Looking up and under
This morning I spent some time outside with my daughter in the local parks pushing her in the swings and enjoying the sunshine despite the cooling autumn winds. I was nice. On the weekends I try to spend some quality time with just her and I because at her age, Mummy always comes first if present and it is good to be able to chat away with her without the Mummy distraction. She is a bright little girl and I hope I don't break her but, I am also going to encourage her to be resilient and face challenge and adversity with strength and thoughtfulness instead of fear and panic. Speaking of.
Steem is under 1 dollar US for the first time since November 23rd-ish and people are a little bit worried as in general, people's idea of success isn't sliding backwards into the depths of hell. Of course, those who have been playing the market game longer are less panicked than most as they have likely bought in much lower so are likely still up in their portfolios. I am a little bit annoyed that I didn't sell a lot sooner a few things that were overvalued so that I could buy back into Steem at 94 cents which, I see as a bargain, even if it does drop further. I am not an experienced trader though so I am satisfied holding because I missed some swings.
What is interesting I think is that in the last few days, about 20 percent of the market has been wiped away from 256 Billion to the current 210 Billion. This percentage would be a cataclysmic amount if in the traditional markets but in crypto, just a blip. People find it hard to picture large amounts of money but if you consider how important crypto is to your life currently, the entire market is worth only 1/5th of Apple Inc and 1/4th of Microsoft. The largest managed fund in the world controls 5 Trillion dollars which is 25 times the size of the entire crypto market. There is a long way to go for mainstream uptake.
Because of the relatively small size of the market it is very volatile plus, because most projects are not actually tied to anything concrete as of yet (Steem is one of the few exceptions), there is a lot of hype, bloat and sentiment value and sentiment swings like a tall tree with a narrow trunk in the wind. On top of this of course are the large players who are doing their best to maximize their values and gather their coins so that when they are ready to launch, they will profit enormously.
No matter what people seem to think about banks and investment funds, they are very experienced at what they do and there are very few people who will be able to outperform them in the long-term view on a large scale. This wil include the crypto markets and even though there is a potential for a certain amount of break away, it isn't going to be complete because the system is designed by them and the legislations that protect it are lobbied for by them. This has been done for a very long time. Now that they are entering into the new cryptosphere markets, they are going to use their influence to position themselves for success, as they ave done many times before.
As said, I am not a trader and I do not have the trader mentality at all but, I am also not much of a panicker. This means that even though prices are down so low, the industry itself remains unchanged. The projects are still moving, the infrastructure is still getting built and slowly, the word is spreading about the potential of blockchain to streamline business practices, improve systems and offer new possibilities to old models. People tend to confuse price with project but, they are not the same and as long as teams keep developing and users keep using, there is very little to be concerned about. Of course, this takes a certain amount of resiliency in itself because it means being able to see the forest from the trees, the big picture of it all instead of the narrow and immediate view that price offers.
My daughter collects pine cones on our walks and she is allowed to bring two or three and leave them near the door to the apartment. She calls it her Pine cone park. Because she can only bring home a limited amount, she is careful of the ones she chooses and looks for the ones that are in the best condition. If while walking she spies a potentially better pine cone, she will put the worst she has down and pick up the new one for her collection. If one does similarly with coins, they will find that even though there is a lot of potential in other blockchains, Steem is likely to always be in the group that gets brought back to the Pine cone Park. At least for me, that is how I see it.
Price is a transient illusion, a community isn't. So instead of focusing on price, spend time being part of the community as not only will it help stabilize price in time, it will remove a lot of the fears the narrow view raises.
Taraz
[ a Steem original ]
I love the way you were able to blend your time with your daughter and the steem dropping story.... I'm new here and I dont really know much about cryptocurrency, I just really want to blend in with the community and know how it's works.
Find a community where your interest lays and start interacting :) THere are also discord groups that might be helpful and fun to join.
OK, thanks for that! I will
It is important for the baby to spend time with both of you and I see that you are a very good father :)
The steem price is really depressing and I think people have the right to worry. Some months ago everybody was dreaming of Steem reaching the 10$ and not 1$. I dont understand the theory of keeping its value 1$, but dont think it is the right thing to do. Due to Steem price many people left the platform already or not more posting, because they believe they dont get enough reward for their hard work :(
Are you confusing Steem with Steem dollars? The plan for SBD is to keep it pegged at 1 dollar for utility purposes I think. Steem however is meant to raise in value. The entire market is down some 400% with some coins at 1/10th from their December/January highs. The Steem price isn't being kept down by Steem, it is tied to market forces.
Ah yes I was confused true. That was SBD. Well I didnt invest anything when I signed up here and earned everything from blogging, but users who did invest a lot when Steem price was high will be surely disappointing. Hopefully the market will come back to life :(
Forget about the prices and have fun. $10 or $1, there's really no platform quite like steemit.com. if we can keep proving the platform is useful and attracting a mainstream Audience, then the value of steem will increase regardless of how other cryptos perform
I am trying to do more of this but I feel like I have painted myself into a serious corner :)
You are absolutely right! Only we can give more value to this platform and all new project we had lately like SteemMonsters or Actifit made it more active.
The whole cryptoeconomy is experiencing a downtrend, we might have to wait year or two before seeing any kind of sustained rally but the profits are made when you buy.
When Steem is cheap, you get more of it so it's actually still worthwhile to post if you believe that the price will recover over time.
I think the first rally won't be that far away considering the current market cap is at the same point we were in mid November last year. Things can change very quickly.
People are surely getting desperate but I wouldn't be 100% of reversal until we see bottom in price being built on btc over months of time. Perhaps things work out differently this time but I'd think the big players want to accumulate as much as they can as cheaply as possible which will show in charts as sideways action even in longer timeframes like weekly.
But I also think bottom is close, bitcoin could reach 4,8k in my mind but I don't think it can be pushed further. But we're talking of crypto so extreme moves are always a possibility! Bitcoin is halving again in 2021 and usually it has mooned year after, it's something to keep in mind as well.
I am sure the price will recover. It is just a matter of time :)
Hi Taraz. You have to keep reminding your self how small the crypto market is and how newl it is. We are only at the beginning and it only needs a spark to become a wild fire.
Yeah I never thought about how insane it would be if a similar event happened in the “regular markets” and how in crypto we just HODL and hope for it to get better.
Also glad you had a nice time in the park :).
Posted using Partiko iOS
Can't help but admire your attitude Taraz, despite your relatively high stakes here
I believe the blockchain needs steemit; it's a platform like this that'll take it mainstream, that's why am not bothered
Nice to see you spending time with your little girl...She's gonna grow up a fighter
Or, she is going to have to learn how to get pine nuts out of those pine cones she collects ;)
Loool...that works too
The wind today is hardly a cooling autumn wind. It was 23 C out there at noonish. This kind of weather is normal summer weather. The onset of autumn is probably a full month away. That's when leaves on trees will start to turn yellow and the daily maximum will fall below 15 C or so. Just yesterday and the day before we had suffocating heat at about 30 C.
I can feel the autumn in the air, it isn't the temperature, it is the smell of it. I am not overly sensitive to temperature at all (although I don't like getting too hot) but there are other signs that are more subtle perhaps. You don't feel the change?
I see. Hmm..not quite, yet. We have three apple trees in our backyard. One of them had tens of bucketfuls of apples fall from it starting about three weeks ago. We are already into the second tree. It still feels the same as at the very end of July. I'd say it will start to feel different in a few days when my daughter goes to school and the Perseids make their annual show again.
Great allusion with the current Steem price and the limited pine cones you let your daughter have near the front door! That why the Steem community is going to survive against this drop!