NSPLIFE - The Crypto-Currency Market Crash and Rebound & How to make more money on your SBD and help the Steem and SBD Markets Grow at the same time!
Updated: 5/28/2017 2:00 AM
Originally this post was about the Crashing Market lead by Bitcoin but also across the board there were 20%-45% (maybe even more) reductions in price, but I decided to update it to include the rebound and a Tip on getting more Money from your post payouts.
Generally when Bitcoin has a sell-off, the premium Alt Coins rally, but this time they had a sell off, so I'm not sure what this means to the Crypto Markets as a whole, but it seems like they are now emulating the stock market where as before people would move their money from Bitcoin into Premium Alt Coins... but it's seems like that's not the case anymore.
The Smart Money would have moved to cash USD or EU right before Bitcoin peaked as Bitcoin has long history of peaking at new highs and then dropping to about half of it's value and then bought back in near the low. But hindsight is 20/20.
Right before the Bitcoin Dive Alt Coins were taking a hit, which is why I moved from some of them into Bitcoin (when I should have went to USD/Cash I now see) and then Bitcoin got hit hard and lost more than half it's value for a short time before rebounding back up to around the $2000 level and now Alt Coins are starting to make a comeback.
So the best two options would have been to either sell and go to cash and buy back or just hold and ride it out. The former would make you money and the latter will keep you from losing money if we get back up to previous levels.
See Images Below...
Crash
Rebound
UPDATE: My Opinion...
Personally I think it's a great time to buy Bitcoin, Steem, and many other Alt Coins. However if your source of funds for buying comes from your Steemit payouts you have to weigh holding Steem & SBD, Vs. Selling and buying others.
One thing I have noticed is that Steem and SBD have been very resilient, more so than many other Alt Coins. So you have to decided what you think is the best move.
TIP: How to get more money from your Steemit SBD Payouts:
Let's say you want to sell your SBD to get more Steem. Rather than to convert it to Steem, the best way to do that is to sell it on an exchange like Bittrex. Because you can get more for your SBD there and then buy more Steem there also. If you follow the markets and do good market timing you can also sell your SBD close to the top of the range (using a limit order) and then buy more Steem at the Bottom of it's range (using a limit order). This makes you more money and also provides more liquidity and volume to the SBD and Steem markets, which is attractive to traders and will help bring in more traders, speculators and investors into the Steem & SBD markets which is good for us all, as the more people trading, speculating and investing the higher the price will go.
No clue what will happen next, however this is what I do when there's a fall in the price of something I like.
I buy more.
Dollar cost averaging is the ticket to maintaining my sanity:
I just converted 10% of my Steem backed dollars into Steem, to be powered up into Steem power once converted.
Hey!
NOT advice, just real talk about what page I'm on - you can follow me, click on my wallet, and see the truth in my words.
I believe in the future of Steemit, and I'm acting accordingly.
Happy Memorial Day everybody!
@scan0017 🙂
Here's a tip, try not to convert from SBD. Rather sell your SBD on the internal exchange.
This way you will get more Steem.
Thank you for the tip!
I confess ignorance... How do I follow your advice, step by step?
Cheers to you, thanks! 🤝
In the wallet on Steemit.com, just click on the SBD amount and choose "market". Then on the left side of the screen, set the amount Steem you want to buy and for what price. Hit the "BUY STEEM" and you're done. =)
Ok, wicked!
I think I did this right, with another 10% of my SBD...
Is this correct, if not how do I do it better? 🙇
Thanks!!! 🙂
Looks good to me =)
Thank you so much 👍👍👍
Any recommendations on crypto wallets?
Coinbase, bread, blockchain, (setting up all 3).
Best practices for using them and poloniex or bittrex for trading?
Better yet, instead of a reply, perhaps a new post addressing this!
Lots of new people here who could benefit (and upvote!) your assistance 😀
Thanks for helping a brother out 🙂
For Steem, there's "Vessel" by @ jesta
I'll try to make some posts, but I've been stuck doing other stuff =)
Just keep HODLING through it.
Great time to buy...
I think that the best is HOLD. But the fears are upon oneself...
Hi, I've seen some of your publications I'm going to follow, follow me and let's collaborate together =)
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