It's easy to get in a bit of a flat spin when you look at the prices of cryptos over the last week or so, but don't forget to take a step back and have a look at where things were a few months ago.
Sure we're dealing with a lot of FUD all over the place, and BTC has taken a bit of a pounding, dragging a whole lot of altcoins with it. If you were late getting into the game, and invested in the boom times, well... Eish!! HODL tight!! If you look at the short term, you'll be having a heart attack three times a day! Don't panic... you'll just have to wait a bit longer to recoup your losses. You only lose when you sell out.
STEEM is a whole different story. You earn it by blogging, commenting and getting upvotes. When STEEM goes up, your rewards go up too, and you can grow your account so much quicker. If you look at where we were in October, I'd say we're still in boom town! It's like free money!
In October STEEM was struggling, and barely able to get out of the sub $1 pit it had found itself in. December came, and all of a sudden the lights cam on, and last week is went all the way up to over $8. My personal opinion is the rise was way to fast, and it would come down. This week it has had a fairly gentle decline (or correction in crypto-speak) back to around $4.50. Here is the 90 day chart from coinmarketcap.
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We're still on a Billion Dollar Blockchain, and number 38 on the conmarketcap leaderboard. STEEM is still in very good shape, and will continue to grow. It will feel the bumps in the road along with all the other crytpos, but STEEM is now an established platform, and is growing rapidly too. Just look at these account creation stats.
We may see STEEM go back down a little further, but I'm quietly confident we'll see it find some stability somewhere above $3, and then continue it's upward path.
My crypto portfolio is down about 25% from its top, and I've been tempted to draw out whatever little profit I have made. But when I have done that before, I have looked back and regretted not holding on through the dip because what I sold is now worth 5 or 6 times what I sold at. I've actually put a bit more money into my portfolio this week, hoping to catch some coins at the bottom of the dip.
It takes strong hands, and a lot of belief to weather the storms. These are just my views, and should not be seen as advice. I am a novice investor, and am probably just writing this to reassure myself that this slump is only temporary. always do your homework and don't play with what you can't afford to lose.
Very well written! And I like your deers! ;-)
Great advice man, I'm not overly worried about the steem price I'm sitting on it long term, but it is a bit hard to watch my blockfolio slowly dwindling away, but oh well, I'm in that long term too.
Haha... I've found that putting a few more dollars in has made it a bit more tolerable... but then I realize it has to go back up even more to regain the lost ground... But I'm only putting in what I can afford to throw away... It's all part of learning.
You're a very wise dude!
Seriously though, are that many people actually worried? The market rises, the market falls, we're all along for the ride. If someone is seriously worried then they probably have invested more than they're comfortable with.
The thing is... the price of something doesn't often reflect the value... it only reflects what someone is willing to pay at that exact moment. Nothing more.
I may be wise one day... I still have a lot of learning to do ;)
Well... I was new (and still am relativley) once, and sold at the slightest sign of a correction, only to wake up a week later to the price having doubled. I'm sure there are many, many more like me out there unfortunately.
Price is the perceived monetary value, at which someone is willing to buy or sell at, and not necessarily the other value that something has.
HODL!
White knuckles!!!
Everyone panic sells and the smart ones buy more. It's another January sale for some more steem and other cryptos! Wooop wooop! ✌🏼
Great write up brosef, I dropped this one in on the Ramble NOM NOM NOM inations ;)
This is my dilemma every time I try to withdraw/power down my steem. I don't want to be in a bad position when it goes really really green.
HODL fams...
I hope your right about STEEM but I haven't been able to pick the swings myself, nor even explain them. Either the market has a poor understanding of the potential here....or I do!
Great post! I love that you said you're probably just writing this to reassure yourself. I also liked this line: "It takes strong hands, and a lot of belief to weather the storms."
I recently read the book DIGITAL GOLD, which is a true-story tech thriller outlining the birth of Bitcoin and its growth till 2015. Seeing what has happened since that book was written is mind blowing. When you've got money invested, it can be easy to get nervous, but, IMHO, your points are all valid. As with everything in life, it's essential to look at the big picture. Steem on!
Just sit quietly and remain calm. There is nothing to panic about. I am in it for the long term so dips and doodles don't have a great impact on the long term.