Today was Brutal.
So many people were messaging me asking me what to do. Like many of you I did not go unscathed. My primary holdings Steem, Stratis and Bitcoin all took major hits today. My only coin that did well was Flashcoin and that is because it is very new and does not have the exposure of the large exchanges yet. I guess not being on BIttrex yet was a blessing in disguise.
This is What it Looked Like Today When I Tried to Go Against the Downtrend.
The Good News About the Crypto Market.
If you did not freak out and sell today you won your own personal psychological battle. My problem is that I don't back down. I just keep going in for more rounds and take the punches. In the end I know I will either win really big or take an epic loss. Today was a cumulative loss but I know I will recover like I have done so many times before.
Steem, SBD's and the Bitcoin Relationship.
Steem has a bizarre relationship with Bitcoin. Over the last few months each time Bitcoin goes up or down Steem seems to follow right behind. This relationship seems to be even more pronounced when Bitcoin breaks to the downside. If you are a user on Steemit you may have seen the value of your posts take a dip today. This is the reason.
Look at the chart below. At around 7:00 am EST, Bitcoin tanked and you can see Steem free fall along with it.
%20BTC-STEEM%20STEEM.png)
SBD's on the other hand are pegged to USD so they are not as directly correlated with Bitcoin. Usually SBD's are a favorite safe haven currency when the markets take a hit. Today it seems that the downward pressure of the markets and the continued selling of SteemDollars by Steemit users has caused them to dip under $1 USD. If you want a guaranteed 10% profit and you have Bitcoin on Bittrex here is your chance. I would do it but I have not Bitcoin on an exchange currently.
%20BTC-SBD%20SteemDollars.png)
What Am I Going to Do?
I am going to sit tight and let the Bitcoin storm pass. We have a few weeks until we know what the future of Bitcoin will be. Until that time the markets are going to be in for one hell of a wild ride. I personally will not be selling any of my Strat, Steem or Flashcoin at this time. I would not sell SBD's at this time either. Wait for the price to recover to $1 USD.
Now is a good time to step away from the computer and enjoy your summer.
I was really close to selling man. idk what stopped me today but jeez I've been doing some praying.
I invested at the very upper limits of what I don't need to hold in fiat because I believe so much in crypto but it's just so discouraging to play this game rn. hodl hodl, yea I know but i'm 21 and dropping out of college and really look forward to some financial blessings.
I really need to just forget about my investments and focus on making money with steemit.
as far as being on steemit, does reddcoin make anyone on here nervous, my understanding is that it will essentially give other platforms the ability to act similar to steemit with currency flowing through everything.
reddit blows. As long as they can censor posts, their coin means nothing.
blows or not isn't relevant, it's still a major site, and reddcoin has potential.
sure, it has potential to suck.
:)
I'm buying BTC, LTC, ETH, STEEM, DOGE, ... great time to buy cheap :)
Great post, thanks for sharing it. I think the price of many cryptocurrencies in general have a positive correlation with each other meaning that their prices tend to move in the same direction. Personally, I am trying to buy more Steem and power up as the price goes down. The benefit here is that with Steem you can earn a bit through either posting and curation even as the price goes down. It's somewhat similar to how stocks pay out dividends. It acts as a bit of a hedge against the price movement.
What will happen to steem if the so-called bitcoin split will occur?
Until Steem finds its own way we will be following Bitcoin.
Agreed, bitcoin is still the entry and exit door for Steem. Their fates remain tied.
I'm just chilling here.. Hodling. :)
Flashcoin looks interesting indeed. 👀👀🤔
Nice blog and nice to see you here Andy AB friend, vote & follow from me.
Steem on Dibaco from FB ABirds
It is awesome. I want lower prices so I can buy at a discount.
As little as I know about the Bitcoin this much so do know!
Once there is direction and clarity provided by BTC community, then the bloodbath will finish. In the meantime, HODL, and acquire more into core positions. I'm using #ETH profits, so have £0 skin in the game. Everything is on sale. The best time to buy is at the point of maximum pessimism. We are close.
Today was one of those brutal days, in fact we use to have brutal months if not a full year where bitcoin just stayed at around $200-$300 Game plan for me has always been to hold because I know the sheer potential of these coins. A 100 billion market cap was just scratching the surface.
"Whether The Storm" .... soon it will be clear sky's. ☁🌧⛈⛅🌤☀
I Think we are still almost two months away. Going to be stormy.
I got my rain coat on lol
Batten down the hatches!
i agree chillin and smelling the roses.
just HODL. not everyone can have 1 coin
Very Nice Post @hilarski . Great Advice. The Market is Crazy . You said right stay away from computer and enjoy the summer. Upvoted and Followed. :)
it dropped down really hard today, but dont panic, just hold and good things will come in the future!
Buy Steem :)
... And SBD :)
can be very brutal..in it for long haul so holding :)
I'm still bearish. Hedge your funds by buying SBD :]
Thank you for sharing this information to us @hilarski
very helpful
This bloodbath isn't over and won't be until after August 1st. Until then everything is on sale.
A very brutal day indeed. I choose to hold and continue mining daily. Plus I'm continuing to gather Steem in the long run so I'm not worried. Upvoted.
New Steemian
@incomepal
Thanks for the follow @hilarski
Followed back
Nice breath of fresh air there, thanks,
I think this is all bitcoin civil war uncertainty. Good post mate!
yes bitcoin brutal master @hilarski
thank you master @anu You have been logged in almost all post master @ hilarski comments
valuable info， thanks
That Gif hahaha totally nailed it up and down.
Been buying BTC, ETH, STEEM, DOGE
Keep on hodling on.. We will make it through, will make it through.. ლ(´ڡ`ლ)
I used it as an opportunity to buy steem. Last night for $1.52 and today for a $1.20
Hopefully you look like a genius in a few months.
Well the real question is about TENX which I'm thinking of throwing my remaining few hundred bucks in.
The price of etherium had gone real high to like $350 then all these etherium based icos came out. TENX was 420 coins for 1 ether before ICO. Now ether is selling for something like $215. So TENX comes out on bittrex a couple of days ago and shoots up to $10. So everybody sold. That caused the price to tank and now is selling at $0.65. That's lower than the before ICO price. Now it could go back up to $10 and make somebody really rich or it could completely die. I'm honestly betting on the former. If it goes down to $0.50 I'm in. You heard of it?
Yes, I have heard of it but have been avoiding all ICO's for so long. That actually sounds like a good buying opportunity. I did well buying into MTL the the other day after the initial dump. My big bet is on Flashcoin right now because I know it will go crazy once it hits Bittrex. It is less than half a penny on Cryptopia right now so I backed up the truck. I have a feeling many crypto millionaires will be made this fall if Bitcoin levels off or heads up again.
Okay so you gave me 50 flash coin when you did that coin dump. Just checked my account and it's in there. BOOM!. Is cryptopia the only place to buy flash coin right now?
Yes, and it is coming to Coinomi in two weeks. Launching on Bittrex as soon as they can. It is my Lambo trade ; )
I too am riding the TENX roller-coaster. Wondering if this was a day I should have learned how to go short! Wheee:)
Yes, I also have TenX, it's in my 'developing coins' holdings element of my portfolio. Missed the ICO, acquired on bittrex after the first days trading madness.
Its like a Black Friday, everything is on sale and everyday the sale gets better
Good luck with riding the crypto coaster.. this downtrend has been really frustrating. I'm still hanging on to my long positions though
great for investment those who wanna buy
Yeah. No need to freak out. August will be a good month for crypto.
Great advice about stepping away from the computer...hodl hodl hodl 👍
Yeah it is important to just stop looking at the craziness!
Buying BitShares. Backing up the truck.
This is future of investing for the average Joe.
Hell yeah, stack up now while they are cheap!
HOLD is the key work in this situations
Generally speaking, when you invest your money you should invest only money that you will not need in the near future and this is what gives you the strength to hold and not sell when the market is going brutally down like in the last week or so...
I wonder if there was some stop-hunting going on (to make a crash so people could then accumulate cheaply).
I tend not to use stops, because most of the time they get triggered in temporary spikes up and down and you end up losing money.
Great post, great advice. If you cant stand to see what your portfolio is doing, dont look at it for a while. Not worth the stress, im going to sit tight till fork day comes and goes and see what happens.
I mine Hodl and ERC...(LoL) during times like this.
I got Steem today for $1.36. Wish I would've waited a little longer.
I think you did great. Now we wait and see if we get a recovery.
This market volatility is natural after the meteoric rise that cryptocurrencies had in the last three months. Currently we are in a consolidation price process. Anyway, this what I think.
Do you follow Byteball? I have written about this token.
this will be a hell of ride Fast and furious style !!
I only wished I had some BTC lying around to buy more steem/stratis at this point...
Me too @RKreddy!
Great post. Volatility in cryptocurrencies is insane. But Bitcoin looks more stable, compared to others, that way I say the Bitcoin is the king.
"Now is a good time to step away from the computer and enjoy your summer."
Very wise words.
Parents just don't understand.
Converted some SBD into Steem. I guess 1.1 SBD for steem is a decent price
Jeepers cryptos must be stressful for people who freak out and want to panic sell every time they drop :)
I heard some noise about segwit2x tesnet forking the btc earlier today. I wonder if that also added some panic. Let's see how it plays out.