Steem Prices Down? Just Remember Why You're Here
I am by no means a fanboy of the Steem price. I have been saying for a long time that the price could go down. I even pointed out the system can have a "reset" of ownership if the price goes low enough. (which I hope happens as I am not fond of the "whales" and "witnesses" that control our path here)
So here we are. "The Meltdown" is happening and I see people wondering what they should do about it.
Should I Buy?
My first thought is to decide whether to buy into it or not. Its mighty tempting to pay $0.80 cents for a unit of steem. If it just goes to where it was a few weeks ago, that would be a 50% profit. On top of that I've been hoping to catch up on a relative basis to the other fish in the sea, so this could be a good chance!
Then I remember that if it can go to $0.80, it could go to $0.50 or even $0.25. So I need to remember this as I plan my strategy. I did already buy some at $1.75, $1.25, and $0.97, so keeping my head about me and being patient is very important. "What to do", I wonder.
My Purpose
So as I was contemplating what to do with the purchase and the knee-jerk reaction to buy more, it then dawned on me to remember why I am here on Steemit. After all I have been here EVERY DAY since December 17, 2017. I have not missed one day. There must be a reason for that, so it gave me a chance to reflect again on just "why".
I remember in the beginning I was amazed at meeting all kinds of wonderful people. Many of them are no longer here unfortunately, but some are and I feel lucky. So at least I'm grateful for both meeting amazing people, and at the same time building true friendships with a few of them. That is definitely at the top of my list of my purposes here at Steemit.
I also wanted to help others. I see so many people that live paycheck to paycheck and want to get ahead. I also see people from the smaller poorer countries that see this as a chance to improve their lives. Plus I see many many parents trying to help their children to have things they didn't. It is nice to think there is a place where those people can be helped by just doing what they do on other social platforms.
Improvement Needed, But Still Amazing Potential
As I've grown here over the past 8 months, I realize that Steemit has some flaws. I realize that the place is top-heavy and those top people have far too much power given their desire to make money. I and others have seen the greed, and it is a turn off for sure. It is ok in my book that anyone can do what they want with their own money, but if they want this place to succeed then they need to do a better job of funding the community developers and increasing the horrible retention rate. People like @abh12345 who runs "Asher's League of Engagement", @danielsaori's "Steemit Comment Challenge", or the incredibly fun @comedyopenmic challenge community.
But despite the fact that most whales and early investors got fat and happy and forgot the minnows like me, there are people that are leading the way too. I personally have been blessed with SP delegations from @swelker101, @yabapmatt, and @abh12345. It takes a special person to give away money and I see many do it every day! So while the rich might be a little on the stingy side, the ones in the middle are very generous and that is amazing.
And speaking of amazing, I think no mention of generosity could be complete without mentioning the most selfless Steemian I know, @fulltimegeek. Not only did he give away all his SP once and form the Stewards of Gondor, to top it he basically single-handedly has fought against the greed of a few individuals for months (still ongoing sadly). And in the brief truce period he didn't reward himself by upvoting his own content or selling his votes to vote machines. No he built his own bot army that is solely dedicated to rewarding others with votes. He has over 100 of them and none of them anyone pays a penny to use, the votes are FREE. Wouldn't it be nice if the top Steem owners would join @fulltimegeek even for 3 to 6 months? He's a natural leader, people that have a stake in this place growing should follow his lead! It works, I am a testament to that!!!
Payouts Are Terrible, So What?
As everyone is aware the payouts on posts are pitiful and sometimes it seems like not a lot of pay for the effort. I hear it every day. But on the other hand, when I think on it, I realize that I'm not here for the money. I remember the reason I am here, to help others and connect with very cool people.
The payouts are bonuses and ways for me to help others in the future (if I can accumulate enough Steem to make a difference). So if the payouts are terrible, so what? It just means that I earn a little less for now (and a little more when it goes back up!)
So that leads me back to my original question, "should I buy Steem now at $0.80?". The answer will reside in the reasons you are here. If you feel like you want some more "power" here then buy Steem and power it up.
Also, if you want to trade it, then this is certainly a cheap price relative to the time I've been here (90% off the $8 high). While it might go lower, it might not too. So depending on your financial circumstances and your holding period, it is definitely something to consider.
But for me, the answer is simple. I'm glad I used this opportunity of this drop in steem (from $1.75 til now) to add more to my steem portfolio. I have a lot of my Steem tied up in Steem Monsters too (I think that is something that can really light up in terms of price and also be a big driver of Steem's value one day). So I will continue to add to my Steem purchases as time goes on. As long as my friends stay here and I find people that I want to help on the platform, then I will feel both my time and my money are put to good use by being spent here fulfilling my objectives.
I now remember why I'm here and I'm super happy to have the chance to improve my position with these cheap Steem prices!
My "highly recommended" witness votes will now be added to my posts. I hope you add them as your witness and to your posts too!
@steemcommunity
@danielsaori
@yabapmatt
@steemgigs
@jackmiller
@noblewitness
@comedyopenmic
@swelker101
@ats-witness
Beside overall market crash, STEEM has problem because Dan announced STEEM 2.0 and many people are waiting for that. I don't believe that STEEM 2.0 will have any negative influence long term and it is better for us that it is released ASAP...
@cicbar I understand and appreciate you not only explaining that to us, but also bringing it to the top so that other people can see that reply. I agree with you that sometimes the "fear" of something happening is worse than the event itself. I do agree that its negative influence may be way overexaggerated!
A very level headed post. I have been quietly following you and observing your efforts in the initiatives to help the newbies. Well done! You deserve a star!
I am also not worried or bothered with the ups and downs of Steem prices. I am more concerned with putting out post which people will like. I am not the most eloquent blooger, and I am still finding my footing around on Steem. So much to learn, but because I am from the era where IT was unheard off, a lot of stuff here just goes over my head. But never mind...
I think whales who are greedy and cared only for themselves are myopic. In a platform such as Steem, a whale needs a lot of support from minnows and plankton too. If we are not around, the whales can't go very far either. So, it is in their interest to help the minnows and plankton - so that we will all advance together.
Luckily, there are decent people, such as yourself, and all whom you named, on Steem who are dedicated to helping the newbies. Guys, all of your efforts are much appreciated.
Thank you very much for the very nice words @quotes-haven! That is a very good compliment and I will take that star for sure :D
I agree with you about several things too... There is no reason to be concerned about the price of steem and you are completely right about the support of all needs to be genuine and thus from all levels. When it is artificial it is more of a game, so that is why I think in the long run engagement is the key. The more we get to know each other and connect, the greater potential our networks have.
I think it is awesome the things you said and I'm very happy to see that you are following and observing my efforts! I also like being called decent, because I try hard to be so...
I hope you have a wonderful weekend and thank you again for the very very nice comment! :)
You are most welcome. I am just telling it as it is. keep up the good work. :-)
A great weekend to you too.
Cheers.
@steemcommunity is happy you are still here and take this view as to why :)
Thank you @davemccoy, and thank you to @simplymike, @maahes, @sakhmet, @rudyardcatling, @mudcat36, and @sparkesy43 for your kind donations to this account a few weeks ago. Very kind of you all!
Thank you @steemcommunity! It is always great to know that you are here to help others and I know that you don't get the support you should. One day us minnows will grow up and I think we can help further you faster. Until then keep doing your best and know that we all have lots of respect for what you do for all of us! :)
I like the sound of minnows I appreciate growing up into Dolphins, good luck to you and all - stay in the game is rule number one 😁
Ohhh it will happen... Thanks to discord us minnows are far more networked than it appears... I can't even keep track of how many groups I'm in, but there is a hidden horde of minnows growing as we speak! :P
... and thanks to you and many like you Asher, we are here for the longer run!
I'm not too savvy on investing. It's above my head. 😀 But I DO believe in this place 100%. I know for now, I can afford to put some money in here and there. And I do. I've quit worrying about prices. I'm just trying to grow while I can, so I can help more people in the future. Thanks for being a great Community man and for giving recognition to those who deserve it. Hope your week is going well sir.
I agree completely about not worrying about the prices... Keep the head down and do what you can... If I ever had to point someone to a good role model that is just starting out, you @johndoer123 would be that guy. I hope your week is going well too! :)
Awe, come on, you're making me blush sir. I really appreciate you and your kind words. So far the week has been great!
Awesome! I'm very happy to hear that... It has been a tough week for many, but happy to hear you are persevering ;)
Bit late to this post, but it gives me the opportunity to say that you were spot on. 😉 The timing couldn’t have been better, at least in the short time frame. Still possible we are going down to $0.5, or lower...
Knowing you are a professional investor, you explain the situation as you would expect from someone who knows how to deal with risks.
I was eager to buy more steem myself, but as my stake is way higher than my other crypto investments, I held back. I instead added to some of my other coins.
And in a way I’m constantly investing in steem as I keep powering up my earnings, both from posts and from my dev steem income.
I"m glad to see you are doing well in this drop Daniel, and I know you will always keep growing your stake here because as you said you power up your earnings. You are one of the few "big boys" that were happy to see it go down when would mention it possibly happening, so I'm happy to know you were both prepared and encouraged by this dip! To me its guys like you that are growing your stake relative to the other big boys, and that make me confident that one day the more caring steemians will win some degree of say so here! :D
I kind of look at Steemit like a game. Right now Steem is almost as affordable as Candy Crush boosters. Sadly for me Coinbase has become a hurdle.
After doing a quick Google search I found that lots of people are having trouble with their ID verification.
Makes me think lots of people would be more inclined to buy if we could just buy with PayPal.
I may end up just buying Monster Cards that could be turned to Steem later on.
But I’m sure you can’t network in candy crush booster? 😉 Things like writing excellent posts and comments which will potentially increase your future income. Every time you impress someone, you have the chance of being put on either their auto vote or their manual review list. That’s pretty awesome!
I moved from Coinbase to Kraken almost a year ago. Way happier with their fees and trading possibilities. I don’t remember the exact ID verification process, but anyone with a valid ID shouldn’t have an issue.
Thanks for the tip on Kraken. Will definitely look into that.
Boosters are add on things you buy for the game. They help in the same way SP helps here. Playing Steemit like a game makes it more fun for me. It also justifies spending a bit on Steem in order to boost the account.
Honestly I have spent quite a bit on Play Station on the past. Just think if all that had of been put into something like Steemit.
Just on a side note. I plan to do a more serious post on the topic in near future.
Candy Crush was deliberately designed to be addictive. As it is based around timed dopamine release. I will spare you my ramblings on that.
There is a psychological impact I have been observing on Steemit. I believe I can make a case for the potential of the platform as a therapeutic aid for anxiety and depression.
This based on the fact that medical research indicates there is therapeutic value in writing. I want to explore the possibility that we get many dopamine hits from Steeming. I do agree compared to the many games that have this effect Steeming is a very good choice indeed.
P.S. Sorry about that. I did say I was not going to ramble. :)
hahaha... it was a good and informative ramble... I enjoyed it :)
That might be an option sooner than you think @headchange. I keep my eye on that and we are not that far away from it becoming a possibility. Keep your eyes open (and of course I will tell you when that is a realistic way to do so)...
As to Candy Crush, I don't know about it... But if you play it then it must be fun. I can't imagine you doing anything that isn't fun :D
Thank you for keeping an eye out. That one thing could have a huge impact.
Candy crush was just an example, although I played a couple of rounds just to test it out you know ;)
I agree... it is something I don't talk about much but keep an eye on closely. If liquidity gets where I think its going, it will be a real possibility very soon!
and lol... I remember when that game came out... I fortunately never tried it or I could've been one of those hooked :P
You are truly awesome for helping everyone with the complicated stuff. I am right now stalking your conversation about minnowbooster.
I thought I may try to learn how it works since I got a notice that I was whitelisted. That sounds like a good thing but I need to read up more and see.
you are free to stalk any convo you like :P ... and yes ask me whenever you're ready, I am happy to help you :D
ps... I (like most men) am not super observant, but I think you changed your avatar... Am I right???
Well bless your heart. It is the same old hairdo I always had.
But super cute that you tried to notice. You busy intelectual types are much too preoccupied with matters of import. You really shouldn't trouble yourself with such trivial matters.
P.S. I will however hunt you down when I get ready to try and figure out this booster stuff.
Spoken like a man who is determined to see this through and not press the panic button. I finally took the plunge not too long ago and bought STEEM at $1.30 when it was still flirting with the $1.50 price point. I was trying to catch the little waves of 5%-8% gains, which was working for a minute until the market decided to make me a fool and say, “Oh no no no my friend, nothing comes this easy in life. This is the crypto world where patience and sanity are tested.” These past two weeks was my first ever taste of the painful Van Dam dim mak gut punch that rearranges the insides of your stomach into a jig saw puzzles.
This slump left me at a cross road thinking “do I place a stop loss and rebuy in at 92 cents hoping that this was the bottom and I would reap the benefits of it increasing back over the $1 mark? Or do i just holdr and wait patiently? Well, my votes are worth tiny little but more recently so you could guess my actions. I figured since I am in it for the long haul, why not have the ability to show my friends some penny love.
Now the question that you ponder in your post, “is now the time when STEEM resets for its do-over, or have we yet to see the true bottom?” My instinct is urging me to buy in but my skinny wallet is telling me otherwise. To be honest i’m not even sure what I want the STEEM price to do. If it drops lower, I will have to find a creative way so shift finances to long STEEM, but if it goes up, then I have missed my opportunity to buy in at 85 cents. What a conundrum.
I think I will do nothing tonight and regroup my thoughts and see how the market reacts tomorrow. A lot seems to take place when I am catching Zzzz lately, but hopefully tonight will be a quiet night.
I love the story Mello and its true of many so you are not alone! Like I said, I started at 1.75 and bought all the way down! So we are teammates in that too!
Its also good that you learned a good lesson about trading too... While sometimes things are easy, there is always a risk somewhere lurking... This one hit you quickly, but sometimes thats a favor that can save you much bucks later.
As for the buy at the bottom, you answered your own question... Your skinny wallet knows what he's talking about so listen... And do NOT HAVE FOMO (fear of missing out)... this is just one of hundreds of chances you will have to make a good decision. I have found that making good decisions is the way to make money over the long haul. (so listen to the wallet and build your dry powder, it will tell you when you are ready for the next investment!) ;)
And always get sleep, it helps to make good decisions for sure :D
Thanks Dave. That's sound advice from a sound financial planner. I will listen to my wallet and stay patient.
I have been mulling over this thought though. I understand the concept of average down, but if the price drops way below your entry point, wouldn't it make more sense to take a stop loss and buy in at the new low point? For example, entry point was $1.7 for STEEM and it dropped to $0.80. Would it make sense to sell and re-buy at $0.80 so you can reap the benefits of the $0.80-$1.70 range when prices increase instead of waiting until the price crosses $1.70 to being to see gains? The additional cost is the .005% trading fee. Is my thinking flawed?
well it would depend on where you placed your stop loss and assumes that you would buy back in cheaper. Many think they can do that, but really can't. So for instance, let's say you sold at $0.85 stop loss right now and said "I will buy back in at $0.80".... It is like your other trades, you might or might not get it right. If you do then you save a nickel, if you don't get it back at $0.80 because it doesn't go any lower than $0.85 then you will be out and forced to either 1) not get back in or 2) pay more to buy back when you realize that. Most people do number 1 when they use stop losses, so be very careful of letting the price dictate your investment thesis. The market is a pretty cruel animal and she can and will take the most people for their money. So the best thing is to always know your objectives, then from there you can plan a good strategy! :)
I am happy to answer other questions if you have them, I love helping people understand these things Mello!
Thanks Dave. I like that you said "so be very careful of letting the price dictate your investment thesis." I try to be very aware of this when i am unlucky to see a 10%-20% price drop unfold right before my eyes live and it's hard not to react. It all happens so quick too.
The market is a cruel animal, but the volatility is what i like about it, i think, haha. I can have different strategy for different coins, but mostly i try to keep in simple and manageable and stick with only coins that i really like to own.
That's definitely how to do it... Number 1 rule I tell everyone in the beginning is: Be comfortable with what you own. If you are not, the market will get you for sure!
I'm afraid I'm all over the map when it comes to investing, but lately, I've managed lower prices. I did it initially to try to have more than dust votes and to get the Steemit slider. Then, when the prices kept going down I kept trying to stay above dust level.
I eventually gave up on that since prices kept going lower, and decided when they got closer to a $1, I would try it again. Then I basically had to reset everything because they'd changed the rules on what could be used to draw fiat from on Coinbase. So, that took forever to straighten out, but I finally did get some more.
Now, I'm at the point where it's gotten close to $0.75 once, before popping up now to $0.85, so I might as well see what else it does.
Oh, yeah, this was a post about why I'm here, wasn't it. :)
lol... you did good Glen... The post is whatever anyone wants to talk about... I know its been the buzz lately and I have been having convos about it on discord for the last 2 days.... I am certainly no expert as witnessed by my first purchase at $1.75... But I do think that if people take a disciplined approach they will do better. I think you are doing that and would be shocked if you ever did anything that wasn't disciplined.
A lot of times people want to be able to say "I bought the bottom"... but really that is a worthless feeling that last about as long as a new haircut... The main thing is to put in what you are comfortable with and believe in.. I know you know that, but I'm saying it for anyone that happens to read this thread!
The cool thing is you are here and to me that adds value to the steem I bought... And if we could ever get you that interview with @ned, then maybe they could add a little sizzle to the platform's image too! ;)
I think the only one between me, you and ned who wants me to get the job is you. :) You're way more interested than I am at this point. :) But I do appreciate the enthusiasm and belief on my behalf.
I don't know if disciplined is what describes me best. I think cautious to a degree, and the desire to have more SP is mixing together. The unfortunate thing I'm learning is, while I'm buying dips, there always ends up being a deeper dip. It's hard to keep up with the dips. I like to try, but they don't like to cooperate all that much.
I came here because I like to write and create. I'm still here mainly because of Asher's leagues and you can translate that however you'd like because virtually everything associated with it is keeping me here. I feel fortunate that way because I was pretty close to hanging it up mid-March. I'm glad I didn't.
I definitely want you to get the job... I think they need a marketing person and clearly they don't have one. I have witnessed your thought process and if he would take the time to just read your unstaged comments, then he could see that for himself too. But yes I will be a fan and a supporter for you for sure! :)
On the dips getting dippier, I getcha... sometimes you can also use time... ie don't buy twice within a 6 month period so that when you pull the trigger you won't even think about it for 6 more months. You can't buy every dip for sure, and they are always relative. Technically there is a dip every day for someone (day traders).
I'm very happy to hear that you have stayed here because of @abh12345's leagues... I'm sure that Asher would feel honored that you said that. You are a quality individual and we need at least thousands more like you. It would've been a shame for steemit if you did leave in March, and its another anecdotal piece of information that should be used to explain to the whales whey Asher needs more support!
I'm glad you stayed! :)
Good day guys!
Well this is a nice thread for me to drop in on, thank you both for the encouragement I need to continue with the leagues - it is really gratifying to think they have played a part in you sticking with Steem :)
I'm hoping the next couple of months will be quiet on the price front and we see a little consolidation and ranging. If this happens at .8$ that's OK by me, just as long as the price fluctuates less each day/week, that would suggest the pressure is building for a next move.
Perhaps a buying schedule, once a week/every two weeks, would take some of the emotion and worry about getting the best price. Of course, this is totally up to the individual :)
Thanks for the positivity here!
Hey Asher, I'm glad you found this thread... It really is a nice thing Glen said about you and I'm happy that you know about it! And that is a good idea, sometimes "time" is a better way to do it rather than "price". Price messes with people's heads, while time is steady and predictable! Good suggestion and hope you are have a terrific week!
I do not think that STEEM will go any lower than it is right now... . I like this correction and it is gives me more comfort to be here .
I think you might be right... we are getting a little bounce today and frankly I agree with you. I like it when things go down so that it will test people strength and belief. If they sell they were going to sell anyways, and if the selling drys up then we go higher. I like the chance to buy in cheaper too, a good sale is always appreciated :D
Good to see you as always and we are getting close the the SteemMonsters coming out with the rules so I will be in touch, I haven't forgotten ;)
Hi @davemccoy. @danielsaori referred me to you after he helped me out. I made a mess with minnowbooster and he was kind enough to step in and stop me from wasting Steem.
Really glad I found your blog. I identify with your reasons for being here and the lack of impossible-to-know-predictions in your post.
I caught you on the other blog but I'm glad to have found you too! Anytime I can help you with MB please let me know, I'm happy to help for sure. I like to see us all grow together so anything I can do to help you, please let me know :)