Steem value is down but this is GOOD NEWS!
The crypto markets are showing minus figures across-the-board today and it is easy to panic in this situation because there appears to be nowhere to run. You can't trade your way out when everything is dropping!
Short of running to a Bitcoin exchange shop and turing your crypto into cold hard cash, there is very little you can do.
Steem is currently valued at:
- $1.64 on Coincap
- $1.59 on Coinmarketcap
- $1.72 on Bittrex
- $1.65 on Poloniex
This is a big drop from the average of $2.25 we were seeing last week.
Interestingly STEEM DOLLARS (SBD) are not suffering at all and currently sit at $1.56, up 20%
HOW CAN WE TAKE ADVANTAGE?
Now would be the perfect time to use your SBD to buy Steem.
Frankly, you should use anything you have to buy Steem!
I am currently transferring all my Dash, Ether & Litecoin over to Bittrex where I will buy as much Steem as I can.
And will later today turn the IDR in my pocket into BTC at my local exchange before turning that into Steem too!
Check this graph from Bittrex and you can see that after its dip, Steem is already rising steadily back up.
And I wish I had gotten out of bed two hours ago to take full advantage of this!
I should also add that any pay-outs you receive at this time will give you more Steem than they would have done a week ago. Which in a month from now you will be very happy about :)
1st RULE OF TRADING
Don't make rash decisions during a crash
2nd RULE OF TRADING
Use the crash to make further investments at crazy good prices
3rd RULE OF TRADING
If in doubt... HOLD!
I'm not gonna lie to you... these are in no way 'official' rules of trading. I just wrote them spur of the moment.
But they have worked very well for me over the last 3 months and I hope the traders amongst you will have some further pearls of wisdom to offer me in this moment.
Blessings to you all.
And long live STEEM!
I wish I did read this post 3 months ago, for sure the part about "in doubt -> hold"! I made to much bad decisions based on emotions while buying and selling coins! Holding seems to be the best way to go, but of course, do some research about what you are buying! 😉 And indeed, this is a great time to invest! Great post, thanks for sharing!
I think we all learn this the hard way. I know I did!
Thanks for the comment :)
I saw the same thing a couple hours ago, and I dragged my feet because I wasn't sure what was going on. Still new to all this. Darn...Even if I would have been able to pull the trigger, I would have had only 0.00468 btc to move around.
Thanks for post like this. Confirmed what I was thinking. (learning)
We never stop learning in 'crypto world' coz it's always evolving!
Thanks for the comment :)
A totally fine opportunity to buy. Let's face it, the underlying fundamentals are still in place... this is just market nervousness; there's always going to be profit taking after a run-up like we've been having.
And there are always opportunities. Right now, an "enterprising individual" could make some serious ching playing the difference in the price of Steem Dollars on Bittrex (about 64,000 satoshis vs BTC) and Poloniex (about 87,000 satoshis).
Great thoughts here. I was not aware of this substantial difference in SBD price between these two markets. I generally avoid Poloniex these days however after some bad experiences with them.
Feeling good about spending all my BTC for Steem a few days ago when it hit bottom :)
We are almost back up to $2 now. Happy days!
haha! Brilliant :)
Great post @samstonehill I bought steem and steem dollars yesterday during the red day sale. Hopefully everything will go back to normal soon. Upvoted and resteemed :)
Already rising back up my friend. Hovering around $2 again :)
Thanks for the up and resteem!
Everything is back to normal again. Do you have any idea what triggered the red day?
no idea!
Its cool. I think it might have something to do with the Ethereum flash crash and the hoax news about Vitalik Buterin. People were panicking.
Resteemed, hold on now. Hold them bags and buy them tokens up nice and low.
That's the attitude! We are already back up to $2 :)
Happy days
hey man, interesting read. Also your other posts! I am in Bali as well, maybe we can meet up for a beer at some point ;-)
Good stuff
Buy buy buy.....rise rise rise... dont sell 🤗
You know it. And it is already rising back up to around $2.
Happy days :)
Thanks for the tips.
My pleasure :)