Just because we are amongst a red sea in the crypto markets today, doesn't mean they are all actually suffering.
Remember, Coinmarketcap displays, by default- The values of all tokens and coins, compared to Bitcoin itself.
The USD value is down since 0.00031432 BTC is worth less. Steem itself, is down roughly 17% at the time of this blog, but above the low from yesterday which was $3.02 (when BTC was above $14k). So actually, looking at it this way shows that Steem is a safer hedge than even Tether.
Until tomorrow, we won't actually be able to judge the damage done, since we will need to compare its previous volume with this corrections'.
To make money in this market, the best advice I can offer is so go against the crowd, and keep an eye on Korean markets. Steem on the Korean site Upbit (which has more volume than Bittrex, is currently $3.95) for a total volume of 42.8%.
Anyone here on Steem sees that today, is no different than yesterday for us. Nothing here has changed for the worse- Its only getting better. @ned (@certainassets on Twitter) posted a great Steem stat tracker, which I think you will agree shows the health of the platform. https://iworldpark.github.io/steemit/stat/post/ I think the best indicator on this site is looking at the 3 month chart for posts/authors.
[IMAGE: https://steemitimages.com/DQmPNin9quBW7JmiRvYA5SKnS6LfuPaG9TArKji1TdShujs/adfad.jpg]
So while everyone else is panicking, don't dare to sell your Steem. Short-term we could see $2 before a new higher high. SBD's on the other hand, I wouldn't doubt if in an upcoming hardfork they figure out a better way to peg this to a USD value to protect the rewards pool.
On another note, why the heck is actual @bittrex sending SBD to boost this garbage?
https://steemit.com/kimpoo/@kimjongpoo/i-kimjongpoo
[IMAGE: https://steemitimages.com/DQmQh4on2uAMUiqFfY6aDjfC3j7VskpuWtS1jvgeRZkrp85/sfg.jpg]
Tether is certainly not a hedge, Tether isn't actually anything at all. Tether is simply a notion that something, somewhere has that amount in fiat, and that notion is kind of laughable or they would already have allowed an independent audit and continued to allow US customers to use it.
Yes, user activity is good, but not all new users are necessarily interested in being a price support for those who want to sell, nor are they fully capable of absorbing the volume of sell-side pressure (or we would have seen them do so at previous price levels).
I honestly think that, because of the exchanges steem and sbd are traded on, and the price action I've seen on other coins that have been pumped, that it's highly likely we'll see a return to the price before certain entities took an interest in boosting the price. That won't mean the end of steemit, but steemit's reputation is on the line and they're going to have to do a lot more than what they're planning with hard fork 20 to save it and the value of a steem coin.
Tether can be used as a hedge, if you are able to exit your position fast enough. However, I agree that its total BS, and I personally wouldn't risk using them to try and buy the dips.
I hold 95% of my crypto in BTC, and don't bother moving in and out of trades since this requires a lapse of security, and moving a lot through exchanges that I cannot trust.
If SMT's roll out successfully, I don't think we will have to worry about Steem price correcting this low again. I read the whitepaper, but am not sure if our SP here translates to much on other sites that will issue their own coin on the Steem blockchain.
_Rob
I agree with your general idea of HODL'ing steem. It's silly to sell off at this stage just because the price reached an all time high and is now starting to drop.
However, I have transferred some of my Steem to Bittrex, because I want some liquidity for my Steem. Nevertheless, I do believe in the platform and looking forward for Steem to reach new highs!
I've got a question regarding these bid bots. I recently spent approx. 50 SBD on boosting my post, (first time I'm properly using these), and my post maxed out at just under $200
There are still about 4 days left until payout, but as the price of SBD is dropping, I can't work out if this will end up as a profitable move. Given that 50 SBD is approx. $200 at current market value, and I need to consider the curation rewards, I'm guessing no.
I tried this experiment because I'm tired of writing content which isn't seen by anyone, and noticed that all the big players are boosting their posts. But as I'm still technically a "minnow", and haven't yet built up my following, I can't work out what I should aim for in SBD investment to promote my posts, and still make it profitable. Any advice would be much appreciated!
