Speeding up my efforts towards my goal of 150K with fiat.
The problem with investing is that it's always really easy to say in hindsight I should have bought (more) 'insert X' when it was 'price Y' but now it's Z times more (same goes for selling but in reverse).
I can give many examples of this in my crypto 'career' where I missed out and said that. (And I can also give many examples where I heard/read other say that).
And now I find myself in such a moment again.
I'm not comfortable, I feel slightly scared. There is that voice in the back of mind saying...
"You do realise this could all go to zero"....
STEEM has come down from the highs $7,50 all the way to $0.78.
I have lost so much 'theoretical' profit I'm glad it always felt more like a game to me than real life.
Yet, I have kept a semi clear head through it all and banked SBD from what my STEEMPOWER could generate to FIAT in the good days.
I did that with 2 ideas in my mind.
I wanted a safety buffer outside of crypto + I wanted to use some of it to buy back in case prices would drop.
Well...prices have dropped a lot...
And now comes the hard part.
Sticking with the plan.
I have thought about it for a long time and yesterday made my first 'small move'.
I bought 500 STEEM with Fiat for $395.
One of the reasons I feel this is the time is because we are smack bang on a major support level ($0,78) and a lot of good stuff is coming to the blockchain within two weeks (Steem monsters fighting starts + Hf20).
Also this blockchain is so much bigger and better than the last time we were at these levels.
500 STEEM might not sound like a lot but considering it was worth $3750 only 9 months ago it seems decent.
As usual I will buy gradually with my fiat, I am not an all in type of person and my goal is 150K and then I will stop buying and make a new plan.
I have always considered 150k an impossible goal to reach but somehow I (almost) made it (2,5 years later) by just sticking with it every single day and never powering down.
Buying gradually will also protect me from more downtrend if the markets (Bitcoin) decides to go even lower with the next couple of weeks.
Which truth be told could very well happen.
Of course if we go up from here I'll stop buying and celebrate with the rest of you :)
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I'm very interested in your strategy. I have been investing fiat into Steem during the "lows". It's what conventional financial advisers would consider a very high risk, or even bonkers strategy. However the way I see it is that yes, there is a risk that it could all go to zero, but so could my more conventional investments, especially in this day and age! A more likely "bad outcome" is that the value could just keep falling, never returning to the low point when I bought in, and that if circumstances forced me to power down and sell at a lower level, I would lose some of my investment – but not all of it.
Even if Steem were to implode into nothing, I'll still have the website I've been building with most of the work I've done for Steemit posted on it. So the way I see it, nothing is wasted.
But the chances of all the amazing developments that have been happening on the Steem blockchain imploding into nothing, or even losing value in the long term, are to my mind, very slim. I have been wrong before, but to be honest, where cryptocurrency is concerned, I've got quite a good track record. My biggest mistake in the past was in not putting my money where my mouth was. I don't want to make that mistake again!
What a cool and honest comment. And I agree with you, anything can lose value (fast) today. I also agree that the chance that all the development that's been going on the blockchain will result in it being worth very little is very slim. I respect that you put your money where your mouth is. It's not as easy as people make it sound.
Thanks. Yes, it can be scary wondering if you've made the right decision. But that's what makes it fun too.
Is your next goal 200k?
😉
"You do realise this could all go to zero"....
But deeper inside another voice says: "You know investing more with such cheap prices will get you an even better ROI".
Ahahaha, Now for real, your goal should no longer be 150K SP, if you have the money to invest you should surpass it now and start working towards the 200K-250K SP.
I think you have a very viable strategy and it works well. Lets keep our fingers crossed that it will turn around again.
I usually use Coinbase to buy LTC and then convert it to STEEM. I notice for the first time the other day I can set up a recurring buy of LTC. I got thinking that might be a good way to start building up a good level of LTC without making a huge impact on my income or savings. I am bummed because I bought some more STEEM last week when it was at .89 and now it is .10 cheaper. Could've, Should've, Would've...
Don't be bumped out about it to much. This happens when you are averaging in.
Good point! It is still a great investment at sub $1! It just feels like I am always a little ahead or a little behind! :)
The thing is, you need incredible amounts of luck to go 'all in' at the exact price bottom. I realised this is impossible to guess. Averaging in is the way to go (at least for me). You will always buy too high until well....the price goes up :)
:) you are right, it is impossible to guess. Thanks for the pep talk! I plan on continuing to invest in STEEM and Steemit as I can afford it!
I think sticking to your plan is the way to go! Chances are slim that crypto will go away. It will change, that's for sure, it will grow, and it will mature. But I don't think it will ever go away...
Posted using Partiko iOS
I agree with you. I think there is a very small chance good blockchain projects like Steem will go away. It's growing to fast.
Indeed, and it has a "userbase", with actual, practical uses. Perhaps some of the Dapps might go away, like Musing.io (which I certainly hope it will not!!!), but the whole Steem thing will most probably be around for quite some time ;-)
Oh man! If you buy $395 worth of steem which gave you 500 steem, i am curious of two things. a) how much did you have to pay in fees for the transaction. b) what is the process you used to do the purchase? When I bought steem, it seemed the fees were a big percentage of the transaction. Hoping i can find a way to lower that.
I bought 2 Dash with Fiat on an exchange (they don't have STEEM) and sent it to @blocktrades last night. Gave me exactly 500 STEEM.
Thank-you! May all your token dreams come true!!!!
Mark @exyle I actually bought some LTC this morning. which I may turn into Steem over the next Week. I have not decided yet the exact day. I would like your thoughts also on Steemmonsters since the Alpha Packs should be Sold Out within the Week ?? Do you think that maybe buying some Packs and not Opening them to Sell to others at a higher Price might be a Good thing ???
I think that would be a fun investment but you probably have to hold them for many many years before they become valuable. To me they only gain value because of the possibility that an alpha golden legendary could hide inside it and it's to early in the game for now for that to have much value. At least that's what I think. I could be very well wrong. Personally I like to buy the cards straight up so I know what I have.
I believe that any investment should have its margin of error or loss, @exyle! We already know there's a bad streak, but we need to see how far we've come. Every brick has a value in the construction we've done and throwing it all away for a bad move is not a good decision. If we review the life of any successful person we will realize that the secret was in seeing possibility where others saw nothing. Greetings
actually many times what we think gets opposite to what will be done and that makes us even more afraid of future investments i am at the age of 18 and i have lost about 1000$ in investments and now its making me more afraid to do anything but yes crypto currency is and will be love forever and now i am hoping for steemit to fulfil my dreams and i hope surely it will ....
you have a great plan here yeah you are right only 9 months ago steem rate was like bullish went from 0.8 to about 15$ what a shoot sbd and steem was rocking and we all wish it will happen once again and May God give us patience for that time .. i hope your buying with fiat gives you a good profit ...
i think you have done great step of buying at this lowest prixe like you said you have bought 500 steem ...
btw thanks for the tea you showed hahaha