The Steem blockchain: Value the product for what it is, and not what it is worth
Steem is about the same price as I started to invest in it 1 year ago. I enjoyed the ride from 1 dollar a Steem to reaching 8 dollars and yet I didn't sell anything. Why is that? I guess looking back at it something in me had wished I sold at this point, being able to buy much more now when seeing Steem at the price of under 1 dollar again.
Value the product for what it is, and not what it is worth
Surely I could not look into the future, if I could I would have predicted this fall and of course sold everything I had to be able to buy much more today. But without these superpowers and little to no knowledge on reading a market, I believe I made the right choice back then.
I might not have the skills to read the market, but I sure do know when I see potential in a product that has not been unfolded just yet
Sometimes it is easy to get influenced by others opinions or just by looking at the market and think: it will never happen. But deep inside myself, I know steem will be much more worth than 8 dollars one day. It simply has too much potential and if we should fail to ever see this happen, I would claim the world was wrong and I was right and then happily lose the money I invested. (Please world, be clever)
You don't buy after, you buy before!
The big gains come from patience and predictability. I did put some money other coins and some of them I caught before they exploded. But I also did the mistake of seeing something that already took off where I sold merely weeks before.
For example, I brought Iota for something like 40 cents and sold it for the same because it seemed like it never got anywhere and I got influenced by same shitty article telling me Iota will fail for certain.. 2 weeks later it flew to 1 dollar and eventually 4 dollars. God did I hate myself for missing out on that one. Surely I did not directly lose money, but I did lose a great opportunity for an investment I just needed a little more patient for.
But it did teach me that sometimes you have to be patient and when nobody is interested in the product is where you maybe should start to look into it and see if it has reason to get interesting once again?
This "Iota" mistake is something I keep in mind when I look at Steem. I guess you could say my loose of Iota investment back then might earn me more in the future of Steem.
Steem will eventually reveal it's true value: The question is how much is that?
The bear market we are in is for all coins and not just Steem(although I have a feeling this bear market are reaching its end soon). Also contrary I believe the "bull run" we had a while back to 8 dollars was more because of the overall market than just something about Steem. I doubt we have had our own "solo climb" just yet. The one where Steem through some great updates flies to the skies independent of the rest of the crypto-market. Did this bring any specific term to your mind? Yes, I am talking about SMT'S coming in early 2019. I think this might be the point where we will see if we make it or break it for Steem.
When SMT is coming close and (hopefully) getting released on the announced date(s), Steem will be put in another league and with that, it is going to be interesting to see if we can compete with the others that try to offer the same. I usually call this league the "shovel league". Since basically, we don't dig for the gold anymore, we just sell the shovels for those who believe there's gold to be found. For example, will investors and other people find more reason to build their product on the Steem blockchain instead of, for example, Ethereum? I have not a clear answer for this but I am hopeful that the answer is a big fat:
My dear Holm! I've got years of investing experience, I was telling people to get their money out in Januray, February, March. I'm almost embrassed to tell you how much I turned into cash, gold, and silver. I've been living on it all year and can probably live on it all next year too.
Too bad we were not in touch, back then I would have advised you to sell too. But you probably wouldn't have listened anyway. I told half a dozen people to sell at the top. NOBODY listened to me. However I will say this....now is the time to buy!
A comment like this probably makes me look like an ass, a told you so ass. I've never written this on steemit....but I couldn't resist telling you my story in such an appropriate post. Next time you feel euphoric about the price of steem.....time to sell, or at least diversify a bit ;)
Congratulation, you are now my new personal financial adviser! haha.
To be fair though I think there were a lot of signs it was coming to an end I guess many of us were just a bit in the clouds of dreams. Sometimes some realism is healthy I guess.
I already started getting some more buys in slowly. Also, my hope by having a few other coins of interest, if some of them were to rise before steem, I then could turn it into steem. That is my strategy anyway.
It must feel good to sell at the right moment, just as it has to feel good buying.
You better let me know next time!
I wish I sold the IOTA i bought just before it exploded. I still own it.. hahaha! :D
It's not about the money for me anyway... Having it would not hurt though.
@world-travel-pro, you told them to sell. Did you know why? Did you actually see the fall? How?
Parabolic moves and euphoria are strong indicators of a top.
Thanks Holm. I hope there is a next time to sell that is good. My confidence in general with cyptos and steemit is just that there isn't a long enough history with this stuff to really gain much confidence. All things have a beginning middle and end....I just hope we are still in the beginning here in Steemit world.....I think that we are ;)
I'm secretly hoping that you are right. New to this whole world, I was convinced easily by a new friend to check it out and I look forward to becoming a small part of it. Hoping to make a first purchase soon, may it not scar me for the future of crypto!
Thank you. Just remember look at your assets as a whole. Then think diversification and preservation as your top two priorities. For one to put ALL their money in Steem or anyone investment is pure insanity and great way to go broke (not saying you are/would do this). Invest what you're comfortable with, invest what you can afford to lose and you never know, you could hit a home run!
Haha, that is great, insightful wisdom as I had planned to simply invest in Steem alone. This is a big world and I'm not the slowest learner but I'm looking for hands to hold.
Glad I could help :)
I firmly believe that STEEM is the Bitcoin of future social networking websites. I am buying and holding as many tokens as I can to see what happens over the next 10-15 years.
It's hard to nail the perfect trade. When looking back I have also my regrets of not selling at a good price and buying back cheaper. It's probably that I am not good for a trader and hodling suits me better.
With Steem it is a bit difficult if you powered up because you need to wait some time if you want to power done and sell, but once powered up I think you should hold the coins in Steem Power. You can see it as a long term investment.
Yes! I usually just go for the big swings in the trading. For example, I don't care if I brought steem for 80 cents or 90 cents. But as long as I got them for the good price knowing that soon it might turn around. You don't have to hit the very bottom when you buy, just be close! :)
Of course you can't get the exact top either. It's about the meat in between.
Interesting consideration. I am still quite new to this whole crypto world so I can´t really contribute here but it feels like the overall expectations about the launch of SMT are huge here on Steemit :) Hopefully, they will be met :)
If it is done right it will be huge. But I guess we can first be a hundred percent sure on that once they launch it!
Please don't be upset for past. I think we should find good for future. As trader on stock market I am appreciate your prediction. I think so that you think that steem will rise too high. We just keep patients for that moment. Hopefully there wait a blessing market for us.. Thanks for your valuable thinking.
Thank you @silentsteem, yes let us keep patient for the moment and we will get to ride another bull run, that is for sure:)
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thanks for info ;), well written
I think it would be simpler to understand payouts if they just listed the payout value in Steem and not in US dollars. I like that it's not in SBD payouts anymore. It just further complicated it. Now with the value in dollars going down, nobody wants to post. But it's still paying out the same amount of Steem. The broken SBD peg also led to larger payout expectations I guess.
Well, your post is more about the market. I still have yet to sell steem.
Well at least they have improved that a little. Now you can at least click on "the dollar payout" to see how much that is in steem and steem power. But yes, it still makes little sense to me, maybe it is because it is easier to understand for the masses? I would still prefer it showed in just steem.
Well many complains about the price drop but those are the same people who said that they will buy if steem goes in dollar back again and now they are saying price is low hahah what an irony steem is the best blockchain project i have ever seen the only one with a vision in mind
Thanks for sharing this blog @holm
Great thoughts on steem investment. Motivational advices for investors in long term.
Have a great journey thru steemit