The Bitcoin Roller Coaster Can Be Brutal.
Today was Brutal.
So many people were messaging me asking me what to do. Like many of you I did not go unscathed. My primary holdings Steem, Stratis and Bitcoin all took major hits today. My only coin that did well was Flashcoin and that is because it is very new and does not have the exposure of the large exchanges yet. I guess not being on BIttrex yet was a blessing in disguise.
This is What it Looked Like Today When I Tried to Go Against the Downtrend.
The Good News About the Crypto Market.
If you did not freak out and sell today you won your own personal psychological battle. My problem is that I don't back down. I just keep going in for more rounds and take the punches. In the end I know I will either win really big or take an epic loss. Today was a cumulative loss but I know I will recover like I have done so many times before.
Steem, SBD's and the Bitcoin Relationship.
Steem has a bizarre relationship with Bitcoin. Over the last few months each time Bitcoin goes up or down Steem seems to follow right behind. This relationship seems to be even more pronounced when Bitcoin breaks to the downside. If you are a user on Steemit you may have seen the value of your posts take a dip today. This is the reason.
Look at the chart below. At around 7:00 am EST, Bitcoin tanked and you can see Steem free fall along with it.
%20BTC-STEEM%20STEEM.png)
SBD's on the other hand are pegged to USD so they are not as directly correlated with Bitcoin. Usually SBD's are a favorite safe haven currency when the markets take a hit. Today it seems that the downward pressure of the markets and the continued selling of SteemDollars by Steemit users has caused them to dip under $1 USD. If you want a guaranteed 10% profit and you have Bitcoin on Bittrex here is your chance. I would do it but I have not Bitcoin on an exchange currently.
%20BTC-SBD%20SteemDollars.png)
What Am I Going to Do?
I am going to sit tight and let the Bitcoin storm pass. We have a few weeks until we know what the future of Bitcoin will be. Until that time the markets are going to be in for one hell of a wild ride. I personally will not be selling any of my Strat, Steem or Flashcoin at this time. I would not sell SBD's at this time either. Wait for the price to recover to $1 USD.
Now is a good time to step away from the computer and enjoy your summer.
I was really close to selling man. idk what stopped me today but jeez I've been doing some praying.
I invested at the very upper limits of what I don't need to hold in fiat because I believe so much in crypto but it's just so discouraging to play this game rn. hodl hodl, yea I know but i'm 21 and dropping out of college and really look forward to some financial blessings.
I really need to just forget about my investments and focus on making money with steemit.
as far as being on steemit, does reddcoin make anyone on here nervous, my understanding is that it will essentially give other platforms the ability to act similar to steemit with currency flowing through everything.
reddit blows. As long as they can censor posts, their coin means nothing.
blows or not isn't relevant, it's still a major site, and reddcoin has potential.
sure, it has potential to suck.
:)
I'm buying BTC, LTC, ETH, STEEM, DOGE, ... great time to buy cheap :)
Great post, thanks for sharing it. I think the price of many cryptocurrencies in general have a positive correlation with each other meaning that their prices tend to move in the same direction. Personally, I am trying to buy more Steem and power up as the price goes down. The benefit here is that with Steem you can earn a bit through either posting and curation even as the price goes down. It's somewhat similar to how stocks pay out dividends. It acts as a bit of a hedge against the price movement.
What will happen to steem if the so-called bitcoin split will occur?
Until Steem finds its own way we will be following Bitcoin.
Agreed, bitcoin is still the entry and exit door for Steem. Their fates remain tied.
I'm just chilling here.. Hodling. :)
Flashcoin looks interesting indeed. 👀👀🤔
Nice blog and nice to see you here Andy AB friend, vote & follow from me.
Steem on Dibaco from FB ABirds
It is awesome. I want lower prices so I can buy at a discount.
As little as I know about the Bitcoin this much so do know!
Once there is direction and clarity provided by BTC community, then the bloodbath will finish. In the meantime, HODL, and acquire more into core positions. I'm using #ETH profits, so have £0 skin in the game. Everything is on sale. The best time to buy is at the point of maximum pessimism. We are close.