Steem under $2.50--Good or a Bad Thing?

in #steem6 years ago

We've all seen the drop in the price of steem over the past month and even moreso since December, but is this really a bad thing in the long term? I don't think so...I have faith in this blockchain and I see the big picture and am in it for the long term. Not only is Steem not just Steemit, it is so much more and has stratospheric potential.

So when I see the chart and the price is at a low point relative to the past month or more, I'll usually take it as an opportunity to add to my steem power instead of fretting about the value of my holdings at the moment. One great example is that I hit 8,000 SP last night and it felt pretty darn good!

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$2.50 is my buying threshold now. I accumulated a lot of Steem in the fall when it was cheaper and I don't like paying over $3-4 for it so when opportunity knocks, I answer.

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And I did just that when the price dropped under $2.50 recently. I made a couple of small buys that pushed my steem power past the 8,000 mark which is a nice milestone. My goal for the end of the year is five figures (10,000 SP) and I'm gonna need to get back to authoring more if I don't want to pay several thousand more dollars to get there.

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But buying and authoring aren't the only ways that I acquire Steem Power.

I can delegate to services that return steem dollars to me on a daily basis, get larger curation rewards, and then there's the fact that the longer you hold your vests (which are basically steem power but over time vests become more valuable) the more steem power they're worth. Yes, it really does compound slowly over time just for you holding onto it!

The growth of steem power due to vesting is slow but over time it adds up. I use all these methods to increase my steem power holdings and I haven't sent any steem to an exchange to trade for some other currency in many months. Good things are coming here, it's just a matter of time.

Some people think of Steem only in terms of the Steemit platform but that's going to change radically as SMT's are becoming a reality this year and more applications are in store for us...I have a feeling there will be even more rewards for those who hold onto their SP for the long term. I won't go into speculation as I'm not as up on the details of exactly all the things that the future holds, but there are many possibilities and things already underway that those of us who are less tech savvy aren't even aware of.

@taskmaster4450 wrote this post recently about having patience and waiting for extraordinary things to happen for Steem holders in the future. And I wholeheartedly agree with everything he's said. I think the main point I took from his post was that in the future people will be utilizing this blockchain without even being aware of it and that will bring tremendous additional value to the steem / steem power that we hold.

This is just the beginning. We are still in the early phase of development so hang onto what you've got! And don't despair when you see red days or downtrends. Steem is still under the radar of many but it is solid in its fundamentals (transaction / throughput capacity, speed, good planning by the major players involved in development, etc).

I'm just gonna keep on stacking it in every way possible and wait patiently to see what is in store for us.

Cheers!

DISCLAIMER: This isn't meant to be investment advice and I'm not a financial advisor. I'm merely sharing my own strategy and reasoning behind it. Always do your own due diligence before investing in anything that fluctuates in value, especially cryptos as they're not for the weak of heart or stomach.

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For me, STEEM price being the lowest possible is always good, because it means whenever I want I can buy more for a good price, I don´t even care if the price goes down to $1 (which won´t happen), because I´m sure by the end of the year the STEEM price will be around $20+.

I was pretty surprised when it dropped below $2 sort of recently and I took that opportunity to buy as well as many others. That sub $2 price didn't last long.... The support in the low $2's looks pretty solid and there seems to be a lot of buying interest around where we are now. The crypto market has been kind of quiet lately with a few exceptions (EOS, ONT, etc). I expect summer may be kind of a quiet time as it usually is in the stock markets. I don't expect the volatility we saw last summer and as cryptos become more mainstream huge price swings will become less frequent. It's a good thing though--things will soon start to move based more on fundamentals than hype / FUD / news cycle.

Exactly, the more people we see coming to crypto, the more stable will become the markets. I agree that this summer is going to be quiet, in terms of price action and also weather!! (not looking good here in Portugal). :D

yeah,friend...this time sbd prize again reach to low position.so,its really bad for me.but i don,t know this time what should doing? i hope that,you give your best opinion.thanks to sharing for your great post..my dear friend.. @cryptokeepr.. best of luck of your great work..may god bless you..

I'm not sure what's going to happen with the SBD--there's been calls by many witnesses to bring SBD back to the $1 peg as it was intended. I've certainly enjoyed getting more Steem per SBD than was intended by the founders and witnesses. I think Steem cost about 1.4 SBD last I checked so the SBD is still worth more than it was intended to be, but not nearly what it was awhile back when it spiked above the price of steem.

I think eventually they're going to increase the supply of steem dollars so they'll be closer to the $1 peg. It's taking awhile though. I won't complain if it doesn't go back to $1 though. I keep trading all my steem dollars for steem and powering them up and the more they're worth the faster I accrue steem power.

really very great opinion.because you telling your best opinion my blog.i am really appreciate to see and read your post..thank you..my dear friend. @cryptokeepr

My goal instead will be half of yours which is more than double than my current.
Let's reach that number man!!!!
Steem on!

We'll get there! Just gotta keep authoring and investing and doing what we're doing. 10k is gonna be a little bit of a challenge but I thought that about 5K SP when I was working towards that goal and I got there faster than expected.

Does it in your opinion make sense to use part of your authoring rewards to pay to upvote bots and the other part to power up? I have been using some upvote bots in last few weeks, but I'm still not convinced it pays off to use them.

It kind of depends on a few different variables--the value of the SBD being one of them. I use my authoring rewards to power up and I delegate to voting services that vote on my posts as well as delegating to the bots that pay me daily rewards for lending them my steem power. Delegating to bots that vote on your posts makes sense if you post several times per week or more, but if you don't post much then delegating to @minnowhelper makes sense because you get daily rewards without having to do anything.

I've tried paying upvote bots and yes it can work in your favor a fair amount of the time, but always check the bot's voting power before you send them your SBD. If the bot's voting power is in the 60% range or below you'll probably end up on the losing end. If the bot is closer to 80% voting power or higher you'll most likely benefit from it.

Hope that helps. I'm not an expert on this but i have experimented with it a bit. It's not currently part of my strategy though.

You truly understand the future potential of steem because I know it will be very valuable in terms of price in the future when they would have rollout SMT and other upgrades whereby slots of applications main news websites will have integrated the steem blockchain into their platform. By then steem and steempower will be very valuable , you are investing in steempower as a long term investor and you will definately reap the reward moving forward @cryptokeepr

Yes I think the powers that be intend to have thousands of businesses using the SMT's at some point in the next several years and when that happens the demand for Steem will be tremendous, thus the price will increase tremendously (in theory). When that announcement came out last fall it really renewed and solidified my faith in this blockchain.

You said above: "I can delegate to services that return steem dollars to me on a daily basis".
Could you tell me some of these services? Thanks.

You can use https://steemworld.org/ (type in your username at the end to bring up your account details) to delegate to upvote bots that provide daily rewards. I delegate to @isotonic and @minnowhelper and they send me steem and mostly SBD's daily for lending them my steem power. The returns vary from day to day, but here's a snapshot of today's rewards for my delegations to them. If you don't author much, this is a good way to put your steem power to use in terms of earning. But if you author daily, delegating to a service like the one @ssg-community has or others like it in return for upvotes generally brings better rewards. I do a bit of both. Hope this was helpful.

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