Let's Talk—Bitcoin Dives and Creates an Incredible Opportunity To Buy Some Cheap Steem!
Bitcoin is on a dive and it has pulled down most if not all of the top cryptocurrencies down with it. This has also created interesting new possibilities. Several exciting projects that had pumped up to some exciting and perhaps even insane highs have corrected their prices significantly.
Some of the notable ones include ETH, XMR, ETC, STEEM, SBD, WAVES, ICONOMI, DASH and LTC. Some of the recent ICOs including but not limited to EOS, ANT, BAT, BNT, BCAP and SNT have also tanked providing a new opportunity to get some coins for cheap.
As a Steemit user, I saw this as a great opportunity to get some Steem for cheap while it's still possible! In March, 2017 I missed the boat on buying Steem at 7-10 cents a piece as I lay in a hospital nursing my wounds from a fatal crash. At 90 cents to $1, in my opinion, Steem is still relatively higher in comparison to March, 2017 but let's remember how Steem rallied upwards and held it's own at over $2-$2.5 until the BTC correction started pulling it down a month ago.
So, given the fact that previous highs have now been corrected, the current price between $0.90 to $1 seemed like a reasonable amount to me. Steem certainly doesn't feel overvalued for a project of it's type at it's current market cap. I'm hoping to pick up some additional Steem if the prices fall below $0.80 - $0.70.
As a participant on the world's first social media platform that rewards its users to participate on it, having a greater amount of Steem Power gives me greater influence on the platform.
For a casual investor like myself, most projects don't represent much more than a speculative asset. If truth be told, 99% of us treat these ICOs as something only good for HODLing for pumps and dumps!
Therefore, to me Steem is valuable because it allows me to put it direct use on this platform atleast by way of voting our incredible and ever growing community here. It is helping make a real difference to the lives of it's users.
What Am I Doing With My Steem?
As Steemit and it's blockchain continues to evolve, today I find being able to use the tokens to participate here is a good use case for holding the tokens as Steem Power.
Realistically it allowed me to earn a monthly income and Donate over $1300 of it last month towards causes that makes a difference to Steemians and the society I live in!
It has certainly benefitted many new users that I've gotten onboard. I've brought onboard more than 100-150+ users directly and indirectly through my recruiting and marketing efforts.
Worth a read: Top Indian News Publication—TheQuint Features My Story as an Early Adopter to Bitcoin, Steemit & More!
With my ever increasing stake in Steemit and the latest hardfork, I've been able to vote on many excellent content that my referrals are producing and ensuring greater participation and retention levels from these new users + existing people that I vote on daily. Having a greater stake allows me to mentor these users into creating solid and consistent content as we go!
I've been buying at $1 and lower than $1 and I hope to step up my posting, commenting as well as purchasing Steem in the days ahead. This is because cheap Steem means greater distribution of Steem to the users of this platform.
If you are wondering how the old timers managed to increase their stake, this is how they did it! All of us that stuck around, did it by being regular when Steem price was in the dumps!
In the future when the price retraces I hope my votes will be worth more and I can do a better job at curating content so that it benefits a greater number of users on this platform. That's something to look forward for sure!
What is your strategy in this seemingly bearish market?
- Are you dumping your coins or HODLing?
- Are you buying any Steem? If Yes why? If No, why not?
- Are you powering up Steem into SP?
I'd love to hear your opinion on what you think makes you stick around and use this platform and buy it's cryptocurrency Steem. Feel free to write your thoughts in the comments below.
Disclaimer: Cryptocurrencies are subject to market risks. Do not invest anything unless you are willing to risk it all. This is not a financial advice and it's only a personal opinion and it needs to be treated as such.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- I Donated $1300+ Of My Income Earned On Steemit Last Month and This is My Mid-2017 Donation Update!
- Dummies Guide to Basic Steemit Account Security + Account Recovery Guide! Must Read For Steemit Users!
I think the market will flip back even faster than it went down. The guys who sold their btc will get nervous to miss the train :))
The supper FOMO will kick in... don't want to see any of my friends and family be that guy not on the boat.
Only the dumb money, the smart money is staying out of the game until after August 1 2017, or using high frequency bots to profit on all this fear.
Yes indeed, prices always change and this was best oppertunity for big fish to come and bait, while people got scared and dumped everything in fears it will go to 0. It's called flipping. I also think prices of BTC will jump right back up and higher. Thanks for sharing the info and post @firepower! #keepsteemin
@warrkin you're welcome! :)
True that!
I am holding a portfolio of cryptos and Ill rebalance come the end of July. The SBD has a very bad at peg to the USD. nubits and bitUSD have better pegs.
If there is catastrophic loss to say 1800/ btc, then my steak in pegged cryptos would be too high and then I would buy unpegged assets with my pegged assets. So to kerp the pegged to unpegged ratio to where it was during the previous month.
Sounds like you have a plan! :)
I plan to do something a bit crazy. I'm powering down a bit. I'm going to sell it to SBD. Then wait for the price of Steem to drop more, Then buy it back. Then power it back up. Hopefully it drops a ton ;) Then goes WAAAAYYYY up lol.
Haha! Sounds interesting. I'm holding SBDs as well to buy BTC if/when BTC tanks further and SBD pump closer to $1 or if it pumps over it and buy some Steem if Steem is lower than SBD.
That gameplan is smooth @kaylinart... (☞ﾟヮﾟ)☞
Surely it will dip so low 2-3 days before August 1.
So we all better be ready to buy when it drops, hodl a week or so, and let Steem shoot up like a rocketship. ;)
:D
It is very likely to see a much lower price in the lead-up to August 1, so I believe your strategy to be a sound one indeed.
I am glad I picked up a fair bit of steem as the prices retraced today
@firepower, it does really seem like everything we're seeing in this declining market is ALL about BTC and nothing else... the "sheep effect." BTC is taking a dive because of uncertainty over fork/split... and everything else is blindly following even though it's not the fundamentals of the alt coins that are in question.
Does make we wonder if-- on the rebound-- people are going to look to Ethereum to become the new "gold standard" for cryptos... and BTC will be toppled as king of the hill.
Meanwhile, Steem is still Steem and in decline through no fault of its own. At some point soon, we'll see a bounceback... may not be till early August, but it's coming!
You laid it out perfectly! This is one of the reasons that I truly believe that Steem can succeed in the long run despite all the FUDsters out here and anywhere else! :)
Yes, buy steem while its low, I think it is a great investment. Since so many people make a lot of money on this platform this catches the attention of forum users who use forums daily. If we are going to use a forum why not get paid for your time and effort. This platform will be bigger than reddit one day and will hit 100$ a coin.
I hope it does <3 100 a coin! Gosh that would be amazing.
if it did hit 100$ you would be filthy rich
I see a time in the next 12 months where Steem will be $10. The marketcap of all the coins will go to several 100 billion over the next 2 years raising all coins so anything is possible I guess. I never say never especially in the crypto world
true that!
I would be thrilled to see Steem back at $2.5-$3 a coin again! But wouldn't mind if it hits the levels you want it to! :D
I think will see the price go back to $2.5 and higher this year already.
Agreed! Steem has to be the most undervalued currency atm. Even when we peaked pass $2 it was still highly undervalued. ^_^ Once segwit is passed and the bear market is over, we're back up and beyond. The opportunity is now!
I'm hoping for the same thing!
Maybe, but there seems to be a bunch of Steemit competitors popping up, and more in the pipeline, so be careful.
True, we've also just signed up for Yours.org but it doesn't really compare to the Steemit platform, in my opinion.
There have been quite a few projects in the pipeline from last year but there's nothing that's quite like Steemit
Ditto👌👌
It is a good strategy to buy at 0.70 and 0.80 but I am 90% sure that steem will go down to 0.50 or less and it is there where there is a great opportunity for investors, now if people have a lot SBD in the wallet keep it there because if you try Sell it for steem would be losing, and expect its price to rise, now there is also the opportunity to invest in other crypto that are at a very low price for a future that will normalize a little the market due to fear of the bifurcacion Bitcoin will climb tremendously Its value, and possibly even Bitcoin if everything goes well it could reach the 3500-4000 dollars to finish this year I wish you all the best @firepower and success
Thank you! That's just an expectation that I have but if it does go lower than 70 cents I'll be there to pick up some more for sure! :D
Thanks for the comment man! It was good to read this response! :)
I think that steemit will be the first social network in the world because it has the potential to be, it is a new concept different in the world in the social networks, it is time to invest a deep money And time
Thank you for this post,
How could Steem be the'first so Ian network in the world'????
I think he meat the first social network to reward users to participate!
Now have you recovered due to the accident you are experiencing? Good information about steemit. Thank you for sharing information. Because we know more about steem
Thanks but nope! Still got rods and screws in me! ;)
how can it be? It is very painful. Are you able to walk? I pray that you will be well and healthy again.
yep! :) Thanks
You're welcome :) Can you help for my post? I'm new to beginner. Please guide you to be successful in steemit and I can help my family.