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RE: Hope Springs Eternal - Will BTC hold above $6,000?
I have no idea about bitcoin, but I do hope that Steem goes down to 50 cents so that I can sell my SBD and buy Steem at 2 to 1 before it goes back up again.
Lol... I think there are a lot of people in the same boat as you @happyme.
Speaking of boats - realistically, if Steem did sink to 50cents, would you buy? And why would you buy? Would you not think there was a reason for such a massive decline. If it sank to 50cents, maybe it will continue to fall to 25cents. How does someone pick the bottom? Or have the courage to try and pick the bottom.
The Titanic sank - and has stayed at the bottom of the ocean ever since.
.... And I guess that is what this post is all about. Why so many people saying these price drops in altcoins are such a good buying opportunity. They said that of Steem when it was $1.50, then at $1.25 and now at $0.97.
For every buy there is a sell - so why aren't those people selling thinking it's a good time to hodl. Are they non-believers? Or just realists?
An interesting exercise is looking at the wallet of @bittrex on here - so many high rep Steemians transferring a lot if Steem and SBD out to bittrex. It may be normal. It may have increased pace recently. I'm not sure either way.
For some it feels like being on the Titanic at the moment.
For others Hope Springs Eternal.
... human psychology is interesting.
☺
All good questions. I'm NOT a trader, so I am stating right off the bat that these opinions are simply my gut feelings.
As far as Bitcoin is concerned, I'm surprised with its high fees and slow transaction times that it is still around. I would have thought that another coin would have taken over as #1 coin by now. This shows me that people have a hard time accepting change.
If Steem was the only coin tanking, I would be worried about Steem not rebounding, however, all the coins are going down together, so when the popular coins rebound, so will Steem. Where the bottom is, nobody knows for sure. I already traded some SBD for Steem at 1 to 1 and have had an outstanding buy order sitting at 1 to 2 for several months already. If that ever happens, I'll be very happy. I'll probably trade a bit more SBD for Steem as the price drops (and the graph shows no sign of leveling out yet) in order to not risk missing the bottom. As long as I get better than 1 to 1, I think I'm doing well because I really didn't expect Steem to ever go back down as far as $1. I expected Steem to drop to about $2 and then shoot up higher than before. All my predictions have been incorrect. It will be interesting to see what happens next.
It seems obvious that Steem is not controlled by the masses, but rather by a few big traders. They are not done with Steem yet and have some more money to rake in from manipulating the Steem price. Creating fear and having a bunch of little people jump ship is perfect for later buying up all that has been abandoned, then sell it back to them at inflated prices when they want back in because it is going to the moon and you don't want to be left behind.