RE: Vlog 453: Splinterlands: Untamed coming out tomorrow + The importance of second revenue streams to sustain the Steem blockchain.
I'm the guy who was constantly saying wait don't buy, it's going to 15 cents (while steem was going down from 0.45 to 0.2. Now I'm saying buy (and I put my money where my mouth is, although can't afford much).
Steem is not going to 7 cents. Remember me. If it does, it will barely touch it for very few days, not enough to dollar cost average.
I remember you asked me why I believed that steem was going to 15 cents during the recent bitcoin run up and I said I was assuming two things:
1- The bull market has not started.
2- Altcoins go down faster than Bitcoin in a bear market.
Now, even if we still consider those two assumptions to be true, the absolute bottom for steem would be preciseley at 7 cents, assuming Bitcoin bottoms at 4k. And I don't think that Bitcoin will break its previous lows at 3k. Also, steem has been flat compared to Bitcoin for a while, no longer going down faster. In my opinion, this is due to the fact that the Steem price has become so low that even with all the sell pressure from the inflation it only amounts to very little in dollar value, and the buying pressure is becoming almost as strong.
I have started dollar cost averaging into steem at 13 cents, and will keep doing so every month. I don't mind it going a bit lower.