To Buy or Not To Buy Crypto...
Promo cards to hand out at TokenFest!
I'm currently on a train heading up to TokenFest in Boston to represent Steem Monsters as part of the Steemit booth with @aggroed. Since I can't really get much development work done on the train, it gives me a rare opportunity to make a post about non-Steem Monsters stuff that's on my mind!
As the post title indicates, I've been thinking about whether or not to put more fiat into crypto lately as altcoin prices have dropped to very low levels.
Ultimately I have decided that I am going to put more in, considerably more for me at least. It is all money that I can afford to lose (even with recently leaving my job). I would never invest more than that. I don’t know how things will turn out, or what will happen in the future. I can only guess, and my guess is that, overall, cryptocurrencies will increase manyfold in value over the coming years. Even after the dot com bubble the solid companies that weathered the storm went on to see huge gains, so I just have to pick the winners!
If I’m wrong, I will likely lose my investment, which will suck but it won’t change my life much. If I’m right, though, then it will change my life significantly for the better. For those of you familiar with statistics and probability that means that this investment has a positive expected value. Based only on my guesses about the future of course.
Additionally, for the most part I’ve always been the guy that is thinking “I wish I bought in way back when…”, and I’m resolved not to be in that position again. I would rather take the risk that I’m the guy who says “I wish I hadn’t bought…” for the chance to finally be able to say that I did buy, and bought a lot, back in 2018 when STEEM dropped below $0.70 and ETH dropped below $180.
Only time will tell how this will turn out. For those of you doing the same, I think we’re in for a crazy ride, and I wish you luck! Finally, as a reminder, I am not a financial advisor and this should not, under any circumstances, be taken as financial advice!
Personally I think we are still in 'falling knife' territory. I have 0 fiat to invest anyway, so the 'should I , shouldn't I' is not in the equation.
However, if i did have a little on the side, I would be quite happy paying a dollar a STEEM, knowing that a clear upswing in the markets had begun.
Good luck in the Steemit booth a Tokenfest, and congratulations on the alpha cards selling out spectacularly yesterday :)
Probably a falling knife, but I don't try to time the market...just try to invest in things I think will be good over the long term whenever money is available.
You might not be able to buy STEEM, but you're definitely putting in the time and energy to earn it. I really hope that works out for you since you set a great example for others.
Yes that makes sense, and there's a good deal of theory behind buying in in stages too.
Right!
Thanks for the encouragement Matt, have a good week :)
Hey Matt. I’m glad you got a breather and wrote this non tech post. Your topic hit the nail on the head with my sentiments about crypto investments. I started investing not too long ago when BTC dropped below $6k. I entered with BTC, switched to ETH , then diversified into alts. Initially I enjoyed some nice returns but didn’t have enough experience to set stop limits. It wasn’t long before I lost all of my gains and more when the market drastially plummeted. I kept hodling. It was a tough pill to swallow, but I learned my lesson.
Since then, my revised strategy is to buy into the red 5% after bottom occurs, then immediately sell after gaining 5-10%, then rinse and repeat. I plan to invest in cryptos very long term because I believe it will take 8-10 years for the solid coins to fruition. In the interim, while the market is displaying drastic volatility downward, I will take advantage of weekly small gains during this bear market until the bull re-appears. This trategy entails more work compared to your strategy, but I have fun doing it, so it’s more like a game for me. There will come a time when I will fully buy in and hodl but that time is not yet.
Thanks for sharing your thoughts on this important topic. I like seeing the non-tech side of you. Congrats on your achievements with SM thus far ans keep up the great work. Knock ‘em dead at the Boston convention.
“I wish I bought in way back when…” = me in a nutshell too.
Luck has never been on my side with investment (thus not making it my source of income), but I am so tempted with this new low. Any chance it will get down to 25 cents? ;)
I have a stable career, suburban life, paying the outrageous prop tax here for the good school system... but is that what I want? Doing my best to give my kiddos a bright future...but we know 9-5 will only go so far. I see the potential in crypto, but it is a whole new world for me! I am learning from everyone here; that I will attribute to Steemit.
Safe travels to Boston!
Who knows, lol! But probably good to still keep some extra cash handy to buy even more if it does...
I had to come back to this post. Omg, could this really happen?! STEEM possibly at 25 cents? We are nearly there! I don’t know whether to laugh or cry at my silly crypto investment. The smartest decision I made was to invest in Steem Monsters. So glad you came out with the game @yabapmatt!
Now I’m not sure what to do with this plunging Steem price...to buy or not to buy..when tbh, I’d rather buy more Steem Monsters cards. 😁
Buy the dip or something!!! Don't invest more then you can afford to loose etc etc... Also big thanks for your bot tracking service, it's very useful!!! And good luck at the " TokenFest".
/FF
I'm no professional, but if someone asked me, I would tell them that I think it is a great time to buy some STEEM! Good luck with your investments! :) Have fun in Boston :D
Great strategy as I am also thinking the same... Putting some more fiat for the future into the most promising projects like Steem! When I started here, I would always say those that bought under $1 were geniuses so I feel pretty smart buying here right now. The way blockchain technology has proliferated this year reminds me of the internet boom and bust like you mention. Look at Amazon now at over $1 trillion in value while ot was written off after the dotcom bubble popped in 2000.
I am the .. wish I bought guy as well. I remember I ran a poker forum and had one of the members trying to sell me and other members Bitcoin for a dollar. I asked what was it and was told I could buy stuff with it online and that I should buy some as it will explode in value. My response. .... I can buy stuff with my real money why trade it for fake money. Stop trying to scam my forum members and then I proceeded to ban the dude. ... Whoops ...
Well in your defense that was a really dumb reason he gave for why you should buy some...
everyone have their regrettable memories. back then i can use part of my saving buying bitcoin. i could have own couple houses with nice car if i do so...
I had the same thoughts. In the end I did decide to invest a bit more. Mostly into the larger crypto, but with a number of long shot options. It's money that I can afford (but prefer not to) to lose, time will tell if I got lucky or not!
"Considerably more"! Nice! Yaba has balls of steel and will drag Steem to the moon through sheer force of will. You are the lighthouse in the storm, my friend.
Well I plan to buy a basket of cryptos and not just STEEM...i already have way too much STEEM as a percentage of my portfolio. Gotta diversify! But as for the STEEM I have and am earning, I am gonna do what I can to drag it up to the moon.
Amen ! Thank you for @Steemmonsters !
I believe in you and @aggroed, some people doubt it.
I add a question, considering the amount of money you « raised » are you recruiting new people?
Take care.
Posted using Partiko iOS