Today would be the day of the big Dumpening. Of course, I was excited. This would be the day where it would be possible to buy in cheap. I love Steemit. I love producing content for it. I love reading stories by others. So, I would love to be a bigger ‘owner’ of the platform for a better price. Who wouldn’t?
While the dumpening was going on I spend most of my day in a server cave. Safe and Secure. When I came out the price of Steem was still OK.
Sadly, I don’t have infinite money and I must be careful on what I spend my money. I try to be smart about this but it doesn’t always work. I bought stocks in the past that went bankrupt and I also bought my fair share of shit coins. I lost money on crypto. Luckily I also did some good investments mainly on early Ethereum, Bitcoin and funnily enough Dogecoin (I mined it very early). I’m a little bit in the plus in total.
The last good trade I did was buying Ethereum after the whale got hacked and the price plunged. When buying that cheap Ethereum I already decided I was going to use that Ethereum to buy more Steem after the first power down after the hard fork. It’s working perfectly so far. Ethereum has gone up since I bought it and Steem has gone down.
Ideal buying price
My ideal buying price for Steem is below 10 cents but I have no idea if it will reach that level again. That’s why I often use the tactic of buying in gradually. It gives me allot of peace of mind because I don’t have to check the price all the time. And more importantly, I don’t have to guess the bottom (the absolute lowest the STEEM price will reach).
Checking the price all day is something I did plenty of in the past and it’s absolutely mind-numbingly boring. I’m slowly buying from 15 cents (euro) to whatever bottom we are going to reach. It will give me a nice buy in average.
As an active user and believer of the platform, I don’t get scared by prices that go lower. I’m absolutely convinced now that Steemit will be bigger in the future. If I wasn’t I wouldn’t spend any time here writing, reading and curating. If I wasn’t I would have dumped all my Steem for a profit and got out (which is exactly I’m hoping the bigger players without any feel for Steemit will do). If I wasn’t I would be powering down right now.
The future
There is allot of discussion about where Steemit needs to go. There is gambling and now Porn has arrived. For me it doesn’t matter at all. I think there is plenty of room for allot of different human beings on this platform which is what makes Steemit so strong. I’m also sure it was Porn and Gambling that made the internet strong in the beginning (and not Mark writing about his own life).
I do think Steemit would benefit from becoming more structured in the future. A gambling section, a porn Section (I’m thinking SteemPorn, like a youporn but couples that love making videos already can earn something with upvotes, brilliant!). I think this will be build in the future.
Of all the cryptos I’m involved with now and in the past STEEM is by far the most excited. I’m thrilled to be a part of it and I can’t wait to see where it will go in the future. There are so many other ways to think of where the average human that is creating content for nothing at this moment will be able to create content for money in the future.
The whole idea is just simply brilliant.
Follow Me @exyle
I absolutely agree Steemit.com needs to better categorize content into sections. I think the bigger future is that Steemit.com is really just one proof of concept site. We'll hopefully see a number of new independent front ends pulling steem blockchain content that fits their own niches and categories.
Independent front ends would be fantastic!
natural flow
yes! positive flow
good thoughts. i like the chaos of the New feed. so, a question, do you think that the structure that can be built by the individual isn't enough? there are tags, follows, and the mute button. it seems i can tailor steemit for whatever i want. i don't have any use for the porn or gambling so i just tune them out, but i wouldn't want to miss something by becoming too compartmentalized.
Hard question. As a new user, you enter this site and you see gambling and porn. As a single man or woman you might think! Yes! this is my kind of place! :) But not everybody is that open minded or want to see that. Plus it takes times to figure out how to use the platform. (if you want to mute things).
Steemit is a free-for-all at the moment and I love that. Unexpected things are trending every day. But if it grows bigger there could be hundreds of post every second. You are bound to miss something. A better structure or different frontends would go a long way finding the things you want in the future.
i have wondered a bit about the scalability of some of the things here. if steemit were to grow to hundreds of millions, some things would definitely need modification, at least. i would need a swarm of aggregation bots to find the things that interest me. i'd still miss important things. i feel that way already, about the whole internet. it's like an expanding fractal, where the microcosm becomes the macrocosm, or maybe it already was and i couldn't see it.
Great post, followed. I like this sort of reasoned thinking
Thank you so much!
He does seem to have a good head on his shoulder's...and nice hair. LOL
Yeah, @exyle, I'm talkin' 'bout'cha!
Hahaha! this made my day. You can thank Bianca for the hair. She told me I shouldn't use gel anymore.
Great post. I think many are watching and waiting on the sidelines, waiting for that dump and low price.
Possibly that was it, if so, we could see a hefty trend up. If it does indeed dump, I will scrounge up more $.
Waiting on the sidelines (with no Steem) is partaking in the game called: 'guess the bottom'. But what if this was indeed it! and the price will only go up from now on. Then they are still standing on the sideline with no Steem waiting on lower prices that will never come back. Of course, it can also work very well for them if there would be a big dump. It's a gamble. But I don't want to play that game anymore.
I like very much to read your posts friend. Great analysis.
Muito obrigado!
This is my first post in Steemit and I am glad it's in a well written article like this one. I am also fully involved in crypto trading and I am happy to be in the very green side, I think what saved me so far is that I am naturally suspicious, I never buy in an ICO nor in the first months of anything new. I am, instead, waiting for the hype to go away and then I am investing (always what I can afford to lose). More or less when I read in forums or reddit, people saying that "XXX coin is dead" and the price have lost more than 80% of its initial value, then it's the time that I am interested. (That doesn't mean that I go in all of them but you get the point).
Anyway the point of my post is that my alerts recently hit hard for STEEM so I started exploring and reading about it and I have to say I am impressed! I could not believe that there is so much and so good content. I know other coins that are having "amazing" roadmaps and "awesome" marketing material and people invest so much money in ICO's when this coins don't actually having absolutely anything functional and here there is a very functional and very real platform, yet there are people calling STEEM a scam or whatever else. Off course this platform is missing a lot of functionalities but we are talking about a baby right now, only a 16 y.o. (that never saw the internet 10 years ago) could compare steemit.com with facebook or reddit.
To summarize, I am all-in STEEM now, in fact I bought my first part exactly at 0.00020300 and planning to keep doing that all the way down to 0.00012 if (hopefully) the prices decides to hit the support for 3rd time.
Great comment! And welcome to Steemit! It's fantastic to be able to use the crypto you invest in every day on a fun and functioning platform, that will, in my mind, only get better in the future.
Nice post, spot on. You have a lot of the same thoughts that I have been having as well. I believe we should be as inclusive as possible and not attack each other.
Thanks for your comment. And yes! That's why this place is so great.
Absolutely awesome post, brother! You are literally speaking out what I've been thinking the last few days. That around the 10-15 cents range is a good area to buy in. But as you perfectly put it, money is usually allocated to something else so spending on steem is more of a luxury than a necessity at the moment for many people.
But if the bottom is truly in then these are golden opportunistic levels and we should theoretically bounce from here. After that, as they say, "The skies the limit."
Thanks for imparting your pearls of wisdom for us all. I hope they come true and Steemit eventually unleashes its true monetary potential! :)
Yes! Never invest the money you truly need in crypto or stocks. You can get burned really badly. But with Steemit you can partake without investing anything. That's such a strong feat! Steemit will get there in the future!
I recall our talk on the boat in Amsterdam about this exact subject. You were 100% right and I believe we will have great opportunities to buy over the next 3 months.
Talking about crypto with you two on the boat was fantastic! Very cool experience. I hope there will be more buying opportunities so more people can join the fun!
We are going to have to really wait a week before we see more of it being dumped. The strategy I used was to stay on the old power down cycle which lined me up for a payout 4 days after the fork. Knowing that if someone stopped and restarted their power down right after the hard fork that I would get a better price than I would if I would have stopped and started it like a lot of others. I was right. Now it has dropped another $0.05 since then. Others used this strategy. Once they got that power down they then stopped ans started. So I'm 4 days off set from the day the hardfork came out.
My plan is to sell as much as I can to try to get $300 out of my account unless the price dropped below $0.10. If it drops that low I will probably just stop my power down and let it ride. If it hits $0.02 then I'm a buyer.
I'm not sure if I will power it up though because even if I bought 1000 at that price and the price was low my vote still wouldn't be worth anything. I might just keep it liquid and wait for the price to jump up higher and then sell when it is higher. We will see. Time will tell.
Good reasoning on the power down cycle. Let's see what will happen. I'm already a buyer now. If it hits $0.02, I'm selling my car :). That's a joke of course. I'm sticking to my buying tactic for now. Buy a bit every time.
It is a good average down strategy. I try to think of the mentality of the whales to really try to figure out how low it can go. The issue is I don't know how easily some of them got the coins. Let's just pretend they were an early miner and they spent $2,000 in power and missed out on $2,000 worth of mining another coin. Then let's say they dedicated $4,000 worth of equipment for that period of time to mine it. I would say their cost basis is $8,000. Well maybe that got them 1,000,000 steem power and then they earned the 160% interest there for awhile and were powering down while the price was high. They might have already yanked out $100,000 or more. Then even if the price goes pretty low it could still allow them to cash out another $100,000 or so. Depending on what there situations were before they might figure they can change their life now and still have a low of Steem Power to let it ride. It is hard telling.
Great points. I agree on all of them, including inclusivity of gaming and porn - and why not? They're billion dollar industries! I wish I had the extra funds to buy more steem but my investment is in my content and nurturing others to sign in and adopt Steemit. We have a great culture here and I am very glad to be a part of it. :)
Yeah, Gaming & Porn ... (like they never existed). Note: I am no fan of either. Yet, there is the process of liberty for using a blockchain.
I participate in steemsports because it's fun (especially if your pick wins), and I'm not a fan of naked, but I do write erotic fiction and I've posted it on Steemit. I will visit and support the porn stars, the naked pics and the sports betting posts - not necessarily because I'm a fan but because I support their right to be here, express themselves, and earn some STEEM. If they are curating and commenting with people in the community - even better.
Ok.
Thanks, @meraj99. Your argument, by the way, is the best argument when people say that Steemit is a pyramid scheme. How can it be that when you don't have to invest to participate! And you can still do very well! I love the culture here as well.
Totally agree !
Thanks!
The Vesting Steem Fund (Amount of STEEM held as Steem Power) has decreased a little, but is still around 215.5 million. I have seen it maybe drop 10,000 STEEM over the day, but it is far from the 16.58 million that could have hit the market today. Today is the "dumpening", but there has hardly been any dumping.
Good comment! The price has lowered less than was expected by most. Personally, I'm not too bothered by it because I buy in gradually. It's one of the benefits of that tactic. Time will tell if there will be a real dumpening.
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Nicely Put..Cheers!
Thanks!
steemporn is a good idea even thought I'm trying to quit porn.
Nice, seems like you powered up a lot ;D
So did you!