Why Powering Down to Buy a Car Was My Worst Mistake...and Now is the Time to Power Up!
6 months ago, I bought my Chevy Volt. I'd powered down $9,000 worth of Steem in order to do so. At the time the price of Steem was low, and I assumed it wouldn't be difficult to regenerate that SP. Boy was I wrong. As the price of Steem went up, I earned it more and more slowly.
Now I'm struggling to make rent, and need every SBD I can earn from this site. I wouldn't be in nearly so dire a situation if I'd just left that Steem where it was. Steem Power isn't just bragging rights, it's a machine that prints money. Steem Power is a form of capital.
If you invest enough, it can become an ongoing source of financial support. The SBD you can earn just by self-upvoting can be enough to live on, with sufficient on-site Steem holdings in the form of Steem Power. It also forms a self-reinforcing feedback loop, attracting followers looking for a valuable upvote.
Everything about it makes for a good investment. If it seems strange that I say this when the price of Steem is once again close to a dollar, think again. It goes down, but it comes up again. Your money doesn't vanish, you just have to be judicious about when to withdraw it if you ever do.
I urge you to leave it where it is though, as I should've. And now that the price has dipped so low, if anything, you should be buying up as much as your tax return or rainy day savings will permit. Steem Power is an investment in the ability to summon more money out of nowhere.
I wish I'd fully appreciated this before I pulled 9 grand worth of it out of my account to buy a car. There is no car that's worth more than it's own sticker price equivalent in Steem. Especially right now, given how much you can buy for that kind of money.
Don't be fooled. This is not the end of Steem, any more than it is the end of Bitcoin. It's the calm before the storm, the herald of a steeply rising tide which will lift only the boats that are ready for it.
Stay Cozy!
anyone could make mistakes but from learning it that matters the most
Don't regret buying a car instead congratulate yourself on the achievement of being able to do so from a blog. I recently took out a few hundred worth before the lowest of dips currently and bought myself a new pair of prescription glasses. It was the best feeling being able to do so and I don't regret it for a minute. My work gave me the ability to take care of myself in other means besides my 9 to 5 job. That to me is a blessing. Now, if I was in your shoes and took out 9k and paid off some bills, I'd be doing a dance for all to see. Never regret, always look forward. You did a great thing and bettered and rewarded yourself. There's always more Steem to earn and content to enjoy. Steem on!!
Sorry to hear that. I sort-of saw what was coming, because I was burned before ;) , and so I've been rearranging my life to get by with what cash I get. Sad to say, crypto is the classic feast-or-famine business; it helps if you can get my on a "famine standard of living"during the hard times.
If all else fails, there's Uber.
9K?? Ah ... But then again you needed the car too, so..
Crypto can easily drive you crazy. Unless you have several giant horse shoes up your ass you are never going to time things just right.
If I didn't make a few key blunders with some of my crypto holdings I might be retired by now. One thing I did learn though is blockchain technology isn't going anywhere so it is a good idea to be involved in it somehow going forward like blogging on Steemit for example :)
Intially one should invest his earning in increasing his steem power so that his ranks are elevated, and when he achieves it he can get benifit from this platform, buying a car was your biggest mistake. Hope your power will increase day by day. This time is the good time to invest in it, as the prices are very low. And they will increase in future
If steem is less now than when you took a withdrawal, and you are buying some back, then you made a good investment decision. I know fixed or very much no income can just put that 9g's back in but even a little buyback would be good. And it is not like you were not reinvesting a bit during the preceding months.
Wow, guess wasn't the best decision you made. About Steem, I have noticed a lot of people who uses bot.They don't use bot cos they want to earn more, they do that in order to build their SP. No rain without storm. Steem will rise again.
You shouldnt regret man. The purpose of living is to be able to meet your immediate needs. I always tell people that if I sell my steem or sbd today at a very low price and wake up to see it very high again, I wouldn't be sad because the sbd or steem I sold the previous day met an immediate need and that's what matters the most. So forget it man. If you wana buy back, this is the time.
@alexbeyman,
I was a fool too! I sold more than 2,000 SBD at 0.9 USD and it went to 16 USD few weeks from that! It was the terrible mistake I have made on STEEMIT platform so far! Anyway, I feel i got my second chance! So now I am collecting SP than ever! As you said this is the money making machine!
Cheers~