The Queen's Gambit
I'm going to let the inner nerd come out for a little bit and make a reference to chess for a second. Yes, I play chess, I find it to be an amazing game. But, my years of competing (I did that for a little bit) are long gone. However, this post is not so much about chess as it is about taking a little risk.
You could say I'm simply sharing on my blog and that's about it. By no means am I telling anyone and I do mean anyone what it is that they should be doing. As a matter of fact, it's probably better if you don't copy me, because I am going to try to pull a Queen's gambit, and that one almost never works. But when it does, it's awesome.
We are going to go a little lower, just a little bit. As a matter of fact, I just saw some movements on some big accounts that tell me others expect this to be the case as well. So, I'm going to take a little bite, a tiny one, nothing that would kill anyone. After all I'm unwilling to convert anything to fiat at these prices, I just can't do it, I could not forgive myself.
I've read 50 cents, 60 cents, and some crazy unmentionable guy say 10 cents. I say crazy because there was no base for that comment, I just think it was a prophet of doom doing his thing. The other calls have been made by people who I know have some chart knowledge, but of course, no one truly knows.
Not financial Advice
You could say I'm simply sharing on my blog and that's about it. By no means am I telling anyone and I do mean anyone what it is that they should be doing. As a matter of fact, it's probably better if you don't copy me, because I am going to try to pull a Queen's gambit, and that one almost never works. But when it does, it's awesome.
Anyways..., you might have noticed a small recovery in today's price, nothing to rave about, nothing incredibly fancy, no, but it's there. I don't see a particular reason why this has happened, so I don't see this little recovery long lived, at least not right now. Bitcoin dominance keeps on climbing and the BTC maximalists have been screaming at full lung capacity on a cruise all week.
My speculation
We are going to go a little lower, just a little bit. As a matter of fact, I just saw some movements on some big accounts that tell me others expect this to be the case as well. So, I'm going to take a little bite, a tiny one, nothing that would kill anyone. After all I'm unwilling to convert anything to fiat at these prices, I just can't do it, I could not forgive myself.
I'm going to convert some STEEM to sbd, and wait for the valuation to bottom out. Will it happen? I don't know, but I think so. Now, I could be completely wrong and end up with less tokens, so I'm not going to do this with very much. Simply put, I'm basically going to short STEEM on the internal market.
What's bottom?
I've read 50 cents, 60 cents, and some crazy unmentionable guy say 10 cents. I say crazy because there was no base for that comment, I just think it was a prophet of doom doing his thing. The other calls have been made by people who I know have some chart knowledge, but of course, no one truly knows.
Wish me luck...
Watch out for the internal market price of SBD right now, it's been crap for the last couple hours. Make sure you're not paying more than $1 for it.
Good luck on this gambit my friend, hope it works out alright :-)
What you describe about big moves is certainly intriguing. But I wouldn't do it. bad risk/reward...
A big mistake trading is not calculate risk or just copy trades of another trader. I think you may be doing both if I read correctly.
Good luck, @meno.
I think the turn will come when Ethereum finally bottoms out. People are just so disillusioned with a once-golden blockchain that has now ground to a standstill. That is the principal down driver of the whole crypto market, those damn Ether-Crypto pairs.
That and the lack of really big money that you spoke of in your last post. The reason the really big money want regulation is because they don't want regulation. They want the clarity from the regulators about what they can and cannot do safely, without incurring legal consequences.
You are on it today lol!
Yo, sigo escribiendo y comentando, como todos los días, esperando que todo se normalice, sin embargo no me hago falsas ilusiones de que ese momento anhelado llegará tan rápido... Seguiré dando mi mayor esfuerzo para seguir mejorando y haciendo un buen trabajo por acá.
Te envío un fuerte abrazo y saludos desde Venezuela, como siempre.
I hope it pays off for you but have learnt from previous experience it normally bites you in the arse. You should have done this two weeks ago.
Good luck! I've no intention of making any predictions, nor of resuming investment as an avocation. Particularly not with crypto, not even Steem (which is one of the few I feel has an actual use case). Markets are synthetic today, and I expect there to be more moves soon to eliminate cash. Banksters are gonna bank on that move, when it's made. The rest of us will play the usual role of fodder.
However, I expect that cryptos with valid use cases will survive that transition well, and hugely profit their HODLers. I hope that your intent to HODL will greatly benefit you in that time.
It's an intriguing idea, but I don't have much steem to convert, so I'll probably sit this one out.
I just looked, it's not a good ratio right now...
If I had some SBD, I'd be going the other way right now.
good day to buy steem with sbd, but i had none... hrmm :(