Price chart courtesy of coinmarketcap.com, annotations mine
I was planning to do some work on my various Steem projects tonight (I have so many now that it's hard to even remember what they all are!) but found myself instead just staring at the price action in disbelief!
I vividly remember having the same feeling of disbelief - but in the opposite direction - just a little over a month ago when the price of STEEM fell to the same price it has just risen back up to tonight.
Remembering that made me realize that our feelings and emotions are not really based on how things are in the present - they're based on how they compare to the past, and therefore how they compare to our expectations.
In January and February we got used to the price of STEEM being in the $5 - $6 range, and it influenced the way we acted and how we thought about the future (at least it definitely did for me). Then, when it dropped, all of those hopes and dreams were dashed.
On the other hand, once we got used to the price of STEEM being below $2, our expectations changed. Now that it's starting to go back up our feelings are reversed.
The point is that we can control our feelings about a situation by managing our expectations. Going forward, I'm going to work on keeping my expectations and hopes for the future grounded and realistic. I'll do my best to ignore the price action and work under the assumption that STEEM is worth $1 - or maybe even less.
That way I should be much better equipped to handle large drops in the price, in addition to large gains (here's hoping for more of those!). Easier said than done of course - so we'll just have to see how it goes!
So, no development work tonight for me, just a little dose of perspective instead. How do you deal with the price swings? How do you manage your own expectations? Let me know in the comments - I try to always upvote thoughtful responses!
I had the same feeling today, as well. As I watched the price of Steem rise, as well as EOS (one I am also heavily invested in) I didn't have a rush of excitement like I did when I first started investing in crypto. I thought "it is about time! But this could flip negatively in an hour." I think as we've experienced the lows, many, including myself have developed a realistic expectation. With news of regulation and bans, it is safe to assume we won't see sustainable growth until all policies have been implemented and run smoothly. But hey, at least we had a good day today! Keep up the good work, bud.
Yes this is really key. I'm certain there are tons of business who want to get into crypto but aren't because things just aren't clear enough from a legal and regulatory perspective and they don't want to take that risk.
Hey @yabapmatt, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit!
I agreed with your point. Eos is also one of my top picks. I don’t think I will have that rush of excitement again until we surpass the all time high. I don’t even look anymore..
I've been considering writing a post to discuss the price swings. My wife takes them harder than I do. Personally, I think I have a very firm long term understanding of the value of cryptocurrency (Steem, ETH, and others) and while the short term drops make me sad, I am 90% certain we'll see a trillion dollar market cap within the next 18-24 months (and maybe sooner).
But ultimately, we all die, so does it really matter as long as I can feed and clothe my family?
I really, really hope you are right, but i don't share your level of certainty about it - just because i really have no idea what might happen!
Well that's really the goal of all this, isn't it? Ensuring that we can feed, clothe, and adequately shelter our families for the rest of our lives. I can provide all of that at the moment, sure, but can I still provide it in 5, 10, 15+ years? That's why I'm investing - to ensure that future.
Good point about investing. I agree with that, but my point was more focused on whether or not Steem will moon over the next few years.
So I'm detached about Lambos, but not about things like long term care when I'm old.
I mean, if Steem hits $50, great(!), but neither does the idea consume me.
That is a terrific ending to the night. I agree that we can control our feelings about a situation by managing our expectations. Having a realistic and grounded approach definitely helps with reigning in the different emotions during ups and downs.
It’s similar to a roller coaster ride. We have no qualms with the upward journey because it’s smooth sailing but there are expectations once we reach the top and brace for the ride down. The flutters and fear and panic of what’s to come is less scary because we set expectations ahead for the journey down. We expect all the insane feelings.
As for the price swings, I stopped looking at my silly crytocurrency portfolio. There were ups and there were downs. I figured I will hodl for the long run so no point in staring at the red colors. I continue to look at other opportunities of course because red doesn’t mean red forever. Today for instance, green is always a good color to see!
Nice chatting with you again Matt. It’s Paula from our team. 🙂
Everything depends on the context. When the Bitcoin arrived at $7,000 a few months ago everyone was happy, today the opposite happens, even if it reaches $8,000 or $9,000, the panorama does not change much.
Investing in a currency is like a relationship, everything is based on trust. Building that trust takes time, months and maybe years, but losing it is very easy, a single moment of crisis can damage everything.
My first investment in the BTC was made when it cost $1,000, spent some months where the rise was low and the price fluctuated, but then the madness between November and December last year inflated the prices and with it the prospect, the hopes of people were higher than the market could cover, and the rise was mainly due to speculation, people expected that during 2018 all the cryptos go up even more, and when finally the price collapse, all the trust was lost.
People are regaining their confidence again and little by little, and increases like this help, although as I said, everything depends on the context, if people feel that the market is safe and their increases are real (and not by speculation) then the trust will return, If not, demotivation will continue to spread and the market will continue to be depressed.
cognitive bias effect, between the many. Back to Steemit, I focus on using it mainly to create value both in human relations and artistic content, trying to forget the economic side in the short-medium term. It's been nice to "discover" you and I will sustain you in your witness role.Hi @yabapmatt! I was welcoming newbies and saw your comments welcoming them too. I thought that your taking time for doing that is awesome.. hence got curious about your blog. What you described here is related to behavioural finance and it's fascinating to realise how our brain works building a selective reality, biased from past experiences and traumas. We need to learn recognising these dynamics, which are part of our most primitive self defence mechanisms, and be able to counter them. I think to phenomena like the risk propension after a loss and to the
Thank you for your support! I really like to spend time looking through the #introduceyourself posts and finding new users who I really think can help contribute to the platform and giving them as much of an upvote as I can to start them off on the right foot. I wish I had more time to spend doing that actually.
Thank you for your time and kind reply! I can figure your feeling, although I'm just a minnow but chronically drained in my VP for voting everyone hahah. Trying to start something and gain critical mass here is not easy at all. I wish one day my fiction contest will be sustainable, as I think I found a nice way to spread some wealth and making people push out their creativity at the same time. It was nice to talk to you, keep up the good work for the platform! :-)
He is a friend himself. we must be willing to mentalize that this steem in $ 1 or raise to $ 10 we must be prepared for each stage of this world. This is so today we are well up and tomorrow well down. The whole is how you mentally develop! and live willing not to let your feelings depend on a currency fluctuation
Big boys going long give me some perspective. Watch this CNBC interview with Venrock. It will definitely go crazy this year.
It helps me when I don't even think of the price of Steem. Meaning, I'm in this for the long haul and continue to invest my money in the blockchain.
No matter if the price is $1 or $100....I see value in the utility. And I know that's the common response that we're 'supposed' to say but I literally...Live on Steemit lol So there is massive value for me and the price swings whether it's low or high really don't affect me.
As for managing my expectations....To the mooooon? LOL Nah seriously, I expect to provide value every day in my posts and content for my followers. So I expect more from 'me' than I do the price of any crypto.
Great post sir, good food for thought when it comes to putting it all in perspective.
It's all about perspective. I think this recent bull market has scared away some of the fair weather investors, which is a good thing. If you are really into steem and plan on being here long term than this minor uptrend should bring nothing more than a smile to your face. I am more concerned with where we are headed and a price forecast 5 years from now. These day to day movements can be exciting, but need to be taken with a grain of salt.
I had liquid Steem when it dropped last month an after 2 weeks waiting for it to come back, I finally powered up. When it's powered up I do not care at what rate it is because that's long term and I am optimist enough to see it higher in a year or 2. When it's down at $1.50 is when I didn't plan to save some money to buy more , so I'm a bit disappointed to see it back at $3, but happy at the same time to see my wallet value increase.
This is a really good point!
That's a stunning perspective. Against my better judgment, I got in at about $1.51 thinking it could easily go down to $1.00 if Bitcoin went to $4500. It still can easily go that low, but for now, a breakout is encouraging. I like that notion of just assumming a Steam Dollar is 1 dollar and build from there.
This price might not be sustainable short-term though. It's a 63% increase in the last 24 hours, while BTC only raised 13%.
Be a bit suspicious when an altcoin rise too much above BTC.
BTC is always lower in % but that does not matter. its all about the market cap and not the percentages
if u see the moments in the market over all the years, its always the same. altcoins 10x bitcoin up 5% etc
Yes, I agree, and that's why the focus of the post was about how to deal with the price dropping.
Wasn't expecting it at all. Started using steem 2 months or so ago when SBD was $5. So for me the downward trend has been a great opportunity to buy in.
Yes, I certainly hope you're right!
Regarding SBD - I have no idea what will happen with the price of that, but the way I see it it is meant to be worth $1, so any time I can sell it for more than that I do it right away and consider myself lucky.
@yabapmatt This sounds familiar. Haha. I took this advice that you gave me a few weeks ago. And you have been proven correct. Kudos.
I think all the cryptos with a nice application will go its way (up). We should not worry. Well, it might be easy to say for me since I own very few but we all should not forget to enjoy the day. I try to contribute in my way for the guys around... 😊 @peekbit
It might be another pump and dump like before. I agree with you, just keep our expectation low, that way we'll never get disappointed by the price.
I realize you are just hosting a platform for anyone to use and not responsible for broken or suspicious bots, but there really needs to be a rating system implemented on your steembottracker site where people can leave notes to inform others of broken or suspicious bot behavior, and bot owners can respond to problems or explain.
Yes, I agree completely. The problem is that can be a lot of work and i'm totally swamped at the moment, but i will see what I can do!
Stop looking price at day to day basis. Don't get tricked by daily price uptick or downtick if you are long term investor.
Agreed! The long term is what matters if tou follow the true opportunities of the technology and the ecosystem.
Yup
Been on the platform for over two months and starting to get the hang of things. Just voted for my first two witnesses today and you’re one of them! 🙌
beautiful and wonderful speech
In Steam there comes a feeling when he starts working
Something very special
excellent post you have a lot of reason you have to be always ready for all times and stages. that nothing is bad and that you have to mentalize. Thank you for your post, I am filled with much encouragement for this platform
Not going to get excited till we peak back above the 400$ billion total market of crypto.
in the beginning of my crypto career a was on coinmarketcap 24/7
but after some time a understand to just let it go.
its nice that's fine it green ATM but an not letting it go to my head anymore. it's not real before I can buy something inn real life fore it.
on steem om a bit worry on the time forward a think is a good plan to just assume its 1$ and just let it go. making good posts and just let it go.
I'll be happy in January when Steem is still thriving and kicking at $10. As for dips between $1 and $5, I figure that they are growing pains. Things change, but if all goes according to plan I believe January will be the telltale sign of things to come.
Good data and general comparison. Steemit is still young, but off to a good start. Success is not guaranteed, as their are many challenges ahead (both internal and external in nature) but this community definitely stands a chance at becoming something great on a global scale!
Good great steem days are back... Summer is back so is the sbd..
Prices rising and falling like inflation.
These are the raining days.
Best thing to me is just to HODL and keep acquiring more and more Steem and experiences before the good day comes.
You got a 25.27% upvote from @postpromoter courtesy of @postpromoter!
Want to promote your posts too? Check out the Steem Bot Tracker websitevote for @yabapmatt for witness! for more info. If you would like to support the development of @postpromoter and the bot tracker please
100.00% vote courtesy of @kirkins and the @dsnap project, send your bid to @dsnap.bot!
hi, I send mercurybot 1 sbd and 0.25 sbd flymehigh bots.
these have not been paid and they didnt see in net round. please check it. I dont know where I complain this problem sorry. @yabapmatt
It looks like flymehigh sent you a refund because the post was under 20 minutes old. I will see if i can contact mercurybot and get you a refund for that.
oh sorry you right I have just missed the refund of flymehigh. ok I am waiting for the mercurybot. thanks for your help
Me gusta, tienes mi voto al 100.00%
saludos
fair.zombie
Thankyou @yabapmatt for your supportive and impressive role here on Steemit. I got back my SBDs (missed Vote) from upme. this is all due to your personal interest and handy help. I am a big fan of postpromoter and use its services. Now i am giving you my Vote of Witness.
Thank you, glad to hear it got resolved!
I love this graphic outlining the emotional cycle of investing.
One of the reasons I'm so invested in Steem tokens (relative to my crypto portfolio) is because there is utility in the token and the platform in general. There are a lot of other solid blockchain projects out there as well, but let's be honest, there is also a lot of speculative crap too.
Like any business, there needs to be a problem worth solving along with good execution. Steem has its drawbacks but given more time and scale they can be overcome. However, it offers a viable social media alternative that protects free speech and remunerates its users rather than just advertisers so I can only see it getting better from here. I'm certainly hooked!
Your post has been very nice. I hope you will get many upvote and comments.I am new steemer.I need your help. I hope you will help me.
Hi, I just followed you :-)
Follow back and we can help each other succeed!!@romyjaykar
Hiii @yabapmatt, plz guide me, I have some confusion for taking vote from your bot @postpromoter on dMania post. and what is limit of buying vote for my post using dmania. Thanks.
Hello @yabapmatt. I have 3 missed votes. More than 24 hours have passed. Please take care of this issue. Thank you.
My apologies! I thought I had refunded all missed bids but it appears that I missed some. You should have just received your refund. Please let me know there is anything else you need!
@yabapmatt I did not get an upvote from @therising and @speedvoter, I made a payment at https://steembottracker.com/# .. thank
Hola Yabapmatt. Una pregunta que hay que hacer para adquirir una mesa de puja en tu pagina de que depende tener este privilegio? Dices que todo es gratiss ???? Si hay algún tutorial o post al respecto me gustaría conocerlo para el futuro...gracias por el post de estimulo.
why they always pay half? all bots?
Great post
i agree with you
thanks for sharing
True Story... heck I'm gonna be over the moon when and if it hits 6 again.
my 5 sbd bid to "booster" hasnt been paid. please help me @yabapmatt
Sir, I writing to report about the bot @edensgarden. I used this bot on your site steembottracker.com. I send SBD for the 1st time it didn't vote my post and didn't refund me. I had to sent messages and also reply to some of its comments before it could refund me.
I tried it again on a second attempt yesterday, it didn't vote my post and didn't refund me. I have sent messages and also reply to many of its comments, yet no refund.
I was shocked with the number of replies on its blog that are complaining about this same circumstance yet it has not refund them as well. This bot is virtually scamming through your site. Please help solve the situation. Thank you!
It is necessary to continue to work. Sometimes it's hard for us to get used to the fact that the price can have high volatility and strong growth is replaced by the same strong fall. That is, I do not cease to make plans, but I understand that this is in the future, all who have waited - will be in the win.
By the way today in the busy was an interesting phenomenon. For a second I was even surprised :)
I did not received an upvote from a postDear @yabapmatt
https://steemit.com/crypto/@steemero/big-tech-bans-crypto-ad-no-need-to-panic
I tried to contact you for long.
Can you please look into this matter
Regards,
@steemero
Hey @yabapmatt, great post!
@yabapmatt, probably you need to temporarily remove the @pwrup bot from your site. He has not worked for about 50 hours, and people continue to transfer money to him ...