Disclamation for the Nation
It's almost silly to me that I must disclaim these types of things, but I know enough about how the world works to know that if I don't, I just might put myself in a pickle, nothing against pickles btw. But enough of pickle talk. My point is that the "analysis" or my conclusions are my own and if you decide to follow me or not, is completely up to you.
However, I would encourage you to do your own research, talk to your peeps, go to church, do everything you must. But never, and I do mean never, just follow some random dude on the interwebs. That is how you get trevoned and craiged, and we don't want that happening ever again.
You've been disclaimed... you may carry on.
The focus on USD
I get the point that today we still can't buy groceries with STEEM thus making it important that we follow the price of it in USD. However, to think about STEEM in USD as a trading pair is not entirely accurate. Why? Because as far as I know there is no on/off ramps from FIAT to STEEM thus making the connection a little stretched.
The way it works today goes a little something like this. Peter wants a blog. He is told about Steem from the Youtubes and the internets and creates an account. Peter understands that he could do so much more if he had some tokens so he decides to blocktrade himself into a decent SP holding. You see, Peter has a good job and some of the monies to spare.
Peter takes out his wallet, goes to blocktrades and soon realizes he is out of choices so he reassess the situaish. Turns out Peter needs to open a coinbase account. Peter does his thing, opens the cornflakes account, buys a thousand dollars worth of Bitcoin and waits 12 days for cornflakes to release the funds. (this is the case currently)
After the holy 12 days have passed, Peter blocktrades himself some STEEM, sends it to his wallet and powers up. Peter is annoyed, he missed out on a good dip, but Peter will survive.
Poor Peter
The point I'm trying to make is that to enter the STEEM ecosystem or to exit you must pass through BTC, making it impossible to be as efficient to do so. Now, I know you are going to tell me that people can buy BTC somewhere else, that cornflakes is not the only exchange out there, yes I know. But, the #1 app on Android and Apple for purchasing Bitcoin is still: Cornflakes - TADA!!
Most people want easy, most do. If you had to tell Peter here he had to meet Jason on a parking lot to trade intangible tokens for monies, he might not feel too inspired. Hence why Peter is going to coinbase it, or geminise it, or something of the sort. Being cornflakes, I mean, coinbase the most popular one out there.
So... We should only look at BTC/STEEM
Yes and no... I mean, yes. If we are thinking about trading, if that is what we are focusing on, making "them gains" then we should be thinking in Satoshis and not in Benjaminis. Now, I know you are going to tell me, well some of you are, that Satoshi thinking is too abstract and it doesn't compute on the left side of the branium, and I get that. But, I'm going to be mean a little bit and say that if you can't Satoshi, don't trade. There, I said it.... (/me waits for flags)
Looking at Charts
Tells me we've still not hit bottom. Yes, I know, that just hurt you in the gut, but it seems to be true. If you zoomify the picture I posted here you will see that last year, right before the bull run, we went even lower. Now, mind you, the price of BITCOIN was higher so we thought we were doing better. But, as Peter's conundrum has explained to us, this is nothing but self bamboozlin and nothing more. Can we go lower? Maybe, maybe we will. But, Believe it or not, I'm not worried.
I say this not because I got crazy monies laying around and do not need to make some income with my efforts online, the truth is quite the opposite. I say this, because I'm thinking long term on this, and I'm focusing on the silver lining at the moment. I'm collecting more and more tokens every single day. Yours truly is right on track to hit 8k SP, actually no, I lied, I think I'm going to hit it sooner than I expected.
I think at this point in time we are going to weed out the weak hands big time. We will have plenty of people leave the platform. I could only call this a Steemian Exodus, because there will be many who will find the current valuation of STEEM not make it worth the effort.
I guess, I get it, I honestly can see myself having those thoughts if I didn't see the potential behind curtain #2. However, like I said, I'm not there, not even a little bit.
When will this turn around?
I have no clue, none whatsoever. It could happen today, tomorrow, a month from now, I have no idea. What I do know is that I'm going to give it my all, because when the next bull run comes and I'm sure it will, I want to be on a better position to take advantage of it.
Last year I took a crazy gamble. I was one of those guys who believed naively, mind you, in the power of the shitcoins and lost so much money, so much money, that I aged about 10 years in a week. So, here I'am with a PHD in shitcoinery and a completely different attitude towards this whole cryptocurrency investment thingy mcjigger we are all doing.
I won't short STEEM
Do not dare, I have no confidence it will go in any direction in particular. So, why take the risk? Not worth it if you ask me. I'm going to keep on hitting this blog hard, with the best content I can possibly muster. Keep on making friends, keep on growing the community and next thing you know I'm going to hit not 8k but 10k before the bull run starts.
Like the old saying says... You can't give what you don't have. Hence, why I need to focus on growing as much as I can, and that is where my head is at.
• Helpienaut Friday Meeting 8/10/2018
• Vintage Studio Gear ftw?
• I'm breaking the rules - Political Rant
• Short gratitude video - Thank you for believing in helpie
• Songwriter Shop Talk Featuring Rock Chick Jen
Hi meno. Don't stress, sit back and relax. You are growing phenomenally well and will be a big stake holder on here one day. The markets will turn and we will all be smiling soon.
Super Post... hope you can reach a lot with your words...
Mostly troubles get with the worthy if all start to sell the stuff... thats why i stay im here to hodl... i hold till i get rich and maybe after this get poor again :D
I'm buying up little pieces where I can since I too believe this is only temporary in the grand scheme of things.
You did not say - NOT FINANCIAL ADVICE....
My lawyer will be calling you soon..
Doood bro... my lawyer will come flag you
Nobody is looking at their whole portfolio and asking themselves, gee I wonder how I'm doing in terms of BTC*? No, it is going to be in terms of USD, along with other USD based assets. A properly diversified trader has no problems with the fact that STEEM can only be purchased through BTC.
Let me ask you this question: Who do you think actually moves the market:
The other reason, and it's related to active trading and efficient markets is that any difference that has to do with relative pairs being off (arbitrage loops) will be closed immediately by the market. It's slower in crypto it seems, but it's working. So it doesn't matter if you choose to view steem in BTC, USD, or even Dogecoin, as long as you view all assets with the same measuring stick.
Now it seems that you are referring to chart patterns for reference about how relative values move for BTC pairs specifically, but now it's just boiling down to TA, and well, it might work if enough people believe you, it might not.
*Probably pure crypto traders might do this but due to the volatility it's not going to be useful for them to assess purchasing power without converting out. Maybe in the future.
Eon bro dood.. I'm a btc guy... i think in satoshers.... are you saying im a wierdo?
Like I said, you can measure everything in your beloved satoshers, but it doesn't make as BTC/STEEM price as important as you say it is ;)
Eye? Buy? Buy? Buy! Buy! Buy! Dang I'm a little confused at the options and I have to think it through. I think for fun I'm going to try buying SBD and throwing into conversions and see what happens in 3.5 days lol......
ahahhahahah
LOL I love your writing you crack me up! Agreed on keeping creating content, no matter the value of steem. Let the lame ducks leave the platform lol and hoping for that bull run to come soon....(I happen to suck at satoshying, but I don't trade lol).
I think in terms of “REAL MONEY” to the best extent possible.
I for one am inclined to think of everything in terms of true unshakable weights and measures, which brings such a common denominator to measuring all of one’s holdings in terms of the current (albeit corruptly-perceived fiat) weights of such relative to that of Gold and Silver, which, let’s face it, is the most honest and real money that ever was - and likely ever will be.
To get the most accurate and honest look at value and purchasing power, that’s what I look at – especially over long time-periods – and I would suggest in kind, that everyone else consider doing so as well.
Mind you, this paper/physical Gold/Silver fiat-metric relationship has also been stepped on in a most corrupt way, but be that as it may, it remains the absolute best arbiter that ever was and ever shall be insofar as measuring worth and enduring value over millennia.
The key is to stop thinking in FIAT DOLLARS and start thinking in ACTUAL PHYSICAL weights and measures, which ironically, is precisely what the long-lost American Constitution defined “exclusively” as money and legal tender.
Exactly when that part of the American Constitution was over-ruled and overwritten eludes me till this very day. The measure is still on the books, and it is still, technically, the rule of law in terms of the dictates of the Constitution.
But then again, how long has it been since the government pays any attention to the Constitution under which it is supposed to abide by via solemn oath.
It’s all been shat upon to no end, and as a result, it is every man and woman for themselves. What more proof do we need beyond the latest “crypto craze” of the last ten years…?
Don’t know if Crypto is the answer, but I can guarantee it’s certainly a symptom of the decades upon decades of sheer governmental corruption and monetary malfeasance…
I think crypto got started due to necessity. If it will be the one to solve all the bs or not, that is a whole different conversation. But the need for it, that to me is obvious.
:)
Agreed, brother... No doubt about it... I just hope and pray that in the end, that it does far more good than harm for the majority of people who are counting on it.
I am kind of taking it all now as "long-term". Bracing for a big deep dive, holding my breath. @hedac told me it's going to go lower, has been telling me with precise acuteness all the way through.
So It is not taking my by surprise.
Another thing he told me once is that you "don't lose until you close the order". So reached this point, I'm enjoying socializing in a social network (just like all the others) and kind of ignoring that number down there.
I would even invest to have for sp (and fun) with it. :) if I could.
My friend.. People got it all wrong, this is when you have to be the most bullish! You get so much steem from blogging atm. and it's dirt cheap to buy once again.
you know anyone interested in none matching socks? everything is for sale atm. ;)
active is the word.
Great post. I agree that it will turn around soon. Best part of an investment for n steem it even when prices are down you still are making a return on your money if u stay active on Steemit
perfectly said bowen!! We are not just sitting here watching paint dry.
We need just look back to look forward. History repeats over and over again
That's right Nathan... I'm not worried about my crypto holdings... I just gotta hustle in the meat sack world. Everything is gonna be ok.
Keep up the positive attitude and always think long term:)
I’m not complaining the lower steem goes the more I can buy in, the more stake I earn for my efforts and the less competition for the reward pool with so many people leaving! Time to maximize them gains bro
very true... I'm out of fiat, if not i would be buying this dip bigtime
These thoughts are either going to make you a millionaire, or a pauper, but hey, we came into this world with nothing. I am snipping a little, here and there, but on the whole I am not going anywhere. Steemit still has loads to offer and at these prices it could just be a good time to buy. I think the price will go lower yet, but I also believe this is all just a shakedown. It doesn't make sense for any big investor to just come in off the street and plunge big-money into steemit while at 1$. If I were a business man(and I am certainly not) I would do a back door deal and arrange for this kind of price-drop, before I invested big. That's just my amateur opinion and due to me having limited knowledge, about blockchains or how even to use 90% of cryptocurrencies, I just bask in my own ignorance.
Basically, I'll be here till the end and I assume you will too, so lets hope we get celebrate a bottle of bubbly together one day.
Amen to that brother
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STOPTo support your work, I also upvoted your post!
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