RE: Bill Miller Turns Bullish On Bitcoin
Hate to say this but putting all your resources into steem may not be the greatest idea. If anything you should do the opposite and buy into other crpytos. This is because if you have steem on this platform it's most likely powered down. When steem is powered down it takes 1-2 years to get all your money back. So let's say that Bitcoin goes to $40,000 and takes the rest of the market with it, you think prices are getting too high so you want to cash out and wait for prices to go lower to re-enter your position. (This is not day or swing trading, it could take the crypto market over a year to re-inflate into bubble territory). But there's a problem you can't cash out instantly because all you have is steem, so you power down but by the time you get your money back we're in another bear market and Bitcoin has dragged down the rest for he market with it. Liquidity is the name of the game and steem has zero. When the crypto market peaked at the end of 2018 you wouldn't have been able to get out, and that also goes for the future. So unless you're prepared to be on the bad end of every market downturn I'd suggest trading out your steem out for alt coins now, and as soon as you get any in the future. (I haven't bothered to do this because my Steemit account is so tiny, but your account is big enough for you to make the effort). Litecoin and Etherium may have their flaws, but at least I have the comfort in knowing I can liquidate them at any time. Just my two cents, but good luck anyway.
It takes 13 weeks to power down
Not a year plus
Hi @austin101
I appreciate your view. The thing is that Im investing in steem assuming that Im investing in my social media marketing business. It's not so much about profit but about influence that SP is giving me on this platform.
The truth is that if BTC would be worht 40k then I would never power down. I would just double my activity on Steemit knowing that my votes can give some decent reward to curators. So I hope you see that my approach is very different. Im in STEEM ... pretty much until Steemit exist.
Does it make sense?
But of course your point is very clear and I appreciate that you've shared it with me.
ps.
you're very responsive which is absolutely great and steemit community surely will benefit by having you here.
if you would ever like to keep in touch and support each other closer, then drop me a message [email protected].
This will allow us to communicate easier.
No pressure of course,
Good read,
Yours
Piotr
Hey @crypto.piotr
This account( Austin101) has been insulting and leaving herassing comments on fellow steemians posts. I wouldn’t give them your info or interact with them. Just advice do what you wanna👍
do you have a yahoo email account instead?