Did we reach the bottom with Steem on 0.21 USD?
I want to make one thing clear: I'm no analyst!
There are quite a lot people claiming that they know what will happen next to Steem or other currencies.
They do technical analyses or other things to underpin their ideas.
I can't do that simply because I do not have the knowledge.
Looking at the whole picture
Most of the crypto-currencies have their values because of one simple thing: TRUST.
Just like FIAT money which is basically also only based on trust - sometimes even the trust in God. At least that's what is written on it.
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Steem is somehow different
There are basically two different ways to get Steem:
- buy it with FIAT money
- work hard by posting and get rewarded
OK, witnesses can also get Steem by producing blocks - but I was talking about the standard ways ;)
Back to the initial question: did we reach the bottom?
If you look how Steem developed from the very beginning there was only one period where Steem was below 0.20 USD. October 2016 until April 2017. Steem was even as low as 0.07 USD.
Looking at the whole picture I would like to quote "Yazz & The Plastic Population": The Only Way Is Up :)
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Let's make it happen
What we need is people who have trust in Steem.
Look at the low price of Steem as a chance!
Please let me know your thoughts in the comments.
STEEM ON!!!
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For me, it seems a mistake comparing steem to fiat unless one is in the lambo crowd or a reward whore. To me steem are stocks in an exciting project and bear markets are opportunities to acquire more stock.
If by low you mean the creation of the fastest and cheapest transactions of any blockchain out there, then yes transaction speeds take very little time and it is hard to expect transaction fees to get any lower.
STEEM On!
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Much appreciated!
I also acquired more steem already because I strongly believe in steem, the community, and the system.
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I’m an amateur at doing Technical Analysis, but I know enough to understand what a pro says. They have been calling the 3200 target for a long time! They call for an upswing, which we are getting now(to about 4800 a bitcoin) and back down one more time.(maybe 2200 a bitcoin) unfortunately right now bitcoin still dictates the price of other cryptos and will be that way for at least for a while. So no, I personally don’t think we’ve hit bottom. I’m getting all my fiat over and waiting for $2200! If you believe in crypto that has to be the bottom. For good reason it’s wave 5 down. Which completes the “downtrend”. Take my advice with a grain of salt! I’m an amateur!
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Thanks so much for your comment @rpgbuilders!
I'm still wondering if one can analyze crypto with the "old-fashioned" tools?
Or do they have their own rules and dynamics? Do we need new ways/tools to analyze them?
Cryptocurrencies are so different from what we knew before.
Example: normally when the stock markets go down investors often go into currencies.
Cryptocurrencies go down with the stock markets. Looks like not many people say: stocks go down I'll try to make some money with cryptocurrencies.
I believe cryptocurrencies have their own dynamics not comparable with what we had before - but we still try to analyze cryptocurrencies behavior with tools we have now.
And I really hope that people finally understand that steem is very different to other cryptocurrencies like BTC so that if BTC goes down there is no reason for steem to follow - and the other way around also of course - no reason for steem to go up because BTC (or other cryptocurrencies) goes up.
Steem is different!
Steem on!
No problem I’m commenting, I love talking crypto! Also agree on the fact the steem is different than other cryptos. I think it was the moody group that was rating different cryptos and the rated steem higher than bitcoin! Mainly because it has a real use. I read another article on here, saying the reason for steem losing more ground than other is based on “regular” people making livings blogging. When the bear market hit, those people had to cash out a lot of their steem to survive and pay bills.
Now as far as using different tools to track and measure cryptos. Believe it or not from a technical analysis standpoint cryptos trade even more “technical” than stocks. A lot of trading stocks and crypto is traded by algorithms(computers). The algos for crypto were all written by people that used to trade stocks. It’s really amazing to see, how many times crypto hits “targets”. My two favorite tools are the Fibonacci retracement and the fibonacci extension. My favorite analysts are Sam at Tradevils(find him on YouTube) he works with other analysts, so it’s almost like a hive mind. He’s real hard to understand at first and when I first watched anyone do TA I thought they were full of crap! Just randomly putting 1,2,3,4,5s everywhere. The more you learn the more you realize that they know what they talking about. If you need someone who can put things in more layman’s terms look up philakone. He offers classes and if you really want to learn TA he’s your guy. I trained with him for free for a year. He has recently started to charge for his training, but he’s also stated he could work with
people on price of his course. Guys I’ve been following for a long time and trust for sure! Although if you are just looking for people telling you to buy here and sell there...well that’s not the point. They want to teach you, so you’ll be able to know when to buy or sell. A lot of hard work and a lot of failing, but if you get good....you’ll be rich!!!
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WOW - lot's of information I have to work on. I'll put this on my to-do list for next week where I have some days off :)
I also read the blog where a fellow steemian explained the "living on steem" situation. An interesting point of view!
I have to admit I did not think about this while writing the post.
I know that happens a lot. Did you read "Flash Boys" written by Michael Lewis?
If not: do so ;)
Thanks again!
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Yes a lot of the newer folks think that this is the first time we have crashed. I well remember 7 cents, which was the bottom after hitting 4 bucks!
I wish I was that long with the steemit community that I also could remember that time.
Unfortunately, I joined only one year ago and not much earlier.
But I'm glad I found it - such a nice community!