Are You Freaking Out Yet?
The market is seeing a crash like we've never experienced before. People are panic selling all of their crypto, even if that comes at a huge loss. And fear surrounding crypto is at an all-time high. According to CoinMarketCap.com, the entire market has dropped by 54% in the last 3 months, and 77% since the beginning of the year!
Source: www.coinmarketcap.com
Also, the Crypto Fear & Greed Index is reporting fear at an all-time high as well (thanks to @stackin for sharing this awesome website with us). This website shows the overall sentiment in the crypto markets and gauges it on a daily basis. And right now, things look bleak, to put it lightly...
As you can see, this is an unusual time to be in crypto. It's what most investors have always feared. And some have gone as far as to say that the "bubble" is finally bursting. We're all left wondering... is this the end of crypto as we know it? Or will we see a rebound in the months ahead?
Why I'm Not Worried
A while back I made the decision to move most of my crypto assets into Steem. As I was building my channel here with daily content, and making my home on the Steem blockchain, it only made sense to get more financially involved as well. So I sold off most of my other cryptos to build up my Steem Power. And this was probably the best decision I've made when it comes to crypto currencies.
As you know, Steem is more than just a cryptocurrency; it's a necessary tool when you're blogging on Steemit or utilizing any of the decentralized apps built on the Steem blockchain. It gives you the ability to earn rewards from both curating and authoring content. So it has functionality, unlike other crypto currencies such as Bitcoin. And we can use it to earn even more Steem, despite the price action in the markets. All we have to do is keep producing and curating content like we normally do.
This is what I think really sets Steem apart. Sure, I would love for Steem to get back to it's all-time high of $8 like it was in January. Currently the price of Steem is $0.81 and my portfolio is down by $11,000. But even with the price being low, I can still accumulate more tokens by doing what I normally do: use Steemit. Unfortunately, those who have invested in Bitcoin don't have the same luxury, unless their mining the coin (which few everyday people are anymore). They just have to sit and wait it out.
My Plans for the Bear Market
Now, I know that I can't give financial advice, or tell YOU what to do with your time and money, but I can tell you what I plan to do. And it's very simple....
I'm going to keep doing what I've always done 😎
That's right, I will continue to blog, curate content, connect with other Steemians, accumulate more Steem through blogging (and purchasing with fiat), and keep spreading the word about the best blockchain in the world: Steem!
It makes absolutely no sense to me why some people stop blogging (or become inactive) during a downtrend. But that seems to almost be the normal response from folks. They see the dollar amount next to their posts drop, but don't take into account that they're still earning Steem from their posts. And with very few people blogging, it allows you a better chance to get a bigger chunk of the rewards pool!
As I always say, the crypto market will rebound in due time. But will you be here to reap the rewards? I sure hope so because those who stick around will be sitting pretty in the years ahead!
What are your current plans for Steem/Steemit? Are you carrying on like business as usual? Or are you taking a break while the market swings downward? Please let me know in the comments below!..
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I think you're right. Keep on steemin along everyone!
LOL Love it! :)
Fantastic article! I also want to thank you for the amazing videos you put up on Youtube. You really helped guide me here and today I finally started my Steemit life!
It’s business as usual. Market fluctuations are accepted as natural phenomena, like rain and snow.
Prioritize community engagement over profit.
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You like that fear index, it's pretty bad ass huh 😂 🤣... I think we need to hit 10 before a little run up :)
Heck yeah man! Thanks for sharing that. I had never even seen it before. And absolutely, waiting on the sentiment to turn around and then we'll ride the wave up. :)
Thanks for this wonderful article.
I think as you said steemit is the best place to invest in and i think people stop blogging because no such a good upvotes as before, but we keep working anyway. Regards.
2 thumbs up my friend. You and @jongolson are on the same page. NOW is the time to be active and use the amazing platform that we have in front of us. I’m not worried, and I’m not going anywhere.
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Lol, it was really funny. I posted my blog and then started going through my feed and found @jongolson's post. And you're absolutely right, now is the time to accumulate. We've been given an opportunity once again to get in at the ground floor. That's how I look at it. :)
I am getting more aggressive as the price comes down as the opportunity to accumulate STEEM at these values shouldn’t last long with the development taking place in the ecosystem. While it may take time to realize, I expect to continue getting dividends from actively posting and commenting as well as diversifying into more delegations that promote the use of the platform for future increases in adoption. That is my plan no matter what happens here in the near future.
There ya go, we can continue to accumulate and build our portfolio absolutely free here which is not something other blockchain can say. :)
Sound advice! I'm not going anywhere either!
Thanks for stopping by @exyle! I watched your interview the other day with @terrybrock and it only reconfirmed my thoughts. What you mentioned about accumulating more tokens, and continuing blogging to get a bigger portion of the rewards pool, makes total sense. And honestly, you sotpping by only supports that theory lol. Those of us who stick around (even in the bear cycles) will be laughing in a year or so. :)
yup. lol great post! you mentioned something that goes unnoticed by a lot...we can actually use this stuff but think of btc people...they can mine it and maybe use it too lol but we have such a unique product and crypto here with steem.
roll up your sleeves folks and start creating :)
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Right, there's actual usability here. And... we can continue to accumulate more tokens without putting any more money in. Just a couple of reason why I LOVE this blockchain. :)
Well said! @jongolson “roll up your sleeves folks and start creating”. The value of the community goes beyond the exchange value of the currency.
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So true Brandon! I couldn't agree more. Now we start to separate the men from the boys, so to speak. lol Patience truly is the key here.
Lol you got that right! It's funny to see the people who say they have such a "long-term vision" for Steem up and run away when the price drops. They'll wish they had stuck around in the coming months, I'm sure of it. :)
Yeah totally! I guess "Long-term" to them means "As long as it is going up long-term" haha. oh well people will learn soon enough. : )
Hah! Where do they run to? A hole in the ground?
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“Zag” when everyone else “zigs”
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I am still learning about whatever on crypto world. So more time I am online, I receive more information. Nice post!!!
👍👍👍
I just have one line
What a relief for me💓thanks
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It's business as usual for me. I will blog in bear market and in bull market.
Hey man love your stuff on steemit and youtube. I am also a youtuber and new Steemit user that hopes to be as successful as you one day on this amazing platform.
Yes, that was a very good decision
Unlike other currencies, your money is not just around waiting for the defense to rise.
With Steem, you can increase your fortune regardless of short.
Correctly placed votes produce Curation Reward, you can sell your Steem power for a limited time (delegation) and then win Steem Power in addition to the purchase value.
You can also sell his votes on services like @smartsteem, etc. and get Steem or SBD.
Oh, at Steemit there are many ways to invest his fortune well.
Mit google wurde folgender Kommentar übersetzt :
Ja genau, das war eine sehr gut Entscheidung
Im Gegenteil zu anderen Währungen liegt dein Geld nicht nur herum und wartet darauf das der Wehrt steigt.
Bei Steem kannst du dein Vermögen unabhängig vom Kurz vermehren.
Richtig gesetzte Votes produztieren Curation Reward , man kann seine Steem-Power zeitlich begrenzt verkaufen(Delegation) und gewinnt dann wiederum zusätzlich Steem-Power zu dem Kaufwert.
Man kann auch seine Votes bei Services wie @smartsteem usw. verkaufen und erhält Steem oder SBD.
Oh, bei Steemit gibt es sehr viele möglichkeiten sein Vermögen gut anzulegen.
We have a very similar approach. Actually I posted the following:
https://steemit.com/steem/@toofasteddie/evolution-of-my-sp-during-the-last-year
Following you from now on
Steem on mate!
I don’t get why people are freaking out. This is just like the beginning of the internet. AOL didn’t survive that and I’m sure most of the cryptos today won’t survive. That’s how the market works, but I think Steem is gonna be one of the survivors so I’m with you.
When the market cycle changes, you will be glad that you stayed true to Steem this whole time. Accumulate now while it’s cheap and be rewarded in the future when things turn around
"And with very few people blogging, it allows you a better chance to get a bigger chunk of the rewards pool!"
I basicly said the same thing the last night but from the view point of someone with a small account. I think now is a good time for people like my self to grind away. Attention seems to be easier to come by with fewer people posting and my SP, which was super hard to earn a few months ago, is actually growing at a good pace.
The way I see it is that I am getting something in return while enjoying my time here. I can no longer say the same from facebook...
I came in when steem was a constant $3.89. I have faith in Steemit but I have heard thru the grapevine that a couple of Steemit copycat platforms are a comin. Lol.
Nice post.
Joy
Yup, I’ll keep reiterating what you said. Keep doing what we’re doing! Still growing our overall Steem even though it isn’t technically worth as much right now...
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STOPTo support your work, I also upvoted your post!
You're very right Steem is different compared to other cryptos. Here we can have a ROI in Steem, even if Steem devalues compared to fiat.
I'll tell you something I don't understand. If we believe in the future of the crypto space (some of them at least), and of Steem in particular, if we know Steem is only at the beginning of its journey, why do we even care about its value compared to fiat? Maybe to find good times to buy in. Selling at these levels is pure madness, although I understand the limitations of those who are forced to.
Steem all the way....👌
I think if keep preaching the whole day long, no one can keep their steam in the market, cause what we witness these past months certainly last two weeks @ brandonfrye
This was very well articulated. I really wish I had a crystal ball right now. I agree that the best time to get hustling is when the price drops and people become inactive. Doing opposite of the crowd is a good strategy.
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we are SO in this for the LONG HAUL...with ALL of YOU!!!!!!!!! thanks for another inspiring post brandon! it will be fun to look back at this post in a year....or two. :))
As a new Steemian, I very much appreciate posts like these that can help start me on the right path on Steemit. I have been mining bitcoin and other currencies since September of last year and considering turning some of it into Steem Power. I am curious, what success have others had making this conversion?
I recently joined steemit, and seeing the current price of steem (after waiting more than two and half weeks to join!!) was a bit of a shocker, but after giving it some thought and reading several articles along with this one... Well it's pretty reassuring to be honest :)
Well, I just hopped on recently and I'm trying to get into a more regular habit of posting, as consistency is key right? Thank you for your very informative posts and videos (I actually found you on youtube first, while sussing out Steemit) - they make things much easier to understand on this crazy new world I find myself in :)
You are right buddy in this bear trend we should just be focusing on collecting as much steem as we can by putting regular post rather going and doing nothing. Its better said "something is better than nothing" and you never know that this something can make you how much when it turns out to be everything.
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