I was asked the other day if I thought these markets are blood on the streets yet.
My answer, no not yet.
Even though BTC has come down a lot and STEEM as well....this is nowhere near blood on the streets.
Why?
Because I don't feel utterly miserable yet, just a little bit :)
If it's going to get real bad you will know.
When there is blood on the street you will feel miserable beyond description.
The pain of your portfolio crumbling everyday will be depressive.
The FUD will be all over the crypto space.
Even the strongest hands start to doubt their beliefs in whatever coin they hold.
And Ironically when those hands finally sell the reversal will arrive.
So far I have seen blood on the streets twice.
The first time when BTC went from $1200 to $150.
That was painful.
Sadly, I was to inexperience to capitalize on that. (The FUD of BTC death was too much for little old me to handle).
The second time was when $4 STEEM went to $0.07.
I did manage to benefit from that move even through the FUD.
But lack of fiat funds bound my hands back then from taking too much risk.
This time though if we will get blood on the streets I'll be ready.
More experienced, and better prepared.
Of course, I'm not sure if it will happen.
That's the whole problem.
The markets could turn around any moment and then we will all say in hindsight:
"O man! Why didn't we buy $1 STEEM when we had the chance!"
My point is, you basically don't know for sure and that's what makes this so difficult at times (and is the main reason I have been buying gradually for some time).
What I have learned is that markets and fundamentals don't matter much in the short run.
I have given fundamentals too much credit and did not expect STEEM to drop so much after the amazing development we have seen in the last two years, yet alas, here we are.
I guess, markets are like honey-badgers they don't care :)
You see, I'm still learning.
I'm not sure what the upcoming weeks hold in store for crypto.
It are scary and yet exciting times.
Anyway, this time I'm ready either way.
Bring it!
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If it was easy to determine when it's time to buy, everyone would be doing it. Hopefully, we'll recognize it before it happens.
Hopefully it doesn't become this obvious ...
For some reason I've never quite considered STEEM a speculative asset. Bitcoin, sure, other cryptos, sure, but STEEM is something I've just earnt with no risk of losing money, so I've never cared much about the price swings. I sometimes have to remind myself that the value of STEEM is indeed defined solely by speculating investors. I'm not sure if I'm delusional or if I'm simply too confident in STEEM's long term value to be worried.
I like the way you think. For me STEEM is also more than a speculative asset because I use it everyday.
I think Steem under $1 is a buy. There's just so many coins at low prices it's hard to figure out what has the promise of the best return. If it gets down to pennies, then that would definitely be a back up the truck situation for sure. It doesn't quite feel like blood in the streets yet, I agree. Trying to make any sense of these price swings is next to impossible. I don't know, but I guess I'll fasten my seatbelt because this ride is about to start for better or worse!
Wel at least I am not going to say this line next time soon
My point is, you basically don't know for sure and that's what makes this so difficult at times (and is the main reason I have been buying gradually for some time).
Great point. Gradually buying is a very nice method.
And I have been doing this for many months now. At some point you run out of fiat, lol!
That's right! When the price goes down, that's the best time to risk what you can risk because there's no other way but to go up. It's just that it could take some time and a lot of patience :)
@exyle interesting thinking in your part of not giving up. I'm just starting so it looks like if I'm going to invest, now would be a good time money- wise. Looks like you and Bianca made it back safely.
I hope the market goes up and doesn't continue on this streak! I wish we knew more, but who can predict the future? It scares me because I'm just getting started and I'm not starting to see the platform as another new way of getting in. As you say, it's our turn to wait. I hope you had a good trip. Greetings!
I'm getting ready as we speak! The time is now folks. Get prepared , as this might be a once-in-a-life-time event!
do you really think??? should we wait a little bit longer before we buy???
So at what point do you consider it to be blood on the streets @exyle?
Are you saying it's not so much a figure but more of a feeling when everyone starts panicking and bailing out?
The two times you've seen it so far was it sudden or a slow turn down, like this time, that gathered momentum as people panicked?
I think I'd better have a conversation with John to see how much we feel we are comfortable risking. 😁
Yes, it's not a figure, it's a feeling (of course reflected in the price).