People are Dumping Steem
“Be fearful when others are greedy and be greedy when others are fearful.”
-Warren Buffet
As bitcoin surged over the weekend, alts plummeted and steem was not a exemption to this. Steem as of this moment continue to plunge to new lows. Normally, I would have bailed out to manage my investments (as i have been accumulating steem for over a month now) but I didnt.
BTC/Steem Chart
Here's the reason why I'm doing the opposite.
As Buffet puts it,
When most traders are greedy, prices typically boil over, and one should be cautious lest they overpay for an asset which subsequently leads to anemic returns. Conversely when others are fearful, it may present a good value buying opportunity.
Instead of cutting off my losses, I took this opportunity increase my positions further. This phase of the market is when sentiment continue to grow negative, when irrational traders panic sell and shares are transfered from the weak hands to stronghands.
I believe that once smart money kicks in and the weak hands are weeded out, it will be a smooth climb to new highs. I believed it won't be long before that happens. I see increasing volume during massive sell out which to me are indicators wherein professional traders are trying to absorb everything wholesale...
Now is the right time to go long on steem...
I will let you in on a little secret.
Once we get vote tokens completed for #beyondbitcoin WhalePool hangouts, you are about to see some amazing things.
I suspect once people realize they can back a token that is good for upvotes from their (and others) sp and votes...people are going to stop powering down so much. Why? Because right now THE ONLY way to really make money from your sp is to power it down and sell it (or cheat and upvote random accounts...risking a further drop in price).
Once whales can pass out tokens to projects at whalepool hangout with @officialfuzzy....just wait and see what happens to the price of both steem AND bts. ;)
I dont post this everywhere so keep it somewhat hush hush right now...I only post that because your post inspired me to let you know just how right you are.
Wow interesting... i'm long both $steem and $bts..
Interesting project @officialfuzzy! Looking forward of seeing this develop.
Vote tokens? Is this something being integrated directly into Steemit.com?
most likely not, which means it will go nowhere
I believe you are correct! I can't increase my position without writing more due to other life circumstances BT I certainly won't be dumping what I have right now.
My target is May to June for a nice rebound. I am not worried one bit.
well 0.10 cents was the previous low, I think we will have a lot of support in that zone.. so yeah it is a good time to buy!
Wow your post so incredible :)
but i hope you need vote my blog too,Thanks
Thanks for your take on things buddy.
Excellent analysis and I completely agree.
Thanks