Cheer Up Folks. Here's some good Steem news!
Let's do a little throwback Thursday. For just a moment pause, take the gun off your temple. No, don't put it in your mouth. Do you even know where that's been? It tastes metallic, rusty, and you probably need some disinfectant now. Honestly, we're gonna be ok.
I know I know. You and lots of people didn't sell at the highs and now you're seeing a sea of red. if you have some cash this is probably an amazing opportunity to buy in. Tell your friends to join crypto and be sure to remind them to sell when we're mooning. Also tell them they owe you for the good fucking advice!
Good News 1
Back to the throw back. Check out this chart.
Remember all the way back in November? BTC was around 11k like it is now. What was the price? 92 cents. One of the things that gives me light and hope is the fact that the market is placing a higher value on Steem than it has previously. At the time I'm writing this the price is $3.41. Now, yes technically that blows compared to highs in the 9s, but that was so last fortnight. This week we're dealing with 11k btc, some 10k btc, and a little turd of a 9k btc. But right now we're at $3.41. That's 3.7X gain in 2 months. That's pretty spectacular. So, even if you missed the high highs you're sitting way prettier than you were 2 months ago.
More good news!
Steem blew past the previous record for most transactions in a day and is now holding the world record at 1,660,739. That's amazing. We're amazing.
HIGH FIVE!
Also note that the "Dan coins" using DPoS are rocking capacities of under 1% while the most active competitors out there are over capacity and have transactions waiting.
Corrections happen, they tend to happen in January
If you don't read @penguinpablo you really ought to. Here's his most recent post where he talks about Cryptos having their low annually around mid January. Here's hoping we've made it through it this year and this is the low point. Mid $3s for Steem and SBD as a low sounds like a great fucking 2018.
So, relax, smoke some weed where appropriate, have sex, rub one out, watch Netflix
It's gonna be ok. We're all gonna be ok. You're standing on the precipice of an incredible year and it's gonna be great. Now excuse me while I go talk this guy down.
What a buying opportunity!
I didn't know what to buy yesterday I was like a kid in a candy store.
Folks should HODL, it's a needed albeit scary for some correction.
All the coins/tokens will come back with avengence in the weeks and months to come, play the long game folks you'll be glad you did.
Nice post @aggroed
I tried to buy me some crypto's at the very low yesterdayevening, the exchange just couldn't hook me up... Seems the best prices are just for the insiders...
I have just as many steem as I had a week ago.
I don't care what bitcoin or USD do.
Great point Matt. If you believe in the platform and are happy to HODL it's just noise.
Very true!
Buy low, sell high is still the tried and true way of investing. If you get emotional when you see your crypto account, make sure to put safeguards in place to prevent you from making bad decisions. Panic is a sure fire way to lose your money, especially when there are players who have the ability to drive down markets and create the panic. Thanks for providing a post to keep those emotional people sane!
I have known about crypto since last 8 years but never invested in it. I have observed that the price increases to some extent every year. Some times it takes a rocket ship like it did in December 2017.Since i have seen increase every year i am not worried right now. In-fact i am more excited about this thing. I now can actually invest some money in steem which i was planning for long time. Right now the Steem costs 30% less. This means that i can have 30% more steem if i buy now. The only thing that i don't understand now is whether i should buy now or wait for it to fall further.
Don't catch a falling knife... At least wait for it to trend sideways for a bit. Now there is the possibility of further cascading falls, but if you see it go sideways and then start to trend up, or solidly tick up for a while or significant percentage then you can at least kid yourself you were buying in on an upswing.
If you're worried about buying back in too soon then do multiple buys - 50% now and if it goes down further buy more later and average down. If it starts shooting up buy more on the way up - at least you can get some of the low price.
I am thinking of doing something similar. I will wait 12 hours more from now. I will see if it is going up or down and then i will invest in it.
Kitty high five!
Thank you @aggroed. If you invest for the long term, you should always check the fundamentals and reconsider if your investment case in place. There is a famous quote from the father of the value investing philosophy (honestly, crypto investment is not value investing but the quote fits anyway...): You should be happy if prices go down, because most people will want to invest more over the life time. Low prices are a chance to buy something which you considered cheap already before even cheaper. Not a literate quote, but the sense is like this. Only because a price goes down it does not make an investment worse, no, it makes it even more attractive. However, only as long as the fundamental remain in place - and this seems to the case according to your statistics.
Good news is good
Thanks for sharing
Unlike 95% of the altcoins, steem actually has strong fundamentals. Cream always rises to the top, particularly when it's 'steemed'.
(I'll show myself out.)
The technical properties of the coin are pretty good, but the price action can be completely decoupled from what a coin can achieve on paper. Steem's survival depends on a strong backbone of a highly engaged userbase that's interested in using it as a social media platform, and we should all be pushing for that ultimate goal.