Are You Freaking Out Yet?
The market is seeing a crash like we've never experienced before. People are panic selling all of their crypto, even if that comes at a huge loss. And fear surrounding crypto is at an all-time high. According to CoinMarketCap.com, the entire market has dropped by 54% in the last 3 months, and 77% since the beginning of the year!
Also, the Crypto Fear & Greed Index is reporting fear at an all-time high as well (thanks to @stackin for sharing this awesome website with us). This website shows the overall sentiment in the crypto markets and gauges it on a daily basis. And right now, things look bleak, to put it lightly...
As you can see, this is an unusual time to be in crypto. It's what most investors have always feared. And some have gone as far as to say that the "bubble" is finally bursting. We're all left wondering... is this the end of crypto as we know it? Or will we see a rebound in the months ahead?
Why I'm Not Worried
A while back I made the decision to move most of my crypto assets into Steem. As I was building my channel here with daily content, and making my home on the Steem blockchain, it only made sense to get more financially involved as well. So I sold off most of my other cryptos to build up my Steem Power. And this was probably the best decision I've made when it comes to crypto currencies.
As you know, Steem is more than just a cryptocurrency; it's a necessary tool when you're blogging on Steemit or utilizing any of the decentralized apps built on the Steem blockchain. It gives you the ability to earn rewards from both curating and authoring content. So it has functionality, unlike other crypto currencies such as Bitcoin. And we can use it to earn even more Steem, despite the price action in the markets. All we have to do is keep producing and curating content like we normally do.
This is what I think really sets Steem apart. Sure, I would love for Steem to get back to it's all-time high of $8 like it was in January. Currently the price of Steem is $0.81 and my portfolio is down by $11,000. But even with the price being low, I can still accumulate more tokens by doing what I normally do: use Steemit. Unfortunately, those who have invested in Bitcoin don't have the same luxury, unless their mining the coin (which few everyday people are anymore). They just have to sit and wait it out.
My Plans for the Bear Market
Now, I know that I can't give financial advice, or tell YOU what to do with your time and money, but I can tell you what I plan to do. And it's very simple....
I'm going to keep doing what I've always done 😎
That's right, I will continue to blog, curate content, connect with other Steemians, accumulate more Steem through blogging (and purchasing with fiat), and keep spreading the word about the best blockchain in the world: Steem!
It makes absolutely no sense to me why some people stop blogging (or become inactive) during a downtrend. But that seems to almost be the normal response from folks. They see the dollar amount next to their posts drop, but don't take into account that they're still earning Steem from their posts. And with very few people blogging, it allows you a better chance to get a bigger chunk of the rewards pool!
As I always say, the crypto market will rebound in due time. But will you be here to reap the rewards? I sure hope so because those who stick around will be sitting pretty in the years ahead!
What are your current plans for Steem/Steemit? Are you carrying on like business as usual? Or are you taking a break while the market swings downward? Please let me know in the comments below!..
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