STEEM: The social currency powered by Steemit sentiment
...or, powered by the people that buy and sell the tokens, and engage in 'proof of brain' activities on the social applications using the rewards mechanism.
And the social network side of things is awesome, but it has its downside too....
Poor little bear - why must you be the symbol of a downturn in the market?
One reason is that a bear 'swipes down' when it attacks, and a bull lifts its horns up. Whatever, lets get on with the blog shall we?
When it's good, it's really good!
Blogging, vlogging, upvoting(curating) content, developing applications, commenting on how you prefer green apples over red ones, because red ones are too 'grainy', and being rewarded for it sounds too good to be true.
But it is true!
I'm doing it, loads of us are!
And the best thing is when the rewards engaging in the activities above go up, we all get to talk about it on Steemit.com - and get paid for that too!
Yes, the social element is pretty cool when things are looking up, but when the bear arrives for dinner, they like FUD for dessert.
Fear, Uncertainty, and Doubt x 10
investopedia define the 4 major market forces that create trends and price fluctuations to be Governments, international transactions, speculation and expectation, and supply and demand.
Governments - The Blockchain lives! Probably wouldn't be the case if (too many) Governments disapproved.
International Transactions - 5/5 here - Free, and three seconds to execute - winner!
Speculation and Expectation and Supply and Demand - These two, no-one can escape. Not being an expert, and wanting to keep this post light (very handy), it does look like the supply of SBD around November last year was low. And with the rise of the Bid-bots, demand skyrocketed, and so did the price....
Errrr.... ok, maybe not that high, but close!
Which brings me onto investopedias final market farce force, speculation and expectation.
Speculation and expectation are integral parts of the financial system. Consumers, investors and politicians all hold different views about where they think the economy will go in the future.....
And this is where the trouble can lie in regards to wrapping a social media network and a token guided by market force. There's no escaping the fear, uncertainty, and doubt when it arrives!
Sentiment indicators are commonly used to gauge how certain groups are feeling about the current economy.
Certain groups - like the group of people owning a Steem account.
Analysis of these indicators as well as other forms of fundamental and technical analysis can create a bias or expectation of future price rates and trend direction.
Heh! To be fair, 'our' analysts have generally been bullish, although that creates problems in itself regarding supply and demand.
Last quote from investopedia, I promise:
Market sentiment is the feeling or tone of a market, or its crowd psychology, as revealed through the activity and price movement of the securities traded in that market.
Steemit Sentiment
On Steemit.com we have our crowd all in one place, discussing the highs and the lows day-in day-out. It can be tricky to ignore 10 blogs saying the price will go up, or 10 more saying the opposite. The content generally sides one way or another at any given time.
What I'm trying to say is that it's very easy to spot the sentiment of STEEM (and to be fair, most other Coins) on a social media website built on the same Blockchain, giving the very same token out as rewards.
Easier than it was prior to the internet, and much easier than It was prior to telecommunications, where you had to wait until the morning newspaper to see if price had gone up or down, or if a local politician was down-talking your investment.
And sentiment is catchy, compatible to the 'flu' on a downtrend. Rest, eat, drink water, and stick with the plan!
The Bull will return, someday..
The plan being to build up your tokens in Steem Power using proven brain skills and (unless you need to buy food or shelter), less of this...
And this...
In fact, I advise the opposite (in batches) if you are in a position to - for some of the following reasons:
- 75% off a recent market high
- Token drops coming
- SMTs on the way
- @dtube growing incredibly fast
- Steem Blockchain processing all transactions before it without even breaking a sweat
I love the bear, because I know what follows :)
Good luck!
Asher @abh12345
The bear is tough to handle when you’re in the middle of it. My plan has been to invest in weekly on Fridays over the next 6 months. I’ll continue doing this even through the bear market. Either I’m going to lose everything or be getting in good. Lol Got to hold strong! Thanks for the post! :-)
A consistent approach I like it, take away those emotions :)
I've had people tell me they sold STEEM at 7 cents (last march), and we all know what happened over the new year!
Better times will come, I'm 99% sure :)
right on!
I'm new to the markets, but I've already been in a few swings in my short time here! Definitely think it's wise to continue powering up and store up SP ESPECIALLY in the down times! There's nothing better than continuing your trajectory (to continue producing content, upvoting and commenting) and then being rewarded when the inevitable rise happens once more, plus all of the other reasons you mentioned.
It's like putting it in the bank for our future selves. It's SO easy to get caught up in the current price and current lower rewards payouts, but those who can see the forest for the trees will be rewarded :) thanks!
Back at ya! :D
It's really a case of sticking it out for the time being - the key thing is here that SP, unlike a stock or STEEM or SBD, has value in our ecosystem, even when the prices don't look that good.
Glad you are keeping on course @mountainjewel, see you on that Bull!
You nailed it @abh12345.
This is spot on.
HODLing now is the best thing someone can do. There is a lot of development on this blockhcain which will be reflected in the price at some point. We are so far off the highs, it makes no sense to sell now.
Powering up is always a good idea since it adds to the voting power. This is a major part of the compounding effect on STEEM. There are a lot of ways to make money on this blockchain...people just need to keep working at it.
Thanks man, I know you are here for the long haul and are well aware of what's in store.
It's really a case of sticking around, getting on people autovotes, staying in the minds of the high SP users, and doing your bit for the platform.
I have a feeling the next few months wont be plain sailing, but there is much to come and well.. If STEEM hasn't hit double figures at some point later this year I will be very surprised.
I figured we would be at double digits already. I didnt anticipate the major crypto bear entering the picture like it did. STEEM is suffering from that.
To me, the big line to cross will be the SMT protocol being released. Once that happens, I think it will put STEEM on a different level from every other blockchain.
Yes STEEM is suffering like the rest. I'm of the same opinion as you in that SMTs will start the breakaway from being 'controlled' by what Bitcoin does, and I hope more of the more solid tokens follow this new path too. Namely, ETH, and EOS :)
I hope all the tokens you are holding appreciate to dramatically as soon as this bear movement is over.
Nobody deserves it more than you.
i m like
You explained this very well, @abh12345! I am going to ride this out. I am here for the long term and panic never helped anyone.
Thank you! Not my finest skill this writing thing, but I have thoughts and ideas that need putting down sometimes :)
Just keep plugging away for sure. One thing I didn't mention is that I think it's of benefit to the ones that stick around for another reason, as when good times roll again, these names are more easily recognisable by the larger accounts for riding out the low times and still working away.
Good luck!
All I know is I’m loving some new changes. I just noticed today if it’s a link that offsite it now has that little icon next to it.
Also noticed in someone’s wallet the other day a strange message. A spammer who had low rep now came with a warning when they sent a message from what it looks like.
The best times to make a lot of something is when everyone is too busy looking elsewhere! With Spring and Summer coming people will no longer be in doors all day because it’s to unwelcoming to go outside. Perfect time to strike and build!
People pay too much attention to day to day price changes. If you’re in it for the long run why oh why do that to yourself. Some these people seem to being going insane. Moral seems a bit low. To many cough up in flag wars, price drops, oh no sbd price is down! Meh, I just wish I could find some better tires that had some decent grip to get some traction around here. People can be scared away all they want or just feel lazy of the sbd price being down.
For sure, this is stressful and should try to be avoided!
So many in this boat, and the only advice I have is to stick around. I'm lucky in that I have a post or 2 for utopian each week that is a welcome boost, have you looked at doing something for them, or dtube/dlive?
I’ve been thinking about utopian. I’ve been playing around a little bit with mongodb to access a free db a couple of weeks back. I know Power BI won’t work with it but I was hoping to import and try to learn use its features. Sadly to access the app store requires a business email and none I have are consider “business email.”
My excel and my skillset are rather forgotten and outdated. I have a couple of other things I’ve been doing where maybe I could use some of the other categories. I’m not a programmer or anything like that so little limited in what else I can do.
I got to enjoy a nice bumb from the event I was involved with for past week. It is now over and I’m expecting a bit of a slump. Right now I’ve in middle of restructuring a few things on my end. I’ve left a few communities and unfollowed many as well. Will take a few months to see where I end up. I’ve been rather low energy these days needed to make some changes.
I’ve been considering being more focused on few things and just getting another account for other stuff. There quite a few pros and cons to do so. I’m hoping for a little bit of a down turn in users activity over summer months so I can regain some ground and find some new strength.
I think working on utopian is a good plan - if you can get in their with a niche contribution series it will help a great deal.
Another account will be more work, but if you have a solid plan/focus then I don't see why not.
Good luck with the restructuring and stick with it :)
I'm keeping a close eye on things and hoping prices will stay low and maybe even drop a little more in the next few weeks. This is my tight time money wise, but things get better soon.
Would like to add at least enough to put me to 1,000 SP, which will be another 700 Steem purchase give or take.
Personally think that long term those who invest in the platform see the real results.
Let the Bears own March and the Bulls can kick in come April. That would work nicely for me!
It's a long term thing for sure, and keeping your face around here is definitely a good thing for when it all picks up again.
April could be a bit soon, but sometimes this year things will look better. I would suggest a layered investment (into anything), and so you collect little by little and aren't too affected by (lower) price movements.
Good luck!
I will be here for the long haul. Hope to gain a good enough following over the next couple years to turn this into a viable way help fund my kids futures. They are currently 12 and 8 so have some time to grow this.
As for purchases I would layer in for sure. Right now from the looks of things the trend for Steem is downward on a per BTC basis. So laying in my purchases makes a lot of sense.
We are part of the early adopters and even though I didn't get in when steem are cents I am here everyday posting and curating thus continuous increasing my SP.
More SP, more votes given and more curation SP rewards.
So keep getting more SP, keep holding and keep Steeming because as you say things will look up.
Agreed. It's still early days, and Bitcoin still leads the way. When STEEM (and SMTs) mature, then we'll see a different market I think. And this won't be overnight, 2/3/4 years I suspect.
Hold and Power Up, it's the way to go :D
Thanks @abh12345 for this; it's always good to hear a positive analysis. I know there's a lot of fear mongering that goes on with any drop in the market, but those of us in for the long haul just have to wait this out. And you're right...don't power down!
I'm trying Lynn :) I just don't want people to regret leaving like the ones that communicated with me in December - there missed the early price action and didn't really get a foothold again, and have recently left again - probably to repeat the same all over again!
It's 2/3/4 years too early to power down, unless you really have to. I have faith! :)
That's all you can do is try ;) Yep, I'm in for the long haul as well! There will always be people who are looking for a quick return I guess, instead of really investing in this platform...and I don't just mean financially...I guess it's a matter of emotionally investing as well.
And then there is still the growing population of steemians, utopians,d-live-ians,D-tubians,Busyians, esteemians, and the list goes on. So I think Steemit is here to stay, jury is still out on facebook being 13 and will it completely crash and burn during its teenage angst years.
hahaha
That's new to me but I like it :D
Plenty to look forward to man, see you on the other side :D
You did a great job explaining it light an easy.
One of the problems with SteemIt and the cryptocurrency market in general is that it is flooded with people who don’t know anything about market fluctuations. When the price of Bitcoin hit $10000 and kept going up at the end of last year, a lot of people suddenly discovered it and bought in (at that price?!).
Same goes for Steem and SteemIt. When SBD was worth $5 or $6, the earnings you could make on the platform attracted a lot of new users, of which part has invested in Steem - but just a few knew something about crypto and the markets.
When prices go doWn the way they do know, no one can blame them for panicing - since they don’t have any understanding of how the market works: what goes down, must come up.
Unless an important pillar goes down (like governements disapproving crypto), it’s a certainty that prices will go up again: when the price of a coin is low, it is seen as if it is ‘on sale’ by crypto investors. They will start buying, which will make the price go up again eventually.
It’s the lack of knowledge that causes panic sales and huge drops. I hope your easy-to-understand article reaches a couple of those people and make them realize it will be ok in the long run.
(I don't know why, but for some strange reason I did associate a ‘bull run’ with a bull, but never associated a ‘bear run’ with a bear, let alone such a cute teddy bear 😝)
Thanks @simplymike
I'm not super knowledgeable on the subject but have been involved with Stocks for a few years. I'm glad it made some sort of sense.
The crypto market is just crazy, some huge moves up and down, but the principle is still the same - buy when no-one wants them, sell when everyone does :)
Bulls and Bears eh, I did google as to why it was - no-ones certain, but this sounded feasible enough, and no, that cute teddy couldn't shake a market, surely?!
True :0)
I’m not an expert either, but I spent a year in the crypto world before I arrived on SteemIt. Long enough to learn the basics (and to be honest, long enough to have bought in cheap on everything, so I have the luxury of not having to panic about potential losses any time soon )