Being in the space now and battling in the trenches for the past 9 months I've almost seen the market come full cycle. I think all that is left is for Bitcoin to start to stagnate at these prices an the altcoin market to take off leaving Bitcoin behind. I feel like I'm in the scene of those war movie where the battled hardened survivors are coming back from the front lines (me) all bloody and banged up as the fresh soldiers head out to hold the front lines.
I've watched this video 10 times now and still laugh as hard as the first time watching. I've experienced last Summer everyone calling HODL as the alts lost 80-90% of their value. I've talked to my friends and family as they rolled their eyes at me talking about my funny money. I've seen the stacks of bad news come slamming down on my portfolio. Stop selling you idiots is just the most self-serving statement I hear during these times and LMAO when they showed it in the video above. Finally, the guy holding his suitcase above his head with the comment about bag holding had me rolling.
Just Step Out of the Way
I think we're finally getting close to the bottom. It seems like panic is starting to set-in the HODL cry is becoming stronger every day and more and more FUD is being spread around in the news and media. Most people have called $8300 for the past month or so due to the different support levels in that area.
SOURCE
The market cap is down around half what it was at its all-time high from 800 billion to 400 billion, so it's been a very nice correction. From what I've been reading all morning I think the FUD/"facts" coming out of India is what helped spur this massive sell-off. Apparently, news reports were coming out that India was banning crypto, but come to find out it's only banning crypto being used for illegal activity or something to that effect.
Use this time to Learn
Well, maybe not all Steemians. I made this Ethereum call a month ago and even though the total market cap has gone down around 200 billion my investment in Ethereum has doubled in BTC value. This isn't something I was told to invest in, but believe in the project and saw it was still relatively undervalued and was looking like it wanted to break out.
I would say any coin that's holding value is doing pretty good right now let alone doubling in its value. I also called the top of Ripple almost to the day warning people about the possible coming correction. I'm no genius, but Ripple experienced the exact same rocket and lead drop almost 6 months earlier.
The last time the market turned red I had no BTC left to trade. I was stuck holding bags of coins that were on a daily, weekly, monthly basis losing their value. I didn't see, but I was super stressed, so I used my stress to research different currencies, how to do technical analysis, and tested and learned which ones I liked and which I didn't.
Focus on Growing Your Steemit Account
Unless you're just flush with money then most people are regretting buying at the top and watching the value of their investment head closer and closer to 0. Steemit, on the other hand, offers a unique opportunity to continue to grow your portfolio even in the most bearish of markets.
I may have a great misunderstanding of how the reward displayed works, but as the value of steem decreases the more Steem you're rewarded. This may be an oversimplification, but if you make a post and it pays out with the value of Steem at $1 you essentially will get a 1 - 1 payout of Steem (steempower), but if the price of Steem is $10 you get 1/10th the amount of Steem.
Even stock market bulls have long said that a pause -- or even a dip -- would help prevent the market from overheating.
"We've just gone too far, too fast," said Art Hogan, chief market strategist at B. Riley FBR. "We had this perfection of 2% higher every week -- and that really is just not reality."
Source
Dips like this provide a rare opportunity to grow SteemPower faster than it will in the future as the price of Steem continually increases. It's funny to see people talk about a healthy correction in the stock market, but any time BTC corrects it's a bubble bursting. Do yourself a favor, turn off the news, shut off your cell phone, and learn something new. Invest in yourself or just go do something you enjoy such as playing video games.
Thats my plan, just try and build up my Steemit account in the downtrend, however I didn't think about it the way you explained it. I didn't realize that in a down market the rewards would be higher per say, because once it goes back up you will have more.
I'm not 100% sure that's the way it works, but regardless I'm trying to accumulate as much as I can on a daily basis regardless if it's down or up.
I think that is the smart play either way! :)
Hodl is the key for now and hope for a climb
Great post my friend
Most of my crypto is in Steem so it’s easy for me to hodl
Tip!
Yeah I think 70 - 80% of mine is in Steem as well and just keep accumulating as much as I can over the past 6 - 7 months :D
With how my Steem is slowly building up on Steemit Steem is over 90% well probably 95% of mine now
I just checked my Blockfolio and it said 73%. I haven't updated it in a few days so assuming it's closer to 75%
OK thats a good proportion perhaps
We will survive THIS!!
If past performance is any indication of future direction then yes we will :D
I'm a noob to other crypto besides Steem, playing around with a little ETH, LTC and BTC - gifts given to me by my sons. I didn't put anything into it, so it's easy for me to HODL and wait. LOL! I even got adventurous and traded ETH for some UTC tokens. Wish I had waited a few weeks though, because I could have got 3 times as much. LOL! Enjoyed your post!
I watched all my coins loose 80% of their value the last half of 2017 and then was able to take 3x - 5x profits in late December and early January. As long as you believe in the coins you have right now might as well just wait and watch the price recover. Especially since they were free to you ;)
Yes, I think my son took some advantage of those highs too. He just bought most of his in the last half of 2017! :-)
O very cool. Bought the dip then depending on when he bought.
Yes, he bought everything in the dip, took out some cash to live on when it was through the roof, so now is waiting for that dip to reverse, as Im sure it will. T’s the nature of things.
My only regret is that I'm not mining other coins or have a good amount of coins coming in from other sources. Now is the time to build up on any coin, because when it swings the other way, your going to need something to BUY, BUY, BUY with!!
I've been selling alts for BTC the past couple of months in preparation of this. I'm still holding out to see if we start accumulating from this low or we're in for another dip before accumulation periods start.
google.com and youtube.com great place to start.
Thanks for the post @gniksivart, some very sound words of wisdom in there. I know that this CRYPTO STACKER, is definitely in HODL mode. I do not tend to trade much of my crypto anyway, similarly to you I only focus on projects I believe in that I see as having a long-term future. My four main positions currently include BTC, LTC, ADA, STEEM and EOS.
I am quite happy to sit on the sideline for the time being patiently waiting until I believe it is time for me to go discount shopping and up my current positions.
Love you point anout Steemit too, this platform is consuming so much of my focus at the moment and has been so enjoyable, that I have not really taken any notice of impact of the crash on my portfolio. How does the saying go from Finding Nemo, "Just keep steeming, just keep steeming, steem, steem, steeming."
Honestly, I've done two swing trades the past couple of months, but besides that, I've just been taking profit waiting for the dip. I have a good amount of BTC saved up waiting to be moved to some strong alts.
The vid is pretty funny. Everything so red even normal stocks went red today.
I found this video little while ago and the start still crack me up every time.
LOL This is awesome!
Ripple you deserve it LOL!
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Thanks for this post. Just Hold !
For sure!
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