The pain in your wallet.
The pain of my ear infection is starting to subside!
But sadly it's being replaced by another pain...the one you feel in your wallet.
Auch!
A very red day has befallen before us.
For STEEM I have been following this trading channel (daily chart) I drew a while back.
And on the 19th of December 2019, we will hit $0 STEEM.
But who knows? It might not stop at $0! We might hit negative STEEM.
This will mean that if you want to sell your STEEM you also will have to give away some Bitcoin with every sell otherwise no-one wants to take it off your hands.
(I'm being sarcastic here, don't worry you can always sell it to me for $0).
Also, I don't believe we will go to zero.
What's really going on?
The simple gist of it. Everything is tied to Bitcoin still and when it plunges it takes everything down in its wake.
Good projects, Bad Projects. It doesn't matter. Everyone in crypto is feeling this one.
I have done enough research that I can say that Steem is a good project and because I believe that I see it as an opportunity.
So, I stick to my personal plan.
I'm still dollar averaging in on STEEM so obviously I had my best buy this morning since I started re-investing.
A little under 800 STEEM I picked up for what I paid for 650 STEEM, not too long ago.
What I like about Steem is that you can check if you are the only one buying. Everything is open here.
And according to the Powerup statistics I am not.
Since 14th of September 3 million STEEM was powered up and there is 2 million less liquid STEEM on the market.
I wish that was me, but sadly it's a lot of other people too!
But on the other hands. It's not bad though for DPOS, let's get that STEEM spread.
What isn't fun, of course, is that every time I or you buy we 'lose' money.
It's been going on for a while.
I say 'lose' in brackets because it's only a loss when you sell. But it's not always fun.
When you buy in a downtrend everytime the price goes lower I think: "should have waited".
But I simply don't know where the bottom is.
Luckily STEEM is approaching levels so low compared to the amount of liquid STEEM out there that 'only' 15,4 million US dollars would buy all the liquid STEEM out there.
I think those are not unreasonable amounts to fathom.
The STEEM I bought is working for #newsteem in the background but it's not enough to offset the loss currently.
How long will this pain last from now on?
Sadly, I can't tell you.
Welcome to crypto, it can be lonely right? Even on a social blockchain.
Why is this happening to me! (it's happening to everyone)
When the markets reverse it will be glorious but until that time grit your teeth and keep building.
I am part of witness @blockbrothers.
Please consider us for your witness vote if you think we deserve it here:
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It went a little crazy last night.. I bought some more.. again. When is it all going to end? 7c again.. I wonder. I didn't see it first time around.
The Max amount of liquid STEEM that I have written down in all the reports I made was 123,8 million on the 14th of september.
That number has reduced since 11 days to 121,8 million.
That's still a lot of liquid STEEM for the markets to toy with.
I think the more is taken off the market and Powered up the less we will feel these swings. But until that time the markets can take us to whatever low they want. But I'll be there collecting all the way to the bottom.
I'm with you but on a smaller scale. The HF21 changes have proved positive, but the outside world still has the same perception. I don't think they know whats happening.
At some point, they will. So for now, I think it's good for the buyers and true believers that are here today. I want to see that Steem in strong hands.
The market has been absorbing all the powerdown of the steem account from above 100 millions down to 30 millions at the moment (and other powerdowns of ned and his friends).
So you are right, the rising of the total SP is a good sign.
It wouldn't necessarily be good if Ned and his friends had inside information that led to them selling their Steem before that information was public.
There aren't any regulations for crypto but there may be a reason why they are selling.
Having said that, I am currently buying at these low and I will buy again in the first or second week of October.
yeah, I had to look twice at my portfolio today to be sure... and not tell my wife her BTC and steem dropped 15% or more...
I know it will go back up but it still hurts... a bit of positivity and a new bull market would be cool
Haha, yeah it's not always fun :). Luckily the buys on Steem look pretty good (another 40k powered up in the stats since I wrote down the numbers at 7:07 this morning).
Just have to sit it out and keep building.
yea, might also get a bit more
I bought this morning and I see lot of buyers there, for big amounts, so I think, now we are getting more and more people with more power. And that indicates, people have more confidence on steem.
Perhaps the downtrend is related to the announcement google made about quantum computing. Though that is seeming like a premature announcement. Things are sure spicy in techland. Hang in there man! I hope this is not too hard on your nerves!
The floor is under 1 cent steem based on cost to run .....
It could go lower if they give more tokens to the top witness, like top 4 or 5 witness gets bonus steem, then it could go much lower.
I wonder if Ned wishes he had taken me up on my $2-$5 steem offer last year when I (correctly) called everything that is currently happening to Steems block chain. I would have made (saved) him a few hundred million by now for pennies on the dollar :)
His money but man-O-man does it feel good to be right.
BTW for you, Steems price is not done going down yet.
Also consider that Stinc will have to ramp sales hard into a lower Steem token price just to keep the doors open and I would not be surprised if they back track on their 1 month of no selling commitment.
@Ned my door is still open if you want to start making money instead of burning it. Steem has great potential.
Just do it already and stop talking about it. At the very least get it to go up a little to offer some proof that you can actually do what you think you can, otherwise you are even worse than they are.
There will be no help from me until Ned (from Stinc) and I talk and work something out
OR
Stinc runs itself out of business and Steem survives operationally.
Why would I help someone who would not even have a sit down with me make hundreds of millions of dollars for nothing? They are still the biggest hodl'er of Steem tokens.
Just a few months ago when the price of Steem was still north of a dollar I offered to launch 100k USD project aimed at steems price and all I got was crickets .....
Like I said before, it's their money they can burn it if they want to.
Because it will help you, no other reason than that. It will help you tremendously. Just do it already and stop sounding like a 5 year old.
ok.
Step one - tell Stinc that HF22 is a disaster
Step two - get rid of the down vote pool and make it cost $2 for every $1 dollar down voted
Step three - go back to 75 - 25 split the bid bots were best thing going on atm in Steems economy
Step four - pay me for the good stuff :) :) :)
I actually agree with steps 1-3, with some caveats:
I actually think curation should be 75-25 in favor of curators. Gives more incentive to own steem power, something we need more of.
Get rid of the free downvotes, there is a reason that facebook doesn't have dislike buttons, nobody wants to be around things that make them feel badly, and downvotes cause negative emotions no matter how you slice it, plus they get abused.
I actually think bid bots are good but only if they don't provide a profit to the user. There needs to be a monetary cost to promote. It can be a very small cost, but it has to be a cost of some sorts, it shouldn't be break-even and it can't be at a profit for the purchaser.
That would be a good start I think...
The good stuff likely involves price manipulation I am guessing? Something that regulators are now watching. It was much easier to pump a coin in 2016 or 2017 then it is now in 2019.
The price will continue to drop, more sellers than buyers. The inflation need to be adjusted and we need to find ways to burn the token.
It's hard not to agree with you @chesatochi
You're not looking at the data: liquid Steem is decreasing from the market and the amount of powered up Steem is increasing, which seems to suggest that there's more buying - way more than a month ago at the very least.
Posted using Partiko Android
watching that dip yesterday was like getting a heart attack
One nice thing that was pointed out was that as all the alt coins fell Steem fell slower and was actually able to gain a few spots on CoinMarketCap.
My portfolio got slapped in the face today! No biggie, 2020 bull run will soon arrive ... I hope 🤦🏼♂️😂
Posted using Partiko iOS
I hope people who have the muscles and brain to better the situation will take necessary actions and make the decisions.