Why @MrWalt aka Sean Walters Sold All His Steem
Yesterday on my way home from Thanksgiving I was listening to some Youtube videos in the car on the way home, just going through my feed taking a peak at anything that seemed interesting. There's a guy Sean Walters on my feed, I don't watch a ton of his stuff though I do watch his videos from time to time. I saw a video titled "Why I Sold My Steem" by Sean Walters and decided to give it a watch.
Apparently he was pretty into Steem for a minute, powered up his account to the tune of tens of thousands of Dollars, I realize that's small compared to many on this platform but none the less it's a significant amount of money to me and I'm sure many of you as well.
I guess he recently powered down and is cashing out of Steem. I'm kind of surprised as of all times Steem has been sitting at a pretty low price for a while.
In his video he lists the reasons why he sold, a big part being that he just hasn't been as active on the platform and why be invested in something your not actively using. Furthermore though, he said that unless you have a million Steem or more your a minion and have no real influence on a the platform. He also said he just didn't feel like a valued member of the community or like it was possible to have influence on the platform. I'm not really active enough on here nor do I really get into the politics enough to comment on this but he also complained about whales abusing their power on the platform as well.
While I'm a small fish on here it was interesting to hear/see someone with 40K plus invested who I would think would have some power on here still feels powerless even at that position.
Just thought it may be an interesting watch, I always am curious to hear other people's motivations and thoughts on this platform. In the end he said he does see a bright future for Steem, he just has better options at this time for investing his money. He did say if Steem were to fall to 0.10 cents and he could power up to the tune of a million that is the only way he would get back in.
Curious your thoughts on this? Is it baseless or can you relate to some of his points?
I became interested in steem when I found steemit. I saw steem when it was below 10 cents and I was not interested in it back then. If it went to .10 I would sell and borrow and use every last cent to power up. Because of Steemit I would do this.
I agree although one interesting thing, typically when something is cheap there's a lot of fud or crazy stuff going on making it cheap. I would imagine for Steem to go that low there would have to be some kind of like catastrophic news about steem or a weakness in the platform and at that point maybe the future of Steemit is uncertain and that's why the price is so low.
Reason I say this is I see some people like I want bitcoin to crash so I can buy more but typically when its gonna drop its something like the Chinese closing exchanges, potentially down the road talk of government intrusion, etc so I think oftentimes the best deals are to be had when the future of antyhing is really up in the air so I guess the question becomes when things are dark do you still have the confidence to go heavy
Your point is very valid. It will most likely never go that low again. The thing is to buy and hold. Hopefully, it has one more level to drop and then it goes up from there. Bitcoin is doing very well because it is commercialized. Steem and SBD will have its day in the sun so my advice to you would be to hold and buy while it is low. If it goes as low as .10 cents again I would but as you mentioned steemit will still have to be operating efficiently.
I recently powered up a pretty good amount of money, to me at least, not tends of thousands but more money than I would normally put into an alt. Back leading into the Bitcoin Gold and Segwit2X forks I started buying alts too early, I knew they would fall more but just continued dollar cost averaging on the way down. I wound up with quite a bit of Steem.
Now I like swing trading Steem because oftentimes it will go from like $1.05 to $1.55 or $1.35 and I can make a quick couple bucks. This time it never wound up comming back for me. I wasn't going to sell at a loss and also don't like my money just sitting doing nothing so decided to power it up.
That's one kind of cool thing about Steem is I know there's coins like Nav or Neo where you can stake and at least earn for holding but many coins if your sitting on a loss your choice is do nothing and sit there or sell for a loss. I like that with Steem even if a trade doesn't go your way worst case scenario powerup and try to leverage that Steem power to earn some money while you sit on it.
You don't have to power down you can delegate it to me. You post pretty good posts and I can add you to my auto upvote list and you will earn by having it sitting around earning for you.
I've been on here for a while but am still don't really understand all these voting things and delegating. what does that mean exactly?
I can walk you through it and give everything you need to do it. When you delegate you are not giving anyone possession of your steem power in the sense that they have any control over it such as powering down. You retain all control over it and can undelegate it at any time. I for example, can not undelegate it only you can.
At this time and as you may know your steem power determines how high of a vote you can give by the percentage of your voting rate.
You can look into my wallet and see my personal steem power at the top and at the bottom is steem power that was delegated to me. I control my pesonal steem power but not the bottom.
Consider it like a community you will be joining and your delegation is an investment into the community because the community represent your interest.
Your interest for example, is to earn more steem/SBD when you post. That way you steem power will earn more for you than just sitting there idle causing you to consider powering down and maybe walking away from the site altogether.
The groups interest would be to prevent this from happening and to keep you coming back posting quality post that will gain upvotes(rewards for the post). If you delegate it then it will have a higher voting power earning us more return across the board.
I can show you how to delegate and undelegate it in the next comment.
I can understand where he is coming from. Price wise it hasn't been able to keep up with other cryptos mainly because there is always downward sell pressure from people cashing out earnings and then once other cryptos starting moving people gravitated towards investing in those.
Also as the cost of STEEM goes down and payouts are less people tend to clinch up more on their voting....etc. When the good times roll people make it rain with the votes just like how people are lose with their money when they have a lot of it. Right now it is just ok. But I see where he is coming from by wanting to buy back in if it goes to $0.10. I'm kind of looking at the $0.50 spot. I think if we see a big crypto pull back it could go down there. But who knows.