Since it is looking more and more likely that we aren't going to get a renovation loan and will therefore have to do it the long and slow way, I decided to count my crypto pennies and have a look what might come in handy. While the majority of my holdings are in Steem, over the last 2.5 years I have spread a little into other crypto assets and since I am a holder, the highs of a couple of years ago aren't looking quite the same now below the line.
I expect that most of the shitcoins I hold are going to fail and my only real hope for them is that they will ride Bitcoin up and I can sell them and perhaps make a little profit. Even if they only go to half ofwhere they were, that'd be okay. I also hold tiny bits of some other coins that I think will do well, with a touch of Bitcoin and Ethereum, as well as some Enjin, Tron and a few others that might survive longer than the next flash in the pan, bullrun.
Before the "great crypto boom of the 20s" as it will be known in the future, In the interim we will be able to have a small amount of starting renovation budget and will be able to get a few key components completed that will add some value. If we do this fast enough and get a reevaluation for a higher amount on our home, we should be able to borrow against it for the rest of the renovations. This means being very selective in what we choose to invest the initial resources into.
But, even if we don't get the loan, while very tight, we should be able to gather small amounts of capital from our work and continually do something, one room at a time. All things remaining equal, we would be looking at 3-4 years of renovation time doing it this way, maybe a bit more. That is okay and in some ways, it is even better as while it will take significantly longer, we will have a much smaller loan to service while simultaneously be building equity into the house piece by piece.
However, what I am crossing my fingers on and actually think there is a decent chance of is that Bitcoin will make a move and the alt coins will follow on the coattails. This means that while I do not plan on dumping, I can ladder some out that will go directly into the investment into our home - effectively diversifying assets, something I do not have much of currently.
Then there is the potential for ongoing earnings without affecting the wallet principle through Steem with small amounts from curation and posting aiding significantly in the cost of materials for the house. I wouldn't sell any a 17 cents for this, but if for example it hit a dollar, I could take a little to tide me over until it hits two, and then five. At that point, small amounts would finish the renovation and then, small amount would make significant inroads into the monthly mortgage payment.
This will mean that while Steem is up, I would be able to use it to shorten the loan time without having to dump my load and miss being a Steem holder when it goes to ten. It is strange to think about perhaps and some people might have differing views, but part of the reason that I want to have significant Steem holdings is so that in that future I have been working towards, I will be able to provide something significant for others that they can use to improve their lives.
Currently, the value of Steem is pennies and even the largest voters on the platform do not add significant amounts of "real-world" value to other users, but they do add significant Steem value. Those who are earning Steem value and holding are going to benefit later, while those who are selling it now will have to rely on others later also. For some this is the way it must be, for many it is the way they choose it to be - Steem is a marshmallow test.
What I find interesting about crypto is the literal pennies now have an unknown future value that can be well and truly on the upside, and while I do not think that many (if any) will ever see the growth bitcoin has and will, there are plenty that will see a lot of movement upward, as they can't really move that far downward.
I think Steem is one of these and I am glad that I have been able to do what I have done these last 3 years and get a significant amount under my belt. It has not been done alone as I have required support to be here, and I am grateful. I think this gratitude to others for having the faith to support me is a huge part of the emotional justification for holding Steem, and the relative "guilt" for even contemplating selling.
Yes, it is my STEEM and I have earned it, but people have also invested their value into my content and me, often with the hope that I will in turn be a healthy influence and add value above what I have gained. Eventually, it is a pay it forward system, but that does require having something to put forward into the community, since it is a stake-based platform.
I am a small account here and I do not think that most people consider my vote having that much worth, but as I see it, I am giving away 20 dollars or more f future value with every vote, and if those who receive can hold, they will see benefits. In that future, the crypto pennies that can't be used for much now will be able to invest into other aspects of life, build businesses, buy food, dig a well or in my case, hopefully pay off my own home to secure a roof over my family's head going forward.
It has been hard the last few years for my family and I have the sense that if we keep struggling to maintain the status quo, we will be slowly crushed until we can no longer hold on. I believe that the entire global economy is under the same pressure and most are heading for the same result. While it might seem risky to invest into uncertainty, there is nothing riskier than investing into staying the same.
Those crypto pennies can add up, so it might be worth getting a piggy bank and saving what you can.
Taraz
[ a Steem original ]
Not sure why, but my base value of STEEM is always a dollar. I think that's helped through this long period as earning 20/30 STEEM a post - 20/30$ for an hours work seems fair.
Ready for SPUD?
It is an easy metric due to familiarity. I go with 10 dollars because I am an optimist ;D
Not ready at all, but I will put something in. Last SPUD I blew my load :D
10 is nice also :)
I've just stocked up again and think i'll use the 1st of the month as a cue moving forward - save me putting my shopping money in.
Yeah, I have a little in my wallet that I can add for the 1st, but it isn't going to take me to 100k :D
I will see you in the bean and tuna aisle.
That's my lunch for tomorrow!
Its interesting to think that "we" current Steem holders will be the ones "dumping" on new traders who will turn into the hodlers of tomorrow.
It will be interesting to see if my parents ever buy some Bitcoin in their lifetime, or if Bitcoin is still strugling with ease of use and onboarding new users.
Yep, and I am happy to take what I can when I can from those dumping on me now :)
I predict that at least at first, Bitcoin for the masses will be by way of managed funds as mos people will be too scared to invest directly. Perhaps your parents would choose an investment that say had 5% "high risk" crypto exposure.
The largest single managed fund in the world is about 5 trillion worth, which means if they put 5% of the fund into crypto, it would double the entire market cap. That is one fund. When they all want a piece and do not want to be the last in?
Thrown out in the Tweet
It's amazing you bring this up about the bank denying a loan for needed renovations. The reason benicents was created was exactly situations like yours. I'll be putting together a post soon to explain what we're all about and what we're trying to do. But in a nutshell imagine a place where you can fundraise for anything. Where upvotes contribute directly to your goal.
We created it because right after Christmas we paid off bills and found ourselves with a broken washer. There was a nice one on amazon but we couldn't afford it right away and the bank wasn't comfortable with a loan. Eventually we were able to replace it, but boy what a hassle!
This got me thinking... Why does every fundraise need a sob story attached? Why cant it just be about us helping eachother, doing a good turn. And what if there were a platform that could reward that exact same type of altruistic behavior?
Anyways, great article! I'm upvoting and resteeming!
Sounds interesting and good luck with that. Remember though, Steem doesn't function well as a charity at this point and often the amounts people are seeking are significant in relation to the pool value. There are also many people looking to game all they can. However, I do think that as price increases and the industry matures, there is a lot of room for charitable and microloan activities.
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Fun dayn moyl in gots oyern.
Yiddish?
Yes. From your mouth to God’s ears. I’m not even Jewish but was born in New York City and grew up in northern New Jersey. You learn a few things by osmosis.
I have headr the English version before. Does it mean, hopefully god hears and grants the prayer. ?
Yes.
Getting the other cryptos or even more steem is too hard x_x I kind of looked into it but if it's not my brain unable to process the numbers it's fleeing at the mere mention of requiring identity check XD
I'm the most boring person alive so it's not like I have to worry about getting arrested or people coming after me I mean I post photos publicly ffs
I want to just be able to pay for things in steem, bugger this convert to fiat shenanigans. That's my when demand XD
It is possible now for some things I have heard, never tried though :) One day--- one day.
I've bought Magic cards and I'll accept steem for commissions, but I want to buy groceries and pay the mortgage directly with steem without having to go through things like LROS and PaidByCoins(though it's monumentally cool that stuff like that exists so that we can do those things albeit indirectly) XD
My account is even smaller and there is a AU$50 minimum to take crypto and put it into my bank account, which at these prices is a hefty amount of liquid Steem. Things are pretty tight and I won't really be able to start saving money again until next week.
But I see Steem as separate from FIAT. so I am treating it more like a retirement account. One day I hope to be able to use it to travel overseas and so forth, but we'll see what happens. The next 5 years or so are going to be rather interesting.
The cost of transfers to and from banks and exchanges is something many don't factor. Since I am in Steem, transfers are free :)
The future is where Steem strength lays, and indeed the next 5 years are going to be very interesting on many fronts
I am on Steem too, and yes the transfers are free. It's getting it back into FIAT when the need arises that it suddenly becomes an issue and why the price can be important.
Local Steem meetings are good, but people have to either have cash on them or be willing to give out bank account details for the transfer and to have liquid Steem.
Its interesting, isn't it. I find it takes the sting out of going to work. Work used to be a grind; now its the activity that lets me pay the household bills and mortgage without having to sell any crypto.
Ironic that this is the closest I've ever come to retiring early, and I've almost completely stopped daydreaming about it, because I'm so grateful to be employed.
:) it has shifted the value and reason of why to work.
With what my wife and I are planning for the potential house and the inability to get a renovation loan despite being well under our potential for a max loan, I really hope that crypto can eventually help us complete it. Otherwise, we will just live rough for a while. That is okay, at least it will be on our terms.