a lot more than a couple million to drive prices down...

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edouard 4 years ago

Right!

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fredrikaa 4 years ago

Next: Voice to be an SMT on STEEM as Dan moves on to the next thing.

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1 vote

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jrcornel 4 years ago

Ha, that would be pretty funny, and not out of the realm of possibilities.

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marc5 4 years ago

Yep, I also think it's that.

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jrcornel 4 years ago

That would be good if that is the reason. The pump will likely have more staying power!

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1 vote

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marc5 4 years ago

Let's see... I think it will go to 0.12 - 0.13 again though some people will sell of this pump. The selling will be bought by hodlers of steem and so more capital accumulated, at the end it's great to see the price being moved it's what attracts capital I believe.

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jrcornel 4 years ago

I am sure we will pull back some as well, in fact we already are, but I think we will base slightly higher than before. I am thinking something in $.15 area.

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1 vote

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marc5 4 years ago

Actually It would be a good move from Voice to use the Steem blockchain. Unite instead of divide and we'll all win.

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dalz 4 years ago

So we may have voice SMT :)

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jrcornel 4 years ago (edited)

Ha, not sure how that would work exactly, but perhaps.

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cardboard 4 years ago

That was my first thought too :) but probably it's rather the whales accumulated enough and now it's pump time.

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jrcornel 4 years ago

Either way, hopefully it has some staying power! Price increases like this is exactly the kind of thing that will help put steem back on the map with crypto investors. It's been an afterthought for close to 2 years now...

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edicted 4 years ago

Interesting thought. I hadn't considered that. If we look at Binance liquidity it's already filled in very strong. Someone would have to dump a million coins on the market and we still wouldn't dip under 14 cents.

Our sell liquidity looks pretty good too, allowing more investors to FOMO in and buy a good chunk of coins.

It's times like this that I wonder if I should ever mess around with trying to swing trade Steem (selling Bitcoin/Litecoin late March). Sometimes we are completely uncorrelated to the rest of the market. Very unpredictable. SMTs are quite the wildcard as well as far as pump/dumps are concerned.

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jrcornel 4 years ago

Yea I don't do much trading of anything in crypto. Accumulate a couple and sell em when things go parabolic.

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cflclosers 4 years ago

I'm just excited we are even talking about things like this today. I have no way of knowing if voice aided in our pump but it couldn't have hurt.

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jrcornel 4 years ago

Yep, same here.

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chesatochi 4 years ago

Steem or not steem that is the question!

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stefano.massari 4 years ago

I no longer wait for VOICE, I use STEEMIT more and more, it was very useful for me to discover the eSteem dApp

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gniksivart 4 years ago

They're not releasing Voice on EOS, in my opinion, because of all the resource problems they are having on EOS. It wouldn't look good to ask people to buy $100 worth of EOS just so they can interact on Voice.

While Steem is a possible solution I would think it's much more likely Voice will either run on a sidechain of EOS created by block.one until all the resource issues are addressed, or released on something like TELOS, which is a fork of EOS, but resource required to interact on the blockchain are much cheaper, and would allow an easy transition once the EOS blockchain is ready.