STEEM - Probably a good investing buy at this point.
If you recall one of my early EOS posts on "How to be a millionaire," I detailed that owning 10,000 EOS could potentially make someone a millionaire within a 5 year time frame because there stood at least something like a 20% chance in a 5 year time frame that EOS could hit $100 each. When EOS really got going it did reach up to $20 briefly, which was part way to the target I had set. In either case, I did give it 80% odds we would end up with decent profits buying EOS down around $1 each.
Notice in that post that I started buying it at $1.20, and bought again at $0.80, but it kept tanking down to something like $0.50 in the end.
This post today is similar to that $1.20 post I made back then, except I am not saying Steem will go to $100. My long term target is more around $10 to $20, in a 2 year time frame.
Steem will probably go down more
Personally, I am not pulling the trigger just yet, even though I think pulling the trigger for one phase of buying right now with Steem at 1.10 would be fine. I am waiting for the BTC decline from more disappointments with ETF rejections. I want to see what price comes in at from those news events. Maybe you wait for 1.00 again, it will probably reach it soon.
Cost averaging down is the type of strategy I am suggesting here. A person picks a level like 1.10 or 1.00, buy maybe one fourth of what they're willing to buy. Then a person might buy another level at 0.90, and another at 0.70 if it ever got that far. This is just basic cost averaging down which is a long-term investment strategy.
In this scenario, I do not think historical price support levels matter because Steem has been hammered hard through what would normally be support levels for other cryptocurrencies. That said, I personally expect the price to remain above 0.60 depending on what Bitcoin does.
What is great about buying Steem around $1 this time around is that the higher-end price constraints have been weakened by the late 2018 rally to $10.
In the next major rally when crypto gets going again, I would anticipate the market would choose a higher top than before for Steem. Meaning, when the rally begins price should soar quite easily.
When will it soar?
Buying in a cost-averaging down strategy at this point, a person should anticipate that losses are possible into late 2018. I hope the market picks back up before late 2019. So there is no point buying unless you can sit on it 2 years. If you're not invested in crypto at all, this situation could be a good starting point, I think.
One of the reasons we would expect it to soar in the future is that SMT's will eventually launch sometime. Even without SMT's, Steem is a solid platform that is seeing innovation such as DTube, DLive, ect. That said, I expect SMT's to complete eventually, and it will provide a boon to the platform.
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by crypto-investor
We mice smell something similar Crypto-Investor Ted.
Assuming Communities, Hive, SMTs and automatic account creation all happen - Steem could very well run up to a $25-$30 billion dollar company over next 5 years - therefore $100. Therefore, get yourself 10,000 around these prices and get yourself a potential 100 bagger and $million.
You could be right. It's hard to predict a 100X, and usually those things that you did not think would do 100X are sometimes the very things that do it. You're especially right when the crypto market really expands, if/when it hits 1 tril, then Steem at 25 bil with SMT's and a stronger community is doable.
One thing that keeps pressure down on the Steem price is the on-going selling from community rewards, I believe. A lot of other cryptos are held by smaller groups of investors who are just hanging onto the currency and not actively selling it on a daily basis as a business model. Long-term, I prefer what I see with Steem because people are actually using it, so while this short-term pressure on price is not fun, it's a long-term good thing.
sniff n scurry doing cheers haha
Agreed, unless a better platform comes around which is always possible. This is a complicated platform for the average person.
@crypto-investor Steem is always a wise investment for future. and i think this is best time to enter in Steem whoever is thinking to enter in Steem. But they should always do their own research before doing anything.
have you seen this guy.....predicting 40000USD BTC by end of year....
has he lost it?
https://steemit.com/cryptocurrency/@pandorasbox/teeka-tiwari-s-bullish-case-for-bitcoin
When the bull market ensues, it will proceed faster than the late 2016 beginning of the bull market, so long as it begins sooner rather than later. If we were in the bull market now, it is feasible that you could accomplish 40k by year end.
But it is just a wild guess in the dark, it is not anything that I would rely on for trading or investing.
So the call is unlikely. It may not be impossible, but I think it's unlikely.
2 years, oh my.... I really like this platform, hope that somebody if not the lead dev team, could pull it off. So much potential and a strong community.
I put it at 2 years, because even if SMT's come out, we are not guaranteed a huge increase in price when SMT's launch. When they announced SMT's in late 2017, Steem did nothing for over a month. It wasn't until the crypto market got going that Steem was the laggard that eventually caught up.
I think your right, how doo and tipper are 2 other platforms coming that will monetize the content creators. With YouTube and Facebook under the gun (quite literally with YouTube) now is the time for Steemit to rise up. The competition will be healthy for all competing platforms, as they all will benefit trememdously and power back to the content creators!!. If the sudden drop in Facebook's stock price doesnt tell everyone change is in the wind, look again 😁🤗
Well you were on point there the lowest price ever and there a spike just after that never seen steem at this much low before
I was actually searching around my house today to find more things to sell in order to buy more STEEM................@crypto-investor
Good thinking!
I agree with your assessment of the steem price these lower prices makes steem a obvious Buy
How do you think @crypto-investor what will happen next?