Hey everyone!
Been reading a lot of posts about "omg we are doomed" and "omg I should have sold/sell now", etc. As someone who's been around crypto for a long time and witnessed all these swings I can assure you that this will just be a short-term drop and that most of the coins should resume to going back up again soon. Here is a post I wrote on the 17th July when Bitcoin and all other currencies saw a similar drop which also coincidentally happened during a weekend.
I don't really have too much else to add to that since it remains true time after time again.
Here is when I posted my post about not panicking during the last big decline in price. This is what the chart looked like.
That dump happened at a pretty inconvenient time also, just that weekend I was off to a highschool reunion where blockchain became a big conversation and showing them the charts of coins made them even more skeptic to it. :P
Should you have sold at the top to buy back more now? Sure, that would've been nice. Hindsight is 20/20 though and who knows how deep the dump would have gone. If you didn't sell and aren't eagerly awaiting to press that buy button to get back into your favorite cryptocurrencies, I know a lot of regret may be filling you up right now.
I personally didn't get to trade most of my Steem for tether either but that's cause Steem is one of my favorite coins and I don't dare being parted from it for too long. :)
I did buy a little Steem at a cheap price from some of the profits the other coins had made me so it wasn't all in vain watching the Steem price drop.
I've also managed to increase my holdings in the other currencies I'm actively trading with recently, although I haven't bought back 100% of them yet. If you want to know more about which ones they are, check out my Alt-News posts. The recent one has an overview of all of them so it makes it easier for you to check them out and I would highly recommend to get in on some of them on days like these where most markets are bleeding.
This is what bitcoin is looking like right now, down from $5000.
I don't think it might drop a lot more over the weekend, maybe to a max of $4200 but I doubt it will get that low.
Since most coins are also following it, this is what Steem is looking like right now and I highly doubt it will go under $1.
Try and keep an eye on it and find a good time to re-enter if you are actively trading. If you didn't get to sell before it dropped another good way to increase your holding would be to power it up, post and curate while waiting for the next increase in price. ;)
Stay safe out there and remember that these swings are common in this volatile market. :)
Have a great weekend everyone!
Thanks for sharing this reminder.
Its so easy for people to freak out when it looks like money is being lost. Even experienced crypto folk get scared sometimes when shit tanks.
Crypto is a volatile world but to be successful you have to look at the long term picture not just the short term.
You are a pillar of positive stability in this community . Keeping it real with intelligence and confidence.
reSTEEMed
BitUSD or Hero would be a superior option to Tether.
Tether could legally collapse or not be accountable at any given moment.
be greedy when others are fearful ;-)
Nice post, although I was never panicking or anything. Buy and hold keeps all the stress away xD
But what bugs me out a bit is the fact that the prices are so closely linked. It seems like investors don't see coins as complety seperate products that just happen to share a similar platform but rather perceive it as "crypto". I would really like it when the prices weren't linked so much, so if one coin crashes, it doesn't take them all with it because investors freak out.
Actually it is very interesting to see that Bitcoin is still dominating the market. If Bitcoin is going down, everything else does. I cannot wait until coins like Ether will decouple and rise.
Agreed
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I did feel bad about the swing, as i had just brought some cryptos before the downward trend, if i had waited a day before buying i would have had more coins with same money, better luck next time ;)
This happens to me wayyyy too often :D
It will not matter in the long run. Even if you bought right at ATH, you would still make a lot of money in a few months.
Yeah, this kind of annoys me. It's like, really people? Bitcoin falls and you get out of everything? It makes it look like altcoins are nothing without Bitcoin. We all know most of them are valued in BTC, but still... I hope next year will be different from now.
Great article @acidyo I'm not worried and never have been. Btc will still go up and I plan on holding my steem and Never giving it up! Steem is my baby and like my son I like to watch steem grow right before my eyes. I'm in for the long term.
@road2wisdom, I am a newbie to steemit, do you always hold your steam power, is it the most valuable asset on steemit? Thanks a lot!
Wondering the same thing in the same position. Steemin only since yesterday!
If you power up, i.e. converting normal steem to steem power you get more upvoting power, as the name says. The only downside being once you want to use steem you need to power down and that takes some time (every week a couple of %). I am sure there is more in the FAQs.
You have my full UV; great that you're spreading this information in times of fear, it's important.
What makes you think it won't drop under 4200 USD?
Thanks @Acidyo for sharing the experience. I was lokking at coinmarketcap and wondering why this red signals and what should I do :O Hope investors and traders will find this information helpful.
Haha not panicking at all. It happens so often. :
how do you get all this automatic upvotes?
I commented with eSteem, and occasionally you will get votes from the creator of the app.
I called Colonel Stryker and got me some adamantium implants for my nerves.
Cool! I get some advice from this guy!
If I do that, will he fall off the cliff?
You're one of my favorite steemians acidyo but you can't assure anybody anything, a bear market for a few months is a good thing for crypto. It will lower the barrier of entry and fees. I want whats good for this ecosystem, not concerned so much with the price, wer'e building wealth not getting rich quick!
People tend to forget that the dollar value they see is based on the price in satoshi (Bitcoin). If Bitcoin drops, you can expect to see the dollar representation of an altcoin to drop as well.
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Nice article @acidyo I think this panic comes from a mentality of jumping from altcoin to altcoin that started at least three or four years ago. While in the past there were a LOT of pump and dump coins, things are now somewhat different. There are plenty of great coins, including STEEM. I do not panic. People should not panic.
Currently, I am holding a variety of coins. I even hold some 808 coins and TekCoins: They are fast proof of stake coins, and they help me grow my Steemit venture. :)
Steem On!
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who knows what the next months or years will bring us to compare with current prices.
It might look insignificant in 2-3 years.
the prices will always correct and then go their way. Lets go up
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People get panic at the first price drop and rush to sell, and it does most new members in the crypto world. They don't know there is no place for emotions and panic in cryptocurrency.
Today's low price may already change tomorrow...
Thanks for advices dear @acidyo! Have a geat weekend!
Well written :) Crypto world is more volatile than traditional stock markets. I've seen a lot of panic too in the last weeks. Speculative transactions can get you in trouble, but they can also bring a lot of money. Steem looks pretty ok,as you mention, I do not think it will drop below 1 either.
Have a nice week-end!
I think lot of people are used to the fact that crypto is highly volatile.but that volatility is possibly its downfall as well.. not sure how long this correction last !!!i wish btc test 2000
Many of the points you make in this posts are 100% spot on! Im personally glad Steem is kinda falling in price as well...these are simply good opportunities to BUY more and improve our overall holdings.
Great article and so true, i just made a post about whether we are in a bubble, because I saw yesterday a lot of people panicking. I don't think we are in a bubble at all.
There are 3 eras of currency: commodity based, politically based, and now, math based...math haven't failed me yet! 😉
Amazing @acindyo when you voting something that i got some knowlaged thanks..
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good post.
I want, I need $
wait and watch
It's just like every other stock on the market - up's and down's.
But BitCoin is diferent it will continue to grow for a very long time!
And probably it will still grow because it's limited.
@acidyo correct ! it is inconceivable to think cryptocurrencies will not make FIAT obsolete in the future. If that is the case then you are to a winner here. The more mainstream it becomes the more people trading it!
It will take a time for cryptocurrencies to replace traditional money / FIAT. Many people, especially older people, struggle understanding how this stuff works. There are exceptions of course, but still...
Aye, for sure. I see FIAT dying within 20 years. what do you reckon?
Bitcoin will be at the top in the coming time.
Probably true. But for many of us, Steem is a way of earning bitcoins and money too. Steem gives us a good opportunity in the cryptoworld.
What makes you say that?
Sir, I own one wallet. In which has put some money in it. Some time ago I had invested 2500 rupees. Now I have got 4500 rupees to me.
We should never be too concerned about short term volatility. I always adopt a long term horizon for cryptocurrency investments.
Yes, Indeed.
Ahh I wish I could be something NOW :-)
I am never concerned with short term volatility. My philosophy is always hold for the long term. If you want to play with crypto currencies then just HOLD your btc
I have been saying this all morning myself. But I guess I don't panic because I invested, profited and took my investment back out and have been growing the profit ever since. So I don't freak like most people do when they see a price drop, even with a small loss I am still up, because everything I have invested is profit. Easier not to panic IMO when you are playing with profits from an investment and not your investment.
Good words and advice. The main thing is not to panic and keep a cool head. And the fall in the exchange rate is the best moment to purchase))
even though I have been in the crypto world for a short amount of time, I can already see that this is happening all the time and there is nothing to worry about at all.
Another thing to consider maybe? Try trading steem for sbd and back again in the internal market. No, you won't make a fortune, but any increase is better than none? Plus there are no fees. This is what I have been doing the past week or so.
If we still believe in the same fundamentals as before nothing has changed except for some taking profit. If you are not a day trader one has to accept these swings. Keep your eyes on the long term goal and just ride the ways- good article and thanks for sharing !
I am actually waiting for steem price to drop to buy it with my few SBDs i'm hoarding! 😅
at the moment you have to look at a good coin, to invest and to triumph the money. it's the best time
It's temporary profit realization. $ is safe now, and u are right we must wait for buy.
Thank you acydio for an advice, I made the first purchase of the steem and was expecting to sell it for a higher price and voilà, sudden crypto drop :) Well, hoping it will get up soon :)
Hello @acidyo
Hope you're fine ;)
Thanks, great analysis, very reassuring!
this is exactly what I said to myself these days
I watch this market with a beginner's eye but it fascinates me.
It's very exciting
upvoted my friend :)
@geemo-from-paris
I was waiting for a buy time for quite some time...Finally it’s here!:)
The flip side is - It's best time to buy Steem. I think cryptocurrencies always been volatile and if you are not ready for these extreme changes. Share market and mutual funds are good options for safe players.
Is anybody really panicking? I don't think anybody with experience in blockchain right now is panicking. It's just a routine 10% drop following a huge surge in the price...
I would never hold USDT, and you shouldn't either because it's a ticking time bomb. I wrote a post explaining why a while back. The tl;dr is the only thing backing it is lies, rather than real usd in a bank account somewhere.
Great soothing post. Long term is a major goal.
I would have panicked if it was a few months ago..now I'm just used to the volatility.
Oh no we are doomed!!!
Always be buying the big dips 😬🤑