All Is Well With STEEM: Ignore Price Action: This Blockchain Is On Fire!!!
Are you nervous about the recent price action? Is it upsetting to look at a site like Coinmarketcap.com and see all red numbers? Does STEEM dropping below $4 concern you?
If you answer yes, my question is why?
There is absolutely nothing to be concerned about. All is well.
How can I say this knowing I lost close to $100K in a matter of a few days?
BECAUSE PRICING ACTION DOES NOT MATTER!!!!
Say that 100 times until it is memorized. If you cannot memorize it, tattoo it to your forehead.
The only people who need to concern themselves with pricing action are traders. Unless you are looking at entry and exit points for swing trades, do not worry about it. Yes, adding to positions can be a smart idea so a pullback like this is a blessing. Other than that, ignore price action since it means nothing.
Markets go up and they go down. Traders often operate based upon a herd mentality which is great for creating trends yet is rarely based in logic. The price of a token and the viability of a blockchain are two completely different things.
Let us use Bitconnect as an example. For those who are unaware, that ponzi scheme threw in the towel yesterday. Not long ago it was trading over $400 in spite of being a ponzi scheme. The last I looked, it is at around $30. So what changed to cause the $370 drop? Nothing. It was a ponzi scheme at $400 as it is at $30. The only difference is that it is out in the open and the powers that were in that deal are running for cover.
This epitomized how price action does not matter.
STEEM is one of the best blockchains out there. So let me ask you, are you afraid of STEEM going down to next to nothing? How could that happen to one of the best blockchains out there? The only way is if blockchain as a technology was scrapped.
At times like this it is best to ponder what is really important. To me, STEEM is an opportunity of a lifetime. This blockchain is leading the charge into the Era of Cryptocurrency 2.0. For those who are unaware what that means, it is a way of designating coins that are acquired via their utility as opposed to purchase (Cryptocurrency 1.0). When I mention this, I always use the disclaimer that I am not stating 2.0 is better than the other and that those tokens should be dumped. Basically, this stems from the idea that 95% of the population will never buy a cryptocurrency in their lives yet we are heading towards a tokenized world. Cryptocurrency 2.0 bridges the gap.
STEEM is the leader of the pack. This blockchain has more activity on it than any other one while not being stressed at all. We all know bitcoin and ethereum cannot make that claim. In the not too distant future, we will see Hard Fork 20 which will give us automated sign ups and a reduction in STEEM. At some point, we are also going to see the communities feature added to Steemit. And of course, I would be remiss without mentioning Smart Media Tokens which are going to have an amazing impact.
Did you notice how people were still posting, commenting, and upvoting while prices fell? I am going to surmise that the developers kept hacking away at their computers designing whatever it is they are working on. The Google bot kept running around scouring the keywords on Steemit. And, to boot, Steemit climbed into the top 500 in the US and top 1300 globally while the marketcap of STEEM was cut by 40%.
In other words, for the blockchain, it was business as usual. Nothing changed. This is the message I want to convey. If you were looking to cash out of your STEEM by this Friday, the action of late hurt you. However, if you are going to hang around to at least the end of the year, this is just another January day.
Embrace the idea of abundance. You are fearful because you believe in scarcity. What is scarce..money? Are you kidding? We are entering a time when cryptocurrencies will take over. There is plenty of money being created out of thin air (where money always came from) except, this time, it is not the banksters creating it. That is what is going to change the world.
Therefore, instead of freaking out about nothing because you still believe in scarcity, start to live the abundance mindset. Your SP will be worth more than you ever could have imagined. You are on a blockchain that is very fast, can handle millions of transactions a minute, and has no fees. Couple that with a rock solid community that, for the most part, is dedicating themselves to helping out humanity, and you can see there is nothing to fear.
I will make you one promise: over the next 5 years we will see a situation form where everyone is earning some type of basic income through the use of tokens. STEEM is going to be one of those tokens that many people will have coming in each month. Those of us here, we are in the 1%. Everyone who follows is going to only force the price higher meaning our present SP is going to be worth more....a lot more.
Remember these days when the price of STEEM is so high that even someone with 100 SP is considered rich in most parts of the world.
I foresee that day coming....it just will not be by this Friday.
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My husband is a bottom line kind of a guy. He asks me daily, "what's steem doing today?" For a few weeks, I would pacify his general curiosity with the price of steem and sbd's, as well as what my steemit wallet showed as the value.
But after watching the numbers go up and down in real time, I became frustrated and frazzled. So I stopped. To be honest, if it weren't for my husband asking every day, I doubt I would even open up the website url's for coinmarketcap or coingecko to see the numbers.
It can be addicting, I will admit that; but I am on steemit for long-term, with no signs of slowing down. So if the price of steem and sbd keep playing the see-saw game, then so be it. What it is valued right now, will change in the next second.
Since I have NOT invested a penny of our own money into steem or sbd, I feel as though what is in my wallet and what I have earned is of no loss to me as the market and pricing fluctuates; as the money there is earned.
Price goes UP- YAY!
Price goes DOWN- wait a few minutes it wil probably change
Agreed @goldendawne I am so new with literally no SP or Steem so I am in a building phase so it can go up and down I am still learning!
That is a good way to be. Check back in about 6 months to see what is going on. That is the only approach.
Cryptos are volatile. There is no way around it. If one gets caught up in the up and down of the price action, one will go nuts.
That is why bankrolling the SP is the right thing...let it build up, maybe add while the price is down if one can, and keep posting.
Over time, the price will adjust...the market will correct.
We all need to focus upon doing our part to make the steem blockchain as powerful as we can.
We all need to focus upon doing our part to make the steem blockchain as powerful as we can.
Yes I completely agree. It will all balance out and stabilize I believe.
You have nothing to worry about then. This is all play to you. That's a good way to look at risk. Some of these cryptocurrencies tip people sometimes. That's all play too!!!
Yeah my husband is curious about the ups and downs too, and its totallly my fault because at the start of my steem life I was cashing out my sbds. Now I've learned it'll be better for me and for everyone if I keep powering up instead. Still a little confused as to whether I should buy steem with my sbd now or wait til sbd is higher... Anyone care to weigh in?
I love the idea of 500sp being life changing. That's an attainable target for people to aim for. My next target is 1000sp! Life changing for 2!
If we get to $200 or $300, then the math adds up....it really is not going to take too much for this blockchain to advance to the forefront. If Steemit, being the flagship app on here, can keep advancing with the members putting more on it, then we will be fine. At least temporarily, the STEEM and Steemit are linked together for most people....yet with D.Tube coming on strong, things could change.
I have only used dtube a bit. Honest opinion - its too slow for my internet connection, but for a brand new application it seems to be preforming amazingly well. I am sure it will get faster as time goes on.
For someone like me whose first dealing with crypto was steem, I definitely needed those encouraging words leaping out of the page at me... Because price actions does not matter. Thank you for sharing this post.
It always surprises me how many people get caught panic selling when a market falls. It's just a pullback, and even if Bitcoin crashes and takes all the alt coins down with it, as long as you believe in the fundamentals, and that the coin(s) you're invested in have a future, there's no need to trade. Just hold and wait for the market to climb again.
You should see the current pullback as a blessing - a chance to buy at a discount. And even if we go into a bear market for a while, as long as you believe in a coin/project (like Steemit), keep buying into the falling market.
Any idiot can make a little money in a rising market, but it's in the dips, pullbacks and bear markets where fortunes are made. This is true of stocks, real estate, and crypto. So hold tight and invest, don't trade.
Great post, as ever @taskmaster4450, thank you.
Well, my vote can't even beat a bot. Shame on me.
Thanks for upvoting @oups. There's something I can't work out about upvoting/steem power. I've been here 2 days, so no curation rewards through yet, but powered up $13SP today. The first post I upvoted, post total went up $1.40, which is what I'd expect, but this post (my second) only increased the $ earned figure by $0.01 - for my 2nd upvote of day, and I had >98% Voting power. Is this something to do with bots, and how long after posted? And your upvote only gave $0.01 and you have more $SP than me! Confused
As for keeping on posting on Steemit, I can see I'll probably get disheartened too, but I know that consistency is rewarded in long-term (and good content), so I'll persevere (I hope)...thanks again!
The fact that everything dropped in unison clearly indicates herd and hair cut for recent run-up... it's all phases, now we can go back to have the market differentiate individual cryptos again, it all takes time
While I don't care much for Warren Buffet or the rest of his bankster ilk, one thing he has said applies here. This isn't an exact quote but it boils down to, "Invest in something that you are confident you won't have to check up on every day. Invest in something you are sure you will be happy with if you only check on it once a year."
Either you believe in Steem and the ideas behind it or you don't. If you are just a speculator that is fine. Me?
I'm a Steem Believer.
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I am not a Trump fan, it is just a funny gif.
Thanks for the post.
Keep Steeming!
Absolutely. My faith in the projects I've invested in hasn't wavered amidst an admittedly large correction. These things happen, and a lot of the time, they're actually healthy in the long term. My strategy throughout this dip has been to not check my portfolio. What's the point? It's easy to be consumed by red candles and -% everywhere. Instead, I set up some alerts yesterday that would notify when each project returns to a level within which I may wish to look at the market again.
For now, I'm continuing to research new projects, learning more about TA, reading great content on Steemit, and enjoying some time away from the numbers!
That is a great attitude @philnewton.
Personally, I just keep on posting, commenting, and upvoting on here....making Steemit as big as we can is what each person on here should focus upon. With even 100K contributing daily in different areas, this place will really grow quickly.
I came to this platform to share ideas. The cryptocurrency is just a bonus for me. I don't actually 'need' it because my needs are already met through my efforts to live off grid, grow our own food, etc. So that means if this cryptocurrency tanks, I'm still going to be okay. I doubt very much that it will as it is building up steam building steem. My message is getting out to more people here than facebook. I get more views and interactions with 200 people than I got with over 2000 on facebook. That is why I am here. Delegating my steem to help others increase their influence was a natural progression for me once I saw the idea being expressed by FTG. In the long term, if the cryptocurrency does pan out, it will be a gift from Creator and I will use it to finish our domain and setup a world class training facility to help teach people to live the way we do. If it does not work out, then it was not meant to be. However, my heart tells me that this is Creator providing the resources needed to start the training facility. Either way, we are fine.
While I recognize that people depend on steemit to put food on their tables, I would love to see a time where we are no longer dependent and our social structures encourage and support independence and prosperity as much as possible. The steemit blockchain is actually teaching those skills in a very subtle way. As it functions on anarchy, giving and sharing is the way to prosper within this environment. It is completely opposite of the systems we grew up with where it is everyone for themselves. Here, those that give, share, support and encourage are the ones that are doing well. This is teaching people how the new paradigm is going to work. So even if the cost of steem tanks, it matters not. A seed has been planted and is growing within all our hearts. That idea will manifest into the real world and will help people shift from the old paradigm to the new. That is the true value of this platform. That is why I am here. That is why I encourage people to come here!
I want to point out something @taskmaster4450 said:
"Embrace the idea of abundance. You are fearful because you believe in scarcity."
To me that ties in to what you said @wwf, about the systems of everybody for themselves that we've been raised to believe in.
The scarcity mindset so true for me. Something I really need to work on. I am conditioned to be fearful of abundance, because what is the price going to be?
I cashed out the first sbds I started earning because I felt I needed it, and I did buy better food for my family and turned up the oil furnace without reluctance because of the security of the extra income.
But I'm going to buckle back down and grow my account now, and help others sign up and grow their accounts, and so on. Encouraging, supporting, growing, freedom from the scarcity mindset, that's a lot of what Steemit is about, and that brings me so much joy and comfort :)
If at some point you can then use your cryptocurrency to help you remove dependencies, then the prosperity model will then start to flow into the physical realm and impact your lives in a positive way. For us, the earthship is an example of prosperity. During the day we turn off our heat as the sun warms our home. There are times when it is too warm and we are opening the door or windows to let the excess heat out. If we are low on heat, I just fire up my wood stove and I am capable of cooking us out of the house that way too. Prosperity allows us more freedom and flexibility. Your oil burning stove is based on the scarcity model. Your home is designed to hold in as much of the heat as possible because it is really expensive. Our home allows heat to enter and leave as a foundational principle on how earthships / thermal mass homes work. Bravo to you for starting to see the paradigm shift. It may feel weird at times, but it really is cool how it works. Does take a leap of faith and a willingness to learn. Kudos to you my friend.
Your home sounds amazing. We do have a woodstove too but it doesn't heat the whole house to a comfortable level. I do enjoy cooking on it :) Great for soups!
Thank you for the words of encouragement :)
While I believe in blockchain technology, I still think that 90% of the coins out there right now will fail. And at some point in the future - 10 years, 20 years? We'll have just a handful of circulating coins worth anything substantial. As the market matures we're almost certain to see leaders emerge in each use case for the blockchain. And that's why I'm behind Steem. I'm certain it will be one of the coins that survives and thrives, because it is the leader in its use case, as well as leading in speed, scalability and the lack of transaction fees. And of course the core group of users who continue to improve the use case for Steem. We have nothing to fear, even in the face of yesterday's drop in the price of Steem and SBD. That was nothing to do with Steem and SBD, and soon price will rebound as the markets calm.
the steem blockchain is the most versatile blockchain existing right now and iincomparable to jone,i am confident that the price will reach $50 or more this year as for the ponzi schemme bitconnect, it was always doomed to fail coz thats how ponzi scheme are, its a good thing this happened now so a lot of people will learn, the lending currencies had had a lot of hype and popularity as people are swayed by their psuedo success.
I agree...get the black eye out of the way early.
Of course, it most likely wont be the last.....there will be more scams...that is how things are..
That said, STEEM is not a scam and there is a lot going for it. Over the next 6 months, we are going to see many advancements that could put this in the top 10.