If you’ve read my disjointed ramblings here and there, you’ve probably picked up that I’m quite bullish about the future of the Steem blockchain. Okay, maybe not quite as bullish as @taskmaster4450, but who is? 😉
In my time here I’ve earned some SP and converted some SBD to Steem to power up, but I’ve also bought some here and there along the way. Given the brutal cryptospace of the last few months, I could no longer resist the urge to buy at these depressed prices. Am I doing so near the bottom? I have no idea. If I was smart enough to catch falling knives at just the right spot, I’d be a gazillionaire. But as Zaphod Beeblebrox said, “I’m just this guy”.
As luck would have it, I had $500 that, thanks to Enlightened Self-DelusionTM, I felt like I could afford to spend on Steem rather than tossing it down the rat-holes of food, housing, or single-malt Scotch. Depending on where you live, there’s a lot of different ways to move from fiat to Steem. Living in the USA, I went with the fiat to Coinbase to blocktrades to Steem route.
On 23 August, my $500 got me 8.6426 Litecoin. Coinbase took a $7.34 cut displaying Litecoin’s price as $57.00 (coinmarketcap.com was showing it at $57.04) saying that my Litecoin would be available to trade on 8/31, blaming the delay on the ACH bank transfer system. Don’t know about the rest of you, but I will not shed any tears when the crypto revolution causes the ACH bank transfer system to implode.
By the time my Litecoin showed up in my account on August 31, its value in dollar terms had risen about 9% and Steem’s had gone up a bit over 7% so when I went through blocktrades to exchange the Litecoin, I ended up with 558.533 Steem:
I used 42 (the Answer to the Ultimate Question of Life, The Universe, and Everything) of those Steem to buy one #steembasicincome share for each of the following accounts:
I am of two minds about SBI shares. From a strict cost-benefit analysis viewpoint, they’re probably not the best use of one’s Steem. It would be hard to argue that they offer a better rate of return than delegating to an account like @silvergoldbotty for instance. The Steem that goes out to buy SBI shares is gone from your account, not retrievable as with delegations. And there’s the existential threat that the owner of the @steembasicincome master key could change from being a good person to being a bad person, power down, cash out, and buy a lambo. But I think that the positive community-building function of SBI’s outweighs potential negatives.
My reasons for picking these accounts are eclectic (AKA all over the map) but one thing that they all have in common is that, at least in my opinion, these folks are all here for the long haul. If your account wasn’t among those 42, tell me in the comments below why I should buy a share for you too.
The remaining Steem got powered up, along with a tiny bit of Steem that had been sitting in my wallet:
If you believe in the long-term potential of the Steem blockchain, maybe you should consider putting some of your money where your mouth is too. 🤔
Disclaimer: This should not be construed as financial advice. I am not a registered financial advisor; I don’t even play one on TV. Do your own due diligence. Batteries not included. Objects may be larger than they appear in mirror. Some assembly required. Do not taunt Happy Fun Ball.