Save some of your SBD in the wallet...

in #palnet2 years ago (edited)


...because you will have the chance to buy STEEM even enormously cheaper soon!!!!

We all thought Steemit INC was planning somehow to reduce the amount of STEEM they used to withdraw to the exchanges due to the excellent cost reduction and new incomes coming from Ads revenue but...

Not!!!!

Instead of reducing, they are increasing!

Last Tuesday:

Just today (less than a week later):

340,000 STEEM thrown out to the exchanges in just 6 DAYS!!!

This is what I call an Excellent "Programmatic but Erratically weird spoil Sell".... and the best of all, I am sure they are selling at any price so, save your SBD and be prepared to buy STEEM below 0.20 USD or much lower because once STEEM reaches the 101 position the SURVIVING MODE will come back again.

It is really painful to see this happenning...

...but I am keeping being positive with the Long Term future for STEEM... we just need @steemit to finish squeezing the lemon, though...

For the moment I am keeping all my SBD at the wallet and exchanging the liquid Steem I have earned to SBD as well... this is the only way to avoid further losess due to both, the Market correction and the @steemit "Programmatic Sells"...

@toofasteddie



Posted from my blog with SteemPress : https://scrips.io/blog/toofasteddie/save-some-of-your-sbd-in-the-wallet/
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Me several weeks ago: "come on, they can't be that stupid to sink their own ship by constant selling. Or... Can they?"

I guess they can...

Why stupid? It is not only steemit, all those insider boys powering down and selling.

Nothing new here, these are the rules of the game.

They talk the talk, and walk the walk...

Did it never came up to you, this mantra that they sing, is a huge distraction?

Don't listen to what they say or sing, just watch, observe... what are they doing!

Why do you think, those boys are in constant powering down and selling mode?

It's very simple... there are users(outsiders) that powerup and users(insiders) that powerdown.

Meanwhile the users(outsiders) get rekt. And the users(insiders) run with the money...

There is no ship to sink, only a huge stake (mined) and printed out of thin air (inflation).

This is going on for 3 years, and will be going as long as it takes, to siphon all value out of the chain.

PS: The economic model is designed to make this possible. It is not broken. Or flawed.

I must agree :|

In my mind, they should embrace the opportunity and make something trully revolutionary, and not to earn, well, maybe one luxury car.
Unfortunately, their aspirations are low. Too low. Not vision of Bil Gates, Steve or similar giants

I remember that comment, yes...

Sadly, you guess right @alexs1320

Wow! Thank you for the head's up on this. This should make steem tank even further. Incredible they are doing a sell at this price.

they try to do it in a less impacting way but still...

The only reason I wouldn't sell my Steem or SBD is simply that it's so cheap that its not even worth the effort 😂😆😝

So, do you prefer to sell Steem instead of increasing your SP?

Posted using Partiko iOS

I am not sure there's much point to SP anymore. It's a bit like the monopoly board game where one person has so much that you know you don't stand much chance to compete and you lose interest in playing the game.

10 cent steem here we come! I guess I should be stacking more SBD and buy some and prepare for the continued dumping and pick it up for next to nothing.

I'm also preparing for another drop @chekohler

I bought 250 steem yesterday at 23 cent! Will try again if we drop below 18 cents

Posted using Partiko iOS

Shopping big time @chekohler

Our wifes spent money to buy new shoes, jackets, woman bags etc. And how do we spent our money? :)

Cheers, Piotr

Wow, this is not the way to go and sell more than expected!

Posted using Partiko Android

This way a $1 Steem might become just a dream and we were talking about $10 and $30 per coin about a year ago. All I can say about steemit is that they're run by idiots. They haven't sold at $5-7 but they are doing it at current prices. Wise guys...

honestly, I don't know what they are doing...

I think they got bitcoin hungry..

Very true @acesontop

1$ steem does seem to me like unrealistic dream. I wonder where are all money raised by Steemit Inc once they launched their ICO. I didn't think they will be forced to sell (at all cost) to cover their expenses so fast ....

This is interesting. Can you explain to me why turning my liquid steem into sbd is good for me. And would it matter what price the steem is when I do it. I have been turning my sbd into steem so I want to understand this. thanks

I am trying to understand this also..
I know SBD was supposed to be pegged to the dollar, and it sort of is .......
This might be the reasoning, that as Steem tanks on the open market, SBD might hold its value somewhat.
Then when Steem bottoms trade for SBD that might be .96- .99 cents for a pile of cheep Steem🙃

Hi @silvertop

I think turning STEEM to SBD may benefit you simply because most likely price of steem will tank even more, so you could re-buy it a bit later. That's obviously gambling but with high probability of success.

Yours
Piotr

It’s very difficult to time this trade, I see that this morning SBD is back up to .91
Of course the price on Steem block explorer might not be the price that I would get trading.... It would carry some risk.
I have been checking the SP of a lot of the very large accounts, and cross checking there delegating.
I have found a trend of deleting 90% of SP and profiting from this and just commenting/voting with dust.
I was trying to analyze this and how this would continue under HF21.....
Your thoughts?

Appreciate your awesome reply @silvertop

I have found a trend of deleting 90% of SP and profiting from this and just commenting/voting with dust.

Unfortunatelly most large accounts do not care about supporting community. It's all about instant gains :( My impression is that demand for STEEM will only be dropping and selling pressure will increase even more. I would expect price of STEEM to keep dropping down.

What do you think?

I also wanted to make some suggestion.

My impression is, that the hardest part of attracting attention on STEEMIT is the fact, that our audience have very little chance to actually find our publications. Lack of solid notification system is an obvious issue. And regardless how hard I would try - there is very little chance I would find out about your new interesting publications (my feed is just flooded with to many posts).

Please allow me to share some suggestion with you. If you would ever publish content related to blockchain, crypto, artificial intelligence, psychology etc. then perhaps you could simply send me memo with link to that post.

This way not only I would have a chance to read your publication, drop a comment but I will also `upvote it right away with almost 20k SP voting power (I also have almost 10k PAL tokens, which may give you some extra benefits is you're using PALnet.io)

Please let me know what do you think. This surely should sound like a interesting offer :))

Cheers, Piotr

Thank you so much @crypto.piotr, I will do that.
I try to write a post once a week updating what is happening with Steem and crypto and investments. I will be building this post today and I will send you the link in a memo.
I cross post to Facebook to give Steem some exposure, and I have had one person sign up for an account...
I will see her this weekend and I will try to encourage her, she thinks she lost her private keys at startup.
I believe Libra will start on time, they have very powerful investors backing this startup, money talks!
Yesterday I read that off shore accounts such as Binance will remain private and that caused the $1,000 rally!

Every Crypto is just following BTC, and the sad thing is when BTC drop's everything drops....but then BTC surged over 1,000 dollars and Steem is still flat.
Yes I tag Palnet and several others, and I am hoping not just for rewards, but also exposure for our blockchain.
The latest I have started to tag is the partiko app for mobile, I an just reluctant to enter my active key on my IOS just to sign-in
Someone told me that I only need my posting key to do this , so I need to explore this further.....So far I have not been able to sign in with SteemConnect with just my posting key....
I believe that the people that have steem accounts now are solid, they are the foundation, but we need to act quick to grow this blockchain.
@silvertop..Mike

I love to see how responsive you are @silvertop

I got your link. Will check it out tonight, right before bedtime :)

Yes I tag Palnet and several others, and I am hoping not just for rewards, but also exposure for our blockchain.

I will be more than happy to help you out (since I'm having quite a strong engagement and solid followebase). So keep in touch buddy and if you ever would like me to share your post with some people I know then just give me a shout :)

ps. Would you perhaps consider using "enter" from time to time? To separate blocks of texts? It would make it much easier to read.

Yours,
Piotr

That sounds good, I think where Steem is at the moment the more everyone promotes each other and we continue to get the word out the better..

I don’t know if cross posting to Facebook is having any impact but I keep dropping seeds!🤗

Cheers 😊

Posted using Partiko iOS

Now we just need to hang on till they get tired of trashing the BTC price.
I am staying here, I have a deposit clearing in a week and if they want to trash the Steem price I will just take a deep breath and scoop up some cheepSteem.
I think that the Steemians that are here now are the rock’s of Steem....

converting steem back to SBD? shit there is a lot to master here. I cashed in some partiko a few days back. I'll do more today lol

If I think that STEEM will dip lower then it is better to keep my SBD now and buy STEEM later on, because, in theory, SBD is more stable (somehow more pegged to 1 Dollar) easy peasy... this is the "basics" of trading...going SHORT.
Thanks for commenting.

hmmm, so I'm not that good at this stuff lol. So what would be a good steem target price and would you convert on the internal market or blocktrades?
The price seems pretty low right now.

internal market, always

ok thanks. You're a good egg @toofasteddie Now I have to learn when to convert steem to sbd. Is there a rinse and repeat method for this? That would make a pretty valuable @steem.leo post for sure. I'm sitting on 1200 liquid that I figure I would diversify because I'm 100% in steem. But maybe it is better served powering or something.

Hi @cflclosers

I think turning STEEM to SBD may benefit you simply because most likely price of steem will tank even more, so you could re-buy it a bit later. That's obviously gambling but with high probability of success.

Yours
Piotr

I bet its cos of regulations? notice that Blocktrades needs an email account now too?

Forget it, when steem price goes under 0.20 cents, there will be a haircut active and a sbd price of 0.40 cents. So you only get 2 steem for 1 sbd.

Then I will sell my SBD at 0.21 cents, just before the haircut

Posted using Partiko iOS

Or you can exchange your SBD at Bittrex as well and buy STEEM

Posted using Partiko iOS

Hi @toofasteddie

Any idea how much steemit inc. used to sell monthly ... let's say half year ago? And compare it with current numbers?

And also where can I check all those transfers? I tried https://steemitwallet.com/@steemit/transfers and I dont see any of those transactions.

Cheers
Piotr

Very easy, Check the transfers from steemit to grs-io account.
Then, see the transfers from grs-io to the exchanges.
You can use steemworld also.
They use to withdraw around 400000 steem in a weekly basis but 5 months ago were even worst, Millions...

Posted using Partiko iOS

hi @toofasteddie

Thank you for such a prompt reply :)

unfortunatelly I'm not much of a tech guy and "grs-io account" doesnt mean much to me :(

They use to withdraw around 400000 steem in a weekly basis but 5 months ago were even worst, Millions...

So it does look like they reduced amount of steem being sold several times. That would be great result, wouldn't you agree?

Yours
Piotr