$1 Million Dollars Is Only $175.831 USD Per STEEM Away
Do you know what I like to do for fun?
Have you ever wondered what the price of STEEM would have to be in order for your current stake to be worth, oh, a cool $1 million? I live in the United States so I operate in USD. You, however, can take the fiat of your choice.
Image Source—Pixabay
The next thing I do is create a very simple equation on a spreadsheet. I take $1,000,000 and divide it by my stake, which currently sits at 5,687.266, all currently vested in STEEM Power (SP).
So it comes out looking like this.
Now, as I look at the current price of STEEM, it sits at $0.3155 USD. A far cry from $175.831. In fact, even at its highest to date, STEEM has only reached above $7 at the beginning of the year. Knowing all that, how could seeing STEEM would have to be worth over $175 possibly mean anything to me, let alone, be something I actually find fun to calculate?
Image source—Coin Market Cap: STEEM
Well, look at this:
Images source—Coinbase
Oh, sure, show you more depressing numbers, right? I keep seeing people asking or stating if Bitcoin is dead. Yet, even after major losses since the beginning of the year, a Bitcoin is still worth over $3,700 USD. Even with the downturn and coming through a rather divisive fork, Bitcoin Cash (ABC) is $172 USD, roughly where I would need STEEM to be. Ethereum is at $106.28, and so on.
I don't know if Bitcoin along with most other alt coins, including STEEM, will drop further. Perhaps they will. However, looking at these numbers for the top coins now, and understanding that their functionality beyond buying and trading at present is very limited compared to what STEEM and newer blockchains can and will do, is it really that much of a stretch to see STEEM, some day, at $175-plus?
For me, the answer is no. It's not that hard.
At the same time, I plan to keep growing my stake. If STEEM happens to fall below $0.25 USD, then I will consider buying more, especially if it drops to $0.10 USD. Otherwise, I'm going to try to build my stake through some form of posting, commenting and curating on a few different dApps available for use on the STEEM platform.
Oh, look. Some curation rewards came in, and now I'm up to 5,687.448.
Okay, so the amount STEEM needs to be didn't change that much this time around. It's still fun.
About This Post
DISCLAIMER: I can't possibly tell you whether you should invest in STEEM. I am not a financial professional. I'd advise, however, against any investing money you're not prepared to lose. Losing money, unfortunately, can be a part of investing. You figure out if you're comfortable or not, you decide what you can and can't do, because you're the one who has to live with and be happy with the consequences.
So doable.....im going to be rich :-)
Not with the current broken system.
I like it, @paulag. I like it a lot! :)
We just need to get out of this crypto deep freeze we're in, and away we go.
I like the way you think!
Well, thank you, @melinda010100. We can look at things as if they're all doom and gloom, or meh, or we can look at things as they could and, I would add, should be. I'm not entirely on board with the 'will it into existence' crowd—there's more to it than just wishing it to happen, but still, you've got to have a starting point. You need to have the goal in mind before you can have the end in sight.
So, anyway, food for thought. :)
I'm pretty sure I'm not going to affect the crypto price by looking up, but it certainly will make my day happier than all the Doom and Gloom stuff will!
Well, since there's not a whole lot we can do about it—basically, we can start powering down, continue on, and even buy in some more—we might as well go about it with good humor. I don't think I'll ever be described as polyanna, but I am definitely a dreamer, and so I agree, better to be looking up than doom and gloom. Won't change things, but it generally does make one feel better.
I learned that lesson years ago when I was diagnosed with MS. I could have sat around feeling sorry for myself or continued to smile and live my life the way I always had. I chose to look up and see the bright side of things because there is always a bright side. That bright side might not look the way you expected it to look, but it's always there.
howdy sir Glen! ha is that all? Well actually when you put it into perspective it really does look doable. I think it's going to surprise alot of people, I just hope it's soon! This is a fun and interesting post sir Glen!
Well, you know me, @janton. Always bringing fun and perspective to the blockchain. :) It's probably my contrarian nature. When people are giddy, I'm the one being cautious. When they're all doomsday, I'm cheerleading. It's strange, but that's what happens. Things are almost always better or worse than what they may appear, and they certainly could be better or worse than they truly are. So, somewhere in between is where I don't mind being. And as it is, I think collectively, we have a big say as to where this blockchain is going.
howdy sir Glen! oh really do you think we matter to steem inc? I mean I hope so but most people think we don't matter much after those messages last week. I have no idea what's going on! lol.
Well, it might be a good idea to find out what's going on, @janton. :) I don't know that any of us without some ties to Steemit Inc., or knowing someone who does, is ever going to know all of what's happening or what it actually means.
I went back and looked at my comment and couldn't see where I mentioned Steemit Inc in any of it. However, I'll answer that this way. The fact is, Steemit Inc is having a hard time, but that doesn't mean STEEM, the blockchain, STEEM that everything is built on, has to go down with Steemit Inc. (if they are truly on their way out—I believe they're not, 70% of your workforce is a lot, and seeking further cost reductions can only help more).
It shouldn't matter how Steemit Inc regards us. It would be nice if all dApps took notice (and I think most actually do), and it's actually in their best interests, but Steemit Inc doesn't want to to be a front end. It wants to be the blockchain developer. So, let it.
We have influence on where the blockchain goes, though. A lot of what has come out of the hard fork is causing all of these discussions now happening to occur. The RC deal was part of what's happening now, a means by which to assess the true costs of running the blockchain based on user activity, and then start to offset those costs. How and when that happens, I don't know that they know yet, but that's where this is headed.
So, Steemit Inc is making moves, whether they wanted it this way or not, to become less of a part of what STEEM is. We can either take that as our cue to step up and do more (whatever that is), or we can go on as if nothing is happening and let the chips fall where they may, or we can start looking for the exits.
I think it's a good idea to be aware of the discussions going on, and to chime in when strongly moved to do so. Otherwise, user sentiment could be swayed to kill off STEEM when it actually still has plenty of life left.
Yes sir I agree. Some people say that even if steemit is discarded it can still essentially keep going on esteem or someplace but I don't know how that would work with our accounts and everything. I know the main purpose is to promote the blockchain and not steemit. And Steemit's still growing but much slower than before, seems like last week I saw that about 150 to 200 people are joining each day still..that's good for the prices and the times we're in I think.
I'm not sure if the growth problem is so much the low prices or anything else other than the fact that it still takes time to get an account if you're new. If you have one and get another, I think it's faster, but I believe it's still taking a while to be approved for some reason, even with "velocity" in place. I haven't read a post where people are talking about this either.
re: accounts
Our accounts are on the blockchain. You can see them from busy and steempeak, etc. All we need is access like we do now, and that can come from all kinds of different sources.
ok thank you sir Glen! Did anyone ever tell you that you're a fountain of information? I thought the hardfork was supposed to bring a faster signup system, is that what they said? Or is that coming later, I don't know but even after the slow signup process the new people still have to be able to fun their accounts to be able to have enough sp to grow. Speaking of funding you are going to pitch in a little to delishtreats initiative right? lol. I put in 5 steem.
Uh, I don't know anything about delishtreats initiative. Guess I better go look.
The hardfork is supposed to make signup faster, but that isn't happening, as you've noted. I'm not sure why, which is why I'd hoped someone would right a post about it. I can't believe that it's simply because there's fewer people now wanting to signup, unless it's just a general distaste for all things crypto right now. I could be wrong, and probably should go and see if I can find someone to ask some questions to.
And it's true, the new users will need a way to use their accounts, which generally means investing or potentially winning a contest there and there.
That's a fun exercise! You can get an idea of where you would need the price to be in order to hit your targets. I hope it works out for you, and all of us!
Well, thanks, @themanwithnoname. If it works out for me, it's definitely going to work out for everyone else. Even someone with 100 SP ends up with $17,500. :)
I guess I could have taken this a step farther and showed what happens at 10,000 SP, but I figured you all were smart enough to work through it on your own if you haven't already done it.
Just because I find it cool, though, I will state the obvious. After 10,000 SP, STEEM only needs to be less than $100 USD. :) Totally doable, man.
Hey, I wouldn't be mad about that! Although I guess it will also depend on what the purchasing power of the dollar is at that time. If it takes $250 to buy a gallon of gas, that won't be as impressive... but it would still be more than where we're at now.
Yeah, as you get higher up in the numbers, the target price needed becomes much lower. I don't know if they have the same goals as us though. I'm just over 1k and I'm still targeting 5k Steem. That keeps things interesting, I suppose.
I just came to reply here from reading Ned's post about laying off over 70% of Steemit Inc., so I'm a little distracted. I'm not sure what I think about it. I don't think it's all that good news, but I'm trying to assess how bad it really is, and whether or not good comes out of it.
Especially relating to the investment I have sitting on here now.
A little bit of fun and day dreaming can sometimes put things in their right perspective. Ten years ago, people were dubious of Bitcoin. Look how much it is worth now. I am relatively new on Steemit and hadn't done very well, but I am happy with Steem at any number 10 years from now - I am sure it will be a decent number - unless they caved under. :-)
Very true about bitcoin, @quotes-haven. Sometimes, things just have to stick around long enough to be profitable, regardless of their overall value or use.
That said, Ned's latest post has put, at the very least, a damper on things. Have you read the post? Most of the Steemit Inc. team has been laid off. As you can imagine, there's quite a bit of comments to go through, too.
Yup, I read the post. I have wondered aloud to my friends why Ned hasn't come out to say something when Steem started nosediving. A word of assurance or explanation would be appreciated. I guess he was too busy dealing with the problems. Anyway, he did in the end. What will happen to Steem now, we will see. :-)
I've also calculated this before. It's a fun exercise, even if current prices are pretty bleak.
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I'm glad to hear I'm not the only one, @progegeaa. I'm kind of hoping it's more of a widespread practice, so it can jar a few more folks into realizing that not all is lost yet. We're into the part of the year where between now and the beginning of next things historically start to move, and move quickly.
No predictions from me, though. I'm a bystander in this enigmatic yet wondrous world of investing and cryptocurrency. We could stand to be looking up a little bit more at where STEEM could and should go, rather than down at where it is and how low it might yet still.
Kind of a humorous way to look at it. But you're right, the only way to really grow your wealth is to buy when it's low.
It is, @ddrfr33k, and hopefully more people will realize that these prices are an opportunity, that quite possibly won't happen again. There's only so much those of us who think that way can do, and then it's up to everyone else to figure out what will be best for them. I'm banking on STEEM being a part of the equation when the bulls start their run, so we'll see what happens.
To the bulls!
Great way to look at it! Take into consideration that just by posting and engaging you will get more Steem and so the dollar amount needed will gondown over time! So even if you cannot afford to buy more, it can still work out as you engage!
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A very good assessment of the situation, @newageinv. Why give up on things when there's just as good an opportunity now, if not better, of earning STEEM? I understand those who need to step away to feed their families so they get full-time work. The rest, well, a little harder to understand, when there's still much more to do and to earn.
Including all my accounts is about 11000 steem, closer to 11500 once some of my sbd has converted. So $87-91 depending which amount. But I'd be happy with $2. Anymore is a bonus for me. Won't lie though but a $90 would be amazing.
Yes it would, @pjau. $90 STEEM gets me right into the $500,000 range, which is nothing to sneeze at for something I've not quite spent a year doing, if I suddenly stopped and STEEM went to $90 tomorrow.
I think there needs to be a little bit of stargazing going on, a little more talk about STEEM to the moon like was rampant way earlier in the year. There's a few folks out there lighting the torches. I thought it would be fun to put things in such a way that all of us could identify with. :)
This happens with everything, stocks, housing bubble, dot com bubble. It will recover, it's just how it goes.
I actually got there.
At the very tip of the peak, (for about an hour), 85K SP at $12 (Aussie dollars).
Obviously a little off that now :)
More SP now, though.
Next time we hit that same price it'll be quite a bit more than a million.
It's fun to dream.
Yes it is, @mattclarke, and you hitting the $1 million AUD mark. Is. AWESOME!!! Almost makes me want to say, STEEM do your worst! Go for a penny so I can be an orca too! Almost, but not quite. This close. 🙏 :)
A few people are asking how to buy in at these prices.
If you can pick up 1000 steem for $300 through an exchange and steem moons, that $300 becomes $30,000 and the taxman comes looking for capital gains.
The KYC/AML regs are crazy strict, for this very reason. Might be worth it though.
It's a 15% haircut from memory, leaving 85% of 30K, which is much better than keeping the whole $300 :)
I'm not looking forward to figuring out the taxes at all, and what you just said makes me want to do it less, except right now the opposite is true and what I've invested so far is more than what it's worth. Guess I should root for it to stay that way until after the first of the year? :)