Delusion Phase Hitting Steem Hard
There is a lot more pessimism out there than I usually see. As the value of all blockchains falls #steemians have been getting more and more discouraged. Talk of bid bots and whales ruining Steem runs rampant. I think the increased frequency of these complaints has less to do with Steem's problems and everything to do with the continued perception that we're all losing money.
If you're like me then you got here when Bitcoin hit 20K. I was like, "Wow, blockchain is a thing now." I started doing research, found Steemit, and have been here for the past three odd months. A lot of the people that came with this "New Paradigm" wave did not realize that it was obviously going to crash back down. I knew, and I still lost a little experimenting with bearish swing trading and slowly powering up my account for stronger votes.
How much value did you think that the blockchain would retain after spiking up x4-x10 in a few days? I was thinking like 20%-40%, and here we are, Litecoin was at $100 and now it's at $120 after a very bumpy ride.
Now is not the time to be depressed or complain. Steem didn't lose value because of bid bots and whales, and it never will. These factors only prevent Steem from climbing to higher levels on the market cap rankings. It was simply bound to lose value no matter what, just like everything else lost value. It's all very cyclical. It will be interesting to see how people change their attitudes in the summer when everything spikes up again.
The cycle continues
The time to be excited and investing as much as you can into the blockchain is coming very soon. There may even be a despair phase where you can buy under market value. I'd say for Litecoin this would be anywhere from $80-$100, Bitcoin $4500-$5500, Steem $1-$1.25 etc. You'll know if it comes because every chain will be there.
Blockchain tech might be invaluable in the future but today the market is speculative. Money is thrown at all blockchains at once far more often than a single one climbs the ranks. Look at the Dow Jones Industrial Average. I gotta say it looks a lot like every crypto graph.
Unrealistic Expectations
How many people come here, invest nothing, and then complain about someone else's crap post making more money than their crap post? So, so many. You have no network, you have no stake, you have a false sense of entitlement. Proof-of-brain is the goal, not the reality. This is a new platform and a massive amount of work needs to be done to get where it needs to go.
Steem: high supply low demand
I've talked about the value of everyone being a producer and a consumer. Steem accomplishes this, but because the platform is new and underdeveloped, we have a massive oversupply of blogs with little demand for them. In the future there will be much more to do here than write and make videos, but until then, be patient and consider yourself an early investor.
Invest
The market is still speculative, you have the choice to invest in any platform because they are all linked. Why not invest in Steem? Clearly, a stake-based crypto is the best one to HODL. Steem is hard to steal and it's the only crypto with account recovery. Did someone say 3 second block times with no fees? This technology is massively undervalued. You're depressed that Steem went from $8 to $1.50? Really? It was $1 four months ago. Now is the time to buy. This illogical emotional response you're having is irrelevant.
Here's an idea: instead of buying those $200 shoes that were made for pennies on the dollar in Indonesia, buy Steem. You want to buy a $2000 grill so you can BBQ $100 worth of meat a year? Really? I'm tired of 90% of the population living paycheck to paycheck buying frivolous things. No, I'm not impressed by your super-charged Mustang.
Instead of buying insert impulse buy here, buy Steem. I'm working a shit job and I consider myself lucky to be able to save half of what I'm making. Guess where it's all going? All in.
Of course, you may want to wait a month for that possible despair phase.
Yes this is a long term game. I find it very exciting to see when stuff goes down since that is when you can make the best deals. When the sheep is losing money and is scared that’s when the wolves come in and make the most profit. Also when stuff goes up it also becomes more exciting. So if you already love the super lows imagine how much you will enjoy the ride up. And you should always have a deeper core strategy that is based on more safety.
Also how you do not lose money if you don’t sell. You still have value. As you said people have to learn to stop being entitled. Value every cent you earn highly. Then you will feel super rich all the time! The real currency you always have with you your Time and Attention. Invest it in wise ways and you will be a wealthy person in 5 years. People need to look at the long term side. I never read the so called news. So I can always be calm.
People get adjusted to new levels of abundance super fast it’s pretty fun actually. These days people get upset if not magic happens in a day or two. People raise their standards all the time and demand more. But try to have some realistic perspective. The longer time something is low and so called bad the better for you because that means less competition for attention. It becomes harder when a ton of the masses move in. It cause tons of distraction. Now is the time to practice on your work ethic. Main reason I like Steemit more than Bitcoin is because it’s less passive. I can have an effect and even increase the value of Steem by being an awesome hard and smart working person.
You are right about shoes and the bbq! But these are not the options; what if I could invest on mutual funds, stocks, bonds, forex etc
steem should be cared and cured by its own society. That needs a determination and dedication.
Yeah steem is a great investment right now! Wish i didn’t buy some at 3$ and waited a little longer. Oh well, still having fun here!
yeah i bought a little at $4.50 and a little more at $2.60
Then 4 litecoins worth more recently at $1.50
people need to check themselves and engage in more long-term thinking
Very true. I’m taking a break from buying cause it was kinda becoming a bad habit cause i don’t know wtf I’m doing. Just going to sit on what crypto i have bought, but focusing on posting on steem.
Steem was at $0.06 and I was posted all the time :) But when you get flagged for months on end by abusive rulers who have a concentration of power, it gets to be pretty lame and not enticing to participate in. Can't play the game like everyone else because I'm being bullied... so I left for a while. Then Steem shot up a lot, and I missed out lol
Be careful investing in anything is all I have to say.
@edicted - yes this s a long game we are all playing; especially on Steemit. We all are building the blockchain by our blogs, DTube, and whatever content we produce. Unlike Bitcoin, we can interact with Steem on a daily basis & receive rewards, all on a social media site.
I am new to Steemit within the last month or so, but I'm HODLing onto the Steem I have and adding more on the dip.
I believe that the first Steem-Blockchain based ICO will start to take off thru- APPICS ICO (XAP) (https://www.APPICS.com)> This will revolutionize social media. People are already questioning Fakebook & UTtube selling your data to the highest bidder & the content creators that build their platform don't get squat. And once SMTs come online I think you'll see even more interest in all things Steemit.
That's just my opinion - Good post, Upvoted!
I thought, we are already in despair mode? 😀
The good side with ♨ is, that it can't be sold easily when powered up - the bad side is, that there is such a low volume, that every fart can cause it to loose another 50% in value. Well... We are here to hodl anyway. Thanks for keeping the music playing, while the shit -ähm- ship is sinking! Very appreciated! 🙏
People are certainly in that mind-state emotionally but the market is still significantly higher than it was before the Christmas boom. I think Steem could go as low as $0.80 but it would bounce back up to $1.00-$1.20 in a few days.
When people are depressed, that is a good sign to buy. When lots of people are depressed, those that have the vision can take advantage of the situation. Just be smart and skeptical. Be open to risk and risk averse. Make small bets and win the long game. Survive now and thrive later. The optimism might be gone, but the underlying technology is there right where it has always been.
Those who says it will bounce short term are delusional we need months of recovery to beat this downtrend market, regardless this a a BIG OPPORTUNITY to get into cryptos, just like the people that started to mine in 2008 this a new chance to buy and get wealthy in a few years, just remember, "the market is a device for transferring money from the impatient to the patient." BUY AND HOLD
You want to buy a $2000 grill so you can BBQ $100 worth of meat a year?
Had fun reading 😂😂😂
I think all coins generally follow BTC but I am so optimistic about Steem when finally BTC rises. Might take some time. Patience :)