RE: Guess the bottom has started again. My thoughts on Steemprice.
We are going to have to really wait a week before we see more of it being dumped. The strategy I used was to stay on the old power down cycle which lined me up for a payout 4 days after the fork. Knowing that if someone stopped and restarted their power down right after the hard fork that I would get a better price than I would if I would have stopped and started it like a lot of others. I was right. Now it has dropped another $0.05 since then. Others used this strategy. Once they got that power down they then stopped ans started. So I'm 4 days off set from the day the hardfork came out.
My plan is to sell as much as I can to try to get $300 out of my account unless the price dropped below $0.10. If it drops that low I will probably just stop my power down and let it ride. If it hits $0.02 then I'm a buyer.
I'm not sure if I will power it up though because even if I bought 1000 at that price and the price was low my vote still wouldn't be worth anything. I might just keep it liquid and wait for the price to jump up higher and then sell when it is higher. We will see. Time will tell.
Good reasoning on the power down cycle. Let's see what will happen. I'm already a buyer now. If it hits $0.02, I'm selling my car :). That's a joke of course. I'm sticking to my buying tactic for now. Buy a bit every time.
It is a good average down strategy. I try to think of the mentality of the whales to really try to figure out how low it can go. The issue is I don't know how easily some of them got the coins. Let's just pretend they were an early miner and they spent $2,000 in power and missed out on $2,000 worth of mining another coin. Then let's say they dedicated $4,000 worth of equipment for that period of time to mine it. I would say their cost basis is $8,000. Well maybe that got them 1,000,000 steem power and then they earned the 160% interest there for awhile and were powering down while the price was high. They might have already yanked out $100,000 or more. Then even if the price goes pretty low it could still allow them to cash out another $100,000 or so. Depending on what there situations were before they might figure they can change their life now and still have a low of Steem Power to let it ride. It is hard telling.