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.
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reddit blows. As long as they can censor posts, their coin means nothing.
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blows or not isn't relevant, it's still a major site, and reddcoin has potential.
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sure, it has potential to suck.
:)
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I'm buying BTC, LTC, ETH, STEEM, DOGE, ... great time to buy cheap :)
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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.
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What will happen to steem if the so-called bitcoin split will occur?
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Until Steem finds its own way we will be following Bitcoin.
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Agreed, bitcoin is still the entry and exit door for Steem. Their fates remain tied.
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I'm just chilling here.. Hodling. :)
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Flashcoin looks interesting indeed. 👀👀🤔
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Nice blog and nice to see you here Andy AB friend, vote & follow from me.
Steem on Dibaco from FB ABirds
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It is awesome. I want lower prices so I can buy at a discount.
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As little as I know about the Bitcoin this much so do know!
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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.
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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.
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i agree chillin and smelling the roses.
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just HODL. not everyone can have 1 coin
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Very Nice Post @hilarski . Great Advice. The Market is Crazy . You said right stay away from computer and enjoy the summer. Upvoted and Followed. :)
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it dropped down really hard today, but dont panic, just hold and good things will come in the future!
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Buy Steem :)
... And SBD :)
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can be very brutal..in it for long haul so holding :)
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Thank you for sharing this information to us @hilarski
very helpful
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I'm still bearish. Hedge your funds by buying SBD :]
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This bloodbath isn't over and won't be until after August 1st. Until then everything is on sale.
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Nice breath of fresh air there, thanks,
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I think this is all bitcoin civil war uncertainty. Good post mate!
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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
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Thanks for the follow @hilarski
Followed back
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"Whether The Storm" .... soon it will be clear sky's. ☁🌧⛈⛅🌤☀
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I Think we are still almost two months away. Going to be stormy.
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I got my rain coat on lol
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Batten down the hatches!
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yes bitcoin brutal master @hilarski
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thank you master @anu You have been logged in almost all post master @ hilarski comments
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valuable info， thanks
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That Gif hahaha totally nailed it up and down.
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Been buying BTC, ETH, STEEM, DOGE
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Keep on hodling on.. We will make it through, will make it through.. ლ(´ڡ`ლ)
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I used it as an opportunity to buy steem. Last night for $1.52 and today for a $1.20
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Hopefully you look like a genius in a few months.
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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?
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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.
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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?
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Yes, and it is coming to Coinomi in two weeks. Launching on Bittrex as soon as they can. It is my Lambo trade ; )
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I too am riding the TENX roller-coaster. Wondering if this was a day I should have learned how to go short! Wheee:)
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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.
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Its like a Black Friday, everything is on sale and everyday the sale gets better
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Good luck with riding the crypto coaster.. this downtrend has been really frustrating. I'm still hanging on to my long positions though
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great for investment those who wanna buy
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Yeah. No need to freak out. August will be a good month for crypto.
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Great advice about stepping away from the computer...hodl hodl hodl 👍
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Yeah it is important to just stop looking at the craziness!
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Buying BitShares. Backing up the truck.
This is future of investing for the average Joe.
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Hell yeah, stack up now while they are cheap!
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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...
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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.
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I got Steem today for $1.36. Wish I would've waited a little longer.
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I think you did great. Now we wait and see if we get a recovery.
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I mine Hodl and ERC...(LoL) during times like this.
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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.
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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.
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this will be a hell of ride Fast and furious style !!
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Great post. Volatility in cryptocurrencies is insane. But Bitcoin looks more stable, compared to others, that way I say the Bitcoin is the king.
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I only wished I had some BTC lying around to buy more steem/stratis at this point...
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Me too @RKreddy!
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"Now is a good time to step away from the computer and enjoy your summer."
Very wise words.
Parents just don't understand.
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Converted some SBD into Steem. I guess 1.1 SBD for steem is a decent price
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Jeepers cryptos must be stressful for people who freak out and want to panic sell every time they drop :)
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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.
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I agree with you. I am in it for the long haul. I will hold onto my bitcoin and steem as well as my physical metals that also took a big hit lately. Things will turn around and start an upward trend soon.
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I love it, and I'm looking at the market right now like.
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not only bitcoin ...even sbd steem are too having a very bad time.Is there any chance that this could be lifted again ?
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80 Bilion cap is just too small to maintain price stability. As I said in some previous comments, Home Depot Inc market cap is around 180 Billion. A single stock is worth more than the whole crypto market. Actually, it's twice as big.
If you don't believe cryptocurrencies (ALL of them combined, bitcoin, eth, dash, steem, etc) won't eventually become bigger than the company Home Depot, then you shouldn't have invested in them in the first place.
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This is a good advice on a platter of gold. "Now is a good time to step away from the computer and enjoy your summer." I love that. There will be speculations everywhere and the chances of having a heart attack is very high. For those who trust that bitcoin and the crypto world will survive past August first I suggest we all take the advice to take time away from our computers and enjoy time out with our family. One love to all steemieans.
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My nerves arent doing well... dare not even look at the btc prices. So thanks for your reassurance|
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Thanks for sharing.. good info here
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We all just need to remain calm and be patient.
The markets will recover as well as I can't wait for the BTC hardfork to hit.
It is a great time to invest in coins right now as another boom will happen.
Steem On!
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Thanks for sharing information with us
You are a great person
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Same here. I am sitting tight, watching the turbulence, holding onto all all my coins, not selling anything. Investing is a game for patient and strong-willed.
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Upvoted and also resteemed :)
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Congrats! You're a winner of @msg768's daily giveaway #32. To find out more, click HERE.
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Yeah, the important thing to do is just to chill and not get hasty with selling things off, you never know what tomorrow or next week, or even next month will bring!
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we will persevere!
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yes, the right way to is to hold and to buy on steem when the price is dropping.
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we do have the same thinking, for me ill just gonna hold my bitcoinuntil it reached $5000 THIS YEAR! take not of that @hilarski :)
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Well, I won my own battle too, with the decision not to sell :D
Not sure that it is right decision, as well as not sure that to sell is the right decision too. But, I made my choice and feel free :)
Thank you for your post, your blog is one of the most "calm" among other blogs about trade. Don't know why but I always relax after reading :)
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I never understood how people could panic and sell when cryptos are down (unless we're talking about small market cap new alt-coins with a tiny market cap). Today was a blood bath but we are far from seeing the end of the rallies just based on the fundamentals of Bitcoin as it stands.
I'm looking forward to cashing in on this, but as always, weary of the unpredictable circumstances.
Thanks for the piece Randy!
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Well I sold some virtacoinplus and bought some digibyte I could sell some and buy some sbd
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hahah i am following your tips time to shut down pc.
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thank yo for sharing ..
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nice post thank you
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Great post man. Thanks! Keep On Steemin On!!
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Great time to buy, Wish I had waited :) and yes holding the little I have.
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Thanks. The market is likely to continue extreme volatility over the coming weeks. All eyes or blame is on US dollar. Us dollar is getting ready to nose dive, but market is trying everything to convince us that it is not. When the dollar takes the dive cryptos will spike much higher.
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meep
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Thanks for sharing a good information to us. God bless You
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All currency have their down time so things will get back on track soon don't be panic
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I have been waiting for a good pullback to buy some steem. Thanks
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Great observation about Steem following BTC closely - I thought it was only coincidental but seeing Steem always rise and fall with BTC has made me realize that they're both birds of the same feather!
I made sure to buy some more Steem today and now I'm looking forward to the inevitable pump! Days like these don't make me sweat at all - I just sit back, pop open a bottled water and HODL like a boss! Thanks @hilarski!
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Brutal again today. 07/14/17
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Well said, I am holding as well and the best thing you can do is to enjoy your summer and stop thinking about that. Otherwise this will make your day worse.
Think big or go home :)
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nice short video clip
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just hold on...
Hello Hilarski check my last post
https://steemit.com/social/@better-life-tips/effects-and-uses-of-little-known-drugs-drug-7-cactus-san-pedro
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I put in for a SBD conversion to STEEM when I saw it dip below $1. That's another good option to burn some SBD and reduce the debt load there.
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Yes, my Steem value went down. I only own what I made at Steemit. I am going 100% Steem Power in blogs. It is all I can do. Why would I want to sell? Let's see what happens.
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I've actually surprised myself by holding, but I'm also on the flip-side buying alts too. What a chess game it's been! =)
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Well done!
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Amazing video..i like it...good luck.
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I am one the the holders. (think I won the psychological battle myself haha). Nobody knows what will happen in this market yet, but I believe the value of cryptocurrencies would rise in long term! :)
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Your posts are great & super informative! Thank you for sharing your take on the recent Crypto Bloodbath! I think Ill go out today and take a relaxing walk along the beach ! ; )
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great post but I don't get when you say that it is guaranteed that price will be 1 USD. It could even get a deeper fall considerating this is not USDT which is supported with real fiat and will always be equivalent to 1 USD.
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Hallo @hilarski. I clicked to Follow you.
Please tell me, how come your posts earn so much? And what do you see in Dogecoin? This seems a useless coin the charts don't show it is going anywhere in the near future.
Thank you.
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I'm agree with U=))
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Being in Arizona, we step away from the computer and enjoy the winter. ;)
If you're on a roller coaster without a seatbelt, what do you do? HOLD ON!!
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