When the Steem price drops 63% in one month from $4.50 to $1.70, yes it feels like the drop on a roller coaster. Like a roller coaster drop, I have experienced feelings of fear and anxiety today. A lot of us are programmed to deny or ignore these thoughts and feelings. After years of doing that, I find today owning up to them helps me move through them, stay rational, and avoid the self-sabatoge that comes from making decisions in the middle of feelings of fear.
Yes today has been a challenging day after seeing the Steem price drop at https://coinmarketcap.com/currencies/steem/ and thinking all of the thoughts coming with it. I have had a few thoughts questioning whether going all in on Steem was foolish when that meant giving up a lot of earnings from selling new video courses. With watching the price drop, I regretted not powering down once in 2018 when the Steem price was $3, $6, $9, $6, $5, $4, $3, $2, and now $1.70 today. I have felt and faced the irrational fear of being out on the street unable to provide for my family despite being in a better position than ever today to earn.
The question I ask now is what can I learn out of this? How can what I have experienced today be useful to someone else? What opportunities does this create today? We see the answers in the rest of this post.
HOLD!
First and foremost, now is the very worst time possible for a panic cash out. I know because I did exactly that with Bitcoin when it plunged in 2014 from a high over $1,000 down to as low as $170. I started buying in at $600 and thinking it would go right back up. My plan was to quickly double my money.
After months of failed trading as Bitcoin declined down to $170, I finally folded under the pressure and sold it all which at the time was about 40 Bitcoin for about $200 each. Calculate how much that 40 BTC would be worth had I held it until today instead of selling it all for $200.
If you're lazy like me, I will do it for you. $306640 at the moment despite the market for Bitcoin being down about 66% since the high at $20,000. Let me state that another way. I sold what today would be worth about $300,000 for $8,000 three years ago and managed to lose $5,000+ more before that trading because I got in with no exit plan and I folded as soon as the market tanked.
Price Drops are a Test of Faith!
I still believe the Steem price will again reach close $10 this year along with $20 to $50 within a year or two because we are making the only blockchain that in my opinion has the chance to replace Bitcoin as #1.
What I hope to share in this post is how I work through the waves of fear that come with a price drop and stick with Steem through the drops. I am actually excited the market is going down because I hope to see many of the cryptocurrencies that are just faking and scamming die while those like Steem making a real difference in the world thrive and come out way farther ahead in the next pumps.
Thus, I will be continuing to hold my Steem power and staying all in on Steem because ...
Price Drops = Path to Profit!
When the SBD and Steem prices spiked, everyone that had been contributing daily on Steem was in the perfect position to cash out a lot. Selling most of my author rewards in 2018 has allowed me to make the entire downpayment on a house for which I am extremely grateful! That was possible because for months when the price was lower I just kept posting every day regardless of the earnings. You will notice I continue posting regardless of how high or low the price is.
The trick is to be in position BEFORE the pumps happen. A big drop is the BEST TIME to get in position for the next pump when we combine that with patience. With Steem having been as high as $9, we can be sure $1.70 is a great price to buy more and have confidence the price will again reach $9 in a month, three months, six months, a year, or whenever it is time. When we invest long term, we realize the largest gains from compounding where earnings produce more earnings.
Albert Einstein - Compound interest. Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.
Buy Low Sell High!
Our feelings often tell us the exact opposite of what we need to hear investing. We get excited and buy high when everyone else is buying because we think it will go up forever. Then when the price drops we sell out of fear of the price going low. Most of us think we are smarter than everyone else and we tend to pay the price when we review the data as I learned the hard way. When we go against what the crowd is doing, we feel insane buying when everyone is selling. We then feel insane again selling when the price is high and it seems crazy to sell out of missing more profits.
I bought about $50,000 worth of Steem at around $1 when so many people said Steem was going no where and it would always stay at a $1. When the price spiked for SBD first and then Steem I sold most of my author rewards for months. We also worked together with our budget proposal system to fund $50,000+ in projects designed to grow Steem before the price tanked.
Thus, this price drop is the opportunity many of us have been looking for to power up and earn big.
Wait to Power Down!
I have thought a lot about powering down today. I have had negotiations about how much to power down and questioned why I did not power down before. I tried a power down once last year after the price went from $1 to $1.82 just to say I had done it and to pay Steem related bills like witness hosting for three months. I then regretted that power down for months as the price went up.
The trick with compounding is to take advantage of the earnings helping us make more. This means when we get interest, that interest then earns more interest. Earning 1% a day might not sound like much but earning 1% on top of 1% adds up ridiculously fast. In just a month, earning 1% a day on $1,000 yields over $300 in profit.
With Steem, our earnings compound like crazy because the more we have, the more we can upvote. The more we can upvote, the more we can earn. The more we earn, the more we can upvote. The more we upvote, the more we can earn.
Powering down causes a huge disruption to this positive feedback loop while avoiding a power down allows our earnings to get flat out ridiculous. When we want the value of our Steem to increase, ultimately it comes down to not powering down.
Despite crazy irrational mental pressure today to start powering down right at the worst time possible, I am still not hitting that power down button. At a minimum I will wait until I can sell at $10+ and realize capital gains on my investments allowing for a flat 15% tax instead of nearly 40%. This was my plan buying in and today was a test of faith whether I would stick with it. It seems easy when I remember my mistake before with Bitcoin. Our mistakes are our chance to learn to do it better!
How to Earn Without Powering Down?
Unlike Bitcoin and many other cryptocurrencies which offer little opportunity to earn just by holding, on Steem we have a very powerful way to earn while holding! The ideal solution to earn some without powering down is to sell SBD earned from author rewards and/or voting bot returns. This allows us to constantly increase our principle AND get a payout.
When the Steem price spikes, our payouts get crazy and make up for all the down times. When the price drops, we do not actually lose anything because we are not selling. We just get smaller payouts for a while which we can even power up for a chance at massive rewards later. For example, when the Steem price was $5 and fell to $2, one could say we lost $3. However, when we do not sell at $2, we really have lost nothing. In fact, when we hold until the price goes back up to $10 and then sell, we in fact made $5 despite the drop.
2 Powerful Ways to Earn Without Powering Down!
This gives us two basic options to cash out. For those of us active as curators and authors, we use our voting power every day and earn both by self voting and from mutual votes with others where those we vote up tend to vote us back. We then can cash out the SBD earned each week while enjoying larger voting power from the curation rewards, author rewards, and interest. We constantly increase our stake without touching the principle. When we can afford to put it all back in, we set ourselves up for the most success as I did for the first 6 months on Steem where I powered up nearly all of the SBD author rewards I received turning an initial deposit of about 30,000 Steem now into 112,000 Steem Power 10 months later.
For those of us not interested in upvoting and posting daily, we can simply delegate our stake to a voting bot to get regular payouts. My account is a voting bot and makes automatic daily payments to delegators with a minimum of just 10 Steem power while also funding growth projects as explained at https://steemit.com/steemit/@jerrybanfield/10-ways-to-fund-a-steem-growth-project. I cash out alongside hundreds of other delegators through my daily delegator payout which is combined with my author SBD earnings. I then hold the rest which allows me to keep increasing my stake while also satisfying my desire for a payout each week. When prices are low, I get a smaller payout. When the prices are high, the payouts are ridiculous!
While my bot pays about 1 Steem a day for every 1,000 to 2,000 Steem delegated depending on the price, other bots actually pay out more while not providing any funding to projects that help increase the value of Steem. The Steem Bot Tracker at https://steembottracker.com/ can help those of us wanting a full payout all to ourselves locate a bot that will give us our highest payout.
Bid Bots are Best During Price Drops!
Tonight for the first time in weeks I have seen bid bots at https://steembottracker.com/ paying out a profit! As Steem users see the price drop and panic sell everything, less of us can afford to throw money at a bid bot to promote our post by sending SBD or Steem with our post as the memo. This leaves those that still have some Steem and SBD able to turn a profit easily out of bots which helps us to promote our posts, earn more SBD, increase followers, and indefinitely increase our voting power!
Enjoying the Ride Together!
Our feelings of fear when the price drops are just like the fear we experience going down the big hill on a roller coaster. When we help each other stick with it and stay in during the down times instead of jumping out of the ride to our death, we all come out way ahead when the next big buying season begins and we start going up the big hill before the next drop. If we are lucky, we may even actually enjoy the ride together!
I hope this post has been helpful today for reacting to the massive Steem and cryptocurrency price drop which has been my biggest challenge today. Thank you for reading this post with me and I appreciate you making this journey with us today on Steem!
Love,
Jerry Banfield
PLEASE PLEASE PLEASE DO NOT LISTEN TO THIS FUCKING IMBECILE AND MAKE YOUR OWN DECISIONS!
@JERRYBANFIELD KNOWS ABSOLUTELY NOTHING ABOUT CRYPTO, HE JUMPS FROM COIN TO COIN UNTIL THE COMMUNITY TELLS HIM TO FUCK OFF THEN HE MOVES ON, JUST LIKE HE WILL HERE.
MAKE YOUR OWN DECISIONS.
STEEM WILL NEVER, EVER HIT $50 OR EVEN $20 AS THIS MORON CLAIMS.
@berniesanders, How about 10 - 14 SBD this year, you'll still say no? I wonder whose prediction will come true, yours or @jerrybanfield's.
:)
wonn
Make your own decisions! Yes.
Steem will never hit $50?
No one knows...
I HODL.
BUY HIGH AND SELL LOW! Thats how you keep your customers!
..kidding of course...
Dont follow the price every day unless you are trading on it, there is really no point...at least IMHO
I've said this before on my previous blog when Steemit started dropping two months ago,
"Mentally, its always sad to see your account value or net worth dropping on paper; This is just a paper-loss, and doesn't MEAN ANYTHING, unless you panic sell with everyone. "
So Steemians,
PLEASE HODL!
i started buying steem a couple of days ago and i plan to hold. After stumbling upon one of your videos on youtube you convinced me on investing in this platform and for that I thank you. I live in Venezuela, a country ruled by a dictator with a crushing hyperinflation and crypto is a means for me to safeguard my money. While others are running away from crypto im taking refuge in it.
Do you think it is a good strategy?
using a socialist for neo-liberal economics "memes".
Ironic isnt it?
Hahaha!! It is like that pacific rim, everyone is connected with others through one way or others.
hahaha, love it
LOL, did you make that? It's awesome.
thanks
I get you bro, im from Argentina.
Great time to buy Steem you made a good investment.
where do you buy steem?
from bitshares.
Binance and HitBTC trade STEEM but the latter have wallet maintenance now for quite a while on STEEM and SBD.
Also you can buy STEEM and SBD through @blocktrades
thank you!
You can buy Steem at Binance with the link below.
https://www.binance.com/?ref=11627822
If you want to know where to buy a coin you can go to coin market cap (link below) choose a coin scroll down then click on the markets tab and you will see all of the exchanges the coin is sold on. https://coinmarketcap.com/
Thank you!
Localbitcoins -> Blocktrades -> Steem
awesome! Thanks!
what do you think about Petro? I understand your plight. the whole world needs to fear hyperinflation
PETRO isn't a cryptocurrency, is an illegal issuance of public debt, not approved by the venezuelan parliament. It will allow the corrupt Narco-tyrants to conduct money laundering and lead naive investors into an uncertain promise that someday, somehow the venezuelan government will honor their commitments.
If you read the Petro white paper, you will find that not only is it poorly translated, but it also has major inconsistencies in what to an ICO is. The website is faulty, the way you conduct business with those guys is shady and
Buying petro requires you to sign a contract that is between a buyer and the Cryptoasset Superintendency of Venezuela. As a trader you shouldn't be signing contracts with Venezuela’s Central Bank, which, according to the Venezuelan Constitution, “necessarily and exclusively exercises the national monetary competence".
Also, the fine print also requires the buyer to assume all obligations, while the Crytptoasset Superintendency assumes none – signing is no PTR guarantee. The same contract states the venezuelan government's intention to personally identify you. So having your privacy put in hands of the same yokels that like to trade uranium, arms, and drugs with terrorists worldwide would put you in a very uncomfortable spot.
Many traders like to keep it anonymous and buying PTR reveals your identity, making yourself open to extortion.
The fourth section of the agreement is particularly full of bad intentions: for it requires the buyer to commit, irrevocably, to acquire petros without any information on the mechanism by which the price will be determined.
It’s a formal and binding offer to buy petros using dollars or euros, and the Superintendency reserves the right to change the unit price of the Petro.
No clause in the contract mentions the heavily-advertised claim that each petro will be worth “the international price of an oil barrel with discount.”
So to keep things short. Stay away from Petro. DONT TOUCH IT even with a ten-foot pole.
Agree 100% 👍🏼
If you traded the Petro with someone else in the usual way how does any of that contract stuff matter?
When asked why a cryptocurrency has value, the answer is "usage!". Currencies hold value when people use them and rely on them. When you use Petro, you give it value. When you give it value, you're enriching Venezuela's corrupt government, their corrupt friends and their drug cartels.
It sounds extreme, but it's only logical.
Was hopping UET had some value as a prank, joke, novelty coin. It started out being $.25 for a short time then dropped to $.10 where I bought and went back to $.17. Then down from there. I didn't sell because I thought it would take off like the pet rock years ago.
None of that is relevant to what I asked though?
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Get lost, spammer.
I just read today Trump banning U.S. investors from PTR. If so then he knows it a scam.
This is what I think of Pedro:
Honestly, people running away are the ones who got into crypto because some guy they know said it's going crazy and they bought in. Yet once it started hitting a bear market they panic sold. I think we are due for a bull market here soon. With you in Venezuela, pretty much any other currency is better than what you have to deal with.
hello good afternoon we exchange votes
There are a whole bunch of the top 50 coins down the 60% mentioned for steem. Spread your invests out.
To be honest, steemit had big potential to grow. I too, invested into steemit a while ago. I made good over 10k. I live in Russia and this money is enough to live for a couple of months. Good job @steemit.
I agree with you 💯 I invested to
HODL when the price drops and take advantage of it by buying more coins and again HODL and wait for it to rise again!
Sold my steem today. This platform won’t last a year.
@ambitiouslife lol and you sold? 2 SBD? what a lack of faith
Yeah, unless he/she has another account, I don't see any sales in the wallet. There isn't enough Steem in this account to pay the transfer fees, much less buy a cup of coffee.
you realize you can own Steem elsewhere, right? lolz
Lol, how many steem to do have to sell? No need for panic, you just joined. We are in for the long Run...HODL / power up ...best days are to come.
You're clueless, next time you post something think about it and do your research.
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Steemit would be better if you left, spammer.
Well, you didnt have any steem in your account so if you sold from your exchange you should have done so long ago. If not and then you are just full of it, good luck
Maybe he has another account (?)
People have been saying that since the start
And about all cryptocurrencies too.
You just received back your steem portfolio... :)
Writing this on a platform that's turning 2 years old. :P
It has over 700 million users, I think, and the number is growing very quickly. This is just a slow-down. I expect us to reach the billion this year.
It's just hitting 800,000, lol... Not that figure.
Bitconnect turned 2 once. Lol
What does that have to do with anything? You wrote that this platform won't last a year, but it's going to be 2 years old soon.
... won’t last another year. It’s going to be full of bots and will implode. Lol
Thanks for the information :)
thats right 👍
i agree with you, its just a matter of time
Agreed! we also need to post daily and put ourselves in the best position like @jerrybanfield said. We are be able to come on top when the price starts booming again 🙏
Very true
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Nobody is going to read your garbage posts, spammer.
Very true @purepinay. Thanks for sharing such a powerful thought, in form of a quote.
my pleasure, @degreatmyke ^_-
I really don't understand why people are stressing out when there's really nothing they can do other than to keep on STEEMING! am actually listening to an upbeat song right now and enjoying the DIP! hehe
Let's share good vibes!<3
Totally agree! I feel like this is a wonderful time to be involved in this. We've lost nothing as long as we just keep on steeming! In fact, the rewards will grow and grow as we patiently wait, and what we're earning now will be worth so much more!
nice comments
yes.
its a ponzi scheme, stop being so naive and stupid
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Very good advice. When you are thinking of selling you have to ask yourself: why is the other person on the side of this transaction willing to buy? What do you think they aim to gain?
Crypto investing has to be seen from a long term perspective. I just listened to an interview with the creator of IOTA and he said people are too impatient. Most crypto developers want their technology to be as good as possible so we as investors have to learn patience and think like big companies do.
When big companies like IBM invest in Stellar Lumens or Bosch invest in IOTA they do so from a long term perspective.
Well, I've sold during the most horriblest of dips in cryptocurrencies and let me tell you: people will buy trash thinking that they're owning it. I once bought XP for 3 satoshis, it reached 34, I sold at 22 and it kept going down to 7 sats and stayed there for months and months. I don't think it has recovered or that it will any time in the future.
yeah,keep patient
There are pros and cons to the fall in the price. Con - less SBD payout per post. Pro - great opportunity to buy more Steem. I really hope people take this opportunity to pick up a few thousand Steem and become Dolphins. I'm still deciding when and how much more money to throw into Steem.
Let's face it, the chances that the price of Steem not recovering at some point in time is very slim. People just need to survive without cashing out.
Good point. simple and clear. At this moment, positive: we can buy more Steem, negative: if we sell Steem now, it seems not good price, very low benefit.
the downtrend was obvious, as a newbie to system I saw it as an opportunity** rather than a threat. you can read my post on it. and this is the chart I referred:
Nice chart idea! Do you have a TV profile?
if you meant to ask Jerry, yes he has youtube channelsharon if you meant to ask me, I only have twitter, linkedin and steem: all of them @honarparvar
It may be a good time to trade STEEM to SBD when the prices flips over like this
Or do you think it is STEEM's turn to moon hardest this year?
Sure I'll hold until my fiat is exhausted, I hope the dip doesn't last for much longer.
just an idea, not an advice: cash out a bit, we will see some dips again
How about learning to Trade ? Say, Shorting STEEM: Sell it now and buy more in a cheaper price after a few days. In this way, you are still a believer of STEEM, but you can get more STEEM from the drop.
You can't short steem - none of the exchanges offer the ability to do so.
That's true too, but I don't intend to daytrade with Steem. I just want to earn and grow.
No shit Sherlock...
I am with you on this thought @purepinay. faith @jerrybanfields move mountains.thanks beautiful sunday to you both
right now I will take care of everything you say.
@purepinay @ilejerrybanfield
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saved
Hmmmmm am short of words
I have earned over 26% for the past 3 years per year investing in the stock market. I hav e18 years worth of knowledge in this field. I can tell you 1 thing for absolute damn sure! Your a freaking idiot and not going to have a dollar of savings for your family because your a greedy dumb fuck SOB that thinks cryptocurrencies are actualyl a real form of investing! LOL dumb fuck
It's mad how your account value can drop so quick hopefully it's goes soon ⚡⚡ great post my friend
HODLGANG
src
👍 good meme
👍 good comment
Will smith right? What is he doing ? In fact its so amazing to me, i wish to understand this picture
It's from the Men in Black movies. The character he's playing is holding a future device that makes you forget what you just saw.
Awesome, love Will Smith. Hold on. Never Let Go, (NLG).
So funny lol
helpful words. Every Steemian is facing hard time but it is my hope that tells me that in near future I will be laughing when I will remember this time as this time will pass quickly by the will of creator.
Is quite reassuring Jerry that you are making this post right now. I also hope many s***coins will die, releasing hundreds of millions for actually working Blockchain projects. Until now we just observed one of the most significant bubbles in history. Now is time to test our nerves and the ones of real investors.
I am quite bullish on Steem, as I mentioned nine days ago in my post;
https://steemit.com/bubble/@santana33/btc-bubble-and-steem-time-to-buy
So, we indeed confirmed the despair phase and got even lower than a week ago. Google made their part, what a shame Facebook, Google, internet 2.0 being the bullies in the class... This week ahead we have the G20 trying to put regulatory pressure on cryptos ... We will see maybe even the worst time, but those who HODL and keep participating, posting, investing, etc. will be the ones to reap the rewards not too far from now.
One point more to add, while Steem is down, SP rewards go higher, right now for each 100 STU, you get 37.5 SBD and now 22.5 SP,!!! which as you mentioned pulls up your future rewards and turn your account into a snow ball thanks to compounding.
How not to be bullish on Steemit then!?
Weak hands loosing.
Strong balls survive (and wins)
As everywhere.
As always
Noting new under the sun.
Just
H O D L !
Did you hear me ?
I remember my first panic cash out, LTC dropping under 10$, I'm still crying on the inside
Yes I forgot to mention I did the same thing and dumped about 100 Ethereum at $14 ... I think many of us do this because we do not talk about it with others before doing it!
And all those Dash masternodes which Suppoman will never let you forget ;P
I remember selling some of my NEO last year during all those Chinese ban and FUD
incredible information, very useful for me as a newcomer.
My only advice is that when you invest in a coin, count as if you lost that money, forget about it and most importantly only invest what you can afford to lose, good luck!
good point
I really needed to read this post to encourage me to hodl. I’ve thought about so many things
Should I sell
Should I hold
Should I power up
I’ve been confused
Now atleast I’ll try and hodl and good for the best!
Thanks for sharing @jerrybanfield
I think you should power up ;)
Sell it! Bitcoin zero
hahah Bitcoin zero what? If you think Bitcoin is going to zero you just don't understand crypto. Even Bitconnect didn't go to zero.
I very much agree with you. My friend Warren said that Bitcoin is zero.
yeah, the best things is to hold your coins for benefits :) good luck
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I always try to hold my bags, its hard and it hurts but doesn't hurt as much as missing a big pump.
Ayy. One way or another we have to make mistakes for us to learn. :P
Very useful to me, although a little dizzy to understand it, this is the material of the seniors.
My goodness that sounds painful, but what a great lesson though..
I can only imagine how bad this must feel! I'm trying my best to not lose my faith, but it's really hard when you see your portfolio consistently dropping. For example, I bought IOTA at 4$ and I'm still waiting for it to rise
Happy bagholding to you, @jerrybanfield.
I wanted to sell some but poloniex blocked deposits. Almost 2 months and still My ticket is unresolved. When I deposited steem was trading around 6$.
Great tips :) Definitely will HODL!
in that period, I bought some steem and the other coins.
It is a time to buy coin when many people sell the coin.
It is a time to sell coin when many people buy the coin.
If you don't rely on Steemit for your weekly income, good for you. You can ride this wave of red and stay put. You're lucky if you never had to power down. April might be even more bullish than December. Who knows?
My recepie is to think about utility of tokens I have. Not their prices.
This article is extremely helpful! I am holding too, for as long as it takes with expectations that one of these days, our Steem will increase in value more than 10x. Seeing it happening before and recounting the euphoric moments can make one more confident, knowing what Steem is capable of and has already proven.
This is the same thoughts that I have regarding the price drop we see to day.
Power up is the one thing to do at least during 2018 which I see as "the battle of SP"
For me the price of STEEM can drop even lower because then I can get my hands on even more STEEM for very dollar I buy for.
Regarding the price on STEEM the next couple of years, I think we will see the $100 mark.
So, power up and keep the STEEM coming :) So this was joyful reading @Jerrybanfield.
Kindest regards
@Gyldenhorn
i think it going to be down for a few months at least with this drop
I say keep and build steem power; people can't easily become a whale like you without investing. Additionally, keeping steem in steem power will make your hands stronger (no impulse selling allowed), keep you from easily getting hacked and all your steem being lost, and keep you earning at a regular rate. Thanks for helping to motivate steemians to keep steeming and keep having faith in the Steem Blockchain and Steem/SBD Economy. :)
Yes, you are right. Only option to avail right now should be HODL. I have done some forex trading before coming to Crytpos and I know how it feels and I have already learned how to keep yourself calm.Only thing which I am worried about is I wanted to sell my some investments and wanted to buy MacBook as I need it very badly but this bitcoin doesn't seem to go up again in near future.
Regardless of how bitcoin performs, I think everyone on steem should wait for SMT's. I am sure when we get them launched, it is going to be a bang for steem and SBD.
@Cernovich agrees, it is generally better to invest than to day-trade.
I honestly think this should be a wake up call for the whole steemit community and while it's a hefty blow to morale, it can be an opportunity to open the market up to new people and new developments. Certainly 1-2 USD per Steem is a good price to be thinking about joining the community, higher than that gets a bit dubious when you consider what the platform currently offers.
What I think should be number 1 priority this year for the platform is to develop a solid business case for buying Steem. There NEEDS to be an actual reason for someone to want to buy Steem, or hold on to Steem, or exchange Steem for other things, outside of Steemit shenanigans alone. Because the payouts don't mean anything if no one is actually buying more Steem from outside, do you realise that? If people as a whole raise their arms and think ok I'm out of the Steem biz bro, then how exactly are you "making money" with your blog posts? You'd be accumulating some number in a currency that has no use.
Unfortunately I'm not a developer, but a "pay with Steem" payment portal addition for external websites would be absolutely helpful. I myself design and sell clothes and other art stuff and would be more than happy to sell stuff on this platform, but truth be told I'm not amazed by what's out there. Does Peerhub still work? I had a look and everything on there is from 2 years ago. Is there some other marketplace?
Stuff like that would help the use case for Steem, as would other ideas that I don't have at the moment. I mean even Bitcoin has actual use now because people can pay for stuff with it, not just buy and sell it at exchanges. The exchange crypto trading game is by far the most damaging aspect of it all, that alone will never sustain any cryptocurrency.
As much as I have my problems with the platform, for real at least it's doing something that actually works for once. I've seen the cryptocurrencies come and go since about 2012 and for real 99% of them are unnecessary utter garbage. Completely irrelevant. Try if you can to find coinmarketcap with waybackmachine or something from 2013, 14, 15, 16 etc. I GUARANTEE you won't recognise like 90% of the coins even in the top 10 let alone more. That's because they died, because they never did anything in the first place. Steem does something, we are here writing on the platform running on its backbone. That is special, and it needs some hefty business thinking to make it actually work and prosper as an enterprise.
We continue to have brilliant people joining our community and I am confident that it is a matter of time until more ideas come up on improving Steem significantly.
Thanks for the words of wisdom! I needed to hear this today for sure! Compounded with other life situations, a beating in the market like this can really get you down. I’m working hard at staying positive because I do believe in the long term fundamentals of STEEM and Steemit! I just started in December, so my experience here has been rather dramatic! Lol 😂 Thanks for the post! It’s great to pull off others strengths. :-)
Last time my brother in law panic texted me bitcoin was $1,000. Then I find out at bitcoin $3,000 that he had sold :-(. Last night I received a panic text even though he is still up over 10x on his ethereum. Desperation is out there but seems like we are close to a major bottom. Hodl on steemians. The light is at the end of the tunnel.
Dollar cost average starting here or at least lock up your private keys so you can not sell . You will thank yourself years from now.
Sir Jerry you r the best. You motivate me to keep going...
Now is the perfect time to be buying into the market in general with USD, and STEEM is a particularly undervalued coin given it is actually delivering a functional value to people, unlike most crypto right now. Buy low and sell high. Well this would be that "buy low" time.
This was a rough one.. I hope STEEM rebounds soon..
I have believe if cryptos price will be rise on mid year, so today is time to hold and convert steem or SBD to SP
Great Post Jerry.
This is just investing basics - Buy low, sell high, accumulate on the dips.
I think to many people jump into cryto without doing any research and expect HUGE gains in a few weeks because a "friend" said to buy a coin.
Just invest in coins which you have researched and believe in.
Don't buy crap and sell when at a loss.
Good luck to everyone :-)
I personally am just going to hold and perhaps power up some more. Cheers mike
If you use the Fibonacci principles this is the perfect time to invest in Steem. Also having in mind that there is huge support on 1.60usd I think we should not worry that much. We survived so many crashes and this is just the next one:)
@jerrybanfield Any bid bots you would like to recommend?
Thanks
It is because of you jerry that I joined Steem back in Oct, although Steem is one of my long term holds but I do like other cryptos as well and everything is so cheap right now that I am just accumulating :)
Great article. It's interesting that everyone gets this fear from the price drops. It's just temporary, like you said the scam coins will be left out long term. I like your example of the roller coaster, we are not jumping out to our deaths!
i started investing in steemit when the prices were on 6$. i bought steem power for 1200$ and took a loan from my dad from his savings. i asked him to give me money for only a month and i promised to gave him back. the day i bought the steem it went doen on 5$ i was okay with that but it never came up. its been 4 days and today price isn 1.70$. i have no idea how i will return my father's money in 6 days. but when i read your story about how you trade your BTC on such low rate and now if you had them you would be so rich. i hope the prices go up and people like me who have invested in steemit taking the risk would pay them off. hopefully things will get better it just need a little time
How can we earn by Bidbots because if we purchased any upvote and after that steem price goes more down then simply our pending payouts also go down with that, so how we can possibly make profit with Upvoting Bots in such a time where steem price is dropping again and again.
Your payout may be lower, but one Steem earned today will be worth $10.00 later if the price goes back up. So gathering as much Steem as you can while the price is low will be worth a lot more when the price goes back up. Just don't cash it out now or you lose everything you've invested.
Yes this is the case with all good Cryptocurrencies available and who holds them tight till the end got most out of it.
yeah, exactly, totally agree with you :)
You're right, it doesn't matter if you make 20, 30, even 50%+ return on a post you bid on if the raw price drops this much in the time it takes for the post to pay out.
It is tougher if you want to cash out too soon.
This morning I sold everything I still had in BTC, LTC and ETH through Blocktrades and power up my steempower from 1139 to nearly 3000!
I fully agree with Jerry that in the longer run Steem will up again.
And in fact: in the long term I have more belief in Steem than in BTC, bacause of the whole concept of Steemit, Busy, Dtube etcetera: the potential of Steem is enourmous!
I have been considering doing the exact same thing, granted, on a much smaller level lol
Its easy to say hold but steemit is trying to attract professional bloggers who make their living from blogging. Many of those can’t hold and have to regularly cash out to pay the bills. If you can blog on Facebook or YouTube and get regular, steady payments you are unlikely to give that up for steemit where you could see your income cut to a third in a few weeks. We need more consistency of price!
This is a nice post, but I have a simple question. How about upvoting minnows' blog posts with YOUR Steem Power and not selling it for profit? That'll be a meaningful way to show people, at no cost, that you're proactive about helping people get through this time. I believe that the effort would come back full circle in time in terms of follower goodwill and respect.
That'll also be a significant way to encourage others to hold with verifiable actions , so they don't feel as they're such a vehicle/means of ROI, while keeping them motivated to continue adopting/promoting the platform. That's my humble opinion.
Before I used my account as a voting bot to fund projects as explained at https://steemit.com/steemit/@jerrybanfield/10-ways-to-fund-a-steem-growth-project, I had hundreds of minnows on my Steem voter. I decided to change my account to a voting bot to help better fund the most helpful contributions to Steem instead of minnows posting 10 times a day to try to max out my autovoter and then burning themselves out.
The supernatural writing contest at http://jerry.tips/swc has provided thousands of Steem to minnows for writing valuable posts to Steem. I delegate to @minnowsupport to fund upvotes on more minnow posts. I fund projects to help increase what we can do with Steem.
I do my part to help minnows earn here every day and will keep doing that indefinitely!
I appreciate these structured initiatives and this explanation, but my point is more along the lines of seeing beyond that to manually engage and follow those outside of your realm. Was there a reason my comment wasn't worth an upvote to reward my engagement and the opportunity to promote your other initiatives? Therein lies some of my point.
For example, your voting power is 99.73% right now. That's a whole lot of wasted firepower. A few big votes around the ecosystem to people who deserve it could make their entire week and give them the motivation and hope you're promoting. It just takes a click of a finger and is a selfless way to give back to the community on top of the other things you've outlined.
I'm a peon on this site and my voting power was in the 40-60% range for 3 months until I got so discouraged with Steemit, I backed off in recent weeks. It wasn't for the price, it was because of the general behavior I see daily across many leaders being for profit vs for community. If we give without expectation of a reward or an ROI, that's where people will truly find value in the platform and it's more likely to succeed in the long run, in my eyes. At least that's what Steem is all about to me.
P.S. - this is not an attack. It's a discussion I'm keen on getting feedback on from you as a top contributor to the blockchain.
Agreed with you, except that keeping one's voting power near 100% isn't "wasting firepower". It's actually the exact opposite. It seems you believe that depleting one's voting power is wise, but keeping it as close to 100% is how you maximize the amount of payouts you can give. At 40%, your upvotes are only giving 40% as much in payouts as they should be. Very selectively upvoting, keeping your voting power in the 90s, is the undisputed gold standard on Steemit! Otherwise great posts : )
"That's a whole lot of wasted firepower. "
How is it wasted? It's programmed to vote at 100% on a timer.
"It just takes a click of a finger"
...and a breach of his fiduciary duty and promise to every delegator, who delegated to the bot explicitly based on Jerry not using it to vote outside the programmed timer.
Per your clarification, it's wasted as it's seemingly only available to those who pay for it. I didn't realize that, per promises and duty to his delegators (paying investors), his account can only vote via the bot, rendering him restricted from manual votes. Do you endorse this? Is this trend from an evangelist the right direction for Steem Power?
I think it's a pretty lousy direction and sends a controlled/centralized banking message to the community, versus a way to give back to people to help it thrive from the bottom up.
Also, how about a sliver of empathy on the other items discussed, or an upvote for any of those who wrote plenty on this string, since your voting power isn't necessarily locked up from manually rewarding for engaging content? You took the time to position your reply with an upvote. Were everyone else's sentiments not worth the slightest gesture if you found it engaging enough to reply? Encouragement goes a long way when appearing to be focused on picking apart only the items you'd like to challenge.
His vote is for sale(what % goes to help projects?), you're as likely to get an upvote from haejin. (Below the belt yes but even giving out 1% upvotes with that SP could help some folks and where are the projects that help them? & Does a % go to advertising in korea?)
thank you so much for your delegation to minnowsupport, so we new users are improve
Bro. You sell your vote to make money. Keep it real.
With the steem price so low (compared to 5 usd) Im considering moving all my crypto (more then 50 different coins) into steemit.
Excellent post.
I feel like some Steem Whales should start a lending service.
Then we can all power up and stop this endless dropping.
As Warren Buffett said: "The stock market is a device for transferring money from the impatient to the patient.", pretty much the same can apply for crypto market. There are 1500+ coins on the market and Steem is the only one that I gave my full attention, understanding the blockchain and supporting this revolutionary idea and plan. People worry a lot about the crypptocurrency market cap, I get them, a lot of them had invested a lot of money and now this is a huge shock for them, but I've made my mind and there is nothing to stop me from believing that Steem one day can get 100$ per coin and I rather wait for that moment then sell my early invested capital for few thousands dollars, that's something that I could not live with. So stick with Steemit guys, Google and Facebook won't harm us, they can't, they can only slow our process of winning and that's the whole thing, I see this as a natural selection, only the strongest survive, in otherwise, brave ones and patient ones are rewared in a better place in this world, so be one of them.
Why I think that Google and Facebook won't stop us, because we already have a full product, Mark wanted to decentralize FB and that will take a time while we are running and growing more every day. Why Google won't stop us? They already started to block crypto ads and they changed their algorithm, but hey, that's why I like them, they are showing their fear and weakness. We already have millions of people in crypto, we have a lot of mega minds here that can create a decentralized crypto search engine that we can all use to get every information. It's just a matter of time fellas, that will happen too and that's whe moment when we will, because we will be intoucables. Good luck to you all :)
Pull my finger...LOL.
I just had to comment on this. History has shown us that after every major correction/crash, bitcoin and many other cryptocurrencies have returned stronger every time . And this has happened time after time, bitcoin has kept breaking records. I don't see why this time it will be any different. I expect bitcoin to hit over 20,000. It's easy to say bitcoin will be over 20,000 when the market was going crazy but I am telling you now. Bitcoin will go over 20,000 and it is just a matter of time. Of course this is my opinion and not a financial advice but it's not hard to see that history tends to repeat itself and it has been ever since bitcoin existed. So, I am all in on crypto and I will burn down to the ground with it if I have to :D
Thank you for informative post on how to make more money when Steem is down! Cheers!
Hold in long term will bring you a good earning!
Please, please, please, make sure your daily vote power gets used and spread around. I might suggest however that you delegate to some hardworking newbie rather than a curating bot. The long-term health of this platform is going to come from real people using it. I can't tell you the number of upvotes I get worth no steem because the newbie has lost VP and not because they have necessarily run it down, but because they have none to begin with, not even a penny.
If the powers that be want to see an immediate upturn they will consider delegating more VP to those with none. Reward those Steemians that stay active on the platform, that despite the downturn are continuing to read and upvote. Maintaining the health of both steem and the platform, makes us a marketable entity, not just a crypto currency subject to nothing but public opinion.
By the by ... if one has run out of steem powered upvote ... don't let them vote. Limit the number of votes a day to ten. It is not readily understandable to newbies that they can't upvote everything like on FB. I know I learnt the hard way. LOL
The best way to get through this downturn and not be vulnerable to the next one is to empower every single user from day one and to maintain their power with delegation if needed. Rather than putting more power into the hands of those who already have it on steem, might we empower those who do not. It is a more akin to a Keynesian approach, an approach that has seen more than one world's economy come out of depressions and recessions. With this approach we would have new users flocking to the platform and many of these new users buying into the platform.
EMPOWER MORE REAL PEOPLE. EMPOWER MORE PEOPLE. EMPOWER MORE PEOPLE.
The strength of Steem comes from Steemians.
Did I mention empower more people.
Bear is the opportunity situation . Its tough , but its hell of a chance to get things cheap.
yeah
just dont sell
This was good. All steemians should read it. I learned a thing or two. Nice to hear from experience. HodL .............
Great content. Thanks Jerry! I don't feel comfortable with the bots though... I don't know, I just hate to see all those empty comments... Makes me feel like something is not quite there... Shouldn't this work by itself? Why do we need bots? Or the only reason people join steem is to earn crypto?
It's ok Jerry, you're going to be a multi-millionaire very soon anyways why rush it? I sold a lot of my STEEM over the past few months because I can earn more and always buy back in at a lower price (like now).
thank you, very positive and useful post, that what we need for these days!
upvote and resteem!