Are you nervous about the recent price action? Is it upsetting to look at a site like Coinmarketcap.com and see all red numbers? Does STEEM dropping below $4 concern you?
If you answer yes, my question is why?
There is absolutely nothing to be concerned about. All is well.
How can I say this knowing I lost close to $100K in a matter of a few days?
BECAUSE PRICING ACTION DOES NOT MATTER!!!!
Say that 100 times until it is memorized. If you cannot memorize it, tattoo it to your forehead.
The only people who need to concern themselves with pricing action are traders. Unless you are looking at entry and exit points for swing trades, do not worry about it. Yes, adding to positions can be a smart idea so a pullback like this is a blessing. Other than that, ignore price action since it means nothing.
Markets go up and they go down. Traders often operate based upon a herd mentality which is great for creating trends yet is rarely based in logic. The price of a token and the viability of a blockchain are two completely different things.
Let us use Bitconnect as an example. For those who are unaware, that ponzi scheme threw in the towel yesterday. Not long ago it was trading over $400 in spite of being a ponzi scheme. The last I looked, it is at around $30. So what changed to cause the $370 drop? Nothing. It was a ponzi scheme at $400 as it is at $30. The only difference is that it is out in the open and the powers that were in that deal are running for cover.
This epitomized how price action does not matter.
STEEM is one of the best blockchains out there. So let me ask you, are you afraid of STEEM going down to next to nothing? How could that happen to one of the best blockchains out there? The only way is if blockchain as a technology was scrapped.
At times like this it is best to ponder what is really important. To me, STEEM is an opportunity of a lifetime. This blockchain is leading the charge into the Era of Cryptocurrency 2.0. For those who are unaware what that means, it is a way of designating coins that are acquired via their utility as opposed to purchase (Cryptocurrency 1.0). When I mention this, I always use the disclaimer that I am not stating 2.0 is better than the other and that those tokens should be dumped. Basically, this stems from the idea that 95% of the population will never buy a cryptocurrency in their lives yet we are heading towards a tokenized world. Cryptocurrency 2.0 bridges the gap.
STEEM is the leader of the pack. This blockchain has more activity on it than any other one while not being stressed at all. We all know bitcoin and ethereum cannot make that claim. In the not too distant future, we will see Hard Fork 20 which will give us automated sign ups and a reduction in STEEM. At some point, we are also going to see the communities feature added to Steemit. And of course, I would be remiss without mentioning Smart Media Tokens which are going to have an amazing impact.
Did you notice how people were still posting, commenting, and upvoting while prices fell? I am going to surmise that the developers kept hacking away at their computers designing whatever it is they are working on. The Google bot kept running around scouring the keywords on Steemit. And, to boot, Steemit climbed into the top 500 in the US and top 1300 globally while the marketcap of STEEM was cut by 40%.
In other words, for the blockchain, it was business as usual. Nothing changed. This is the message I want to convey. If you were looking to cash out of your STEEM by this Friday, the action of late hurt you. However, if you are going to hang around to at least the end of the year, this is just another January day.
Embrace the idea of abundance. You are fearful because you believe in scarcity. What is scarce..money? Are you kidding? We are entering a time when cryptocurrencies will take over. There is plenty of money being created out of thin air (where money always came from) except, this time, it is not the banksters creating it. That is what is going to change the world.
Therefore, instead of freaking out about nothing because you still believe in scarcity, start to live the abundance mindset. Your SP will be worth more than you ever could have imagined. You are on a blockchain that is very fast, can handle millions of transactions a minute, and has no fees. Couple that with a rock solid community that, for the most part, is dedicating themselves to helping out humanity, and you can see there is nothing to fear.
I will make you one promise: over the next 5 years we will see a situation form where everyone is earning some type of basic income through the use of tokens. STEEM is going to be one of those tokens that many people will have coming in each month. Those of us here, we are in the 1%. Everyone who follows is going to only force the price higher meaning our present SP is going to be worth more....a lot more.
Remember these days when the price of STEEM is so high that even someone with 100 SP is considered rich in most parts of the world.
I foresee that day coming....it just will not be by this Friday.
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