STEEM bottom where art thou?
I had some beeping noises going off last night around 3-4am.
My portfolio app gives alerts when cryptos break certain levels (BTC 10k) and I forgot I set this one.
It was a nice surprise to see it shoot up like that even though now, in the morning, it already came down to $9200.
STEEM, however, is a different story.
I did go up a little bit in dollar value but sadly we have created another all-time low vs BTC.
I don't always find that easy to deal with. That constant downward pressure but I have to accept it.
There is still only one King in the crypto space and that is Bitcoin.
This is the full chart of STEEM vs BTC.
Of all the charts I keep an eye on this is probably the craziest.
It's almost impossible to capture it in one screen.
I have lived through almost every moment on that chart.
It's been one hell of a roller coaster ride with Extreme Highs of euphoria and Depressive lows.
There is not anything in life I can compare it to really and I find it unsurprising that people just break under the pressure and the feelings that come with it. (I have had my moments)
In hindsight, it's pretty easy to conclude that the best action for everyone earning/holding STEEM was to sell it straight to Bitcoin.
Which I do find tough to accept but it is the truth considering we are now lower than we ever been.
It does make you wonder where the bottom is? 1000 sats? 500 sats? who knows.
On the other hand. STEEM can do crazy things too when it wants too.
And, haha, there sure is enough room for some upside potential on that chart too.
I remember in March 2017 this place was desolate. Nothing like it is now, I mean proper desolate.
And then out of nowhere, it shot up from 6000 sats to 100000 stats in 3 months.
It was the craziest thing I ever have seen, and I was ill-prepared.
I didn't take advantage of the opportunity and let it slip through my fingers.
The second time STEEM went crazy was in December 2017/January 2018 and I was much better prepared and took my fair bit of profit.
This time around, if it ever will happen again for STEEM I am afraid a lot more people will be prepared for it and the selling pressure will be enormous.
It will need a lot of buying to offset that.
I do wonder sometimes who that buyer will be besides a speculative market (hope).
The real use case for STEEM that I can see now is that it provides RC's to use the network.
In other words, anyone that wants to do anything on Steem needs RC's.
It's a very good use case for STEEM but it needs a lot of businesses, communities, and companies that see enough value in utilizing a blockchain with an SMT for them to buy it/lease it.
When that happens things can go really fast, so I stay invested (I also happen to love this place for what it is now, but that's bad investment advice...)
So until that happens I'm expecting more downward pressure unless pure market speculation does things otherwise.
I can relate, @exyle. I've taken the same rollercoaster ride since July of 2016 and kept pushing through the worst of it. It can take a toll on you emotionally. You have been such a great proponent for Steem/Steemit the entire time.
Seeing the Steem price drop this week while nearly every other coin increased in value was disappointing to say the least. If we only had a crystal ball. The inability to know what the future holds is the hardest part of investing in this space.
The most important thing is to not blame yourself when an opportunity is missed or a bad decision is made. This part isn't easy. The longer I'm in this space the more I realize not a single person really knows what's going to happen with any coin.
I've cashed out a fair amount of Steem through the years but will keep what I have left. I still believe in Steemit as a platform and plan on keeping most of the Steem I have left in my wallet so I can continue to curate and make some kind of a difference. If innovation continues to happen here the price of Steem will undoubtedly bounce back but I'm taking a very long view (years.)
In the meantime I'll still be here, doing what I do. Enjoy the weekend, man!
I'm still a big proponent of Steem and what it can become. I am however coming to terms that it will take a little longer than I thought. I do make sure I stay well invested.
I don't blame myself too much, I did well taking a good profit in the best times but like so many, yes, I could have done much better too. But hindsight is 20/20.
What I have done is gather a ton of experience in markets and how people operate in them. I have made it a mission to document my thoughts and feelings at any time during these 3 years. Remember what I felt at the time and why I made certain decisions. I think these experiences will do me well moving forward.
I'm also here every day, doing what I do. I still love this place. You also have a great weekend man!
I still am a believer as well! You do learn a lot after having been through a couple of these bull/bear cycles.
It has been a wild ride indeed @exyle. Incredible reflecting on how much things have changed over the past few years when looking at that chart. It has been a tough and stressful time for investors. The lessons I have learned trading over the past few years are priceless. Its important we all stay focused and remember why we are here and what we have learned along the way. I am still holding the same Steem I traded my 200+ BTC for in November 2016. I could have cashed out long ago...but I am holding it for the same reason I invested in it in the first place. I see great potential here. World changing potential. I will never forget the time I read this post:
https://steemit.com/steem/@infovore/how-steemit-has-changed-my-life-from-living-on-usd1-day-and-3-hours-of-electricity-to-having-over-usd41-319
Social media has changed everything about our society since 2007. I still cant forget the feeling I had when I first discovered this blockchain and browsed this website. The technology behind it and the way it has been implemented is the first of its kind. The community around it is awesome and growing. There is more information here than people can imagine. At times, I stumble onto Steem posts as I am searching Google for random things with no intention of reading a Steem post. There are many creative and intelligent people on this chain and a abundance of content/information. The possibilities are endless. Although many fail to realize Steems full potential as of this moment, I am not worried. There are a ton of new faces who have entered the space over the past year or so. The majority of them listen to what YouTube and mainstream news tells them and are worried about making a quick dollar. They are not focused on core technology and really understanding things for themselves. Over time as this chain develops and people learn they will begin to understand Steems implications.
Yeah, the lessons learned are priceless indeed. I will take them with me for the rest of my life and I guess many will.
Same here. Like it was yesterday.
Three years ago I wrote a post. A little bit lower please! On Steemprice..
It was the first time you commented on any of my posts.
I guess I could have written that post today but then including all the other awesome projects that are on here and the potential of SMT's and communities.
I respect you a lot for still being here man and staying invested in Steem. Thank you for that.
The only good news is that Steem cannot go much lower.
There is only a few more points to the downside that the market can handle.
Hope to see Steem bouce back just like what BTC has done in the past 24 hours...
Holy shit! where have you been! :)
Awww..Thanks, for remembering me...It's very humble of you...Was involved in some official work, just got reminder email for SMT testnet, which brought me back...
I am using my steem steak as a business opportunity where the more I post and curate I will at some point in the long future see a ROI. Gotta keep looking at this in the long run.... YEARS from now... :)
Consider what might happen when/if BTC goes to $200,000 at the peak of the next bull run. Even if a fraction of that goes into alts, that's a lot of money potentially flowing into STEEM if the platform has its ducks in a row. i.e. SMTs and communities up and running and an effective marketing strategy in being implemented to get websites to adopt SMTs to tokenize their content. Crypto media reporting widely on these successes could cause speculators to pour their BTC into STEEM.
This may be my last venture into cryptocurrency, I feel these words so loudly now:
I feel it is the truth considering we are now lower than we ever been in my Steem journey.
I must admit to feeling sad that the bottom has not yet been found.
I am at a point where I am still buying every 2 weeks, but wonder if it’s wise.
I still seek Orca status and cashing in my Bitcoin now would help me immensely.
All in? These prices may soon be history....but it could be $$ wasted, if this is the end.
I don’t know if it’s reason or emotion that makes me believe in this project.
But for some reason I still believe it will rise.
It is a difficult decision....
The best advice I can give, as someone who constantly made wrong decisions and learned from them, is to keep dollar cost averaging in.
What I observe is that value is being redistributed in the crypto space all the time. Steem going down again vs BTC is just indicating to me that: Steem isn't the place to be.
No excitement, hype or communications coming out of Steemit INC. We have been waiting years for SMTs and communities. Ok, test net is finally here, but where is the promotion, the buzz creation outside our ecosystem? This is turning to out to be a sad joke now.
This might be my low feeling for Steem right now.
Sadly btc pumps steem dumps btc dumps steem dumps no steam at the moment on steem just a fraction of people circulating same money among each other, the only means of making something out of the staled block chain has been murdered aka bid not and no form of promoting good contents which ends up been lost in the heap on so many trash post, but I guess it's still better than Facebook and Instagram it needs revival and divine intervention because outside smt which is similar to steem-engine tokens but decentralized I don't see any other development upcoming. May be I might hear some today hanging @ramble discord server later in the day