Why I must now Power Down Steem
The future of Steem is uncertain and living expenses now require I power down. I will continue posting and hopefully Steem SMTs will be released at some point. I see Steem going to 10 cents which I said months ago but hoped that SMTs or some kind of changes would be released before that time. The price of Steem is not the only issue but also there isn't a lot of usage growth statistics being released either so we don't know if the Steemit team will be able to monetize without some metrics. If they do monetize things or if the situation for me improves I'll happily end my power down.
I'm doing the opposite. Buy at low prices, power up, then power down some at high prices and sell, That makes sense to me, doing it the other way around doesn't. All the usage stats are here if you look for them. It isn't good at the moment because the entire market is down. This is a great time to earn more Steem though, that's why I'm powering up now. The price might go lower but I've got more fiat to buy with.
I don't think the future of Steem is uncertain. Steemit Inc. have had problems but they've done something about that now. I don't think Steem has ever been better. Steem Monsters is great, I use Actifit and Partiko every day, I like Steepshot and other apps. There's some great people building on Steem now. All cryptocurrency is risky and none of us should invest money we can't afford to lose but I can't help thinking that this is an opportunity I don't want to miss. I don't mind if it goes wrong, I'm prepared for that but I'm not prepared to pull out now and regret it later.
I remember in early 2017 many Steem Investors pulling out. The big bomb then was when @Dan announced he was leaving for to work full time on EOS. I nearly panic! After Steem fell to 7 cents I waited to sell on the re-bound at 25 cents about 1/3 of my Steem. It was a huge mistake. If I just would have held I could have sold at much higher prices. Now is def not the the time to be selling any Cryptos. Steem is not failing + it's not a company it's a blockchain.
Steem is doing the same thing as 90% of the other cryptocurrencies. The MSM was pushing crypto and trapping many when people should have been powering down when @ned powered down or even before. This is a time of accumumlation and powering up.
but I understand, bills call.
I tried to avoid selling Steem but resources are now dry. I don't think most long term participants want to be selling crypto at these times and at in my opinion manipulated prices. It's more I have no choice than I think it's smart.
I think you are about right, we have seen Steem at close to $0.07 but we didn't have such a negative atmosphere back then, when the management team looks like it is a headless chicken I think is the time to start thinking that Steem might not be able to come back. Yes, I hope things get better, but first they will get even worse, and then will come the uncertainty of whether Steem will come back. Steemit as it has been for the last years will definitely change, it will be now up to the dApps, somehow I don't think SMT's will be any kind of saviours.
Steem doesn't have a management team. You're confusing it with Steemit Inc. Steem is a blockchain that has lots of different projects working on it, like the app I'm posting this with :). I also think it looks like Steemit Inc. has got its act together now. Read all the latest updates, things change fast.
Posted using Partiko Android
I tried to avoid powering down but when the entire crypto market collapsed last month it severely limited my options. Now to pay immediate living expenses I have to power down while a month ago with the prices 50% higher or in some cases 100% higher for most crypto I was planning to wait it out.
My entire Steem account is worth maybe $10,000 at this point if it goes to 10 cents that would be $5000. So my entire account might be able to pay living expenses for a month or maybe two but at the below 10 cents level it wouldn't even be worth that.
So the smart thing for me to do would be power down and get at least something before there is nothing. There is also no promise on when SMT will be ready. March?
I think also there are other problems. Even Steem Dollars aren't worth $1 so we can't hold our money there.
Your account may be worth $10,000 now, but the power down process takes 13 weeks doesn't it? Steem might drop even lower in that time. You still have to cash out to Fiat all the while price drops.
Woa! $5k expenses for one month? That's expensive. Find some cheap country to live lol
Posted using Partiko Android
SMTs could have been a savior but it might arrive too late. If it arrives summer 2019 how many of us will have accounts on Steem by then? It's a long time.
Also if Steem is going to be at 10cents or 5cents until summer 2019 how many of us can afford to float above water? If you are a whale account or if you were fortunate enough to power down prior to all this then you'll be fine. Otherwise if you're a very small account, or a dolphin like mine, then you'll see major trouble when your account gets to values of $5000 or less.
I hope there's a good time for you to buy back in. I haven't put money I need into cryptocurrency, so we're in different positions. I'll buy now because the same people that were saying Bitcoin wont go below 6K are now saying it will go to 1k. I think they'll be wrong again but I know its risky.
I didn't put money into crypto. The Steem is earned from blogging.
You have earned quite much from blogging then.
Posted using Partiko Android
That's a good achievement. You should be making more from such a lot of work. I wonder if adds in old posts is a good idea? I don't like the adds in Facebook but I'm sure steemit could do it more tastefully
Posted using Partiko Android