The dumpening is coming… but there is a brigt side
Exactly 21 days ago today I wrote that the price of steem will crash but that is ok, I also predicted a new low for Steem:
“Power Down in 13 weeks instead of 104 just means people who want out will no longer have to wait 2 years to do so, price will probably go low for a maximum of 13 weeks then it will recover. There is going to be a lot of room to pick up cheap coins, my expected low is $0.05 per Steem.”
I am not sure why some “experienced” traders continuously stated that “nobody knows what will happen after the fork”, it was obvious that if the volume stayed the same the price was going to start sinking given the increase in liquid steem. Maybe some traders based their analysis on the charts alone, but in crypto everything is transparent, unlike Wall Street you can see who is going to power down and predict if they will sell just by looking at their previous actions, so its very easy to assume that there is going to be a ton lot of Steem hitting the exchanges tomorrow.
Now, I don’t think this is a bad thing, on the contrary I can see the dumpening bringing some very possitive side effects:
- People who are disillusioned will sell and quit in 3 months, they are not locked in anymore and they can move on to do other stuff, no need to stay and spread FUD or go on a flagging crusade.
- The dumpening will bring better distribution, at the moment top 50 accounts hold most of the steem and thus most of the voting influence, we need some of them to sell and we need them to sell low.
- We are going to see a lot of stupid dumps, people selling their stash all the way down. This is good for traders and speculators who can place ridiculously low bids and benefit from the instant bounce.
- You can sell now and buy back in a couple of weeks for cheaper, therefore increasing your Steem position.
So if you are depressed about the price going down, remember that there is a always a positive side to every situation and being able to take advantage of those shitty situations is what is going to make you successful in life.
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I've been wanting to buy but I've been waiting for some kind of bottom to form. Just when I thought I found a nice entry position around I think .00016000 I waited to see if it held and then I heard about the hardfork with the new power down time and decided to hold off. It's going to be interesting to see how low we can go. The new power down time is going to be really bad for the price. It will be a great buying opportunity though.
I believe the low will be below 3 cents. It's going to be a fantastic buying opportunity.
Wow, that's really low. If it drops that low I'm stocking up :)
Buy low / Sell high as they say.
Hi @the-bitcoin-dood how's it going?
Going good! Just seen you on the G+ too :) Should be some good buys. We'll see what happens. We followed each other on Tsū too, didn't we?
Yea we follow each other on G+ and TSU. Did you ever get a a payout from TSU? I got my account up too a $100 bucks and then they changed the rules so you had to add your phone number to comply with KYC. The app would not valadate my number so I stopped posting there.
I got really lucky on that one. I only had about $35.00 in my account but I transferred it over to a friend so he could cash out. 3 weeks before they closed we pooled our accounts together and then he sent me my $35 in BTC. Such a fun platform though. I really miss it over there. I met a lot of really great people on Tsū.
I think you have done well, I will place some low orders to see if I can catch some cheap coins... best of luck!
Yeah, the idea of strategically placed buy orders is a great idea. We should see some serious market volatility. Huge dumps followed buy a nice bounce. Could be some great short term opportunities while the market adjusts. Can't wait to see what happens. I'll be watching closely over the next few days, that's for sure.
Nice Badge :)
hehe I wish there was a way to have a signature so that I dont forget to put it on my posts! haha
Thanks again!
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Nice one Chitty; you have inspired the subject matter for the Orconomist 2 :-)
Check it out https://steemit.com/orconomist/@cryptogee/orconomist-issue-2-pareto-and-the-whale-surviving-the-dumpening
Cheers
Cg
Hey cool, I always enjoy your posts, I will take a look
I think, historically, one could argue that something similar should happen back in July when the payouts were issued. I was expecting a huge dump in price as people would scramble to convert their accumulated payouts to BTCs, but this never materialized... instead the price skyrocketed.
on the 4th of July we got paid with SBD not with Steem... people rushed to sell their SBD at low prices, in some cases SBD was traded at 0,50 cents... so the effect was exactly the same as now.
I find 0.05 $ is a very drastic forecast ... the old value before the hardfork + - 0.02 $ seems more realistic for me
It is hard to say what will be the new bottom.. what we do know is that there is going to be a lot of steem hitting the market soon.
.05? boy that will be a great chance to buy
I've been waiting for this fork to buy to. 250,000 liquid steem coming tomorrow alone.
Good luck to you Sir!.. I will be trying to pick up some cheap coins too
Crash!!!