RE: Did I join Steemit too late? What is everyone Freeking out about?
I am a Bitcoin expert and I joined Steemit a few months ago because I wanted to be an early adopter. Back then, people were saying, "it's too late to be an early adopter." Now they are saying it's time to give it up. The reason is because the price has dropped a lot, and people have left their jobs to concentrate on this social network.
Steem is not Bitcoin no more than the Yuan is the Dollar. Both paper currencies use banks and both crypto currencies use a (different) blockchain. They don't mix.
I adopted Bitcoin when it was at $1.80, saw it go to $40.00 and then drop back down to $8.00. Many yelled that Bitcoin was "done". When a website was hacked, the screamed that Bitcoin was hacked. People wanted to see the price drop so they could get in at a lower price. This is where we kind of are with Steem. The difference is there are people that made a lot of free money for posting content and now they are panic selling with no regard to the fact that 1btc worth of Steem can sway the Steem market a ton. Many selling a ton of Steem every week can stupidly sway the market to zero (actually 0.0004). These same guys have massive amounts of Steem tied up in SP which can't be taken out right away, so they are actually cutting off their noses to spite their faces.
It's small and easily manipulated. But, if there is value in Steem, then Steem will go up and equalize higher and higher in the future.
I am in it for the long run. Price doesn't matter that much. It will go back up!
Back to The Bitcoin. You must be rich, cause after joining here I looked at the price of 1 coin and its over $600. And you got them a $2?
I think i'll take your word. So do you think 1steem will be $600 some day? I should probably hold onto these 10 I have!
Rich? It's a relative term. I rent and have no car. I live in the city, so I don't need a car. I retired 3 years ago and live a simple life with no debt and no taxes. Yeah. I feel rich but I am no Gates or Soros. (with property comes the government with their hands out)
I don't think of Steem or Bitcoin going to or being "At $600.00"
I believe that a Big Mac will eventually be "At $600.00"
Right now, an ounce of gold is at 2 Bitcoins (roughly), and I think it will maintain that relationship.
Where I live, they are printing the paper currency out of existence as all paper currencies have a tendency to do.
Mcdonalds selling big macs at $600 and they wont be in business!
But that is an interesting way to look at it, I never thought like that