One of the most difficult things to do when you hold crypto is to be grateful and not be controlled by greed. There are a thousand opportunity to make 100%+ gains in a single day in this market while simultaneously a thousand to lose it all.
Bitcoin alone made a 1652% gain in the Year to Date. As these gain appear, the downside looks terrifying to be honest and we would rather think that this show will just keep riding upward to infinity.
What if....what if...our mind tell us.
"What if SBD goes to $34? Should I keep my SteemDollars now and sell at the top?"
"What if bitcoin keeps going up? Should I move my SBD to get bitcoin?"
"What if I had sold my steem 6 months ago for bitcoin? I could have had so much more steem now!"
All these what if will make you mad and don't accomplish anything. How much would we all like a time machine now!
The Consensus From My Latest Post
There have been over 150 comments on my latest post Did you know you are making 14X more money than you think right now? and I was pleased to see what people were writing in general. I do read all your comments, even if I don't have time to reply to every single one of them.
The consensus is that people that, right now, is the best moment to accumulate SteemPower with the their author rewards. Convert the SBD gains instantly and add to the ability to promote your own content and invest in the long term.
The alternative is to hope for an another ridiculous, yet possible, jump to $34. Don't get me wrong...that would be an awesome gain on SBD and who wouldn't want to miss that?
Income or Capital Appreciation?
What is more important to you? A constant and steady stream of income OR a massive gain for hodling?
Personally, I am 31 man who's going to be a dad soon. I rather have a steady stream of income than a massive buttload of money falling on me suddenly.
There is a level of comfort and security with that I find. This is why I choose SteemPower. Not only I get to promote my own content with my upvote but I also get to make quite a large amount of Steem in curation rewards.
Also, it prevents me from selling my steem on an impulse which is very tempting these days.
Keep Your Cool and Accumulate SteemPower When SBD Is Up
I think it's the best long term strategy. That way, you get both capital appreciation in the long run and in the meanwhile you get income via curation rewards and authors rewards. Don't get caught by the hype.
PS: NEVER EVER USE THE "CONVERT TO STEEM" BUTTON! ALWAYS ALWAYS GO ON THE INTERNAL MARKET
PS(2): If you think I am wrong or I am right, please comment below with your thoughts. I'll make sure to upvote the best comments.
Congratulations on being a pops soon.
I agree I have been buying steem p when I get a chunk of SBD in. I have also been taking 90 day sp delegations from blocktrades when they are available. Spread the risk a little
Accumulating SP actually make sense... But if you sell SBD higher, you can buy more SP too...
Nice strategy. I am glad to know that on my first day here.
Honestly, for me, I prefer income then anything else. Having constant flow of income meant that I'll be able to slowly and gradually scale the flow. Maybe I'm just too risk adverse.
I'm becoming a dad real soon too. (1 week) :D
Woot! Congrats. Becoming a dad might have something to do with becoming risk adverse.
Well, I guess I'm now not only responsible for my needs but my child as well. Having responsibility and obligations definitely change some of my risk capacity. Cheers!
Did you know, that if you invented a time machine and went back to buy bitcoin, you would not be any richer than you are now.
You would have lost those bitcoins to some accident or hack, or such.
To explain this, lets take a more factual accounting.
The lottery. Many people win the lottery. And instantly, they have a lot of money. But, they are not rich. They do not have any financial understanding. Every one of them is broker and less happy then before they won.
To become rich, it isn't about having money, it is about knowing how to work with money and create more of it. As Robert Kiyosaki (Rich Dad/Poor Dad) says in his many books, the rich focus on cash flow. The poor focus on money (or, more specifically, bills)
To become rich, you need to understand cash flow. And look for ways to create it. Crypto currencies will all go way way up. But, what will you do with that cash? Do you have a dream of your life being better by having a homestead? Then focus your attention towards that end.
And soon congratulations on becoming a papa.
Exactly, reverse engineering your goals, the only way to get somewhere financially.
I was thinking about selling the sbd in the domestic market and buying Steем. But then I decided that prices would fall sooner or later. Better I now sell sbd at a high price, and when everything falls, I'll buy even more Steema :)
Best advice I've heard yet on Steemit. Since you can't see where SBD will be in the future, it's best to use it wisely now. As I said in a post last week, SBD value always seems to return to $1 no matter how high or low it goes. That's what it was designed to do.
Agreed, doing it the same currently - increasing SP is what I aim for, have my BTC and IOTA locked and will not trade anything in the near future - maybe one currency soon - but here I stick to what I get and increase Steem Power.
i think accumulating steem and steem power is the best strategy right now
I agree with you. Steem will definitely rise with a boom and we all steemians will make this happen. Just have patience and keep accumulating Steem
I agree, I’d rather have that steady income as well.
Congrats on becoming a Dad soon., it’s wonderful. I am 38 and have 4. Two who are on Steemit.
Congrats on your soon to be pappahood. There is nothing like it, and nothing, NOTHING can prepare you for it. You have never known love like the love you will feel for that child when you hold the baby in your arms. It is amazing!
I guess I am one of the minority here who is selling my SBD at highs. I sold at $4, I sold at $6, and I sold at $16. I believe eventually SBD will go back to the $1 vicinity, so I'll take the cash while I can get it.
But Mike, you say, Why aren't you putting it in Steem Power?!
Well, half of my post value is already going to Steem Power, and because of the delegations I am receiving atm I am getting about 45 extra Steem Power a Week in Curation rewards. So I am building my Steem. The rise of the SBD gives me an opportunity to invest in other promising crypto. Spread out a little bit and have more rockets going to the moon.
I was able to sell 40 SBD at around $15 over the weekend, that gave me $600 worth of BTC when BTC was trading at the weekend low of around $13,500, I am working on turning that 600 into some other coins I believe in as BTC works back up.
It isn't a disbelief in Steem, but it is a belief that a diversified portfolio gives me the best opportunity for long term success.
But that's my simple opinion, I could be sorry about it down the road... Who knows. We live in interesting times!
Spreading out makes the "its too good to be true" feeling die down a little
I completely understand. Thanks for the papahood wishes :-)
Agree completely - that's how I see (and do) it, too.
My question I suppose is this. Would we be sellers if the rocket was Steem rather than SBD?
I think I would be more apt to hodl if it were STEEM that was the big mover at the moment versus SBD. STEEM is supposed to be the moon rocket, while SBD is the basis for spending power. SBD should give us a dollar for dollar exchange to real world. So taking advantage of highs on something that really should be pegged seems like a good idea. I don't know that I would be selling STEEM at $16, or even $50... if we believe in the growth of the platform, HODLing there seems wise.
Yep, again - agree completely!
SBD is an anomaly - a gift to accept as long as it lasts.
If/when STEEM goes up, it's not an anomaly, it's supposed to do that (according to us ;)) and we will hodl and become even more invested when our expectations and hopes get fulfilled.
Taking profit seems to be the safe decision here. SBD had insane ups in the past and came back to $1 quite fast(in minutes, actually). The current uptrend seems to be a little bit different but if it crashes back, I will buy a good amount in an instant for sure.
can you post a link to the chart of that "minutes long" previous drop to $1?
Well, after your post of yesterday, I put in a limit order on Bittrex for 0.002 BTC 😎 You just never know, and I like to be prepared for any surprises :)
But then, I also only had 7 SBD to sell, which isn't enough to buy a significant amount of Steem, but as a payout for a single post it's yuuuuge...
That's almost 50 Steem on the internal market...isn't it?
Maybe, but like @mikepm74 said - SP has been collected anyway, so this way I can both do long term investment and short term treat-myself-to-new-coins at the same time :)
Plus it wouldn't even make 1c difference in voting power I believe..
I keep thinking about powering up. Even I don't own too much STEEM right now, for me this amount is pretty important as it is hard worked. I see you talked about increasing the visibility of your posts with your own vote, but... The self upvote is pretty disputed these days so I feel confused. Should I upvote my own posts? Should I not do it?
Of course you should upvote your own post. Just don't abuse it.
Well, in my case it doesn't even matter that much if I upvote myself or not. An upvote of mine is currently worth 0.03 dollars while your vote to my comment was worth exactly 57 times that value. I could have upvoted myself ten days in a row and still not made that amount of money :))
Really a GOOD ADVICE
I find it hard to believe, and harder to think it will last long. Just can't be right. I will keep selling some of my payouts for ether or other altcoins, just in case it does not last long.
All decision will be right :) you never know what will happen tomorrow :)
My personal tactic is that I sell SBD for other coins and keep my SP. I already have what is for me quite a large position in STEEM so it makes sense to diversify and use my Steemit income to invest in some other projects which I like, whilst simultaneously gradually increasing my SP
so many questions but the thing is you need to just make a choice and stick with it and be happy with it. You need to realize you made the best choice you could at the time
I would challenge you on this "meanwhile you get income via curation rewards", curation rewards go in your steem power, which is inflationary by nature as well, given that the only thing you gain by your curation reward is staying up to date against inflation, the real reward is the author reward which doesn't have a direct link to your steem power unless you vote for your own stuff.
Am I missing something ?
Interesting read, good content and quite informative. Thanks. I wish I know more and how to be able to make steady income like you. The crypto world is just beyond me. Thanks though.
I Adjust my aşk rewards to%100 steempower but its too hard to accumulate it because of the thiny rewards
dont do that now while SBD is trading at 7 to 10 times the price of steem!!!!
I didn’t know that thanks bro . I Must search more
Here's a good post from @biophil about how to maximize your rewards by selecting a 50/50 % payout. The short version is to go for the Default 50 % / 50 % payout, sell the SBD on the internal market, and then power up those Steem.
Thanks for your atention and help bro . I will check it ASAP .
You're welcome :)
Indeed...@cryptoctopus this is the right tym to accumulate steem. Capital gain is wat we should be more focus on....👌
SBD is high now, but Steem will catch up soon. I think the best use for the windfall in SBD is to convert it to Steem, and get a double windfall when the Steem price catches up. Who knows how high each of them will go...
I had already turned ALL big amount of my SBD into STEEM POWER to grow my vote!
@cryptoctopus,
"Keep Your Cool and Accumulate SteemPower When SBD Is Up"
I never think I am a day trader! If I do day trades I will be the worst one from all! So, HODL is my passion! When SBD UP it's best time to buy STEEM and when STEEM UP it's bes time to buy SBD! So, this is an iterative process!
As you said, I am also a father! So, I will keep STEEM as a long term investment to make his life a heaven!
Cheers~
Can you elaborate on this further. I am somewhat new to this steemit and I am still somewhat confused about the difference between steem and steem power and steem dollars. Not to mention the savings.... I guess that is just a feature that is currently not active.
STEEM: Liquid cryptocurrency
STEEMPOWER: Vested STEEM that gives you influence on the rewards (when you vote.
STEEMDOLLARS: Used to be a somewhat stable value worth at least $1 of Steem.
@theguruasia,
STEEM - is the coin which is work on STEEM Block Chain
STEEM POWER - earning from our posting divide as 50% 50% Steem Power = STEEM is going as an investment (We can withdraw it in 13 payments) to convert back to Steem.
STEEM DOLLAR - is the liquidity, 50% of posting rewards will credited as SBD and you can withdraw it anytime!
(I am not an expert in describing things, hope @cryptoctopus will correct me if I am wrong
Cheers~
my confusion lies in the recent post by the same author.
https://steemit.com/warning/@cryptoctopus/never-ever-use-the-convert-to-steem-button-always-always-go-on-the-internal-market
I am asking because I did what this above post says not to do (convert steem to SP). I can't figure out how to purchase and trade these currencies relative to one another. If i shouldn't convert Steem to SP; what is a the difference. Can someone give a real life scenario. Maybe use current market prices.....
https://steemit.com/interest/@sigmajin/understanding-the-steem-economic-system-vests-sbd-steem-dilution-interest-and-all-those-crazy-things
*edit This link helped me
accumulate Steem Power!
Everything goes to Steem Power. I want this platform to succeed.
Sell those SBD as there's no tomorrow!!!!
But there is, isn't there?
Thank you for your article, it's nice to know you read all our comments. I'm new here and thought I was going to play here instead of Facebook and make enough $$ to pay for my Hulu or Netflix account. It seemed easy enough, share and comment here instead of Facebook. But now, I'm excited for all the possibilities of growth. It's nice to have a social media account that feels like a bank account. The only problem is that what I thought I was going to write about doesn't seem interesting enough anymore. (I was going to interview and write about Moms who own small online businesses)
Write about what you like and don't worry about getting paid at the moment. As more people get turned on to STEEM I'm sure your content will reach more and more people. Good luck!
Thank you @steveperzia. I wrote a piece today about parenting for a #popcontest here in steemit :)
Yeah that s right...it s time to invest here ...i don't care Steemit is the most undervalued token outhere. Seriously, no other coin has such a developed platform or community yet they are valued so much more.
The other advantage to STEEM that few to no others have, people do NOT need to buy in. You want other tokens, pull out your fiat (or convert other crypto). Not with STEEM. Open up an account, start posting, commenting, and upvoting and you are off and running.
Proof of Brain adds a level unseen by any other token.
Proof of brain... I like it;) If I was to make my own cryptocurrency, it would be mined by playing minesweeper:p
Watch me - posting 4 a day until I drop. I increased my posting frequency to 3 a day about 6 weeks ago to challenge myself to do better here. Now those small payouts are bigger and I am trying my best to keep up the pace while doing 30-50 comments a day. Author rewards are where it's at for the moment. Sleep is for sissies.
Congratulations! I'm glad to see that you are progressing:)
grrrrrrrr......... just..grrrrrrrrr...... lol
LOL @fitinfun girl.
You sound like me.....put everyone aside...too busy steeming....no time for life....friends...sex...eating....family.....
Steem Until You Drop.
We need to print up shirts.
I totally agree. I have friends that are missing this boat and I can't believe this is the week they need to take off. I'm trying to keep my heart rate down.
I need a shower...
I couldn't agree more. I have been involved with crypto for about 5 years now and I don't see coins, other than ether maybe, that have such a usefull coin. If anyone can point any out to me I would expand my horizon.
Wise words to live by! Focusing on the long term value of the steem platform and investing in it by posting great content and converting to STEEM Power is what I do. I do though try to sell my STEEM for SBD at appropriate times and convert the SBD to STEEM Power when it rises. I think the optimal ratio is at 70% income going to STEEM power, 20% SBD and 10% STEEM but those numbers are somewhat arbitrarily chosen. What do you think?
I think it's so hard to know what's the best strategy, so personally I'm happy as long as they're all slowly growing:)
Haha ok that's a good strategy 👍
Yes, you are absolutely right, now is a good time to accumulate SteemPower at SBD output in the future we will be very useful. I am pleased with the current situation.
im new to steem but after watch @jerrybanfield last night video on vice.com im buying steem today such high potential i see for steem and i like blogging too.
I'm still holding Beanie Babies. Any day now the price is going to go back up. I can feel it.
lol
"NEVER EVER USE THE "CONVERT TO STEEM" BUTTON! ALWAYS ALWAYS GO ON THE INTERNAL MARKET"
I really agreed and appreciate above point when you told from this post. Yup..Keep our accumulate steem power currently It will be more important to increase capital wealth here. So I take better reaction now. No convert. SBD hodl and increase steem dollar price immediately use "market" option.
Like you said, each person might be at a different stage of their life and while some people are looking to the future, some could use that money right now. I don't think there is a wrong answer in this situation. The only wrong move would be to sell it when it's down haha
Congrats on being a father soon. One day, you'll be able to tell your child of the great STEEM run of 2018.
Anyway, if the belief is that SBD will continue to rise, then why sell now?
Why the hell are people selling Steem for pennies on the dollar to SBD in the first place?
I guess, the best thing to do is take the gamble now, convert your highly priced SBD into STEEM and then to Steem POWER, so you can earn more on your upvotes in the future.
yes i agree with this and its good that u try to understand some good to all crypto holders i sure that steem is a brilliant crypto and future only we stay on it always and wait for that time which we think
I took my SBD and powered up with it. Seems like a better deal than the 5 or so dollars, in the long run.
I took my SBD and powered up with it. Seems like a better deal than the 5 or so dollars, in the long run.
In fact, I did exchange steem dollar to steem. It's better way I think. SBD pumping can't believe in future. But current time SBD HODL good one. Plz see last 07 days SBD movement. Immediately rise up. Steem always trust me and with me. Greatest opinion you shared.
Thanx you so much dear #cryptoctopus for your this Gd information . resteem & upvote done .
Congratulations once again, as you are about to become a dad. In my opinion, your idea of taking steem power is a very good idea, I am still new to steemit and don't know if people can collect full SBD's but as a new guy here with the options I am given, the best thing is the 50:50 default for both SBD and steem power, then after you get this, split the SBD into 2 again, by converting 50% to steem (as usual we won't use the convert steem button, we should use the internal market) then changing that steem to steem power, at the end of the day you gain massively more steem and you also have some SBD's you can do what you want with. It's a win-win, the most important thing is to have options. Nice Post by the way, it would help a lot of newbies.
I really believe in this platform, and I think the best option is just as you say. Accumulate as much Steem Power as you can. Especially because steemit is still in its early stages and more and more people will be joining, this project is exciting I just wish I could have sign up before!
So true on the don't use "convert to steem" button! Great post, gotta HODL till we hit the moon!
moi je garde!!
Bitcoin now up.Bitcoin doesn't have a country backing it. a long history of exchange rates versus other currencies, a central bank, interest rates, or construction it extremely hard to place a value on.The current Cryptocurrency is so extreme, it's taken the entire more than four decades to return what Ethereum, the second largest cryptocurrency by market cap, has returned to investors just this year alone..
The what if is too much, why not make a decision and hope it all turns out okay, constant thinking wont solve any, personally I think if you are not in need of fiat one should convert his/her money to steem/steempower