DEALING WITH STEEM PRICE ROLLER COASTER
We all saw our wallets inflate and then deflate very rapidly. In succession our emotions also ride the wave. This can be extremely stressfull and frustrating to many.
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Look at Bitcoin for a moment. It has dropped 20%; 30% many times. There are other examples. As Steem price goes up, you will see this phenomenon in Steem price more and more. All assets, even within a class behave differently. It seems to be the nature of cryptos to do so. Steem will be no different. Birds of a feather flock together.
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Keep your emotions in check or it will ruin many many days unnecessarily. Know the nature of cryptos, accept it and plan accordingly. I have never taken any money out of my account. I don’t intend to for years. First of all, I want to scale the fish class. Pun intended. I find it more fruitful to engage more, upvote more and enjoy my Steempower that way. I believe in Steem. It will go much higher. 100 dollar Steem is nor far fetched over the next 2 years. As Steemit develops, it will separate itself from other cryptos due to its unique nature. Why sell anything now when I can get a whole lot more later.
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Of course, it is your money. If you have a need, spend it. Still consider what I have said and look at other means while hanging on to Steem. If you do need the money, keep some liquid always in SBD or Steem. If you wish to sell in the short term, look at the recent high of about 8 dollars. Don’t sell below that price. If it got there once, it will get there again. Once it gets there again, it will likely go higher. So at least have a minimum standard where you would sell.
My final word is to see this is as investment. It is a gift that keeps on giving in many ways. Your SP is way more important in the long run than your Steem price. You upvote your post at a higher level and you curate at a higher level. People appreciate it and they are kind to you in return. Just hold your breath for a minute, relax and try to see the very bright future. Build you SP and hold on to it.
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I've withdrawn twice, for a total of A$125. I don't regret it at all, as it helped me stay debt free through Christmas. I would have withdrawn another A$200 if LROS was currently working for Steem. I'm intending on growing my SP, but I'm also keeping enough liquid so that if I NEED to, I can pull some out quickly, and I'm also hoping to be able to have the ability to withdraw a small amount regularly to help pay for things, like rent.
Smart thanks for the advice!
Thankyou
You're Welcome! Where are you from?
Sounds like a perfect plan ratticus. Thanks for reading my post. My upvote should add a tiny tiny amount to your SP.
Every little bit helps. Thanks
I have never withdrawn yet. I am letting it ride.
I'm on steemit for the long-term and have no plans to stop.
I watch the numbers every day go up... then down.
I can foresee some wonderful things happening with steemit as it continues to grow in membership, active members and quality posts. SO for now I write, comment and meet some great people.
Don’t forget me when you are rich
Thanks golden, good to hear from the master
lol- master? I kinda like that!!
Thanks for sharing, I think you have the right approach!
great advice , thank you :)
I Agree!!
2 years grace, just 2
I completely agree. It is a big long term investment. Work on building your SP for now. It sure has a bright future. Currently I am just utilizing this platform to keep myself updated with such amazing posts. Also enhancing my writing and curating skills. That itself is my bonus for now. Not to forget the followers and the network I build. Its always intangible.
It's definitely a great platform to work on your writing skills! You're generally far more motivated as well when you have such a positive community and "tangible" awards!
Definitely planning on going to full steem power on post rewards once I have a little stock of SBD ready for anything that may call for them!
All the best.
It’s damn tough, took a lot of work to get 2 sentences right for me. Keep ploughing on dude.
It’s damn tough, took a lot of work to get 2 sentences right for me. Keep ploughing on dude
I agree completely! I pulled out about 60 SBD back when it was around 10 bucks just so I could play around in the crypto market, but I'm a strong believer in Steem, as well!
Awesome thanks for sharing your strategy!
Hope you multiplied it many times.