Note: I’m not a financial adviser and I don’t hold any certifications saying that I know anything about money. I can tell you what my experiences are and what I’m doing, but in no way should you blindly follow what I say. I’ve been wrong a lot, and nobody knows where the market is going from here.
Today was a massive down day in the crypto markets, with Bitcoin dropping 12% as of writing, taking everything down with it. Steem is down from its all time high earlier this year of $8 to a mere 60 cents.
It’s a rough time to hodl, but a good time to buidl.
It’s less painful if you bought Steem with money you were willing to lose. It’s still awful. Nobody likes seeing their investments go down.
It also has nothing to do with the underlying soundness of the Steem blockchain, which continues to foster a community of developers and daily users.
Steem may ultimately fail as a network, but today’s price moving down to 60 cents doesn’t have anything to do with it.
The biggest thing the bear market has done for me is change my time horizon. 10 months ago, my time horizon for success in cryptocurrency was much shorter than it is today. I have learned a lot. Thankfully, I have never stretched my own finances to buy cryptocurrency, so I can ride this wave downwards until the will of the crowd decides to become overly optimistic again and prices rise.
In the long term, so long as the price of Steem can remain fairly constant, I’ll be happy: annual returns of 19% or so are easy enough to get via delegating excess Steem Power. The dapps are fun: I am still enjoying Steem Monsters (and selling an Alpha Gold Foil Zintar!), which is a pleasant surprise, and Partiko has shown solid growth the past few months. There are many projects that aren’t waiting for SMTs to be released to begin developing and growing communities. This shows confidence in Steemit Inc to deliver SMTs, and confidence in the Steem community.
Minnow Status- Two Easy Ways
60 cent Steem means $300 makes minnows! This is not easy to afford in every corner of the world. At the same time, one can still earn Steem by creating content, and doing it now with the price so low will be very beneficial if the price rises in the future. This is why even when I got very busy a few weeks ago, I was still trying to make Steem in my (rarely available) leisure time, by playing on Vimm.
Your budget may vary, and whether or not you can pay $300 to buy enough Steem to become a minnow is an intensely personal one, but it is much more attainable than it was when Steem was $8. If you have more time than money, however, use that time to post, post, post!
Your posts can be blog articles, or pictures (Steepshot!), snaps (saw @wonderwop using this feature and will have to look into it more; think selfie videos), online gaming (@vimm) or hosting a live show, product reviews (@steemhunt) and more.
Are you looking for ways to post more to the Steem blockchain? If the above aren’t for you, ask below and I’ll try to point out some projects you might enjoy.
What’s your plan with cheap Steem? Let me know in the comments below.