Let's Talk—How I'm Making The Most of My SBDs In a Crashing Market!
I know many of you are hodling your SBDs in hopes that it will go up. But chances are that it might not go back up over $10 or some insane figure you are expecting it to do. When SBDs first pumped up couple of months ago, the circulating supply was very low.
It isn't the same case today! Infact the supply has more than doubled in the time frame owing an increase in price of Steem. As Steem continues to rise in it's value, higher number of SBDs are printed to be distributed to the users of our platform.
These amongst other factors is what has resulted in SBD value reducing back towards it's original peg of $1 value. It was created with the purpose of being a stable currency but in recent times it has been pumped up massively. Ofcourse, it has benefitted all of us, especially those amongst who are earning here only to encash %100 of their earnings.
But, for some of us who are actively trying to increase our stake, buying into Steem has been very valuable.
However, we also have bills to pay amongst a whole lot of other things for which sometimes we must sell the liquid portion of our earnings to fund our life expenses.
This can be difficult in a tumbling market. Today, as I logged on to trade I found myself with a stash of SBDs. Since i've been in and out of flights and airports lately I hadn't the chance to get rid of them sooner when the price was a bit better. I have already booked my profits when they were over $10 so I don't need to necessarily encash them for Rupees.
But Steem is what I want and even though Steem is at a higher rate, I sold all my SBDs today for Steem.
Simply because Steem is volatile. It isn't a pegged currency. It is what drives this platform and is the better currency to be holding over SBDs. Steem is more likely to appreciate in value. When it goes over a mere 30% I would already be in profit. If it pumps over $6 I've doubled up my profits. The point being I can sell Steem for BTC/ETH and buy it back lower therefore increasing my holdings.
My goal was to get to 50K SP by end of 2018. I was at 33K SP when I set this goal for myself. I'm now at 41000 Steem Power and I'm not going to stop when I get to 50K. I will continue to invest in Steem anyway I can.
We all complain of distribution. Now is the time to be wise and play your cards right and adapt to the changing market conditions. This is no trading advice but just my personal experience.
Steem is the fastest blockchain today and powers some very useful applications on top of it such as Steemit -which is also rapidly growing towards being one of the most popular sites in the world.
As a stakeholder I'm betting on Steem.
So Let's Talk,
How are you making the most out of this on-going market correction?
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From India Steem Meetup #1—Jaipur Edition!
- Announcement: Steemit Meetup in New Delhi - 11th Feb, 2018
- Steemit.Chat Contest #15 + Contest #14 Winners Announcement!
Let's face it: the SBD pump wasn't going to last forever. All of us got to acquire more Steem due to the elevated SBD rates, so everyone on the platform benefited from the higher prices one way or another.
However, the problem will be if SBD goes under a $1 and stays there.
If it goes under $1 then it will be time to use the "convert to Steem function" (currently disabled in the Steemit wallet).
The ride was fun though. 10 Steem for 1 SBD at a certain point.
Unfortunately, a lot of people are being forced to HODL, watching their 'earnings' bleed out, with exchanges 'conveniently' having 'maintenance' issues, while inviting new users to sign up. If you research, a lot of exchanges accepting STEEM have brought this crypto down for 'maintenance'. Smh...Anything 'earned' is monopoly money for many who are new to crypto; aka, planktons/minnows.
Those with the most experience fared better. In retrospect, it would have been smarter to Power Up some, and diversify some. Simply powering up, getting caught in this 'event' has taught me a valuable lesson. And, that's why I'm here...to learn. Of course, I knew better than to put all eggs in ONE basket (lol). So far, this lesson has cost me about $1K and counting. It's one thing to lose because of a 'bad' investment; and, a whole other to know you're locked in, forced to watch your 'earnings' leak air like the slow leak on a bad tire.
Best regards!
Peace.
God bless you for this piece of information, I. Personally was hiding my sbd but you have give me a clearer picture of what I should have done. It not too late to get steem with my sbd. Im resteeming this post. Thanks once again. I've never regretted following you
I just sold some SBD for steem that I powered up to SP just recently. Not sure whether it's the right move, but I'm just looking to increase my stake in Steem and even if it isn't a positive ROI financial move, it will be positive ROI for me on Steemit.
Once the adoption rate of this platform picks up this stock will skyrocket... 5 years except 200+
That's what I'm looking for...the long run...I don't care really care what happens right now with regards to market dynamics...eventually, getting in on the ground floor with Steem will be a wise move...especially for those who invested nothing but time...
ok...but what.... when millions and millions of people join, won't the individual rewards go dramatically down, to prevent hyper-inflation of STEEM? Or if not, the volume of STEEM in circulation will go dramatically up and decrease STEEM price?
Yes, the reward pool will stay the same, so we are more people who have to "compete" for the same amount of rewards as we currently "compete" to get. So more people = less Steem for each author. The thing is that the value of Steem will also increase, so the USD value of the author rewards will likely stay the same or even rise.
@firepower ????
You're running on the assumption that every new account will be owned and operated by someone who is going to engage the community on a permanent basis...I clean out my "following" list every month because people get busy with other aspects of life, or they simply quit using the Steem network altogether...hell, I've taken months long sabbaticals myself...and you have to take into account that out of the millions and millions who join...less than 5% are going to do anything worthwhile on the blockchain...most are going to jump in to try and get their feet wet, and when they realize they actually have to work at it, they'll lose the struggle within themselves and return to earning a fiat existence...one problem with this blockchain is that we have millions in Steem/SteemPower/SBD sitting around in vacated accounts
Yes thank you bro :)
Awesome. I love reading posts like this because I'm still new to cryptos and when the market changes like this sometimes I'm not sure where to invest, so to hear what people with the experience like yourself have to say or what they are doing, is a great help formyself, and it helps me understand more.
We all complain of distribution. Now is the time to be wise and play your cards right and adapt to the changing market conditions. This is no trading advice but just my personal experience.
I think i should follow in your footsteps and get rid of my SBD as it is pegged to be $1. Time to get some STEEM!
Agree with you.
When you power up it shows you in are in for the long haul and will be rewarded over time for sure!
I've heard so many tips about what to do with my SBD. I've heard it's best to HODL SBD, I've heard it's better to switch back and forth between SBD and STEEM. But I do think it's best to sell to STEEM and power up to Steem Power. I just think it's more bang for your buck.
SBD has bigger spikes, but is supposed to be pegged to $1.
So holding steem in favor of SBD makes more sense.
Investing and holding steem dollar is poor choice. Rise of bid bots have surged in recent weeks, SBD has become a rejuvenated internal currency within Steemit armed with increasing utility but still it is pegged currency witnesses are discussing to enforcing it to 1$.It is very risky to hold steem dollar now a days.Thanks for such an informative article.
I also thinks that hodling SBDs is not a good idea..those pumps in SBD is due to high bids in korean exchanges like upbits...its better to covert all your sbd into steem.
I respect your point of view but I think that or if I had steem I would convert it to a sbd
You never know, I think, another pump is coming , because right now I see, SBD is slightly over steem :) Who knows, there may be another magic.