Hope For The Best, Prepare For The Worst.
Bitcoin made an unsurprising move up to the resistance line and now it seems to be coming back down.
I think we can all agree that Bitcoin is doing great, but every time this happens the 'altcoin' market seems to get stomped into the ground. We aren't making gains on the way up but we lose value on the way down. Bitcoin, it seems, has been weaponized against the rest of the market.
Personally, I welcome this volatility. Over the next few months (right in line with my schedule) we might see an insanely oversold market simply because of how this is all going down. Volatility breeds volatility. If the market becomes oversold it is bound to pop back up later.
It's hard to stay the course when these 'losses' have been so vicious. However, I like to take a step back and look at the market in four year blocks. From this perspective, a coin like Steem hasn't even been around for a single tick of time. Just like any form of gambling, volatility decreases over time and gains/losses become much more predictable.
A coin like Steem is particularly subject to volatile movements. Two thirds of our coins stay powered up at all times, so the liquid market can do crazy things one would never expect. This is especially true considering how centralized Steem is and how much inflation is being created. A single whale can tank the entire market.
"Bearish"
I find the term bearish to be comical. We use it to describe people who don't believe in the technology. "Bitcoin to zero," and all that. However, a real bear has to have stake, and a lot of it, to actually influence the market. The 'bears' that are actually manipulating the price of bitcoin have millions or billions of dollars to begin with. If they didn't believe in DLT, they would have never entered the market in the first place. Bears only become bears when they think the market is overpriced. Buy low, sell high.
Zero effect on development.
All of the programmers out there are grinding away regardless of all of the rest of this madness. In fact, this may be the best outcome for me as far as Steem is concerned. By the time my game is up and running I may have an amazing opportunity to invest in myself via the Steem blockchain during an all time low.
Cryptocurrency allows developers to break free from the constraints of the corporate economy. If I have stake in Steem, I don't necessarily have to worry about how my dapp will provide me with direct personal income. If I have stake in Steem, simply bringing value to Steem may one day be all I need to sustain my economic needs. We can create a synergized business model in which everybody wins.
Steemit Inc. is already doing this. They are working for "free" but they already have a huge percentage of that stake to do with as they please. That money can only be spent once. Once distribution of the coin gets a bit better we are going to see some very big changes around here.
Hang in there, friends.
Let's see what Dec 2019 has to offer before we get any more depressed.
I’m pretty new at steem, but have been in bitcoin and alts before most of the alts were created, so the lower price is a great buying opportunity for me, trading when btc is higher to get the max advantage. I know that’s not everyone’s situation, but I have been there before, too. As you say, volatility can be your friend!
There is one use case where the price doesn’t matter, when you are using the coin as a way to transfer value. Since it transfers so fast, the person receiving the payment can convert it to whatever currency at essentially the same price. Not a typical steem use case, but it could be ;)
Hanging in there my friend @edicted ! upped 💯 and resteemed!😎💯👍
Bitcoin / Steem
The fact that MIRA came along will help the long term sustainability of the protocol which has me less concerned about the price and more about the community which continues to be passionate with engagement as development continues.
Posted using Partiko iOS
The problem of most DAPPS and Steemit they depend on the sell of Steem to be sustainable. Many DAPPS here will die or being abandoned by their founder by lack of interest.
That is precisely why I'm attempting to make a product that piggybacks off of full nodes. My game will only cost resource credits decentralized across all users to operate. We should be putting more burden on Steemit and the witnesses to scale this platform and bring value to it.
could you elaborate this please? :)
In buisness there is always a rainy and sunny time, but faith and consistency will do a lot more.....tank's 4this @edicted
Regarding 'BTC to zero' and the claim that those folks don't believe in DLT, I don't agree. I believe in automobiles, I just don't want a Model T. Model T sales are zero because better cars exist.
Better DLTs exist than BTC.
Just sayin'
I'm not super educated on the matter so sometimes I look to people like Andreas Antonopoulos, who is an expert on such topics. If he tells me there are some things Bitcoin does better than any other project I'm inclined to believe him.
There are many trade offs in the world of DLT. The Model T doesn't compliment other versions of cars, yet Bitcoin does compliment other versions of cryptocurrency. I'm not sure that analogy translates.
I believe his more recent video mentions such topics, and it's not like he's some Bitcoin shill maximalist and he's well aware of the Blockstream issues. Even the trade off from Bitcoin to Ethereum (adding smart contracts) is a serious security concern. Projects like EOS, Tron, and Steem take those issues to a whole new level. Bitcoin provides a good foundation layer... though even Andreas admits that privacy is still the ultimate concern.
Do you really think we can break free?
Needs time..
When the tide turns the other way the volatility will be just as bad.
The community we have here can't be replicated or cloned elsewhere.
I wanna power up. And buy more.
But dunno if it's the best option.. or if buying btc and later converting to steem is better.
I also should have sold my liquid steem a month ago.^^
Bitcoin has always been the safest option... and will probably continue to hold that title for quite some time.
Personally I'm going to think about holding some Bitcoin until it breaks the all time high and then moving some into Steem. We could easily see that happen in December.
I think all markets are volatile in these months ... It is best to have faith in a speedy recovery.
The hope is still there, the hope is still alive. The altseason is coming soon
Indeed, soon™
This post earned a total payout of 0.027$ and 0.020$ worth of author reward which was liquified using @likwid. To learn more.