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RE: Guess the bottom has started again. My thoughts on Steemprice.
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.