Another Day, Another Face Palm...
Just a normal day like any other. Woke up early morning, checked the market and crypto rates. Bitcoin taking a breather, the other alts are down a little but doing mostly the same thing. STEEM however lost another cent and dropped down to 84 on coinmarketcap. I can't lie, but for the last couple days, it has been getting to me. I mean, the superhuman mentality required to stay positive on this blockchain seems only for the "elite" few. And I'm trying hard to squeeze myself into that bracket.
Call Steemit what you will, but I'm sure there is one thing we can all agree on. It's a great place to vent your frusrations in life. I mean, forget the meme's or plaguarized content. All the diarrhea of the platform. I'm talking actually relating to someone else on a personal level in regards to how you feel about situations. Getting feedback and thus helping formulate your own opinions off of it. It can prove to be quite theraputic and calming.
But yeah, the price of STEEM has me shook a little of late. Suppose that sums up the entire alt market too. Although not nearly enough to power down or anything as I still believe in this blockchain and what it is capable of. But this bear trend... I mean, this piece-of-shit goddamn bear trend... It can lead you to the edge of madness and back. Not only that, but you get all those Bitcoin maximalists screeching to the high heavens about how there can only be one true crypto. One to rule them all. Guess it is possible to watch Lord of the Rings one too many times.
But the thing is, anyone who holds alts at this present time, are indefensable. The prices are a stark reality of that. With Bitcoin holding nicely whilst the rest have all the movement of a dead donkey, they're having the biggest laugh right now. What to do, eh? And with STEEM, it's one of those that always seems to get hit the hardest in terms of value. And continues to do so. Yeah, this bear market has been as punishing as it gets. Keeping a positive spirit can be nigh-on impossible for me when the hammer falls time and time again. But either you believe in the long-term vision being laid before you or you don't. Simple as that...
How I feel on days like this? Not too great, to be honest. We got HF 21 around the corner that's the "only" one to date I'm more than a little concerned about. And then the capitulation posts and naysayers of STEEM banging on about how this is a dead project, blah, blah, blah. It's jarring on the mind, at the best of times. I'm telling you straight. If things turnaround for STEEM and we somehow drag ourselves out of the quicksand, I'll need a vacation. And a long one at that!
Altcoin season happened before so it already has precendent to happen again. For me, the question is simply when? If only crystal balls actually worked. At this point, it might as well be crystal meth. Keep your head up, ladies and gents. STEEM ain't over until the fat lady sings. And last I heard, she was still raiding the fridge eating cake and crumpets. So we still got time. I'm just hoping the bottom ain't too far off now. Let's wait and see, my Steemian peepz.
I just kick myself that I didn't start the power down sooner.
Nothing wrong with Steem that a few 10s of millions of dollars wouldn't cure or at least get it back to so-so. But that isn't going to happen any time soon probably. So if you are going to stick around, get used to the "Steem just doesn't just suck, it sucks badly" brave new world.
I believe you're right. "STEEM" will be around these levels for a while. So either we get used to that idea or we don't and move on. At least the choices are easy, lol. Me? I'll stick around as I can clearly see the technical foundation is solid. And by that, I mean we actually have a working blockchain that is capable of delivering on it's promises. It's the human element behind it that needs tweaking.
It will be interesting to see who and what stays around when, because of the low Steem price, it all starts to become a hobby (that sorta on a good day pays for itself.) .
We woke up to .18 Steem. Let me make a prediction. Steem will be under .10 by October and ranked outside of the top 100. I guess if you like to play penny poker, this is your game.
I will be around too! No problems @ezzy!
We'll keep the ball rolling.
Posted using Partiko Android
I'm still throwing in with Steem, buddy. Just wish that damn price would reverse already...
This entire year has been super tough on the psyche.
Big time, man. The sheer level of mental fortitude required for not running for the hills is unimaginable at times.
Absolutely. I still feel that our patience and fortitude will be rewarded for Alts in general. The lower they go, the higher they will eventually bounce.
My eyes bleed when I look at all the alts coins on coinmarketcap 😂
Posted using Partiko iOS
Defo, man. It's a painful watch...
A matter of concern for me too.
Posted using Partiko Android
Let's keep our fingers and toes crossed for the turnaround, bud.
It's probably been more than an year, but let's see how it goes this December.
Posted using Partiko Android
I already have similar experience before. I predicted $20 LTC to my wife (@theia7) in 2013 when it was below $2. I was addicted crypto-trading and I lost most of my 2000 LTC (mostly mined and bought) when it hit $48 (i.e. I was a noob trader). I had only 160 LTC left at $48, even did not sell.
Later, I made 2000 LTC again and but LTC hit $1.1 from peak of $48, I lost them again in aggressive trading. I did not lose them in day-trading like before but 20X margin trading in OKcoin. We all know what happened to LTC three years later: $378 per LTC.
If history is any lesson, then Steem has bright future. I feel more bullish about Steem that I felt about LTC back in 2013 and 2015. Market is too irrational in cryptocurrency, it swings two ways in big ways. Nobody thought Steem would reach $8.5 or SBD $20. Yes, it reached. Nobody thought about Steem will crashed down to 20 cents twice, now it has.
Similarly, in the next altcoin bull run, nobody is thinking that Steem can overcome ATH since it is sounds irrational NOW. But that's how the market works. Emotions and irrationality are bigger in both ways.
However, here is a therapy what will happen even Steem reaches mere 1 cent ever!
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 9.16% upvote! Together, let’s change the world!
I have never understood why anyone thinks the price of Steem should be going to the moon. It’s highly inflationary with tens of millions of coins on the market and millions more meant to be minted. It’s one of the reasons - that reason being the price of the token - I always thought the motives behind HF21 were totally off the mark.
If we really want the price to skyrocket the number of tokens has to go way, way, waaaayyyyy down and the dApps need to get better.
I for one like the cheap price. It means people can invest more and power up more. 20 cents seems completely reasonable to me. Hell, even 10 cents. I know that I am going to be powering up a little more soon and I’m thankful the price has dropped.