Steem at 0.10$ huh...? A blessing and a curse at the same time...

in steem •  7 months ago  (edited)

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I woke up this morning and followed my daily routine right before I go to work. Logged in to Steem while still in bed...checked the coinmarketcap page etc...everything a proper Steem addict would do.

And then terror...

Posts and vlogs here and there about 0.10$ Steem and about the upcoming darkness throughout the whole crypto world. You see at that time BTC was kinda crashing, but everyone who has been monitoring how BTC is performing should know by now that a -500$ move down or a +500$ move up is perfectly normal for BTC.

But who can blame them? I was terrified also seeing BTC touching the 6500$ mark.

I told ya...don't trust these things...they are fraud

my gf.

You see what really dragged down the price of Steem USD / EURO wise wasn't a massive sell off of Steem tokens. Quite the opposite actually. Steem had an ordinary day on the exchanges...pretty small volume, at least on Binance that I use. Almost 24 BTC for a 24 hour period isn't exactly a great number...

On the contrary, tons of BTC have been switching hands the last 24 hours hence BTC 24 hour volume is almost 850 million USDT...

Looks like some whales cashed out and jumped back in in a few hours...

Remember I was talking about a really thin market the other day?

Do you remember also where I mentioned that 5...3...or even a single whale can move the whole market up or down at any given moment? It's not far from the truth...

Just look at the total market cap...less than 200 bill $...

Amazon net worth as of November 22, 2019 is $865.52B.

Gооglе nеt wоrth іѕ еѕtіmаtеd tо bе аrоund $300 bіllіоn. Іtѕ раrеnt соmраnу Аlрhаbеt nеt wоrth іѕ еѕtіmаtеd tо bе аrоund $900 bіllіоn mаkіng іt аѕ thе thіrd mоѕt vаluаblе соmраnу bеhіnd Аmаzоn аnd Аррlе. Gооglе еvеrу dау mаkеѕ оvеr $50 mіllіоn соnѕіdеrіng thеу hаd а rеvеnuе оf $97.2 bіllіоn. Тhе ѕоurсе оf Gооglе bіllіоnѕ rеvеnuе 90% frоm аdvеrtіѕіng аnd thе rеѕt 10% frоm оthеr іntеrnеt аnd рrоduсtѕ ѕеrvісеѕ.

No further comments there...make your own conclusions...

Needless to say that I was one click away from buying a couple of bags full of Steem earlier today...but that horrible thought / feeling that we haven't bottomed out yet didn't arm my hand...

I wish I had a crystal ball and be able to see the future...Steem at 0.10$ - 0.11$ is a blessing and a curse at the same time.

It is everything I wished for back in January 2018 and now that it is right in front of me...I hesitate to buy more.

I hear people left and right being so optimistic about SMT's and communities while I still have some doubts...

People count on RC delegations but if a 200 SP account can be fully operational and perform every single daily action they want on the chain without draining their RC's why would people lease RC's?

Am I missing something here?

Don't get me wrong here, you already know that I am a huge Steem believer and I intend to be here and help in any way I can Steem to not only survive, but to shine.

It's just that the lower the price the more stressful it becomes...and way more difficult to recover.

People also need to understand that the price of Steem is bound to the price of BTC hence we follow its direction.

Does BTC go up? We go up too. Does it go down? We go down too...

Until SMT's come out(?)

In any case the next few months are going to be exciting...

Did you grab the 0.10$ Steem chance?

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I did on 0.12$ ... just a little too early but still ok :)

Sweet!

Usually those dumps take place when I sleep...

In the halvening of BTC in may there would (possibly) be a positive price action and along it the price action of steem @mindtrap
It gets exciting. :D

True. You see this halvening will be different.

It has become a bit unprofitable to mine these days...Unless BTC's price jump a lot higher the next few months. So, many my turn their focus on alts...

I'm excited for the next few months too, especially with communities coming out. One other factor to attribute the downward trend for STEEM price this year is that there lacks demand for STEEM.

I believe utility value helps maintain token value and gains made, even through bear markets. (the losses won't be as bad)...Thinking along these lines, I was inspired to start working on Native Ads, which is an upgrade I am proposing for communities (links below), which I believe will add utility value to STEEM/SMTs.


Consider supporting my proposal:

Steem Proposal: Native Ads for Hivemind Communities

Will check it out brother

Great post @mindtrap, yeah it's all linked to BTC in my view, and as you I also think that Steem will go down a bit more before the bottom is reached, though if Appics takes off big time it could turn around quite quickly, they are onboarding a lot these days, those are my thoughts anyways, I am here for the long run and I got no plans cashing out for the coming three years regardless of the price, keep up your great work and stay awesome.

Thanks mate.

I guess till the BTC halvening this is how it's gonna be...

That could be, though BTC does have a fundamental flaw with their scalability in my view, and before they solve that they will never go beyond these prices we saw at the tops.

And this flaw goes deeper that just how many transactions you can put in a block, having 10 minutes between blocks is unworkable for any kind of retail or online payment system, 3 to 5 secconds would work though, however I have no idea if that is doable with their network.

Stay awesome.

I got myself 4538 steem at $0.103 :-D

edit: around 1554 sats per Steem.

Sweet!

We are either wise or suicidal...time shall tell

I'm fine with either 😂

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Wrong month for me to pick up more. i'm down to the last of my money for this month with a lot of things happening. If i had it lying around though i would be picking up more. Even $100 every couple of months builds up very fast and it's not a huge sacrifice. If steem even gets back to 30c in the future you laughing as that extra STEEM will have earned you more in the meantime. Why not go for ti.

We are on the same page man...

If steem even gets back to 30c in the future you laughing as that extra STEEM will have earned you more in the meantime. Why not go for ti.

Tell that to the doubters...

Wouldn't even bother. I'm looking at three years down the line and not worried about what happens by xmas. People know the potential here so if they want to sell STEEM at short prices that's their call. If they weren't in such a rush to cash out over the past year then the price would never have gotten this low.

We do need to see some new people getting interested and willing to spend money so hopefully the communities will bring in more users and buying power. People might have sold in a panic as the price dropped but hopefully that will be a short sighted move. More users will lead to a higher price.