Let me tell you again, HOLD YOUR STEEM! We are about to be stinky rich!
Two weeks ago I told people to Hold their Steem in this post. As of now, I was right!
Steem is rising right now!
I love it when I'm right, which is only half the time. This time it looks like I was was 100% correct. At the time of writing this, our downtrend has reversed and we've retraced 18% in the last 5-6 hours. There's a 35 BTC buy wall at 0.00022 that keeps increasing and moving forward as the price moves. All very good signs.
It's been a very scary past couple moths, but that's trading. It's all speculation and fear, a psychological war game. It's those of us who're not speculating and instead securing our volatile emotions with fundamental evidence who come out on top.
There's a saying in the market game;
"When everyone's running scared, be greedy."
Lets look at some Fundamentals
Steem and the blockchain it's built on, Chainbase, are fundamentally secure.
Chainbase was introduced recently as Graphene 2.0 but has since been rebranded and is now a fully independent blockchain - Read more about it here - Chainbase has the same potential as any other database. It was created to give us many more features and allows us to create a more democratic infrastructure within our community. The post I've linked is definitely worth checking out in your spare time, whether you're an investor or not, I find the development of this database very interesting.
Steemit itself is the real asset for me. If you were to look at a chart of Facebook in its early stages, just after its initial IPO, you would see the exact same chart patterns as we see now on the Steem/BTC charts; A hype phase, a fall back to earth, and a realization of potential. That kind of technical analysis is speculation but it is a very nice thing to see, especially when we consider the $4 US highs in July were just based off of hype.
Also, despite the fact it's been removed from the upper left corner for Halloween, Steemit is still in beta. Proof of this is that @dantheman, one of the lead developers at Steemit, Inc. has just introduced a test site for new features. These features include notifications and an easier-to-use post editor that is similar to Medium. This face-lift is essential as it introduces features that mainstream applications already use and so, it puts us one step closer to being a fully legible & user-friendly social networking application, with rewards. What's not to like about that!
That's just the foundation. To add to that, there are an immense amount of layers that are being added to the platform by both users and developers, such as business start-ups and independent applications. I myself have already decided to base my own start up here as one of the first blockchain based record labels that distributes its records via Steemit and its Blockchain. There are virtually limitless possibilities for what can be done here.
Riches await us!
When we speak about being rich we get these silly ideas & schemes. When I think of being rich I think of not having to worry about where my next pay check is coming from. This is without a doubt a solution to those problems.
An opportunity as fundamentally sound as this one, only comes around once in a life time. This technology is young but it's already competing with technology companies that have been around for decades. The blockchain we're using right now has the potential to compete with Microsoft and its database applications. This technology is incredible, and the transparency just makes it even sweeter.
There is no doubt in my mind that we'll see Steem reach $100 US by the middle of next year, at the latest. I've been watching its' charts meticulously because of the fundamentals I've mentioned here. When it comes to investing, we look for the safest investment. When I say safest, I don't mean price wise, I mean that it's safe to say it'll take off given time. That's what's happening here. It's safe to say that Steem will take off given time, as more features are added to Steemit, and as more layers are added on top of its blockchain. As I said, the possibilities are endless, and that's what I would call a safe investment, regardless of the price direction.
Oh, and for the people who've been spreading fear, uncertainty, and doubt about Steem during the price drop, claiming it's a ponzi shceme and other farfetched claims, I just wanted to take a moment to say, "Go fuck yourself."
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
- Warren Buffet
Also bitcoin is climbing and zcash is crashing.
Crazy day for crypto.
I'm invested about 90% btc and 10% steemit, so winning.
I should've added that in there, that despite the uptrend on BTC people are still willing to throw their coins at Steemit, which suggests more overall profit can be made on Steem right now. Steem and BTC are the only things worth holding in the cryptosphere. The rest is too uncertain or hyped.
It was a nice feeling waking up this morning & seeing these trends. There's a bright future ahead for cryptocurrency.
Though I have apprehensions regarding your sex life if you think of steemit while at it, I have enjoyed this post! :))
Hahaha! Thank you for the laugh :D
hahaha lol he got u @senseiteekay :) was thinking to leave u here kind of the same comment :D Im with u 100% in ur post and how fyrstikken say "We will be rich guys, we will be rich!"
"I find their lack of Faith in Steem disturbing."
While it's good to see some buying, this is not a "reversal." In order for it to be a reversal, we'll need to see sustained buying and an uptrend back to the range between $0.25 - $0.30. We have seen these relatively small bounces throughout the downtrend. None have marked an actual reversal so far. Unless something has fundamentally changed in the markets, we will see this trend resume, most likely.
If the price can climb back up to $0.20 in the next couple of days, I might be inclined to use the "reversal" term at that point, but only if we see a corresponding rise in volume as well. Trends that are only a few hours long really aren't an indication of anything.
It was a reversal but because buy orders trumped sell orders by 5:1 it didn't continue. This reversal failed 5 hours after my post, as investors removed their buy orders. I suspect they removed their buy orders because despite the fact STEEM was reversing, sell orders kept increasing. This is due to inflation which is the real problem here. I was hoping we'd overcome it.
And yes, the fundamentals had changed and was the reason for a suspected reversal. Chainbase has been introduced, which I linked in this post.
If we want to see a real turn around in price then buys need to out weigh sells. With over 1 Million STEEM being dumped right now, that's a difficult challenge to overcome without introducing a deflationary method to slow the creation of STEEM. I was hoping yesterday that the changes announced yesterday would've made people look past this and instead hold their STEEM, realizing that there's a long term incentive here. Instead people don't know what they're doing when it comes to STEEM and sell it for a quick buck. The fact that there's less SBD in circulation now too, and more STEEM, gives people more reason to sell STEEM for a profit instead of SBD, which is supposed to be the purpose of SBD; quick returns.
Inflation is what stopped us from turning around yesterday, because the fundamentals and technical data were concise with one an other. Yet, inflation sell pressure didn't ease and people are still dumping. We need to stop the bleeding caused by sellers, which would only be possible by introducing a deflationary method. I'll be writing a post about this today, because it's a serious issue if we want to be economically viable in the coming future and want to avoid insolvency.
Right - which would make this not a reversal. When you look at the charts, you can clearly see that this happens regularly on the way down. None of these prior bumps in price were a reversal of the downtrend. A reversal doesn't occur until the downtrend reverses by crossing certain chart patterns and prices - making higher highs and lows, or lower highs and lows, depending on the previous trend. There would be momentum building to the upside in the case of Steem.
As I stated in previous posts and comments over the past week, we really don't have any reliable data to identify resistance and support, since Steem has only been trading for a short time and we had one large price spike followed by a sustained sell-off. There are a few areas where we might be able to say there is resistance, based on the small bumps on the way down, but even those wouldn't be reliable enough unless we can confirm them on the way back up during an actual reversal.
Price trend and supply fundamentals have not changed. We had a temporary spike in the price - from $0.13 to $0.17, then back down to $0.13. That was it. It was the smallest blip that we've had during the current sell-off in both price and volume. If Steem can hold its current price of just over $0.13 for a few days, or even begin rising again on higher volume, we'll have more data to look at and determine if a reversal is taking place. As of right now, no reversal has occurred. We don't want to try to catch falling knives, especially with a new and unproven system/platform and a newly traded cryptocurrency.
I hope the Steem price does reverse. But it hasn't happened yet. It didn't happen yesterday. Maybe we can watch it happen tomorrow and into next week. A few hours of buying doesn't reverse a downtrend - unless the downtrend actually stops and reverses direction. Stopping briefly and resuming doesn't qualify as such.
We also received some good news yesterday about UI features and Chainbase, but as of right now, they're still being tested. When they're fully tested and implemented, then we'll see what happens with their functionality and see if there's any impact on confidence and "investing." It sounds promising, but that's all it is right now.
Voice of reason. Upvoted.
Thanks for letting me dream about that completely random $100 US figure
Not entirely random when you compare Steemit to Facebook and then remember that the Blockchain STEEM is way more than that. It's quite possible to see it spike suddenly. I suspect it will once a venture capitalist jumps in. They'd be silly not too.
I wouldn't mind a bit of fuck you money.
I've been suffering with fuckmelackomoney for a while. LOL
Then you're in the right place ;)
0.06 Steem was sent to you.
Well yes if the developments keep rolling out with some new features, we could see Steem go up, it was about time, the market cap was crashing for so long, we really need a rally now.
So one day I might be rich :)
Not long ago, @clif came out in one of his online interviews and esteemed steem as being the BTC alternative of the future. Not that it'd replace it or reach parity, but that it would be "the other" big player in cryptos and commerce. I'll have to see if I can find that on YT again.
I would like to see that. I honestly think it could surpass Bitcoin given time. It's being rigorously tested daily and once it has the same amount of sentimental holders as Bitcoin does, it'll be huge. As of now it's already capable of more than BTC, it just needs to gain the same support across the different cryptocurrency markets. It won't be long before that happens.
I certainly hope you are correct.
I could use a chunk of change this time next year.
We may be looking for a new place to live.
Well considering someone just tried to dump 30 BTC worth of Steem and the market recovered spectacularly, I'm fairly certain I'm correct. The volatility is yet another good signs. All these signs are making me sound like a psychic! lol