Just When I Thought the Market was Recovering...I Was Wrong.
I am wrong often though, so that's not new. Sigh. Anyways...
How is everyone feeling about the state of the crypto-sphere today? I think I convinced myself that the bulls were back in town and we we're going to see some steady growth upwards for next couple months. I guess I was wrong! I checked CoinMarketCap last night and was shocked to see everything falling again. It looks like we could be in this for a while.
I have been on Steemit for almost 1 month, and I have spent at least 120 hours studying, learning and meeting new people. I am extremely excited that I finally joined and got involved in the community after being too intimidated to join for months! (I had been lurking on Steemit since November!)
My long term view on cryptocurrency has not changed, I really do believe that blockchain tech will change the world. But, as I find my self spending more and more time on Steemit over the past month I feel like I am now doubling down on crypto, and that scares me a bit.
You see, I sell designer clothing online for a living, and I have been for the last 12 years. I sell on Facebook, on eBay, and several more sites. I work for myself, alone and I depend on those sales to pay for my part of the mortgage, bills, and so on. Since I've been spending so much time on Steemit it has taken the focus away from my clothing business. I feel like my mind has been somewhere else for the last month and I have to force myself to work late at night.
I have been interested in crypto since September, and have purchased a good amount of different coins. (About 20 alt coins) I did do research on those coins before I bought them but it didn't take up the majority of my day. But now I feel since I spend so much time on Steemit that not only am I spending my money buying crypto, I am spending the majority of my time here as well. This puts me in an even weirder head space than before. I am bullish on crypto, I believe in Steemit and Steem, but at the same time when I see all the prices following the same path as Bitcoin,downwards... I have this tiny voice in my head saying "its the end of crypto!"
Hi Emmyem. Ironically I feel optimistic. After months of skepticism the more I learn and go down this rabbit hole the more excited I am. I have been dabbling in day trading (more like swing trading, lol) and am starting to get the hang of it. I have slowly been researching coins, and a few of them are really leaving me in the wow zone. And of course there is Steemit, the platform that was enticing enough to help me over my skepticism.
Like with all things, coins are going through their growing pains, various groups are staking their positions. Don't let any of that dissuade you. I do believe a few things on this.
The first, Bitcoin will at some point not be the dominant coin. I don't see how it can be, when it is more expensive to transact and offers less that a newer coin like Ethereum, which is so much more than a coin. Bitcoin is supposed to be a currency, but for the most part it is like having Canadian money in your pocket but you aren't in Canada.
Second, we have some amazing ingenuity amidst all the shit coins, partnerships with gaming, writers (this one I discovered yesterday and it has me so geeked out), and of course Steemit. The social platform that is for the people and not the rich guy in the mansion to sell your most private thoughts you share. Now it is you who have the opportunity to profit from sharing your private thoughts, while having a real say in ideas and structure.
You see companies wanting in, I even read Amazon is floating the idea of their own coin. Robinhood is now in crypto, it is going to grow. Don't let momentary downturns get to you. I believe some of this is being caused by whales to be blunt, and when they tear down their walls all of the hodlers will feel so euphoric as the coins climb to the skies again.
Thanks for your comment @practicalthought !I like that you are being optimistic, I guess that's the weird part about me and my thoughts about crypto! I also think that cryptos are becoming more mainstream! Maybe im also just a worrier and its in my nature to think the worst. Who knows!
Hi Emily,
I hear you! I've been an entrepreneur since I was little (I was always coming up with something to make or do and sell.) And naturally that followed me into my career choices as an adult. Most of my jobs have actually been helping others with their businesses. Someday I might make that a business of itself and not just a form of employment.
My businesses have always been on the side as hobbies, so I applaud you for making yours a means of income!
I definitely agree, the highs are high and the lows are low. The hardest part, I think, is that there is always something more you could be doing. Just like you probably do with your business, you may need to do with Steemit.
Plan your growth strategy.
How much time can you afford to spend on Steemit? Or to ask it differently... how much time do you need to spend on your business, and what is left for Steemit? Since you're in a creative industry, I realize this is tough because the time you've allotted to your design business may not always be when the idea strikes ;)
But that's where the beauty of working from home lies. When you realize you're not making the most of your "work hours" switch to Steemit. But give back those hours to your business later.
And set a goal for yourself. "Once I'm making $____ on Steemit or I reach this goal, then I can change the tradeoff." You can spend more time here and less on your business. Or you can hire an employee.
I'm inspired by your posts and the research you've done here! So please don't get discouraged! I don't have much time either. My goal is to focus on following noobs like us so we have better chances of success!
Hey @helenoftroy - I tend to be an obsessive person, and I have a hard time allocating time towards everything I have to do.. I actually run a consignment business that sells designer clothing online (so if you have high end clothing you could bring it to me to sell for you, etc) I really do have to work on time management better, ugh!
For the last month I wake up, spend all morning on Steemit reading, and commenting, and working on a blog post that takes forever since I dont know what I'm doing, then by 5 pm I start working on my business. Yeah, I have a lot of things to work on....:/ I hope the babies are good! :)
I love the consignment clothing idea! I used to buy used all the time but they don't have much in the way of that here. I recently found a website though that two sisters started. They buy people's unwanted clothes and resell them. I'm going to have to try it out!
Sorry for my long comment above ... it led to a pretty cool idea though. So I just wrote you a blog post instead of writing another long comment. I used your handle, but apparently, you don't get notified anywhere (I also tagged my husband as a test lol). So here's the link: https://steemit.com/steem/@helenoftroy/how-noobs-can-start-using-steemit-as-a-skill-sharing-platform
I've kind of decided to consolidate my portfolio down to a handful of coins. I'm most heavy into Bitcoin, Ethereum and LItecoin. My coin I'm trying to really accumulate now is NEO and to a lesser extent ICON. I've also been taking small amounts of Steem here and there and getting FunFair just because for like 5-7 Steem I can get like 400-500 and I think its a risky but potentially good project.
Aside from doing my normal dollar cost averaging I've decided to take a small step back from crypto for the next couple weeks. I'm tryign to get back into more Entrepreneurship stuff on my Youtube channel as I think I'm kind of losing subscribers going to heavy on crypto which isn't really what my channel started being about
I have a decent bag of Neo. I am not going to sell anything I hold just because with my luck they will moon lol.. I am basically going to be gathering Steem for the foreseeable future and then I want to buy Appics when it hits an exchange in April or whenever that is. I like the idea of it, and if its really .12 cents I might be able get a decent amount.
I don't blame you for wanting to focus on youtube, maybe you can focus back on crypto when the market starts coming back (hopefully in a couple months)
are you holding your NEO in a NEON wallet? I know Binance pays gas but ever since I moved mine I get much more GAS. Definitely not getting rich off it but got like $2 within 48 hours so you figure if that continues to compound and GAS increases in price could be a little worthwhile
I have all my neo in Bittrex and every time ive tried to move it the wallet has been down.. ugh! You reminded me that I have to try again tonight. I have probably lost out on hundreds of dollars of gas (I bought my neo in september)
It's a nightmare trying to move NEO out of Bittrex. You have to perfectly calculate their fee into how much your moving. After trying to many times I finally just decided to sell my NEO, move my ETHER over to Binance, bought it there and then moved it to my wallet. Binance doesn't charge any fees to withdraw NEO and they make it super easy.
There's a bunch of threads like this with people trying to figure it out...
Ok, this sounds like a better plan, I think I am going to have to do that. I also have to do it with a small amount of coins I have on HITBTC. Its funny that I never considered the fees when I was buying these coins in September, its probably because I assumed I would just keep them on the exchanges.
I have a HitBTC account and I like using them for futures on forks but I personally don't trust them as much as a Bittrex or a Binance. I've been hearing more about people having trouble doing withdrawls and stuff so I recently moved my money off of there.
Hi @emmyem84 you’re definitely not alone. It’s easy to have these feelings during difficult market times such as these. However historically these are always the absolute best times to buy cryptos in general. Although seeing as though you’ve probably boughten a large sum previously during the highs much like many others including myself. I can’t seem to time the market as good as day traders do. So I HOLD. I learned my lesson about selling once before after I sold my litecoin for a profit only to then watch it continue to skyrocket. So my advise is take the time now to increase your steemit earnings (and stake) and keep learning about the market overall. That’s what I’m doing personally and picking up more shares during these down turns when I get the extra funds :) Hope this helps!
Hey @tspink! Thank you for your comment! I actually messed up in my post, I said I started buying in Nov, when it was actually early September,I dont know why I wrote November.. (So I have seen the ups and downs of the market over the last several months) Your Litecoin story sounds exactly like my husband. He sold his Litecoin right before it started moving and came out with a tiny profit (he was impatient). He felt awful for weeks!
I am definitely a holder! I am also hoping to pick up some more Steem (tonight maybe? although I have a feeling if i buy tonight it will go lower tomorrow, of course! lol!)
Haha that sounds all too familiar!! I did the exact same thing! Lol I definitely learned that lesson the hard way! Right, sometimes I feel like the markets wait until they see I’ve bought in then will turn the opposite way. Hopefully it’ll turn around soon. Although I don’t mind picking up more steem in the mean time at these lower prices! (Looking at the bright side)
Maybe I'm thinking of this the wrong way, if Steem goes to a dollar, maybe I could have a chance of becoming a minnow! LOL
There should be no emotion :)
I cant help it, haha.
Its because it shot up too fast, dont worry, the market does not go down forever just like it dont go up forever, the next move is up and def up in the long run. Market needs pull backs like this to be healthy. This just means buy more while its on sale. I know I did, just like i did when it dipped to 6k. Buy when every one is fearful, sell when everyone is greedy
Yeah, I think i am going to buy some more Steem tonight :) Thanks for your comment! I appreciate it!
It is just a correction I hope. The bulls are still here but they are smart enough to tale aome profit once in a while!
Looks everything is going back up right now, sigh I just need to stop checking, haha. Of course, its hard to spend most of your time on a website that runs on crypto...without paying attention to the price of crypto! What a roller coaster :)
Hi,
Hope you are doing well,
At the end of the day it is up to you if you, want to continue Steem. From my point of view it’s more managing time to do your clothing business and doing Steem.
I go to university full time and I am in my last year, however I want to succeed in steemit, therefore I spend extra hours on steemit in the night, creating content and other stuff. Whatever free time I get I focus on steemit.
Due to this I’ve deleted social media, Facebook, snapchat, Instagram etc.. and mainly do steemit on my IPhone, because of portability and it is easier as well.
So if you mr problem is time, I suggest you look for much easier ways to do Steem, such as trying to do it on your phone or portable devices that you can easily do it on the go and doesn’t require much time.
Also, it will be very tiring but worth it if you try to manage both of them together. As an entrepreneur you know the hardships of spending extra hours doing what you like for income.
Hope it helps 😊.
Hi! Thank you so much for your comment! I am definitely going to continue on Steemit! I just need to manage my time better. There is so much to learn initially on Steemit, but I think as time goes on it will get easier so I should have to spend 6 -8 hours a day on here as I do now. I also don't go on facebook much anymore (but only to work, not to socialize!) I promised myself that I would give Steemit my best effort for at least a year. By the end 12 months of trying I should know if its going to pay off. I wish you success on Steemit!
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I think you do not need to worry.
I've been following the market for years, and one up and down is Normal.
Even longer sags are normal.
But since today I have a feeling that tells me
It will happen in the next few weeks
The market will recover
and rise to unprecedented heights.