HOW SCREWED WE COULD ALL BE IF STEEMIT DROPPED
Recall what we've noticed about the cryptocurrency markets, that we don't control the direction of the markets -- those with millions and billions of dollars do since they own a grand majority of the coins.
So what if we were presented with the scenario that say...
Bitcoin falls below the 7000 support level and tanked down to around 3000.
Well, you know that wherever Bitcoin goes, so does the rest of the market. Those that have hundreds or thousands of dollars in this STEEM system will want to get out to protect their wealth, but if you're tied up into the Steem Power system, you will be completely and utterly fucked when the top guys decide "alright we've had our fun" and sells out of the market.
Steem Power gives us the ability to have a stronger vote power and make more money. I already covered how bad and ineffective this system is in the past, but to make it even worse, it takes 3 entire months to turn all of your Steem Power back into liquid STEEM.
That's right. Your wealth is locked up into this system no matter how much the price drops, and sadly mine is, too.
So IF.... Steemit dropped to 0.50 cents, or even zero as many people are starting to recognize the true value of our ponzi coin, we would be absolutely destroyed waiting to get our wealth out of the system.
Hey, I'm just playing devil's advocate here. Maybe we still are in a bull run. Believe what you want, but true smart investing is about managing risk.
Gone are the days where buying a pizza with Bitcoins is a cool thing and rather chill because the price had a LOT of rising left to do. We're now in the days where CNBC is airing Bitcoin plays and the government is cracking down on international money launderers and tax evaders in this freedom movement. The world has given cryptos a shot and it's all about making money now, not being "outside of the system" because we know the system is integrating Bitcoin as we speak.
So either we're gaming the system, or the system is gaming us.
Ponder these words. Blockchain's not going anywhere, but true wealth ALWAYS shifts.