I'm very interested to hear what your bank has to say and your thoughts on it @exyle.
Ha, ha, ha. I love your story of how you used the internet to do your research. I remember when my son's teacher used to call on him to sort out her computer problems. She was at retirement age and he was just five!!!! 😂
I have a question regarding Steem going down to $1.40 . . . we ccan't buy Steem without buying another currency first so is the prevailing opinion that is Steem is at $1.40 the currencies we can buy it with will also have dropped proportionally?
i know you don't give advice and I'm not taking it as such it just suddeenly struck me that, even if Steem dropped to $1.40 I couldn't buy because I have not other currencies.
You're buying point it $1 for Steem and 6000 for BTC. If you had no other currencies with which to buy Steem what would you do if Steem dropped to below $1 but BTC was at 9000?
Or are they so intimately connected as to make that highly unlikely? 😊
That can happen but it doesn't matter if you want to invest with fiat.
Let's say you would want to buy $10000 USD worth of STEEM (Way too much but easier for the example).
Let's STEEM is $1 and BTC is $5000 or $10000.
When BTC is $5000, you can buy 2 BTC and change them for $10000 USD worth of STEEM = 10000 STEEM.
When BTC is $10000, you can buy 1 BTC and change it for $10000 USD worth of STEEM = 10000 STEEM.
OMG @exyle. I am sooooooo thick when it comes to this stuff. My brain just doesn't seem to work that way. It cannot understand that the price of BTC makes no difference when starting out with FIAT, even when its' written there in black and white. I'm going to have to make some pretend money and move it around so I really get it I think.
It might make a fun video! Actually, come to think of it, I've got some Monopoly money. I could use that. 😂
One thing that does make a difference . . . I think . . .is that I have to buy Euros first. Not that I'm following the Euro against Sterling but maybe that's the more critical pair????? 😢