I'm finally powering down! See ya later suckers!

in #blog6 years ago (edited)

Nah. I'm just going to convert some STEEM into SBD, wait this out, accumulate more STEEM, and power back up.

Why?

Let me first state that this isn't trading advice. I've been selling SBD as I get them over time and that seems to have been effective. I should have sold more recently, but I guess I'm stuck holding a tiny bag full of SBD right now.

SBD can be converted to $1 dollar's worth of STEEM. So in any sort of nightmare scenario where all this FUD actually drives STEEM lower than $1, SBD ends up prevailing as a pseudo safe haven, as STEEM has no such floor mechanism.

Lol Upbit.

Like I mentioned in many previous comments and posts Upbit was largely responsible for driving the prices of both STEEM and SBD to the moon, while tether-backed trading from Bitfinex and friends pushed up prices in the entire crypto space.

If you look at the price history of STEEM it only had one large pump in its infancy, then it went through this more recent pump, and then a bunch of small waves up thanks to excitement over at Upbit. Well, they got raided, like I said they would, and it looks like trading activity has changed there just a bit, to say the least.

So it remains to be seen if STEEM will continue to even trade above a dollar in the near future, which is a possible outcome and so it makes sense to me to power down while I can still get more than 1 SBD per STEEM. If you've been watching the internal market or the external markets you know that STEEM has been stronger than SBD for a short while now, but in case that changes I want to reallocate my positions in the two within my steemit account.

Am I leaving?

Fuck no, I'm not moving to minds, which has its own problems and was easily gamed for points there, or ono, which is a steaming pile of shit all its own, or any of those other sites or apps that don't even have coins on exchanges.

Steemit and its denizens have been very welcoming to me and I'm going to wait out the storm with the rest of those who are also inclined to do so. There are plenty of great people here and I love the diversity of the community and how it's truly international and represents people of all classes and colors.

Where the F is the charity, charitybot?

Anyone who voted on me has probably been wondering when I'll live up to my namesake, I think this coming era will be good, we'll probably see a lot of posers leave if prices stay depressed for a longer duration and we'll do good with what we have and who we have.

I'm open to collaboration with other like-minded individuals who realize that this place is pretty unique in its ability to directly help people in actual need, no need to have huge entities with enormous overhead soaking up all the capital and spending it all on advertising when the transfer system and voting system here has the potential to be so amazing when coupled with the direct line of communication that steemit opens up between people from all over the world.

I'll be watching STEEM prices with a close eye and look for a couple of re-entry points for the microstack I've accumulated so far and work with what I have.

Oh, about that contest last week.

And very tangential here, but directly related to my previous contest, hit me up on discord at charitybot#8022 if you do art commissions for drawings/sketches and would want to work with me in the future. And thank you to everyone who checked out the contest post and entered and spread the word about it! It was a lot of fun getting more exposure to a lot of different artists, even from mediums I was wholly unprepared to see pop up in the thread. Keep on making great art!

YOLO

Just bought 2000 bts worth of SBD. :D

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Why not just trade it for bitUSD to wait it out?

Already have some ready to go if STEEM drops more! That was actually my plan since I got on steemit and I've blogged about it way back when. I just got some more SBD for some exposure to the volatility because the downside potential maxes out down to $1 which is pretty close to where we are now, so I have half SBD half STEEM at least in steemit. I think all the bts-backed bitCurrencies are garbage, so is bts, but I guess other people haven't thought about them long enough to realize they aren't really pegged to much of anything lol, seeing how well they've maintained their value recently.

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 70351.33
ETH 3563.43
USDT 1.00
SBD 4.72