Ok you know the story its a bloody red day. All crypto's are down so what is a Steemian to do? Buy I say, when the streets are filled with blood and people are running scared this the best time to buy.
I wish for me it was as simple as buying some STEEM but It wasn't. In order for me to buy some STEEM I need to sell another coin. Here comes the dilemma. Which coin to sell if all the markets are down?
I look at coinmarketcap and check to see which coins from my portfolio have dropped the least percentage wise. Litecoin is the winner at only 6.74% drop, but I don't want to sell my precious LTC because of the anticipation that it will double soon.
I go back to coinmarketcap to see which coin I could let go of. STEEM has dropped 20% so whatever coin I choose to sell as long as it hasn't dropped as much as STEEM I'll be winning.
I picked ETH. It dropped 11.46% in the past 24 hours but still above STEEM's drop. Plus I already had 6-7 ETH on the exchange so Im just going with that.
I put my sell orders in for ETH and sell at 0.09041175. I netted about 0.554 BTC. I turned around and purchased 1,067 STEEM. I may of been able to squeeze out a few more STEEM but what the hell I purchased at the market ask rate.
It's all good, now I have my STEEM and will use it to powerup my account. Thats all that matters and is my ultimate goal. Power up , power up to the tippy top until I can't stop.
The next two months, its going to be crazy lol... I'm just going to pick some here and there til november :)
Yeah agreed the markets are going to be all over the place. Im going to be picking some up all along the way.
We got 8 weeks... time to pick up weekly and chill :) P.S. I tried to add ya on fb :)
Yes... 8 sweet weeks of scooping up on the low.
Ill check the book of faces.
Love it. It's literally so frustrating when you are forced to sell off other things.. Like, it's situations like this when it would be pretty handy to have a spare $1 million liquid cash laying around to quick buy into the low :P
I have heard from some friends that they think Ethereum is still going to quadruple before next year..
My question is, what is the cause for these drops?
It could be lot of reasons besides more sellers than buyers.
First things that come to mind are the looming threat of a Bitcoin hardfork and ICO's cashing out.
Even though the Bitcoin controversy isn't even imminent. Investors are spooked by the uncertainty. I believe the official signaling begins August 1st. and a solution won't go live for another 3-4 months.
A lot of new money has come into the crypto space and alot of that has gone into ICO's. These billions of $ in crypto held by ICO's need to be cashed out to pay for bills and expenses.
I also believe that ETH could go to $500-$800 this year but Bitcoin will also have to move up substantially. In turn raising the other crypto's with it. I also have some concerns with Ethereum and all of the new code from ICO's that could be another DAO event just waiting to happen.
It may not look like it now but I also think that STEEM could do a 10x this year.
Yeah, I mean that's a good point about Steem. The thing is, all the cryto's are interlinked, so like you said, we know BTC will go back up, but so will other coins along with it.
I think to keep things simple, just sticking with Steemit for the next 12 months would be the easiest bet. Put all time, money and energy in and you are bound to get a decent ROI :P
Hectic times. Thanks for the explanation.
oh yeah I definitely agree. That STEEM could be the best bet overall. There are so many options and so many distractions.
Sticking to one could make things a little easier to manage.
100% agreed! Let's go!!
I hope this platform is ready.. Because I'm jumping straight in!!!
Ooo! Good tip on it being the time to buy :) Question . . . why are the markets going crazy now (and anticipated for 8 weeks)? Or is this just the norm with crypto?
Check out my reply to a similar question above.
"Even though the Bitcoin controversy isn't even imminent. Investors are spooked by the uncertainty. I believe the official signaling begins August 1st. and a solution won't go live for another 3-4 months.
A lot of new money has come into the crypto space and alot of that has gone into ICO's. These billions of $ in crypto held by ICO's need to be cashed out to pay for bills and expenses."
@sneakgeekz this is a good time to buy and power up...isnt it? thats what am doing
Haha, what a nice video,I agree haha
cool, keep steeming
I bought ether and litecoin
I think you made good choices. Now is a great time to buy as long as you know what you are getting into and all the risks invloved.
I like you post, thank for sharing...
Thank you for taking the time to stop by and read my post.
Are you going to pick up some STEEM?
What is the most money a comment can make, I'm new to this.. Just started using my account a few days ago...
a comment can make any amout, same as posts. It just has to get enough "upvotes" (likese) ... there's a ton to learn, lol
Welcome to steemit.
There is no limit. It's how much people upvote your comment.
I hope that answer helps.
Hey bud, you just posted the EXACT same comment on my post and a host of others ones too. Fishing for upvotes like this is frowned on by the community.
Shoot Im taking my upvote back.
Is @liberty.news spamming?
I just gave you one though hahaha
nice one,
Back at ya!