I know there's been a lot of doom and gloom recently with the pull back in the crypto market. I've heard and read the word "crash" uttered and written it seems at every site and blog concerning crypto these last few days, and I can't help but shake my head. This is the nature of the beast. These are how markets function and it's a good thing. We have a true "free market" with crypto and it will, no matter how much we want it to always go up, correct and determine fair market value.
A normal, healthy market should in essence look like a staircase. Slow and methodical, increasing with time on it's slow march to the heavens. But markets don't like to cooperate, they tend to act like a crazy uncle. If you're scratching your head wondering, "What is he talking about, I don't have a crazy uncle?", well count yourself lucky, your family is more normal than most. But crazy uncles are great to learn from, they look at the most rational, logical choice, and then do the opposite. So in short, don't do what he does. Same goes for the market, look at what the herd is doing (herd being the market) and do the opposite. This is usually your best move.
An analogy my grandfather taught me growing up, (he was a very astute and proud Ben Graham disciple) was of going to the grocery store. You don't buy something, for this example we'll say eggs, when they're overpriced, you wait till they go on sale. You only buy enough to survive when they're overpriced. When the price is ridiculously overpriced, you go without eggs, but when eggs go on sale, you buy more than usual. It's really quite simple. So when the market has a sale on an asset, that's a good thing.
Here's a chart of the DOW from the last 100 years. You can look at both charts and even a layman can see correction, after correction after correction. It's normal and it's needed.
The market rewards the turtle in this race, not the hair. I used to trade, but no more. I'm a turtle and happy to be one, I sleep much better at night. This is a game of staying power. A game of patience. I believe in crypto currency and I really believe in Steemit. I don't care where it's trading at today, because in my head, I feel I know where it's going in the future and I damn sure want to be along for the ride. So the market can keep doing it's best crazy uncle impression all it wants, I'll just sit back with some popcorn and enjoy the show, and collect a little more Steem along the way.
(Disclaimer: This is by no means to be used as financial advice. I am an amateur investor and these views are my opinions only.)
Useful Websites for Steemit Newcomers
https://steemd.com
https://steemnow.com
https://steemdollar.com
https://steemwhales.com
Nice write-up, it took me a few losses to learn the way it works but that education is worth every penny!
Thank you! We both learned the same way. :) It's a tough and expensive lesson to learn, but I wholeheartedly agree, worth every penny!
Good points. Good things do take time!
It's merely a buying opportunity for long term investors! Storms don't last forever. The sun will show itself again and be brighter than ever!
Very well put and couldn't agree more!
Agreed. Nice write up. Nice looking charts too :)
Thank you much! :)
HONESTLY the price of steem had ALREADY been down! and its a cOINCIDENCE that the crypto markets are down today at the same timee as the LAGGY prices of our steemit.com Wallet and Prics onPosts and comments had caught up with YESTES prices, and steem has already gone up alot and will be back to $2 and we wont see a reflection inour psot and walet prices for another day! hahahah
peopel who arent actualy doing the math on coinmarketcap and just looking at their wallets are bound to in for an emotional rollercoaster haha mass depressionas price goes down, ad then it shoots up and people are all escatic, u need to not even get excited for prices going up or down! just KNOW that they will go up over time! look at steem from 3 months ago! 10 cents! imagine if u would have bought some then! and now look at us! and remember the marketcap has also been going up and the userbase! whenwe have millions of users (and tehers only like 200,000 accounts andles sthan half are indiivdual people, ) then just imagine how much steem will go up wth peopel buying steempower to get some of that reward pool m
Steem is gonna fuck up some commas! Fuck up some Commas! yeah Fuck up some commas! 1 free steempower to 100 steempower, 1 hundred steempower to one thousand steempower, ten thouan steempower to a hundred thousand steempower, A Million, lets have a steempower shower
Lets fuck up some commas! yeah steemit lets fuck up some commas!
AND if theyd ot make money from steempower posting they will STILL make money from just the price of steem going up as a normal investment! but btcoins cant earn u curation rewards ;)
I like the sound of that! The more commas the better!!