STEEM/SBD Prices Touch $1.00 USD
Could This Be It?
For those who might not be aware, STEEM dropped into the $1.00 USD range earlier today and has been hanging around that mark according to World Coin Index list of exchanges. This plunge downward is following the wider cryptocurrency trends and does not appear to be strictly related to STEEM.
The average for SBD has been similarly pressed to $1.00 USD, but had not broken it as of this writing. As you can see by the 24-hour low, it got pretty close.
According to Coinbase, the numbers for Bitcoin, Bitcoin Cash, Ethereum and LiteCoin looked like this.
Prices for STEEM were bouncing between $1.15 USD and $1.20 USD for a few weeks, before this latest plunge over the last 36 hours or so. For a while, it hung at $1.10 USD, but in more recent hours, dropped to $1.05, and now to $1.00 where it bounced up a cent or two.
Are we about to see STEEM, or for that matter, SBD, break through the $1.00 USD mark? If so, does it matter, especially when it's part of a bear plunge across the cryptocurrency spectrum? Anyone thinking about selling now, or are you more likely to buy?
I would buy now, and I will if steem continues to go down. Well I think it will go down no about 50 cents. Now it has fallen to 80 cents. Today i bought some ADA, but my next buy will be steem for sure
hey @edgarsart.
Sounds like a good plan to me. Who knows what's going to happen after this. What are you basing your feeling about it going to $0.50 on? You've been around for two years it looks like (congratulations on that!), so you've probably seen this pattern before to some degree, right?
I'm looking to buy more myself. Just need to get things lined up to do it. :)
I could blah blah and pretend I know, but instead, I'm pulling out the big guns and calling @davemccoy over here for his two cents worth :)
Okay, well, at whatever point @davemccoy actually wanders over here, I guess he can give his two cents. However, in the meantime, I'll just say as a general statement of fact that very few, if any, can speak with any authority on what's going on. Some can look at a handful of indicators and generally predict something here and there, but they don't get it all right, all the time. So, the fact you don't know and readily admit it without a single thought to the contrary means, you are among the vast majority of us individuals who are not delusional of our own prognosticating abilities when it comes to the stock market, crypto, the weather, the lotto, the World Cup, or any other future fortune telling activity. And that's perfectly okay. We're the smart ones. :)
lol... I did wander over and I totally agree. My thoughts are about as useful as anyone else's... I have no connections to the insiders and certainly don't believe in the technical chartists. I do think we've shaved enough off the price to make me want to fade into it with small buys now. I started at 1.70 and I just keep adding as we go lower. But obviously if I knew anything, I would've waited and saved myself the extra $0.70 per steem!
Good that you brought this up and glad that you are keeping people's heads on!
Woah! Look who wandered in! This mentioning thing does work. Actually I'm sure it was more Lynn than me, but hey. I'm used to it.
Yeah. I'm wishing I wouldn't have bought at $6! Fortunately, only did that once, and it's a pretty small buy, relative to what I have, but still, crystal ball definitely was not functioning there.
It's amazing to me how many people so quickly want to lose their minds. Their heads, not so much, but yes, at a moment's notice, mind lost. I'm not really sure what they think they're accomplishing. I mean, I understand that it's cathartic. But then that's over and you still have to get your mind back and then you have to do something worthwhile with it, after you've cleaned up the mess you made when you lost it.
yes... the "no-crying" over spilt milk applies here for sure! And many people that had huge investments early and reaped very nice rewards earning 30% just for delegating their big stack get some of karma for their lack of paying attention to the community. I am not going to name names, but its not a good idea to have your cake and eat it too. I bet they would like those 200K people that came and went back to maybe invest a little beside us.
Anyways it is what it is and frankly other than for a few of the bigger players like @abh12345 and the few in his "group of engagers of the community", I have no pity on any of them. I think this is necessary and how we get a reset of the situation.
Leadership always changes in any good organization and the way that happens here is through a drop in the price to encourage new entrants to come and old ones to leave. The faster the better in my book ;)
ps... it was your notification that grabbed me... I don't normally catch them, but I saw that one and wanted to pay my respect :)
I wonder if Asher considers himself a bigger player. My guess, it's relative. Just like people could look at my wife and I and say, "They must be rich," while we're sitting there looking at them going, "They must be rich."
At any rate, you have your finger more firmly on the pulse of those who will be having their comeuppance over this. It's probably best they not be named because some of them are short fused as it is. No need to rain down the flags.
I guess if this is the way to restore or reset things, then bring it on. I'd rather people just come to their senses and not worry about the 600-1000% they're missing out on, or supposedly making. Good grief. Talk about video game investing on easy mode.
yes I wish that it wasn't necessary too... but as we've discussed, we don't get to make that choice. There are 21 witnesses and a group from management that now bear the result of their leadership. If enough guys with a large stake leave, then those 21 (or a good portion of them) will be gone. Then you will know it reset. Until then, they will suffer the loss of that "easy" money they were making, and hopefully they take the time to contemplate what they could've done better if they ever get a 2nd chance!
and hahaha... love the analogy at the end! :D
Well, so, we do have plenty of people who have been powering down lately, including the CEO of Steemit. I haven't been checking regularly, but the powering down has been far exceeding the powering up overall, and the transferring to bittrex, blocktrades or somewhere else has been pretty high, too. So, that's got to be affecting witnesses already, right? I thought I read a post a while back about how one whale pretty much decided the fate of the witnesses on their own.
I agree! I'm totally ok admitting when I have absolutely no clue about something and am irritated by those pontificating the opposite :)
I'm loving it and hoping now it goes lower... the lower the better for now as we get all the panic out of the way. I'm buying into it though... A little with each drop. ;)
Yes, I hear you Dave, and I also read the thread between you and Glen and feel the same...no pity for "those" either. Let's hope more and more of the "good" guys keep growing!
agreed... and one day maybe we can have an impact... that would be very cool indeed ;)
I think many that are "our age" will make an impact one day too!
simple for me... fading in buys... been waiting for this since I got here! ;)
So, fading in buys is a phrase I've seen you use a couple of times now, but I'm not sure exactly what it means. My guess is, you're going to be making multiple buys trying to get to the lowest point. The fade part is what I'm not sure of.
And, just as a matter of reference, do you have an idea of how much you're going after? Or are you just going to see where things go first before deciding how much you're buying. As of right now, the $1 mark has held for STEEM.
to "fade" anything means take some and move away... take some more and move away... when you hit a point that you feel the selling stops (ie they run out of sellers), then you "pounce" and buy a bunch at one time.
I usually fade any move (buys or sells) because I believe the price is worth it, but not sure if there will be more selling/buying. Usually I'm dead wrong on the starting price I enter, but in the longer run end up on the right side of it.
Put another way, I will buy some but plan on it going lower. That's because I don't think I can ever truly call a bottom.
and for a point of referrence, I will buy another $300 worth as soon as my money if free from coinbase. So my scale is about $300 every $25 to $50 down... but it will get tighter (maybe every $15 lower) and larger too if we go lower.
Okay. Got it. Basically it's the attempt to buy the bottom knowing that you're probably not going to hit the bottom, but still coming out okay. I guess I've been attempting some form of that. It's as about as close to buying the dip as you can using smaller amounts of a whole as you end up buying around the dip.
The bears have been digging pretty deep. I was thinking it would hold at a higher amount, but that's just based on me and nothing. So, here we are.
$1 :) strange is this crypto world. Every time there is volatility, even though its not new, i start looking for reasons for the drop. And like always, i will always speculate about the reasons and may be find a few possible ones, but it makes a bit anxious. Its like being in a boxing match, you've fallen after a beating, and then the opponent keeps hitting you at the slightest effort you put in to stand up.
Hey, @karamyog.
I'd say that's a pretty apt description of what's happening. :)
I've tried to find some commentary on what's going on in the crypto markets but have yet to find any. They're all over the place with the stock markets, and if crypto is anything like that, it's based on worry, heartburn, upset stomach and bloating. Okay, well, not quite like that, but pretty close.
There's a prediction out there that by the end of the year we'll start seeing institutional money coming into the crypto markets. I'm wondering if this isn't part of a wider selloff to make things more palatable. I don't know how you orchestrate that, but it sticks in my head.
However, I'm sure if we were to ask some of the oldtimers, they would tell us this is part of the pattern STEEM has established since it first launched, and that barring some break from it, we'll be shooting up to $15-$17 by the end of 2018, beginning of 2019, just like we did last year.
I say, "Who knows?" I certainly don't. I just find it very interesting to watch, with whatever appropriate emotions attached (up, elation, down, non-elation :).
The last 2 paragraphs summarize my situation exactly. There are lots of thesis out there, the only one i am hoping will happen is institutional money and all time high for crypto by end of year.
Price wise, probably the best short term scenario. What about any and all regulations that are bound to come with it? Not really happy with the little there is so far. Some think it will help a lot. I think it kind of gets away from the whole idea of decentralization, freedom, global cryptocurrency, etc.
Regulation is important for institutions more than it is for retail investors. Coinbase already has KYC requirements, there isn't going to be any more regulatory impact on you. For banks to be able to buy, hold and sell bitcoin, given that they are regulated, they need bitcoin to be classified as an asset and have a risk weight associated with it for capital allocation. For institutions that manage money, they by law can only invest in assets approved by their regulator.
Bitcoin will continue to be decentralised, and binance and the likes will still be available to you. Regulation shouldn't make bitcoin centralised.
What part of regulation is bothering you?
All of it. :)
I do like rules that make sense. What I don't need are restrictions on how much I can move, when and where. Those already seem to be in place. The problem is, I don't know what else might be out there. And it's not just one regulatory body. We've seen some changes in the EU lately causing everyone and their cousin to change their terms of use agreement, even Steemit, Inc.'s. What else is lurking out there in a similar vein? I don't know. I just don't like the idea of infringement, period. I like fair. I don't need control.
Then i get it, in that you wont appreciate anything. Right now bitcoin is young. At some stage, if, bitcoin can help you buy things and is an alternative form of money, then i hope you and i can say good bye to regulation.
That would be great. I read something from dragosroua about a company that's going to be using bitcoin as a buffer so we can use STEEM and other alt coin to make purchases at places like Starbucks and Microsoft. It's not up and running as of yet, but it sounds like it could be happening fairly quickly. If so, I wonder what that does, if anything, to prices?
That last rally was weird anyway, BTC went up but nothing else did, you knew that wasn't going to last
Well, that was a more promising sign for me. That's how the previous cycle was, btc first then alts. There were buyers and people were moving back into btc
It matters, we will puke...BUT...if it recovers. Load the boat baby.
@heyimsnuffles!
No puking in the car! Wait until we get home! I said... Oh, great. Wait until your mother sees this. :)
I've been trying to load the boat with STEEM. Am I supposed to be loading the boat with something else? :)
I'm honestly rather surprised by how much support Steem has found around the $1 mark. The whole market cap is down considerably, I'd love to buy in more now but I'm a bit light in the liquidity department currently.
Hey, @coloneljethro.
I hear you. I'd like to spend more, too, but I've been jumping in at higher prices, then lower to keep the average down. Unless it gets to $0.50 or something like that, I don't see myself investing any more. Sad reality.
I don't have to like it. :)
re: support at $1
Well, it's still bouncing above it, so I guess we'll see if that holds.
Yeah, buying the dip works way better when the market doesn't keep regressing...
I don't have any money invested in Steem (just lots and lots of time and some effort) so the day to day price don't bother me, there's not really any sell pressure. I'd probably put some money i if it hit that $.50 though.
I'm keeping my fingers crossed on that support!
Well, looks like it's still holding. After inverting with SBD briefly, the price of STEEM is back up to $1.03 and now staying fractionally above SBD. It's like watching table tennis, only with less whiplash. :)
Yep, let's hope it stays that way. I'm going to have to remember that analogy, that's a good one.
@themanwithnoname just posted the same! Do we all run around screaming @glenalbrethsen?
Hey, @buckaroo.
I certainly hope not. That sounds exhausting. Not sure my one-year-old granddaughter would like the competition. :)
The funny thing is, he went with a different slant than I did, and so we could have combined the two and had one longer post.
I don't know when it's time to chuck in the towel. Hold is what everyone says, right? I think there's some major whales moving around and who knows what they're doing or why, but it's important to them and the rest of us get to go for a ride until they decide they're done.
It could be this is all just part of the ongoing pattern that STEEM has been a part of the last couple of years. It could be institutional money is coming and they're trying to make it more appealing (however that works). Or it could be that crypto is doomed and this it. :)
Take your pick. The fact that it's the wider market and not just STEEM makes me feel a little better. And STEEM did just bounce back off the $1 just now
So, who knows? I think it's good to watch and be aware of. I'm not sure what else it's supposed to mean. I guess that's kind of left up to each of us to determine.
That's really funny because my one year old son would think the same! Or maybe like the competition. I saw the two are different. I think I commented to that effect on his. To be honest I don't really follow the crypto side but the down slide undoubtedly affects us. Quite thought provoking what you write though .... "could be institutional money is coming and they're trying to make it more appealing (however that works). Or it could be that crypto is doomed and this it".... Hmmmmmm
Well, my money isn't on doomsday. bitcoin would have to go down much harder for that to be the case. For some people here, STEEM is still trading at 7 times what it was when they came in, so it truly is relative. We just like to see numbers go up, rather than down, although there are also plenty of people who are looking at this as a buying opportunity.
I guess it all depends how we like to handle our business affairs.
Well, I finish writing and posting an article on the price of Steem/SBD and then I go back to my feed and @glenalbrethsen has published a much better article before me. It seems like you're on top of things, per usual. ;)
I happened to glance up and saw the prices nearing $1 so I thought, okay, better throw this together before No Name does. :)
No, actually, it was more of the old reporter in me coming out. Spot news isn't something that goes over very well here, but it should, so I've dabbled at it a few times, and it's fairly easy to put together with a few clicks and key strokes. Then, I just hope there's someone out there that isn't stuck to the indices like I am. And you, obviously. :)
You beat me to it! And your reporting is excellent. So is your presentation. Must be the old newspaper editor in you coming out. I should probably do more spot news reports. If nothing else, it gives me more chances to get noticed by someone.
That's kind of been my thinking. I just need more sources of spot news.
@ soandso has just eaten funnel cake for the first time and fallen into a food coma. Details at 11.
I'm not sure how well it goes over, though. I'm sure you and I are not the only ones eyeballing the indices, so it might get annoying and redundant to some.
re: editor in me
Oh, well, I have had some practice at news presentation over the years. I've probably forgotten a lot of it in the going on six years since the last time I pumped out an issue. Some of it will probably never go away. I could probably do parts in my sleep. Or at least give someone else instructions in my sleep on how to do it.
I think there are a number of people who look at the prices and do market updates. It's not a rare thing. That's ok though. Every once in a while is not bad.
It's nice that you have skills that you can use in your posts. Hopefully it helps you get noticed by the big guys and gals.
I don't know if the big guys and gals are doing much curating outside of autovotes and following curation trails. Which means I need to be seen by their reps, which I guess could happen more abundantly if I were go shill myself on the Discord channels.
That's a bad attitude, I know. I think it must be the Dutch Bros. soda. It's turning into a rather surly afternoon. :)
You're probably right. Most of those people probably already have their votes set. We keep trying though in the hopes that one day we'll be the ones one the autovote.
Dutch Bros! I've been there. They make some good drinks.
It does matter to those whose vote value is around the dust level. And i am not speaking of self upvotes. I like rewarding good posts and comments.
hey @krischik.
I agree. I've been having issues even where I'm at with getting votes over the threshold and continuing to upvote all the material I want. I suppose it's all a matter of degrees. I think the main idea here was does the lower price matter as far as all your ongoing activity on STEEM, or do you see it as an opportunity to forge ahead and potentially invest if prices fall far enough.
I will go ahead. If you do crypto you need to to be in for the long run. We are still in the early adaptor phase.
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