The fear and doubts of living of crypto.
'Why the long face?', she asked.
Haha, Bianca noticed it straight away this morning.
Bitcoin had a small correction (about a $500 drop) and it effected my mood straight away (it also pulled STEEM down).
I have no illusion that Bitcoin is going to fly up anytime soon but after a few days of it slowly creeping back up to $7400 I just 'felt' happier :)
Crypto prices and mood, yeah it effects me too but I never act on it.
That is a huge difference.
I stick too my plan almost religiously.
I cashed out in Dec and Jan to Fiat not because I was expecting crypto markets to go down at that time but just because it felt like the smart thing to do.
I also had decided to leave my business behind and I wanted a buffer in something else than crypto.
It turned out that decision was one of the best decision I ever made.
Not long after the markets started to turn and we have now been in a 8-9 month brutal downtrend (and like many crypto holders, I am sure feeling it).
For me, STEEM plays a huge roll in this downtrend because it has allowed me to keep generating some extra STEEM while it's going down and not that many crypto offer this.
I have earned and bought an additional 40k STEEM since the beginning of this year.
And I am now only a little over 10k away of my new goal of 150k.
I seriously never thought this would be possible (when STEEM was $7) but this opportunity was given to me now so I decided to take it.
Again, with STEEM I never care about what the total is worth. All I care about is what it can generate (this is key).
When the STEEM price goes lower, you need to have more STEEMPOWER to generate the same USD value in STEEM.
This additional 40K is helping now but I already know I will need more STEEMPOWER when STEEM goes even lower.
But the plus side is that it will be easier to buy (It's pretty easy to see how this works and why you need Fiat buffers in place for downtrends).
My biggest fear is being squeezed out of crypto.
Now more than ever because I live of it.
This is something I watched out for the most.
What I mean by squeezed out is having to sell your crypto at the absolute bottom because you need the money and have no additional means of income besides it.
Luckily for me we are a while away from that but it's something that is always in the back of my mind.
Living of crypto is pretty nuts. The freedom is great but it also comes with new fears and stress. Something I did not foresee when I made the decision yet alas here we are.
Even though crypto is almost 10 years old I still consider it all as a very pioneering endeavour.
It's hard to explain to anyone (I basically stopped explaining) that you can get paid out of a blockchain and all that.
It's also pretty lonely because no-one understands it and therefor I am insanely grateful to be able to talk to @ezzy almost daily about it.
It sure helps to get your head straight from time to time.
Now when it comes to STEEM I have no doubt that it will turn around. I also know that every STEEM token I have earned along the way will be worth many times more than it is today.
It's just the waiting! O man! :)
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I was happy until I saw this post! :) I still thought it was on its way up today. Last time I looked Steem was at $1.04
Haha, I'm sorry. It will be fine in the long run. Does it affect your mood?
It affects @lellabird60's but not mine! Then again I don't live off of crypto.....yet!
opppsss if not here you would have got from somewhere this bad news lol ...
I hear SmartCash is HUGE in Brazil, any insights from you about my favorite crypto?
I don't know anyone here that has Smartcash.
Wow! I thought it was more popular 😁
Check out this video. Stay safe 👍
I didn’t know about this pullback in prices until I read your post and that is because I am trying to really focus on the journey rather than the volatility. In technology that is still young we tend to see these price moves more as speculation bet with and against its evolution. In this market we must admit that most cryptocurrencies are overvalued against their intrinsic value due to immature adoption, security and adoption so that leaves on speculative value in most. They also tend to correlate with each other which is why bitcoin is still the key to the direction of this market. However, fortunately bitcoin has been stabilizing and the holders and long term investors are battling those traders that are now netting against it because of charts signaling a strong downtrend. In addition, development in many projects is accelerating and should lead to a decoupling of prices when successful projects (loke STEEM) will outperform and no longer depend on bitcoin to lead price discovery. Its a matter of time but with the amount of capital flowing into the technological, we should soon see better days.
It's depressing to say the least but for the holders that went through 2014 it's nothing new. In Crypto holdings can be down 90% one year and up 900% the next. Over the longterm prices have no where to go but as adoption continues to increase. Yes, it's incredibly volatile but it's growing b/t 150%-200% per year. At least levels most good great fundamental Crypto like Steem are now highly undervalued. Steem HF #20 and SMTs all within 6 months. Steem already has a million users with millions more that will onboard in the years to come. I expect by 2020 Steem could hit $50 with Crypto valuations in the Trillions and Trillions. These are golden prices to accumulate while still cheap.
I feel you on the explaining blockchain thing- I get frustrated having to repeat myself to people who have no idea what the hell I'm talking about. It also alienates you in a way because people think it is very fringe or taboo.
I mean do computer nerds go around explaining the mechanics behind PCs to the average person- not normally because people have just accepted the fact that you can use a technology without necessarily having to understand the inner workings. Another great example is smartphones - one of the greatest inventions of all time and almost all of the functions on it are one or two button commands. One button to turn it on and off, and one tap of the screen to access nearly any app.
We are a few years away from blockchain technology becoming this easy to use but things are slowly changing. Patience is definitely a virtue in this industry. For now all I can do is accumulate projects that I know will have longevity in this market and STEEM is definitely one of them.
Bitcoin had a small correction (about a $500 drop) and it effected my mood straight away (it also pulled STEEM down).
You shouldn't watch coinmarketcap in Brazil.
😉
Haha, Bianca noticed it straight away this morning.
I can notice it from 5 miles away.
I have the same look on my face.
Just a picture without a title and text would explain everything.
You might consider doing this; just 1 photo and no text.
Good luck Exyle!
I understand you perfectly, my friend, and share your concern. You are right, after so many years of existence, cryptography is only gaining strength and it is natural that we still figure out what and how. But I believe in crypto and I think it's right your decision to buy more SP at this particular moment. Well done! Thanks Mark
Hi exyle. Hang in there it won't be long now this is a long road and it hasn't been great this year. Whilst it is dropping if you can keep your account value the same then you are growing without even noticing it. That is the trick I think.
I know that feeling of being 'squeezed-out' man!
Good job we can blog/vlog etc every day here to try and stay afloat!
Things were looking good until about 3 hours ago, but I'm confident this just another wild day and the future is bright.
Hope the trip is going well!
Trip is going great. Thanks! And yeah STEEM is indeed great for that matter. It does help!
Seemed that way, glad to hear!