Another Pile of Steem!

The temptation was too much for me last week as the utility that I continue to get from using the Steem currency in the ecosystem is too great to ignore the price that it is currently being sold at. Despite having bought some earlier in the month, I decided to reach into my pockets once again and add some more capital. I was somewhat hesitant as the market continues to be lackluster in general and the weekend liquidity challenges could have made it a bad decision as it could have easily continued downwards. In addition, I feel that the upcoming Hard Fork 21 update may be having an impact on the price as there are some bad memories from the last Hard Fork.

My thought process this time around also included thinking about buying Steem Backed Dollars (SBD) as it has also seen a decline under its stable value of $1. However, if things continue to worsen, it may still have downside with limited upside as it has not been able to get too far past $1 given the mechanics of the protocol surrounding its distribution and supply. While I have enjoyed converted SBD to Steem in the past, I have really been finding myself using more of the currencies as of late; mostly to satisfy my competitive addiction with Splinterlands.

When I was looking at @blocktrades for the conversion rates, I was astounded at the amount I could get using similar assets that I have used in the past. This allowed me to make my largest purchase of Steem in terms of amount with 3,541.661. Interestingly, the dollar amount was still less than the $1,000 USD I put into Steem when we saw $1 per Steem around this time last year! This was also the lowest price I have ever acquired Steem at; approximately $0.18 each! This now drops my average cost of Steem almost below $0.60 which is an achievement in itself considering my first purchase at $3.90 in February 2018!

I feel like I am bargain shopping here as I continue to use the resources on a daily basis! While I am actively using Steem to buy more cards for my Splinterlands collection, I have also continued to increase my engagement which includes distributing more votes. While these do not have the value they once did (I remember being able to distribute one full Steem with a 100% upvote), I think they continue to serve its purpose on motivating the community in remaining engaged. However, I have found myself holding on to more liquid Steem for whatever reason which never had happened before as I would always focus on my Steem Power.

I am now seeking what else to do with these purchases as we prepare for Hard Fork 21. I will surely allocate a healthy amount to power up my stake as I think it will serve a great purpose when the new changes in curation roll out soon. I have not reviewed my delegations either and since I have always wanted to ensure that about 30% of my stake be delegated to support the value creation across the ecosystem, I should have some opportunity to distribute some more. However, the list of survivors continues to dwindle as we see more projects go silent or leave altogether.

I am hoping that the upcoming shift in thinking, as well as the launch of the DAO and Proposal System will bring a new flow of ideas and engagement for all of us to leverage the capabilities and potential of the protocol. It has been far from a failure despite what people say and price indicates as I continue to remain active and seek ways to allocate even more resources or time to. The time is now to take advantage of this as value is being created with the efforts of this great community!

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