To Quit Now Because The Top 20 Witnesses And Steemit Inc Keep Selling Out Without Nothing To Show For it?
Just today I read a post by a Steemian who has invested serious money in Steem by trading other cryptos for STEEM and lost massive value by doing so - to the tune of half a million USD. This Steemian also mentioned how be bought a lot of STEEM around the time its dollar value was between $5 to $7. Ouch.
STEEM had just gone up parabolically in value in satoshis and in dollars. Anyone who buys shortly after an event like that - especially considering how BTC had collapsed from its December peak in January 2018 when the STEEM price was at that level is acting rashly. I also bought some STEEM in the beginning of 2018 but I did so mainly because it didn't feel right to rely solely on a large delegation from a friend. I really have to wonder what the people who want to quit now but who were buying up large amounts of STEEM 16 months ago were and are thinking. If you compare the pace of development then and now, there is a stark difference in favour of now.
Now the Steemian has announced that he will power down and sell at least half of his STEEM to avoid losing any more. My comment to his intentions is that since the crypto market has been shown to be profoundly irrational time and again, it would be very unwise to sell a large chunk of STEEM right now. The market simply doesn't care whether or not Steemit Inc or the top 20 witnesses are creating value to match their rewards or not. The market doesn't know shit about STEEM. If the valuation of STEEM were really based on fundamentals like how development was going, SBD and STEEM would never have pumped the way they did in December 2017 (SBD)and January 2018 (STEEM). That's simply what alts tend to do when a BTC parabolic wave has broken: the money that chased BTC starts pouring into alts instead. It's all a mad speculative game.
Last winter, we have finally seen remarkable decentralization in the STEEM ecosystem in terms of development. The creators of Steem-Engine got fed up with the ineptitude of Steemit Inc and went on a massive development spree that resulted in the equivalent of SMTs on a side chain. A lot more is in the pipeline or already being rolled out. Check out Steem-Engine.
I think we have some great people among the top 20 witnesses who really deserve their spot. These people are putting serious effort into development, which I think should be one of the major criteria in deciding which witness to vote for. Even Steemit Inc has got MIRA finally out.
I wouldn't sell right now. If I really thought Steem wasn't going anywhere, I'd wait for the next overall bull market and try to sell at the top.
I came here late 2017 and bought at about 4$ around 3500 steem and later lent money from my daddy, whos obviously not happy with the price developement, but I ain't selling at this point. It is victory or death!
Victory or death. I like the sound of that.
I'm not planning to sell any STEEM until it reaches a value high and stable enough to provide significant supplementary or even primary income. That is still a long time off. The ecosystem will have to expand into something hundreds of times larger than it is now. The idea would be to only sell liquid rewards in some future SMT or several or passive income from delegations.
That person is making all the classic emotional mistakes in trading.
He fomo'd in. Now he is going to FOMO out.
He will end up broke. It's okay, and not anyone else's fault. By doing it wrong, hopefully he will learn to do it differently.
I have learned not to trade. I'm not cut out for it emotionally. What I'm good for is buying and holding. I'm a very impatient person in small matters. But in big things I tend to have limitless computer-like patience.
If you bought in at around the $5 mark, then to sell now is just crazy! Especially when if you've lost that much, you surely must have enough invested elsewhere to live off - I mean crikey with that much steem you could meet a good chunk of your needs just by cashing out your earnings.
Then again that's the problem - people selling are precisely what is driving the price down!
He blames the top 20 witnesses and Steemit Inc in particular of constantly selling. I have to agree with him that Steemit Inc has been ineptly managed for the last 2-3 years. Some of the top 20 witnesses have been quite lazy too. But there are some brilliant and industrious people who deserve every dollar they get for selling their witness rewards.
I agree with you as this way you will be a double loser with bad timings. Steem will go up in price at some point and it will be sooner rather than later. Patience and having a level head is hard especially if you are so far in. If you have invested heavily you should at least have grown your Steem holding over the last year even though your value has dropped considerably. I can imagine investing at $5 and now seeing it at 30 cents must be a little off putting.
Investing a ton when STEEM is hovering at $5 to $7 and a bear market is in full swing and when lots of influential people are vocally complaining how Steemit Inc is underdelivering - and right about it - is not very smart. Now would be a pretty good time to invest some as the price is low and development has finally picked up speed. Paper losses are paper losses. If I had already lost over 90% on paper, I think it would be too bad to fold at that point.
Yes, I read that post and felt sad. If you bought at 5-7$ than NOW is the time to buy more so you can dollar average your investments a bit and bring the average price down so profits come in sooner.
It's an example of the classic meme that goes around about the panic and capitulation of bear markets... Sad, but true. I also felt it was some sort of 'proof' we're now actually entering a bull market as capitulation always happens right before the bulls come in ;-)
Wow! What a story! I think that this is a very testing time! But several signs are telling me that cryptos will rise before the end of this year! So much money looking for places to park! Financial institutions are quietly investing in new infrastructure for cryptos! Digital money and cryptos are here to stay!
Posted using Partiko iOS
Yep!
$rewarding 32% 15 min
Posted using Partiko iOS
Thank you for your calculation! How did you calculate this?!
I use Partiko for commenting so it is very difficult to pinpoint the exact timing! I wish I could catch all the post at the right time!
Cheers.
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It's not a calculation. I invoked a bot called $rewarding and told it to upvote your comment at 32% voting weight after 15 minutes it was published. 15 minutes is when you stop losing part of your curation rewards to the pool.
That is why it is always good to invest what you can afford to lose. Cryptocurrency market is not yet certain, so it will be crazy for anyone to put in their whole life saving in it.
I agree with you.
If you invest or work as a trader you have to cut your losses at a much earlier point. A slight increase in value will pay of way more than selling steem to cut losses at this time.
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