Today You Can Buy 1000 STEEM for Only .1 BitcoinsteemCreated with Sketch.

in steem •  10 months ago

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Don't mind if I do!

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Don't do what I just did... I'm crazy! Totally insane!!!

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But just in case you're wondering why???

I do a sloppy version of dollar cost averaging and this purchase brings my average down significantly. The price might keep dropping but I know that I don't know where the bottom is. Don't go all in at any one time. Don't try to catch falling knives. If it goes lower I will be buying more.

I'm very bullish on STEEM long term and I believe it is currently undervalued.

And just so you don't get the wrong idea, I also bought .1 bitcoin with Canadian dollars at the same time... I'm hloding BTC tightly right now. Canadian dollars... not so much lol.

This is money that I'm willing to lose. For me, the worst case scenario is the price of STEEM never recovers (very very very unlikely), but even if that is the case... at least I donated to a project that I enjoyed and believed in.

...and of course this is not investment advice!

I really am crazy insane!!!

Peace,
dan-atstarlite

ps. good times ahead;)

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Well done, I read your post after I bought 750 Steem (Powered Up). The current price is an investment opportunity.

Steem will grow up, at least, I think. You did right.

250 canadians in total ? Are you kidding me?

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No. It's actually $150 Canadian. "Kidding me?" as in that's a lot or not a lot?

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I'll tell you when you crazy and insane. When you spend 40000 cad and get 25000 steem like me. Then you're really, really crazy and insane. Don't worry for 150 cad. That was my point. Have a great one.

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Steemillionaire ;)

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Maybe some day in far future. But for now my ass really hurts. But hey. No pain, no gain. Time will tell.

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then you need to buy more to bring cost average down. ^^

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You'll be happy when STEEM reaches back to $4 ;)

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I'll buy more, but not yet. To bring cost average down, like @solarguy suggested, I need steem to go lower. I understand people to be hesitant, but once you in, you in no matter what. And don't get me wrong. I'm not complaining at all. I'm patient and calm. And thanks for nice words and support.

OK Dan, you just gave your fair contribution to the rise of Steem. I'll wait until it fall to 7 satoshies, and then… I'll think ;)

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Probably a smart move!

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lol funny! It ain't goin tht far dwn! I dnt believe the market will give others that much of a chance to regain ;)

Looks like a good investment to me

I'm no investment expert, but it seems fairly common that many early participants in a new project use a "dump and run" technique to take quick profits... which presents a great opportunity for long-term investors to increase their stake in the project. So good for you!

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I'm no investment expert, but it seems fairly common that many early participants in a new project use a "dump and run" technique to take quick profits... which presents a great opportunity for bagholders to increase their stake in the project. So good for you!

fyp

You're not insane, you're sensible. I've also been following a similar dollar cost averaging strategy. Steem price isn't going down because of any inherent weakness in Steem, it's going down because Bitcoin has been shooting straight up and is now on the verge of hitting its all-time-high. This is great news for people like myself, who have been sitting on BTC cash reserves. What a nice opportunity to take advantage of the increased purchasing power of my BTC to buy more Steem!

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Steem is 10 months old, and hitting ATL's. You can't blame that on btc.

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Sure I can, I just did! Not saying that Steemit doesn't have its share of flaws, but in the absence of any obvious Steemit related negative news this week, I think it's pretty clear that Bitcoin is a big factor.

And lots of crypto projects hit new ATLs within 10 months of launching, that's a common pattern. Even ETH, the current #2 crypto, went through that phase in its first year before the price finally took off and never looked back.

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Sure I can, I just did!

lol touche

You sure can.....and that's exactly what I did this morning.

Congrats! you are on your way to becoming a Steemillionaire ;)
Follow, upvoted and of course Resteemed ;)

Personally, for me, steem doesn't become a buy at any price until the 13 week HF16 powerdown cycle is largely complete, some time in june.

The disparity in stake is like a bandaid that needs to be ripped off. Unfortunately, that process require 6 months.

During that six months, there will much wailing and lacrimation. after that, maybe some growth. Maybe.

I can't imagine the price of STEEM going much lower or BTC going much higher, I think the Chinese have artificially propped up the BTC price recently. Just my take.