How i lost a lot of real US dollars $$ trading steem!!!
Prices have been falling down 😣
Hey steemians, most of us familiar with the cryptocurrency world already know that the markets are really very volatile.
You can either buy a cryptocurrency and make a really good return on investment or just see your real money go down the drain. I think i just did the latter, as for now.
Here's what i did- I bought about 2 bitcoins worth of steem around a month back when the price was peeking at about $3.5. This was before the hack of the popular bitcoin exchange Bitfinex. As most of you would know approximately $65 million were stolen in a major hack on the exchange sometime back causing the price of the bitcoin to plummet. So the ~$1350 worth of my bitcoins that i had invested in steem lost about $200 of their value.
Now i thought that this loss would be covered when the steem i bought will rise in value but just the opposite happened. Steem was also on a downward trend since i had bought it. The bitcoin hack had some sort of domino effect on my investment, rallying the price further down.
Many optimistic traders believe that you shouldn't be swayed by market sentiment. I did just that and waited for the price to rise.But the price of steem is just falling down. I don't intend to pull out my money anytime soon, atleast not with a loss. But the current movement in the prices of steem have got me worried.
The current value of the 350 steem in my account is about $725 down from the $1350 i had initially invested. I can only wish that the price of steem goes up as i really believe in the community and its functionality.
One more thing i'd like to point out is that you should only invest money in cryptocurrencies if you're willing to take a risk because you might end up losing all of it. The steem in my account have lost more than 50% of their value amd that's got me worried. But ill hold on and see what happens next.
Thought i would share this with you so that you may be aware of the risks that come packaged with the crypto trading.
Thanks for reading my post!
You shouldn't hold STEEM, either power it up or turn it into SBD. STEEM is highly inflationary.
what good does it do if i convert it to SBD?
Won't lose money if STEEM crashes vs the dollar. Of course, the dollar might crash too.
can you please explain in detail about this?
my facebook id is - pransh singh kohli
message me there if possible!
Hey man, im sorry to here this. Unfortunately this is the risk you take when trading :( You have two options, ONE wait and hopefully steem bounces back (Which in my opinion will bounce back, maybe not to $3.50 though) and sell then and move onto some other coin you know and understand the waves. TWO Sell now and continue trading with your loss and hopefully recover your lost dollars.
Sorry to hear again :(
sorry for your loss. crypto is a very risky market.
You know can hedge by buying Steem Dollars? Thats why they exist to get out of the volatilty.
Four things you can do, accept loss and sell, hold thight till steem rises (steem naturally loses value as the amount of steem doubles every year), or use the steem to power up and become more important on the site. Fourth is a mix of these things. Good luck and hope you'll recover some losses :)
Crypto-currencies have always been a risky investment. But fear not as the userbase grows so will the value.
"you should only invest money in cryptocurrencies if you're willing to take a risk because you might end up losing all of it"
That sums it up right there, and if you were willing to lose it initially, then just sit tight and be willing to give it a chance to recover. Dumping now would be a definite loss. Waiting could be a loss, but not definite--it could also be a gain.
Best of luck!
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