⏺Steemit price crashing, what now?
I have one very simple answer to this, and yes I know most people who read this have short attention spans. So for all of you who are in a hurry, my simple answer is at the bottom for you!
But for those who want some more details, I think it would be best if I build up to that answer with a little more explanation.
It all starts with mindset.
Whatever I say now, I am talking more specifically/personalized towards Steemit. The fact is, there are many people coming onto this platform lately with a very short-term, 'quick-buck' attitude. That might work if you are using your account like a casino, hoping that some of your posts will get a huge upvote or two.. But this is not going to set you up for success.
Why am I discussing this first? Because it's the biggest reason for people being desperate on this platform. It's the biggest reason for spam. It's the biggest reason for so many people quitting when price decides to short.
As funny as it sounds, you need to stop thinking about the money. And hey, I am not your parent, you don't have to listen to me, but numbers do not lie either. The odds are, if you do solely focus on the money, there is a good chance you will get eaten alive in your initial stages.
Nothing truly successful happens overnight. I know, some people are overnight victors, but so are Lotto players. You need to create a long-term vision for your account. The ironic thing is, when you are focusing on how much you're making, you are never satisfied, and you tend to generally not do that well.. But when you focus other things like making the best content, and building real friendships, a lot of the time you will start doing much better financially.
I joined Steemit 19 days ago. I am in no means saying that I know everything, but I have spoken to a few of the most successful people so far on Steemit, and they all are telling the same story. Most of the big accounts that you see today, did not happen from a quick deposit. The 1% of Steemit 'heavy-hitters' have been here for more than a year already. They stuck things through when price was at $4, as well as when price dragged itself all the way to below 10 cents. That's how many of them made majority of their Steem Power.
So, what is my opinion of Steem prices dropping? I am a little disheartened.. Note that I said "a little". I am disheartened because of the fact that so many people are losing faith.
However, I am FAR more excited! See I want price to drop to 10 cents again for various reasons.
Reason 1:
So that I can test my ability to be patient, and to grow this community for what it is here for.
Reason 2:
So that I can invest external money into the account for when it starts to rise again.
Reason 3:
By having all the space wasters (no offense) leaving, the rewards pool would become stronger for each individual. It's like sharing a packet of sweets with 100 ungrateful people, versus 10 appreciative people.
Reason 4:
To filter out all those people who are here just for a 'quick buck'. The joining rate is increasing every single month, and majority of people, when it comes to anything in life, will have the wrong mindset. By price falling to that price, most of those spammy people would have lost all motivation, and simply given up.
The simple answer: (Mentioned in the beginning)
You need to stick with things through the good times as well as the more stressful times. For people who can learn to do this, are rewarded accordingly!
Guys, let me know your thoughts in a comment. I love to interact with you all!
Remember that I upvote resteemers, and quality comments.
My main Instagram account is currently at 36K+ Followers.
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Nice post. I like your attitude. I'm in it for the long haul and not here for the quick buck. I see big potential in Steem. The price is down in crypto across the board not just Steem. Once BTC gets things straightened out, Alts will rise again. The long term holders should benefit. I'm not selling. I'm a strong beiever in the crypto potential. Good luck!
I'm glad you liked it! I appreciate that. Yeah, all the crypto's are taking some strain right now.. I'm interested to see what the future holds for us! Thanks for stopping by! Talk soon.
Times are bad now and can get worse... acumulation time 🙌🏼🙌🏼🙌🏼
haha yeah - buy the dip!!
Thanks for stopping by @BTCMillionaire. I gave you a follow. Keen to hear your journey!
Ey :D We are making progress! I knew the time would eventually come when you left a comment on my content :D Finally LOL!
Yup, things can move massively in both directions still.. Just hoping it doesn't decide to go to $0.08 again like in March this year :O That will be interesting.. Let's just see what happens :)
This was a very uplifting post about what is happening with the huge influx of new Steemit members, spamming and low price of Steem. I enjoyed your display tray image. I think I would most definitely try to buy some decent amount of steem power if the price keeps dropping and hope that these rough times will result in cleaning out the platform of people here with a short term vision.
Awesome comment! I am glad you liked that image :) Yeah this site is going to shoot up one of these days, so better get in at the right time!
I actually just made my latest post about 2 minutes ago. Let me know your thoughts there :) It's a bit of a shorter post. Talk soon!
Steem is here to stay. I'm happy about every cent I earn here. In the longterm the price of Steem and nearly all other cryptocurrencies will know only one direction, Skyrocket to the Moon. My only fear is, that another Platform could take the Market and Steemit will disappear same as Myspace. But I hope this fear has no reason. So on HODL and keep posting =)
Yeah, besides even when the prices are low, the rewards are still in good proportion, so when prices go back up, so will the value of your original rewards (which will now be in Steem currency)
Yeah I suppose that is a possibility.. But I can't see that happening. Right now, I am kind of addicted to our community and the spirit in here than anything else. I don't think a simple other site doing the same thing will be able to collapse us that easily.. Besides, if another site starts trying to innovate, so will we! It's on! :D
Personally I don't even know why people would stop using steemit when the price is down. That doesn't affect anything. You still get the same steem profits if I'm not mistaken.
I totally agree that people always act on a whim. Those who stick to the platform, or most of time to anything, are those who prosper. The reason I'm worried about not getting votes at this time, is that I believe now is the time when one needs to put work in, because the great times are coming. Those who will gain now, will have an upper hand in the future. But the sad truth seems to be that I get less and less upvotes all the time. Luckily I found minnow support at least so I can still keep growing my reputation, because that is what I am currently interested about.
I don't mind putting work into it, but at the same time it is disheartening to see people post "a funny picture" copypasted from the internet, earning more than I do with my own quality reasoning on investments and financial stuff.
Anyway, I'm trying to find new people to interact with, who have similar interests here. That is the point of steemit anyway. But I can't lie, the profits are a big plus when it comes to steemit and hope to some day be able to make something for the time I invest into the community.
All those factors link into one another. By having a good reputation, you are more respected. People take you more seriously, they take your content more seriously. Upvotes start to rise and so does pay.
If you want to see results, you need to take MASSIVE action. Like Grant Cardone would say, you need to 10X your actions. Massive action means massive results.
Instead of hoping and praying for more upvotes (which will be pretty much useless to be blunt about it), go and get your name out there.
I will challenge you. If you are up for it. Go and make 100+ comments per day for the next 7 days. Take record of all your current factors. How many upvotes you get on average.. Your amount of followers.. Your retention rate.. etc.
After the 7 days, if you still haven't expanded, and gotten more respect from people, then we talk :)
Sure, 100+ comments per day could do that, but it could also be seen as spam. Unless I would really concentrate on what I'm writing each time. But it's not only that I can't write that many, it is also that I don't find so many posts that I enjoy reading.
I try to keep up with as much of the investment posts I find, which are quality and unique to some extent at least. However, I just don't find them always. Part of it is probably the way steem works but much of it is the plague of what I consider spam or unquality posts.
I enjoy reading quality posts such as those you write, but finding people with constant quality or constantly interesting topics is hard. Therefore, I only follow a bit over 30 people so far. And I've been dropping some people out who I followed in the beginning, but who didn't really live up to my expectations or started spamming my feed in a way or another.
Anyway, maybe I should try something like: comment 20 times per day at least. But then again, usually when I comment I want to also upvote the persons post and I can only sustain 10 votes a day. I've been trying to do that more or less. During the weekends I'm more busy usually so I don't have as much time.
They don't have to be spam. Spammy comments can be seen from a mile away. I know a hand full of people (including myself) who do 100+ per day, and they are genuine comments. The point is to engage with as many different people as possible, to get as much exposure possible in the beginning.
I make an assertive effort to not be spammy. As a matter of fact, I strive to always right the most quality comment that I can.
But I get what you are saying. You are really focusing quite a lot on quality! Which is awesome.
I try not to link my upvoting with my commenting. I only upvote on the posts that I think deserve it (even though it's only 10 cents LOL!). The rest of them, I see it as me doing my part.
It's sort of like the debate between deciding whether to reward a homeless man for begging.. I have come to the conclusion that if I have the money to give, then I do. It doesn't matter what they do with it, it's about the concept of giving that will set you up to be bulletproof :)
Sure, I also don't reward people with bad post or wrong information even if I comment that they didn't consider this or that. Or sometimes the post isn't bad, but it just doesn't have the correct information, in which case I might comment something hopefully constructive, but I don't upvote it.
Also sometimes if something already has +$100, I might comment, but not up vote because no one cares about my +$0.01 at that point, but most of the time I still do up vote. Anyway, I'd rather up vote people's posts that don't have a lot of up votes or at least not 100 worth.
So yeah, most of the time when I take my time to comment on something I already consider it a good post and therefore up vote it also. Sometimes that isn't the case.
Yeah, I get you.
As much as the $ amount a post has made is important, I care just as much about the quantity of the upvotes. Scrapping the concept completely of the votes being worth anything to begin with, the amount that you are getting on a post means a lot. It means people are enjoying your content :)
But yeah I get was you're saying. If you have a smaller upvote, it also really won't make much of a difference on a big post. Besides the fact that after a certain amount, those people don't really even care anymore about how many votes it's getting :P
Fantastic post! (Again ;) I couldn't have said it better. I came on the platform when it was worth about twenty cents, and built my sp to over twelve thousand just by doing...well everything you're doing, haha!
And I've also funded a vacation to NYC with steem to meet @surfermarly, @andrarchy, @prufarchy, and make a few new steemit friends on top of it ;)
My only regret is not having brought in external money when I had the chance, and therefore I also have no problem with it dropping through the floor again :)
You're so modest! Too nice with your compliments :)
What a lady-beast! That's what I'm talking about.. 12K+ Steem Power just from working the system. And it's only going to compound from here. Yeah, I do agree. Bringing external money in will do dramatic effects if you are adding it to your current earnings!
Nice to see you again @Dreemit. Talk soon :)
Yes, as harsh as it may sound, the current price drop will filter out the "space wasters" as you call it. My take on Steemit is that it is a good opportunity to get in early and build QUALITY NICHE-RELATED CONTENT to attract people from the same niche. Currently more than half the posts are about one niche: crypto currencies, which is understandable, but for the platform to grow, we need quality content creators from different niches. Content creators will be turned off when they see obvious spam posts getting rewarded. If the price does go down to 10 cents, by the time it gets there, all these space-wasters will have left the platform and this would be better for the future of Steemit. I've mentioned this repeatedly that I will keep accumulating. If I have $500/month to invest, I get 1000 Steems when it's at $0.50 and I get 5000 when it's at $0.10. Since I believe in the Steemit platform and I have a long term mindset, I know this will pay off in the long run.
Very well said. I like how you are thinking. We do need to have each niche balanced out. To have influencers in each niche, we will really diversify the platform! And as far as I know, there isn't a limit to the amount of categories we can have..
I cover the concept of Dollar Cost Averaging in a few of my previous posts. It's such a powerful technique, especially in our case. The future as of right now is looking so strong! It's really exciting!
Thanks for your comment. I appreciate you taking your time out to write it. I trust we will talk again soon!
Well said!
The thing that keeps me happy in Steemit, especially in a volatile market, is that I never have ANY expectations of earnings. Never have. Never will. My first few MONTHS of Steemit barely broke a dollar combined. But I didn't lose faith because I wasn't here for the money. Sure, the money is nice but I wanted a place that wasn't going to shut down and lose all my content! So here we are through thick and thin...happily posting because I don't use my wallet as a barometer.
That is just brilliant! And of course! Due to it being on the block chain, after 7 days the content is set for life! Pure genius! It's by far the most powerful way to create an incredible portfolio.
The thing is, sure you can make some decent money here from the set go.. But even if you don't, like in your case, people will be able to scroll back in your blog. If you stuff is quality, and you have been consistently putting in the work, you are bound for things to become better. Simply because not many other people are doing it, so you automatically become the 1% of difference-makers!
Awesome comment @Merej99! Thanks for stopping by as per usual! Legend. Talk soon :)
I am Steeming Not for money :) but to Discover New Stuff.
Not for the money, but to boost your @slefesteem :P
That's the best way to do things hey! Trying to constantly discover new things will always keep your on your feet, moving forward! Awesome stuff. Talk again sometime.
This is so true. People always look for the "get rich quick" scheme, and sadly, they will not find it here. I enjoy when the price of steem goes down because that means and I can get more steem power for a cheaper price! It is also a way to weed out the leeches who are on here just for the money. Whenever people see the price go down, they cash out and leave. That leaves only the dedicated people, so when the price goes back up, those who stick around, and are true to the community, will reap the rewards. Just like you stated in your article, don't do it for the money, make quality articles, and engage with everyone, then it will make itself. Thank you for sharing this great advice and I hope everyone takes it and makes Steemit a better place for years to come :)
Thanks for this awesome comment @Cryptodata! You pretty much summarized the majority of my article in one comment LOL!
Thanks for stopping by my man! Talk again soon. Good to see you have the right mentality.