Steem School Episode 37 - How to Save Your SBD From the Steemit Carousel Market
If you keep holding your SBD in your Steemit wallet it becomes dependent on the Steemit market.
It is actually common sense, however, people that I told that were surprised so I thought I might create a short post about it so you guys know it too.
Imagine you have 1000 SBD in your wallet and the current market price was 10 USD for 1 SBD.
There are good news about Steemit and everyone is optimistic so you keep holding it hoping that the price will jump to 15 USD for 1 SBD in 1 week.
But the exact opposite happens or nothing happens. You are playing a risky game.
You are riding the waves, the carousel and your Steem Dollars are about to get unconscious because they are tired of the instability so what can you do?
My Advice & Current Plan
I highly recommend you guys to cash out your Steem Dollars at a high market price.
For me that high market price is 10 USD for 1 SBD, till that happens I will hold my damn Steem dollars.
When the price reaches 10 USD for 1 SBD I will cash out getting something like 10000 USD out of it which will then be in my bank account.
Cash is not a victim of the cryptocurrency market insanity and it will not lose value.
One could say that the current market situation is optimistic and I agree, but we were over 10 USD 2-3 times before and it will happen again.
I can say that with 100% confidence because Steemit is a self-running system.
The people here on Steemit love making money with their content and it is the blogging system of the future happening right fucking now.
All bloggers, Youtubers and social media addicts will come here to make cash and many famous and not famous people have already come here.
It is a matter of time till 1 SBD or 1 Steem is worth 100 USD. I say that 1 Steem Dollar or 1 Steem will be worth 100 USD by the end of that year.
So my friends, cash our your stacks of SBD at a high price so that it doesn't lose value. Should the market go down you can reinvest that money to buy more. Should the market value rise again you have lost nothing either because you cashed out at an already high price.
Whatever the situation is, you will win. So don't hodl too long and strike at the right opportunity.
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The key i to know when to get out, hodl and when to get in.
Another great one from you.
Thank you GD.
I've been powering up my steem all the way... But i'm new in this platform after all
Maybe, in a couple of months, i'll start saving some of the sbd i get to later sell when the market is high.
Thanks for the advice Philip
I rather have 10k Euro than 1000 more Steem Power, the current market values are in my opinion not attractive to convert SBD into SP.
I tend to to do 50/50 ut I have only had 2 successful posts of yet so it's not like I am raking in the dough ...
I will be sure to tell my landlord this strategy. I'm certain she will be willing to wait for the sbd price to rise before I pay my rent :)
That would be nice for both of you.
Good advice thanks! You can only lose if you panic when the price fluctuates downwards. Like you said, cryptocurrencies are unstable and I agree, only a matter of time before they head back up again. In the meantime, keep them and reap the rewards later!
100%
I have not yet quite figured out how to convert crypto into fiat yet. While i have always loved the idea of crypto I never really got involved in it until now. right now I converted some into steem power and the rest into bit and litecoin any advice ?
Yes, do some research on how to cash out your crypto into fiat, because if you do not know how to cash out the "money" you essentially do not own the money.
You have to cast the virtual into reality, almost like a sorceress.
LOL, I have already seen ways to get cards for amazon which will work well for some things but I have been hiding in the mainstream for a while and need to get back up to speed. And then I am old LOl I get to not know all the modern things things lol - just not liking the not knowing so if you have any good links toss them over please
I only know how to cash out in Germany or GBR, so you will have to use Google.
google it is then
Thanks for that piece of advice, one have to be flexible at times not that you will just want the price to be as high as anything. It's a good eye opener.
Your piece of advice is not bad at all! I plan to do different type of playing with SBD: My plan is to trade between Steem and SBD and not withdraw at all! For example,now is 1 STEEM-0,86 SBD..What will I do? Hold Steem until price for 1 STEEM is equal to 1,10 SBD! Then I will exchange Steem for SBD on our market here,and after that I will wait until 1 STEEM is around 0.90 SDB....And so on!
its very informative and important.
please go ahead...
thanks a lot for sharing.
Best of luck.........
so great
Brilliant thinking....... @valorforfreedom. I also do this. When market up 10USD I think it is good. And every time I prefer to cash out and it is my plan as like you. Agree with you Cash is not a victim of the cryptocurrency market insanity and it will not lose value . so wise decision is current cash out. Great job and outstanding analysis post. I like your blog and respect you and your activities. Thanks a lot..................