What Makes Steem So Attractive... Even in a Bear Market?
Are You Freaking Out Yet?
The market is seeing a crash like we've never experienced before. People are panic selling all of their crypto, even if that comes at a huge loss. And fear surrounding crypto is at an all-time high. According to CoinMarketCap.com, the entire market has dropped by 54% in the last 3 months, and 77% since the beginning of the year!
Source: www.coinmarketcap.com
Also, the Crypto Fear & Greed Index is reporting fear at an all-time high as well (thanks to @stackin for sharing this awesome website with us). This website shows the overall sentiment in the crypto markets and gauges it on a daily basis. And right now, things look bleak, to put it lightly...
As you can see, this is an unusual time to be in crypto. It's what most investors have always feared. And some have gone as far as to say that the "bubble" is finally bursting. We're all left wondering... is this the end of crypto as we know it? Or will we see a rebound in the months ahead?
Why I'm Not Worried
A while back I made the decision to move most of my crypto assets into Steem. As I was building my channel here with daily content, and making my home on the Steem blockchain, it only made sense to get more financially involved as well. So I sold off most of my other cryptos to build up my Steem Power. And this was probably the best decision I've made when it comes to crypto currencies.
As you know, Steem is more than just a cryptocurrency; it's a necessary tool when you're blogging on Steemit or utilizing any of the decentralized apps built on the Steem blockchain. It gives you the ability to earn rewards from both curating and authoring content. So it has functionality, unlike other crypto currencies such as Bitcoin. And we can use it to earn even more Steem, despite the price action in the markets. All we have to do is keep producing and curating content like we normally do.
This is what I think really sets Steem apart. Sure, I would love for Steem to get back to it's all-time high of $8 like it was in January. Currently the price of Steem is $0.81 and my portfolio is down by $11,000. But even with the price being low, I can still accumulate more tokens by doing what I normally do: use Steemit. Unfortunately, those who have invested in Bitcoin don't have the same luxury, unless their mining the coin (which few everyday people are anymore). They just have to sit and wait it out.
My Plans for the Bear Market
Now, I know that I can't give financial advice, or tell YOU what to do with your time and money, but I can tell you what I plan to do. And it's very simple....
I'm going to keep doing what I've always done 😎
That's right, I will continue to blog, curate content, connect with other Steemians, accumulate more Steem through blogging (and purchasing with fiat), and keep spreading the word about the best blockchain in the world: Steem!
It makes absolutely no sense to me why some people stop blogging (or become inactive) during a downtrend. But that seems to almost be the normal response from folks. They see the dollar amount next to their posts drop, but don't take into account that they're still earning Steem from their posts. And with very few people blogging, it allows you a better chance to get a bigger chunk of the rewards pool!
As I always say, the crypto market will rebound in due time. But will you be here to reap the rewards? I sure hope so because those who stick around will be sitting pretty in the years ahead!
What are your current plans for Steem/Steemit? Are you carrying on like business as usual? Or are you taking a break while the market swings downward? Please let me know in the comments below!..
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I think you're right. Keep on steemin along everyone!
LOL Love it! :)
Fantastic article! I also want to thank you for the amazing videos you put up on Youtube. You really helped guide me here and today I finally started my Steemit life!
It’s business as usual. Market fluctuations are accepted as natural phenomena, like rain and snow.
Prioritize community engagement over profit.
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You like that fear index, it's pretty bad ass huh 😂 🤣... I think we need to hit 10 before a little run up :)
Heck yeah man! Thanks for sharing that. I had never even seen it before. And absolutely, waiting on the sentiment to turn around and then we'll ride the wave up. :)
Thanks for this wonderful article.
I think as you said steemit is the best place to invest in and i think people stop blogging because no such a good upvotes as before, but we keep working anyway. Regards.
2 thumbs up my friend. You and @jongolson are on the same page. NOW is the time to be active and use the amazing platform that we have in front of us. I’m not worried, and I’m not going anywhere.
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Lol, it was really funny. I posted my blog and then started going through my feed and found @jongolson's post. And you're absolutely right, now is the time to accumulate. We've been given an opportunity once again to get in at the ground floor. That's how I look at it. :)
I am getting more aggressive as the price comes down as the opportunity to accumulate STEEM at these values shouldn’t last long with the development taking place in the ecosystem. While it may take time to realize, I expect to continue getting dividends from actively posting and commenting as well as diversifying into more delegations that promote the use of the platform for future increases in adoption. That is my plan no matter what happens here in the near future.
There ya go, we can continue to accumulate and build our portfolio absolutely free here which is not something other blockchain can say. :)
Sound advice! I'm not going anywhere either!
Thanks for stopping by @exyle! I watched your interview the other day with @terrybrock and it only reconfirmed my thoughts. What you mentioned about accumulating more tokens, and continuing blogging to get a bigger portion of the rewards pool, makes total sense. And honestly, you sotpping by only supports that theory lol. Those of us who stick around (even in the bear cycles) will be laughing in a year or so. :)
So true Brandon! I couldn't agree more. Now we start to separate the men from the boys, so to speak. lol Patience truly is the key here.
Lol you got that right! It's funny to see the people who say they have such a "long-term vision" for Steem up and run away when the price drops. They'll wish they had stuck around in the coming months, I'm sure of it. :)
Yeah totally! I guess "Long-term" to them means "As long as it is going up long-term" haha. oh well people will learn soon enough. : )
Hah! Where do they run to? A hole in the ground?
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“Zag” when everyone else “zigs”
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yup. lol great post! you mentioned something that goes unnoticed by a lot...we can actually use this stuff but think of btc people...they can mine it and maybe use it too lol but we have such a unique product and crypto here with steem.
roll up your sleeves folks and start creating :)
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Right, there's actual usability here. And... we can continue to accumulate more tokens without putting any more money in. Just a couple of reason why I LOVE this blockchain. :)
Well said! @jongolson “roll up your sleeves folks and start creating”. The value of the community goes beyond the exchange value of the currency.
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