All Is Well With STEEM: Ignore Price Action: This Blockchain Is On Fire!!!
Are you nervous about the recent price action? Is it upsetting to look at a site like Coinmarketcap.com and see all red numbers? Does STEEM dropping below $4 concern you?
If you answer yes, my question is why?
There is absolutely nothing to be concerned about. All is well.
How can I say this knowing I lost close to $100K in a matter of a few days?
BECAUSE PRICING ACTION DOES NOT MATTER!!!!
Say that 100 times until it is memorized. If you cannot memorize it, tattoo it to your forehead.
The only people who need to concern themselves with pricing action are traders. Unless you are looking at entry and exit points for swing trades, do not worry about it. Yes, adding to positions can be a smart idea so a pullback like this is a blessing. Other than that, ignore price action since it means nothing.
Markets go up and they go down. Traders often operate based upon a herd mentality which is great for creating trends yet is rarely based in logic. The price of a token and the viability of a blockchain are two completely different things.
Let us use Bitconnect as an example. For those who are unaware, that ponzi scheme threw in the towel yesterday. Not long ago it was trading over $400 in spite of being a ponzi scheme. The last I looked, it is at around $30. So what changed to cause the $370 drop? Nothing. It was a ponzi scheme at $400 as it is at $30. The only difference is that it is out in the open and the powers that were in that deal are running for cover.
This epitomized how price action does not matter.
STEEM is one of the best blockchains out there. So let me ask you, are you afraid of STEEM going down to next to nothing? How could that happen to one of the best blockchains out there? The only way is if blockchain as a technology was scrapped.
At times like this it is best to ponder what is really important. To me, STEEM is an opportunity of a lifetime. This blockchain is leading the charge into the Era of Cryptocurrency 2.0. For those who are unaware what that means, it is a way of designating coins that are acquired via their utility as opposed to purchase (Cryptocurrency 1.0). When I mention this, I always use the disclaimer that I am not stating 2.0 is better than the other and that those tokens should be dumped. Basically, this stems from the idea that 95% of the population will never buy a cryptocurrency in their lives yet we are heading towards a tokenized world. Cryptocurrency 2.0 bridges the gap.
STEEM is the leader of the pack. This blockchain has more activity on it than any other one while not being stressed at all. We all know bitcoin and ethereum cannot make that claim. In the not too distant future, we will see Hard Fork 20 which will give us automated sign ups and a reduction in STEEM. At some point, we are also going to see the communities feature added to Steemit. And of course, I would be remiss without mentioning Smart Media Tokens which are going to have an amazing impact.
Did you notice how people were still posting, commenting, and upvoting while prices fell? I am going to surmise that the developers kept hacking away at their computers designing whatever it is they are working on. The Google bot kept running around scouring the keywords on Steemit. And, to boot, Steemit climbed into the top 500 in the US and top 1300 globally while the marketcap of STEEM was cut by 40%.
In other words, for the blockchain, it was business as usual. Nothing changed. This is the message I want to convey. If you were looking to cash out of your STEEM by this Friday, the action of late hurt you. However, if you are going to hang around to at least the end of the year, this is just another January day.
Embrace the idea of abundance. You are fearful because you believe in scarcity. What is scarce..money? Are you kidding? We are entering a time when cryptocurrencies will take over. There is plenty of money being created out of thin air (where money always came from) except, this time, it is not the banksters creating it. That is what is going to change the world.
Therefore, instead of freaking out about nothing because you still believe in scarcity, start to live the abundance mindset. Your SP will be worth more than you ever could have imagined. You are on a blockchain that is very fast, can handle millions of transactions a minute, and has no fees. Couple that with a rock solid community that, for the most part, is dedicating themselves to helping out humanity, and you can see there is nothing to fear.
I will make you one promise: over the next 5 years we will see a situation form where everyone is earning some type of basic income through the use of tokens. STEEM is going to be one of those tokens that many people will have coming in each month. Those of us here, we are in the 1%. Everyone who follows is going to only force the price higher meaning our present SP is going to be worth more....a lot more.
Remember these days when the price of STEEM is so high that even someone with 100 SP is considered rich in most parts of the world.
I foresee that day coming....it just will not be by this Friday.
If you found this article helpful, please give it an upvote and a resteem.
To receive the free basic income tokens you are entitled to and help end world wide poverty, please click the following:
Pictures by Google Images
My husband is a bottom line kind of a guy. He asks me daily, "what's steem doing today?" For a few weeks, I would pacify his general curiosity with the price of steem and sbd's, as well as what my steemit wallet showed as the value.
But after watching the numbers go up and down in real time, I became frustrated and frazzled. So I stopped. To be honest, if it weren't for my husband asking every day, I doubt I would even open up the website url's for coinmarketcap or coingecko to see the numbers.
It can be addicting, I will admit that; but I am on steemit for long-term, with no signs of slowing down. So if the price of steem and sbd keep playing the see-saw game, then so be it. What it is valued right now, will change in the next second.
Since I have NOT invested a penny of our own money into steem or sbd, I feel as though what is in my wallet and what I have earned is of no loss to me as the market and pricing fluctuates; as the money there is earned.
Price goes UP- YAY!
Price goes DOWN- wait a few minutes it wil probably change
Agreed @goldendawne I am so new with literally no SP or Steem so I am in a building phase so it can go up and down I am still learning!
That is a good way to be. Check back in about 6 months to see what is going on. That is the only approach.
Cryptos are volatile. There is no way around it. If one gets caught up in the up and down of the price action, one will go nuts.
That is why bankrolling the SP is the right thing...let it build up, maybe add while the price is down if one can, and keep posting.
Over time, the price will adjust...the market will correct.
We all need to focus upon doing our part to make the steem blockchain as powerful as we can.
We all need to focus upon doing our part to make the steem blockchain as powerful as we can.
Yes I completely agree. It will all balance out and stabilize I believe.
You have nothing to worry about then. This is all play to you. That's a good way to look at risk. Some of these cryptocurrencies tip people sometimes. That's all play too!!!
Yeah my husband is curious about the ups and downs too, and its totallly my fault because at the start of my steem life I was cashing out my sbds. Now I've learned it'll be better for me and for everyone if I keep powering up instead. Still a little confused as to whether I should buy steem with my sbd now or wait til sbd is higher... Anyone care to weigh in?
Every time I check out the stats at Block’tivity, the evil smile on my face gets bigger.
Would love to have you write a post about the big @steemit power down. I think I only scratched the surface:
https://steemit.com/steemit/@preparedwombat/more-about-the-huge-steemit-power-down
I would comment but I have no idea what is going on...I am as lost as everyone else.
You covered it extremely well. Follow the money....however where does it lead us.
I surmise a lot of it is going to support the other apps so they can make a move like D.Tube is making. Imagine having 3 or 4 apps breaking into the top 2000 sites around the world. We have one and D.Tube is advancing each day by huge numbers.
I think we can cross the idea that @ned etal are cashing out....it appears there is a plan to use this SP to help things grow.
I did read one guy comment that he thought it was going to help those apps power up to fight off spam.
All speculation at this point.
I love the idea of 500sp being life changing. That's an attainable target for people to aim for. My next target is 1000sp! Life changing for 2!
If we get to $200 or $300, then the math adds up....it really is not going to take too much for this blockchain to advance to the forefront. If Steemit, being the flagship app on here, can keep advancing with the members putting more on it, then we will be fine. At least temporarily, the STEEM and Steemit are linked together for most people....yet with D.Tube coming on strong, things could change.
I have only used dtube a bit. Honest opinion - its too slow for my internet connection, but for a brand new application it seems to be preforming amazingly well. I am sure it will get faster as time goes on.
For someone like me whose first dealing with crypto was steem, I definitely needed those encouraging words leaping out of the page at me... Because price actions does not matter. Thank you for sharing this post.
It always surprises me how many people get caught panic selling when a market falls. It's just a pullback, and even if Bitcoin crashes and takes all the alt coins down with it, as long as you believe in the fundamentals, and that the coin(s) you're invested in have a future, there's no need to trade. Just hold and wait for the market to climb again.
You should see the current pullback as a blessing - a chance to buy at a discount. And even if we go into a bear market for a while, as long as you believe in a coin/project (like Steemit), keep buying into the falling market.
Any idiot can make a little money in a rising market, but it's in the dips, pullbacks and bear markets where fortunes are made. This is true of stocks, real estate, and crypto. So hold tight and invest, don't trade.
Great post, as ever @taskmaster4450, thank you.
Well, my vote can't even beat a bot. Shame on me.
Thanks for upvoting @oups. There's something I can't work out about upvoting/steem power. I've been here 2 days, so no curation rewards through yet, but powered up $13SP today. The first post I upvoted, post total went up $1.40, which is what I'd expect, but this post (my second) only increased the $ earned figure by $0.01 - for my 2nd upvote of day, and I had >98% Voting power. Is this something to do with bots, and how long after posted? And your upvote only gave $0.01 and you have more $SP than me! Confused
As for keeping on posting on Steemit, I can see I'll probably get disheartened too, but I know that consistency is rewarded in long-term (and good content), so I'll persevere (I hope)...thanks again!
The fact that everything dropped in unison clearly indicates herd and hair cut for recent run-up... it's all phases, now we can go back to have the market differentiate individual cryptos again, it all takes time
I am actually writing an article on BitConnect and on how people perceive this kinds of technology myself, so this goes right there to what I think as well.
You know there are those public portfolios in crypto compare where people can see your investment and return... Well, I have one of those... my father sees it often, it is one of his main joys in the day as he is an old man that is in love with this future world and is starting to learn crypto.
He saw that I lost more than a month's salary for many people in less than 15 hours... so he was worrried and called me.
....but those aren't losses... those are "paper numbers"... it is down now, but it will not stick.... plus I didnt sell, so what did I lose? I don't even care!
Cheers
While I don't care much for Warren Buffet or the rest of his bankster ilk, one thing he has said applies here. This isn't an exact quote but it boils down to, "Invest in something that you are confident you won't have to check up on every day. Invest in something you are sure you will be happy with if you only check on it once a year."
Either you believe in Steem and the ideas behind it or you don't. If you are just a speculator that is fine. Me?
I'm a Steem Believer.
Image Source
I am not a Trump fan, it is just a funny gif.
Thanks for the post.
Keep Steeming!
Absolutely. My faith in the projects I've invested in hasn't wavered amidst an admittedly large correction. These things happen, and a lot of the time, they're actually healthy in the long term. My strategy throughout this dip has been to not check my portfolio. What's the point? It's easy to be consumed by red candles and -% everywhere. Instead, I set up some alerts yesterday that would notify when each project returns to a level within which I may wish to look at the market again.
For now, I'm continuing to research new projects, learning more about TA, reading great content on Steemit, and enjoying some time away from the numbers!
That is a great attitude @philnewton.
Personally, I just keep on posting, commenting, and upvoting on here....making Steemit as big as we can is what each person on here should focus upon. With even 100K contributing daily in different areas, this place will really grow quickly.
The problem for people in crypto world is that they are immediatist... if they see that money going down for any reason they panic. You see the same when the price goes up? Of course not! That is a huge problem that we will just fix by the pass of time. Just the minority part of people see in the long term. Thanks for sharing @taskmaster4450
I dont think that is just in the crypto world...we see the same behavior in the stock market.
Of course, there you do not see 20% drops on a regular basis so the numbers scare people more here.
Yeah, in the stock market we have that too, but not with that voracity that we can see in cryptos.
But I don't see that with eyes of judge, since this market is new and the to maturate more, but until that, we will see a lot of people running away creating bearish markets and a lot of FUD and FOMO.