Today, I Sold An Ounce of Gold for 8,000 Steem Power - Here's Why
Buy when there's blood in the streets, even if the blood is your own.
~ Baron Rothschild
Negative sentiment is at an all-time high
If you want to make a lot of money investing, you need to figure out what everyone else is doing wrong and do the opposite. You have to buy when everybody is selling - when everyone else is saying it's the worst investment you can make.
If you're transparent about your investments, people will laugh at you. It may be to your face or behind your back, but they'll call you an idiot, an imbecile, and say you're throwing your money away. Unless you have the thickest of skin, you'll question your investment.
When I say "You have to buy when everybody is selling," that doesn't mean you should buy anything. If that thing everyone is selling is literal dog shit. At the end of the day, it's still a pile of poo, and will never have any meaningful value.
Huge potential
However, when that so-called "terrible investment" has tremendous upside potential, it may be time to buy. Steem has an active group of people who believe in it and want to see it succeed. For proof of this community, look no further than Steemfest. 150+ people are making the trip to Amsterdam from all corners of the Earth.
Additionally, Steem has many developers who are working on building numerous ancillary applications on the Steem blockchain. @Timcliff pointed out some of them today in this excellent post.
Problems are fixible
Steemit is still the primary application on the Steem blockchain and is certainly not without its problems. But, it is my belief that these flaws are not fundamental, and thus are rectifiable.
Today I went to my secure storage facility.
I grabbed a 1oz. gold maple leaf.
Sold it to a local coin shop.
Purchased Bitcoin.
Placed an order for STEEM.
Then powered up my newly-acquired STEEM.
Obligatory disclaimer: This post contains my opinions and is not to be considered investment advice.
P.S. Just because I sold an ounce of gold does not mean I think it's a good time to do so.
All photos are either my own or taken from Pexels and require no attribution.
If I had the funds, I'd be buying Steem too. But what I can do is Power Up as much as possible. I think people tend to forget that we're still in beta. Things will change. Adjustments will be made. Hopefully value will rebound. I wonder how much the "human" aspect counts toward value. I'm heading over to read Tim's post now. Thanks for your thoughts and good luck!
Thank you! If Steem grows into it's potential, we'll be in a great position.
I think that's the most valuable thing about Steemit. It's human component. People truly interacting online and sharing our human-ness. I'de plunk a gold coin down on that alone, the potential upside is just a bonus.
Nice! I also think this is a good time to be buying Steem, though I'm going for a cost-averaging strategy with small purchases spread out over time, since there's no evidence the price has found a bottom yet. That "blood in the streets" saying is one of my favorite lines about investing.
I'm curious, since you obviously like both gold and cryptocurrency, have you heard of Digix's digital gold token DGX? I've been thinking of buying some, could be a fun way to own some gold without having to worry about the physical storage aspects of it.
I'm also going for a cost averaging strategy. If it goes down more, I'll probably purchase more (as long as I still see significant long-term potential).
I'm not familiar with DGX, I'll have to look into it!
I would have a real hard time selling any of my gold or silver, I've never sold an ounce of it!
In my eyes, it's money, which is why I don't have a problem selling it. When I have additional dollars to save, I'll be happy to purchase more.
Thank you for hope :) I started to lossing it but after your post I feel better
It's difficult to not judge success based on price, but I honestly think the price is by no means the most important factor in Steemit's success.
Right on!
[Edit] lol, was sharing a link to my post and totally missed you already linked to it in your post :P
Haha! I was short on time and unfortunately didn't have the time to go into the kind of detail you did. I wanted to expand on several points, but it will have to be saved for later posts.
No, what you did here is awesome! If people want a 'book' they can read mine, but yours is actually putting your money where your mouth is. I think they compliment each-other very well. Feel free to plug your link in my post if you haven't already :)
Done, thanks. Your post got all the way up to #1 on trending! That's a feat I have yet to achieve; a post of mine got to 2nd or 3rd at best.
Yeah, I know! It's pretty sweet, hehe. I took a screenshot while it was at #1 :)
brave :) hope it works out!
Likewise, but I know it's a risky play. A risk worth taking.
Awesome decision! I'm happy to see you believe in the future of Steemit!
I hope it turns out to be a good decision, but I'm not ignorant enough to think it isn't a risky play. I really want it to succeed think it has a ton of potential.
That was great from you to mention the @Timcliff post.
His was much more in depth. I wanted to go into more detail on several points, but didn't have the time.
I'm well into gold at the moment too. This evergreen commodity has some good prices right now. I'm more than a happy bee :) Gold on!...sorry Steem on!
I think both are a good play at this time.
Congrats On Your Endeavor!
Today Is Your Lucky Day!
@shenanigator
Thank you. Did I get in at the bottom? Probably not. But my hope is that time will prove this was an excellent price.
:))