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RE: Still Smiling After My Biggest Crypto Loss: What's Yours?
Ouch, I'm really sorry to hear that, the only (slightly) comforting thing I can say about that is Steemit does seem to be cyclical, so hopefully around November you'll see a boost, not sure if it'll go back to 8 bucks though :-(
Remember next time, you can power down and get back 1/13th of your total SP every week, small consolation but it helps.
Yeah, I'm already powering down, but this is a slow process and it hurts to just be able to sit and watch week per week.
Well, at least I learnt a lot. One thing being, that in crypto you should never bind your investment longterm. Lesson learned...
Thank you!
I don't know your situation, but if you can hang on I would do it. I'm just speaking from personal experience.
I'm an early adopter and joined in May '16, after the initial payouts the price rocketed to $5 and I had at one point about $140,000 worth of SP, I was so high...
Then the price started to slip $5, $4, $3, $2, $1.50, $1.25...
I started powering down around the $1.50 mark (also powerdown ratio changed from 2 years to 13 weeks), and watched the price go down and down. Managed to cash in roughly $15,000, almost all my SP, by that point the price was around $0.50.
Then I watched the price go up again and saw how I could have been a whale if I had just been patient...
Anyway, whatever you do make sure you DO NOT POWER DOWN EVERYTHING as then you won't be able to use your account, leave at least 1 Steem in there.
Health, wealth, and a $10 Steem price!
Cg