RE: Investing into scarcity and the weight of Blockchain
This was real. As tight as things may be, you're lucky in that you have some powerful purpose behind your effort here. I don't even have my cat to motivate me anymore, so it's all just out of pride.
It's essential to diversify, so it's good that you're realizing this now during the base-ish of the bear market. That's some good fortune.
While you have to invest only what you can either afford to lose, or is possible with your current expenses, the laddering approach with x whenever that checkpoint comes is smart so you can always feel accomplished that you're building something. However, the more you can stretch when you see a massive pullback from the last run like around now, the better. It might make a bigger difference than we can imagine if a swan event happens.
I might even suggest funneling a little Steem weekly to your exchange for BTC/ETH. That'll reduce the $ strain and/or accelerate your accumulation. You'll always be able to earn more Steem, but per the theory you mentioned above, you won't always be able to get your hands on BTC so easily. Also, if the economy shifts to using crypto for life expenses, you may actually need BTC to maneuver around to pay your daughter's cell phone bill, etc..
We're on totally different spectrums because I did the heavy lifting for my portfolio a decent while back, and then found Steem by accident later on. I was so emotionally attached to my core 2 holdings, that I committed to earning Steem slowly in tiny slices and never bought any. The stubborn side of me still exists today, where I should drop $ into Steem (even laddering), but I tend to prefer topping off on my offline stuff because I can EARN it here. You can't EARN BTC or ETH (unless you have a chuck of ETH you can stake in the future). So maybe divesting from here a little in the short term, while still earning at a nice clip to replenish, could be a safer move than not.
The cold storage via Nano is a wise move. Be very diligent about making backup copies of your recovery phrase and don't take pics of it to leave on your devices. A very good local desktop wallet with world-class customer service for nearline storage is Exodus. It supports a lot of coins and is super simple. You can also convert coins within the wallet using ShapeShift for ease.
Also, if you have high volume thrift stores by you, that's a great way to score some resale profit weekly that could help with things.
I rambled, but hope this is helpful.
*This is not financial advice yadda yadda.
Thanks for this, it is helpful. I actually use exodus now but would still prefer to keep less there (not that there's much).
I am considering taking some of my Steem earnings and diversifying but I am also pretty attached to it :D
Thrifting is not much of a thing here but it has been interesting to see what you are doing.
Back to this later... Work calls.
Emotional attachment is why I'm not set right now. I fell for that hold long thing through several bull runs where I had layup chances to take even 20% of profit out to reinvest later or have some play money. Hindsight is 20/20, but I should've followed the basics instead of loving my coins because I was proud I got them before they blew up, and didn't want to bail on keeping them safe on my Nano for the future. Doing some profit taking would've made a drastic impact with the price correction.
There's a balance between strongly believing in something and leveraging opportunities with it at the same time to further redeem its valuable and feel like you're not selling out on your long term faith. Steem is unique because we can manually mine it. Other coins are too expensive to mine for the trouble and up front costs.
I just came across your daughter's account today. Glad to see that it gets strong support.
Do whatever works best for you, but you have crypto that you can leverage for more crypto daily, while still growing it the same time to the tune you may siphon off. Fiat can keep things more comfortable (or double the diversification power). Remember to never invest more than you can afford to lose.
At somewhere near the top of the next run I plan on taking a percentage out to clear a little debt and then hold some for a buy back.
Yeah, my daughter's account gets a little support sporadically but I also use @ocdb on it, the @OCD support bot. I hope one day all the bits of work her dad has done benefit her.
When you speak of the holding you sound regretful but, this is still just the start which means, it will just take a bit longer for you to get clear.
You could also film your adorable daughter telling whichever frick and frack are dueling at the time to halt flag wars in a way no human being could ever say no to.
5,000 Steem appearance fee flat rate.
Lol, not a bad idea.