TRUE STORIES OF AN AMATEUR CRYPTO TRADER
Bitcoin tops $4000 USD and STEEM almost dips back to $1 USD!
Such was the situation yesterday, so how do you react? First of all, I was surprised that people were still selling off their STEEM for just above $1.00 USD each. I know that there are no guarantees, but still!
Recently, I had begun to diversify my crypto portfolio, I had picked up a wide variety of altcoins. Now though, I don’t hold any anymore, except for those that are collectively worth less than the minimum about to trade. Yesterday, I had over thirty different alt-coins in my digital possession. Today, I mostly have only one.
WHAT HAPPENED?
What happened was simple, I chose to bet on the horse that I think will win. BTC is still basically rising and in my amateur opinion probably will continue. However, BTC is not the horse that I bet on.
Yesterday I sold off all of my altcoins and bought STEEM! Yes, that wonderful digital currency of my people here on steemit. I even transferred out some extra SBD that I had laying around and bought STEEM with that too.
WHY?
I believe that there are those within our community and in the crypto world at large who see STEEM as a rising star. These are those with money to spare and money to invest, and at times like this is when they acquire more. They are not your average steemian.
The way I see it, your average steemian is trying to make a few bucks. Therefore, if they get a payout of a few STEEM, and STEEM is worth about a buck, selling their STEEM will allow them to make a few bucks. Sure, this validates the authenticity of our currency and people need to see and understand that it is indeed “real” and can be used. Basically, the post payouts on steemit put a lot of STEEM into the hands of a lot of people who have no interest in holding it long-term or even waiting for the value of STEEM to double prior to selling it.
Hopefully the vast majority of steemians have “real jobs” and I believe that this is the case. Still, far too often far too many of us live paycheck to paycheck and manage to spend all that we earn, or even spend more that we earn. This entices many to cash out and catch up, or to finally get ahead.
Since STEEM and steemit are still relatively new, I do not believe that the true growth of the platform or the true growth of the value of STEEM has really begun. In my opinion, we are still at the stage where massive amounts are being transferred into strong hands.
These strong hands are the hands of investors and others who are comfortable at purchasing STEEM for a buck or two and holding it long term. Since they have enough money from elsewhere to take care of their needs, they are not desperate and have no pressure to sell their STEEM cheap.
In these volatile times on the crypto market, it is crucial to be able to afford to wait, and not to feel a need to sell. For @papa-pepper, when I saw that STEEM was momentarily hovering at just over $1.00 USD, I knew that it was time for me to buy!
WHY STEEM?
Opinions vary and I have no background in any of this, but for me, STEEM is still bullish and I don’t want to miss the STEEM-Train. Just like when I kept posting solid content back when STEEM was worth only about 10 cents, I felt yesterday that it was once again time to load up.
Many cryptos out there are just “many cryptos out there.” STEEM though is revolutionary, because of its ties to the platform steemit. It is not only drawing many users into the crypto scene, it is giving them a reason to stay!
For @papa-pepper, I believe in steemit and STEEM enough to feel comfortable selling all my other alt-coins to grab a pile of STEEM for just over $1.00. I do not believe that STEEM will succeed because we really need another alt-coin out there. There seems to be enough already. I think that it will succeed because it cannot be divorced from all that steemit already is and all that it is becoming.
Personally, I am here to make steemit all that it can be and to encourage all of you to do the same. Without a doubt, I have never seen anything like steemit in all of my years and I am blown away to be able to be a part of it.
DISCLAIMER : This is just a true story about recent activities of @papa-pepper, who has no background in cryptocurrency, only a future, and should not be seen as financial, legal, dietary, or medical advice.
As always, I'm @papa-pepper and here's the proof:
proof-of-papa-thinking-that-steem-is-bullish-and-that-it-may-be-time-to-grab-the-bull-by-the-horns
Until next time…
Don’t waste your time online, invest it with steemit.com
A market is a market because of whatever price the buyer is willing to buy it and the seller is willing to see it.
That's awesome. I've started consolidating, but don't have the juevos to put all my crypto in Steem. I'm invested in 15 - 20 alts and would like to get that down to 5 - 10. I wish everyone who has been doing this though the best of luck with your crypto investment!
I think that getting it down to a few altcoins that you believe in is a good idea. Also, you made a real comment pertaining to my post, so I am giving you a 100% UPVOTE!
Thanks man! I agree with your strategy. I’m mostly invested in Bitcoin, then I have the rest in Ether, Dash, Monero, ZCash, Bitcoin Cash and STEEM (the latter one I acquire through blogging, not by buying for fiat). I am happy with my basket, altough I am thinking about investing in ICONOMI’s index – I like their basket of cryptos too.
Thank you, your post is very inspiring. I'm still so new at this and wondering if it's a worthwhile endeavor.
You can at least invest your time right now.
I'm currently living from month to month, always in my overdraft, but i'm still not selling my steem because I believe the future is looking really promising, and hopefully will help create a better future for me and my family. HOLD STRONG!
I was like you living on overdraft 2 years ago until I got in to crypto, now my life has changed and I don't need to work any more!
Very great attitude.
I'll hit you with a bit of an upvote to help make that future a reality! Great job on the song too, it was a great win!
Thanks papa-pepper. Right back at ya with my powerful .09 upvote. :D
Thanks for choosing my song and the 50Steem prize. I immediately converted it to Steem power! Hoping that writing that song will one day be worth thousands ha
Following suit brother I will seel all my alts for steem I understand the vision @papa-pepper
puvoted & resteemed
You the man papa way to lead by example!
Best,
Isaac
Thanks!
The people who are selling there steem now are panic selling. Its the main rule in trading you should never break. Selling out of fear on the very bottom. I'm glad to hear that an important member of our community @papa-pepper is investing in steem. Hopefully others will follow! ;)
My knowledge in the crypto world is fairly minimal, but due to everything I had been hearing about it, I knew I needed to get my feet wet. I think STEEM is much more of a revolutionary currency, and like you, I have put all my crypto "eggs" in this virtual "basket". When a friend began to talk to me about the community, and described to me what this actually was, I knew I needed to be involved! I hope we are right, and I honestly can't see it going any other way.
It is an amazing community to be sure!
I have a few altcoins, coming from the faucet which I earn by doing some small task such as visiting website. I earn few satoshi and litoshi and thousand doge which I use to buy some sbd on blocktrades.us.
To be honest, I never heard about steemit before no word of mouth telling about steemit and steem, no one care anounce a news about this good system. In fact, I am new here just three days old.
What brings me here is the despiration and being bored doing the same in the faucet website with little gain. Upon searching top 20 alt-coins then I found steem on the rank 17. Read all the white paper on each coins and only get my full attention. So I stumble upon the website steem.io looking for link join or register but I see none.
Everyday in the span of 2 weeks I search on google about steem and all feedback are good and still trying to locate the join or signup link on steem.io but still. There are time I lossing hope that time. Until lastweek, I view the facebook ads about steemit.com which is connected to steem. So I signup but it takes maybe 12 hours before I get approve and here I am now very thank full to be a part of steem network and steemit.
At least your diligence had paid off and you have made it.
Perhaps as you learn and grow you can make sure that others actually do hear about it from word of mouth.
meep
thanks @papa-pepper, and looking forward to that.
Good choice!
Thanks!
I powered up myself a couple of days ago, I also a few weeks ago got myself some iota which is doing very well, but no I can't understand why people are selling steem at that price?
Yeah, I couldn't understand it when people were selling it for a dime either. The vast majority of my sales have been SBD, because if lacks the potential for growth that STEEM has.