In Some Ways, Even 23-cent Steem Doesn't Look so Bad...
This morning, woke up to Steem having dropped below a quarter (25c) for the first time since... well, since a long time ago.
When it comes to these markets (including stocks) there's historically a point at which desperation and panic give way to a sort of hopeless apathy in which people (or "investors") reach a point at which they just don't care anymore.
Almost a "I don't even CARE if it goes to zero..." mindset.
A few weeks back, I was speculating in a number comments that we should probably expect to see 25-cent Steem again. Needless to say, the "cheerleaders" around here pretty much shot that one down.
Might make some good posts...
And today Steem is 23 cents.
To me, that doesn't look so bad for a couple of reasons.
I was here and blogging when Steem was seven cents and somehow I lived to tell about it. And I'm still here... along with a ton of other people who were here for "seven cent Steem."
This is all "needed" activity for the entire cryptocurrency field. There are several thousand tokens out there, and 90% of them have no business even existing! And it'll take a massive flushout like this to drive all the useless chaff to ZERO, so those projects that do have merit and value can rebuild and grow.
Of course, I am not an expert on this stuff, so the above is purely speculation. But I think it's informed speculation.
Are things still going to get worse? Probably. Possibly. A lot of people holding ostensible "shitcoins" only have a few cents per coin at stake, and they need to completely leave the arena... or bail out and put whatever they manage to salvage into more viable projects.
And then the "value investors" might come in and go shopping... and the cycle starts over.
Hope you're all having a good day!
What do YOU think will happen next? Do we still have a downside, here? Leave a comment-- share your experiences-- be part of the conversation!
(As usual, all text and images by the author, unless otherwise credited. This is original content, created expressly for Steemit)
Created at 181207 10:40 PDT
I am reminded of an old saying when I think of the enthusiasm with which the arm chair warriors were wanting to take on central banking, fiat currencies, taxation and overbearing corrupt government agencies:
" If you are going to grab a tiger by the tail...you better have a plan for its teeth and claws"
Ah yes, wise words.
I fear many of the so-called "investors" in this market were neophytes who had never invested in anything other than beer or motherboards before they suddenly found themselves with substantial net worths overnight. Usually that leads to a sort of cognitive blindness that completely disregards the potential downside... "To the MOON!" is the only thing they can think of...
...ain't that the truth!
Exactly my thoughts.
A couple of us were here at that time.
Persistence is an important virtue to survive on this Blockchain.
I think there's an invitation here for all involved to seriously examine what they are invested in. A year ago, you could pretty much toss darts at a list of coins, buy those, and still make a small fortune. Now you have to really ask whether you're investing in something with an actual plan and future. In that context, Steem still stands above a whole lot of the junk out there....
Exactly.
Someone should write a article on how to go out on the market and buy some steem, or what the easiest route is for those who may want to entertain the idea of putting their weekend disposable income into buying a few steem instead of on a pizza.
Definitely something to that. A month's worth of "brown bag lunches" instead of eating lunch out every workday could easily be $200... which is currently 800 Steem, which would make someone an instant minnow and for comparison's sake, 800 Steem at the all time high would be a potential $6800. Speculation, of course, but not bad for eating sandwiches for a month...
I think I'd been doing that all along if there was a simple non complicated way someone could explain how to do so, I think many others may have decided to try that themselves, which at this point I would assume every little bit helps the bottom line of the platform if several thousand opted to do the same. I know I'll have to figure it out before next summer, if the platform survives I should be able to invest more then lunch money but I probably won't invest more then that unless things improve by then.
I have been neglecting steem for a while, mainly due to other commitments, and now I actually want to get back in, I think it is a good time as so many are going to go quiet, so I can buld up my rep & readership.
I've been away myself for a while, because of external work commitments keeping me very busy. I'd like to spend more time and effort here... I've long since given up the idea of Steemit as anything "money related," now it's just a social content venue, and I really enjoy the community.
I was here and blogging when Steem was seven cents and somehow I lived to tell about it. And I'm still here... along with a ton of other people who were here for "seven cent Steem."
Me too.
I have to admit that some of the "thrill' has gone lately. Back in the seven cent days it was different than it is now. People were interacting more then than they are now, even if the pay outs were smaller. Since HardFuck20 Steemit is kind of like being alone in a Zeppelin hanger....at night.
Is anyone out there?
Hello?
Then you need to get out some more and open your eyes. I know where Iam in at @thealliance we are excited about the potential to veer of into new projects and divest from Steemit. And many are excited at the possibilites of Steem and not necessarily Steemit which of course are two different things.
We got Dstors coming out Steem monsters, D-tube, Esteem, Partiko and other very promising things on the Blockchain. This is not hyped BS. Just the reality of things.
Plainly said : Adapt or die as Steemit Inc. may be dead or close to it. Don't rely on it anymore
Dstors is one of the ones I'm excited about... bringing some actual "real-life functionality" to the blockchain. Ecommerce is just one gateway towards some kind of mass adoption.
Then you need to get out some more and open your eyes
that was kinda rude
It's one of those things that seems to happen to venues like this one. The "quick buck merchants" put a sour taste in the mouths of those who actually care... so (in a sense) the "wrong" people end up quitting or doing something else, and the spammers and scammers stay behind and use their automated systems to generate a few cents.
And yes, HF.20 didn't help things.
Yeah I was here, I was buying the 8 cent steem, it was really low that day, a lot worse than this, so i am waiting for 1 cent to really fill up my bags! However I suppose I will start buying around 7 cents. Still room for big drops from there thoug, crypto is always risky!
Things right now just seem massively unstable... in the greater markets. And sadly, Steem (like other cryptos) seems incapable of taking a direction of its own, just based on its own fundamentals. Which are actually better than most coins'.
I’m not worried about steem in the long run, you never know the speed stocks and other assets are dropping, 25 cents may be more value able than we think! My goal is to get 100k steem so I hope it drops big! If it gets low enough one million steem would be nice too!
I just read this rather related post. The cheerleaders weren’t there when we lived the idealism back then.
https://link.medium.com/GowG97wftS
While I appreciate their passion, let’s not forget that many may even not have gone through the dotcom crash.
We’ll get there. But Satoshi’s white paper can at best be compared with the work done at CERN leading up to 1993. It took the Internet much more time to mainstream after that. Arguably until 2007 even.
And, of course, disruptive potentially totally profitable concepts are going to find lots of opposition, even more so if fiduciary duties bound by regulations prevent the big holders to buy in and make money from it.
The dinosaurs didn’t get extinct because they couldn’t fight. Or didn’t fight. They ruled and it took something outside of their control to extinct them.
Posted using Partiko iOS
That's a good article, and I totally understand the sentiments expressed there.
I think it's part of the particularly western capitalist way of thinking that everything goes through a certain process: (1) the idealists come up with a great concept/idea (2) someone sees it and asks "How do we MAKE MONEY with this?" (3) uncontrolled exploitation happens.
I haven't been around since the 7 cent days. I bought steem at $3.28 in Dec 2017 but that's the story with just about everything in crypto right now. I just got on the platform to actually use it a month and a half ago. Right in time for the bloodbath. But I can say that I been reading and listening. I see some bullshit aspects like whales having all the power and voting up their own shitposts. But I also see some groups and some good ideas coming out now in crunch time. I came here interested in crypto in general and have stayed around posting because I found out I like to write stories. And occasionally someone reads them. But I'm hanging out and doing my small plankton part to support apps that I like. I say STEEM on, encourage more people to the platform and enjoy the aspects that we can.
Posted using Partiko Android
Ouch! Yes, a lot of people bought on the way up... but I'm glad you're still here and being part of the community.
In a sense, the current conditions seem to be a good sorting mechanism of those who are just here for the money from those who actually care about content and social interaction.
I started here because I felt "ready" to resume personal blogging after about a 7-year hiatus. The rewards were never something I counted on, simply because I had a very long string of experiences with "write for rewards" sites crashing and burning, and I expected Steemit to do the same. But the lure of the blockchain environment was that I could potentially "park" my content here, and it would not "go away" because some company stopped paying their domain hosting fees.
That I ended up making a lot more than "handful of spare change" was purely and completely a bonus.
I only ever marketed this site to others as a blogging and social content venue... generally completely omitting any mention of "rewards" as anything but a coincidental.
Seven cent Steem club shout out! :D
Yup! Been there, done that! As far as I remember, nobody died...
Right on 😎
Thanks. It just makes sense to me... not that "sense" necessarily drives this gig...