For many of us 2018 started out with a hope of improving our personal finances by diversifying our investments then being forced to watch it crumble down due to a seemingly never ending bear market. A complete rollercoaster in every sense of the word.
Steem blockchain users have suffered as much as anyone else for a multitude of reasons. Even in the real world we’ve seen many companies shutting down this year. Some startups from the silicon valley have closed their doors and the blockchain-cryptocurrency space has been no different with layoffs at Steemit Inc and other blockchain companies.
There is nothing mystical about market cycles however the importance of investing in solid projects backed by professional teams is truer now more than ever before.
As I write this Steemit Inc is far from accomplishing the goals from set in the original roadmap. It has made everyone question competency of the core-team and its leadership. The year isn’t closing on a positive note for most of us eh?
Life...It happens!
Last 3 years in this space has also shown me that you have be prepared for any kind of change. You have to adapt to your circumstances.
These years have seen the rise and fall of a majority of projects. No surprises here as many startups generally fail within the first three years. Besides, cryptocurrency space is filled with poor execution and scammers.
I’ve learn't to be patient in the past 3 years. But, the need for an exit strategy has been drilled deep into my mind now than ever before. Being emotional about your investment is bad. Even if you are here for the technology, it's necessary to have an exit strategy because not all factors are ever in your control.
As the downhill run continues, it’s only natural that we see people who were completely focused on blockchain and cryptocurrency look at other means of employment to sustain themselves.
The market hasn’t bottomed out yet and even if it has the current prices are nowhere near sustainable rates and a major bull run is out of the question for now.
Gone are the days of 50-250% pumps for STEEM.
But then again, tomorrow is another day and one cannot know for sure in the world of cryptocurrencies. I suppose it’s not over until it’s over!
There’s certainly more to look forward to moving into 2019 as the ecosystem continues thriving. As far as Steem blockchain goes, IMHO we have just one more chance as a community to prove that Steem is worth everyone’s backing. Can we do it?
Anyway, these are some of my thoughts going into 2019. Let's hear it from you now.
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I think it may go both ways going into the next year. Nice points @firepower on investment tactics, you can't always put in all your eggs in one basket, investors should learn to be patient and have hopes in other ventures to have a ground to fall back to Incase of disappointment in other ventures, that strikes a balance in ones investment portfolio.
Can you explain more?
Most of the users in this space are interested in token speculation vs use of underlying technology. Steem is one of the few blockchains where we actually use the blockchain daily. However, we're lagging compared to other top projects for various reasons. Hardly anyone talks about Steem/STEEM outside of Steem apps and hence the sentence.
Indeed, the key might be to entice more developers to develop on the Steem blockchain.
I'm especially thinking about game developers.
More games and more gambling could attract more users, who themselves would buy more Steem to continue playing / gambling.
I see the addition of ads on Steemit content in order to bring in much-needed funds for the company. I also feel that after a little more downward pressure, crypto prices will rise in the 2nd half of 2019. Hang on! :)
Thanks firepower Sir, for sharing your personal thoughts about Crypto currency.
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Very well written , I think you have highlighted some really important points on here.I couldn't agree more about investing in solid projects as bad as the times are now I can see the next bull run rewarding the projects that have great fundamentals and are working together for the right reasons
I think as apps and companies become more user friendly and have the practical application then we will see it go back up again
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This is the year where more practical dapp development will be the reason people/investor are drawn into crypto’s and blockchain technology.
I also agree with you that sadly the slide will continue and every must devise an investment strategy that will suit his/her needs. The basic hodler strategy will leave your hard wallet very thin, at least in the short run.
Steem having a lower market cap than Revain is absurd btw. Steem needs better marketing to attract celebrity and rich investor.
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I think there will be another pump some time in next year.
I think that’s the time to claw investment and some profits back. This is what i am planning to do.
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In my opinion,2019 will be much positive year for us,if the G20 nations take right decisions about crypto.
Your points are so true bro. We should definitely have an exit strategy. Some people consider Steem as their full time job. When I joined Steem Blockchain one year back I completely had that as a good strategy but today things are not that convenient and we can't even say anything for sure in crypto world.
But, I would like to say that I'm definitely not going to stop trying even this year believing that at least this year will be fruitful for all of us. For the past one week we have been seeing a fair increase in the price as well. But let's see.
Happy New year and my best wishes for a great year bro. 😀😊
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Hope day by day more popular crypto in the world. Because crypto is going global currency. Thanks for this article.
I have a proper exit plan. I will sell my steems when the price hits the $8 mark again. Will start a new business with that money. And when steem witnesses a bearish market again, will buy more than what I sold. Probably over 100k steems! Anyway, this is crypto space and uncertainties are obvious things!
Your points are so true bro. We should definitely have an exit strategy. Some people consider Steem as their full time job. When I joined Steem Blockchain one year back I completely had that as a good strategy but today things are not that convenient and we can't even say anything for sure in crypto world.
But, I would like to say that I'm definitely not going to stop trying even this year believing that at least this year will be fruitful for all of us. For the past one week we have been seeing a fair increase in the price as well. But let's see.
Happy New year and my best wishes for a great year bro. 😀😊
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