Having recently joined (as of today), the market adoption of this platform has exploded.
There have been rumblings about the long term appreciation in value of the currency; and while there are legitimate reasons why some of you would like to cash out at the opportunity of some quick money. Here is why you shouldn't and why you should be confident doing so.
Mass market adoption due to an easy to understand interface.
In a recent post the argument that this platform is a gateway drug for cryptocurrency was put forward.
the fact that its growth was so rapid and that I have come on and put this post forward in what has essentially been 3 hours means you could just bring it up with your friends and increase the market adoption. This is opposed to a minimum 3 day wait to initialize use of some other chains on your machine depending on your intended application and user knowledge.Inter-connectivity
In the wake of systems like ShapeShift.io people may likely use steem as an intermediary between currencies as this will be most peoples introduction to a block chain, and what they are most likely to invest in as they expand to other blockchain apps.New applications
Steemit isn't just a social platform (even if that may be what it seems to some of you).
Because this is essentially a social platform for the discerning and distribution of information. Steemit has a direct means of advertising new apps. If they come up with an app that for example does something; like expand from being the twitter of block chain to being the youtube of blockchain you'll be watching their vids first before any other blockchain's.In the face of increasing automation, placing value on the one thing we all have is important. Being opinionated.
The fierce wolf below turned out to be very opinionated and very rich; be like the wolf.
Please share your opinions, please be rich.
Investing in any project after it pumps 200-300% is very dangerous. I am not saying steem is going to crash. afterall I am a holder and that wouldnt be fun to see. But its dangerous to offer investment advice to others and risk your reputation because these markets are NOT easy to predict.
My rules for investing:
1 - If you have trouble living month to month and paying bills gtfo of crypto
2 - If you dont set investment goals and form a plan ahead of time, gtfo of crypto
3 - And Most importantly, DO YOUR OWN RESEARCH, have stringent filters for the information you get from various sources as much of it is going to be biased and misleading.
This is not a rule of mine, but I also try to have a lot of fun in crypto land and I try my best to learn from others and teach others when I have the chance. That in itself is very rewarding.
This is a great field to be in right now to take part in a lot of promising projects. But dont go all in on any one investment. Dont forget what happened to DAO LAWLZ <<< Lets all have a nice laugh now.
Thanks for the write up, I did learn some new stuff. Best of luck out there man!
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should we have some reasons why its not good to invest too...... what are the dangers? that drop this morning lost pretty much 50% value this morning. what if that happens again? :(
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Volatility at this point is only normal seeing as the market cap is still rather small. Big selling and big buying can make a chart jump like a Pogo stick.
The important thing here is to look into the medium-long term. Do you see this becoming a thing ? Do you believe in the principals of steemit ?
As more people invest financially and socially into the platform the volatility will decrease and the upward trend will finish until people reach what they perceive to be the value of Steemit. Not to get over excited or anything. But Reddit is currently worth $8 billion.
Don't invest what you can't lose :)
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I think my concern is once the mainstream get wind of this there will be people trying to game the system.
I am worried because that will destroy any ecosystem which is made.
i don't know what can be done to prevent this? full disclosure - I have not bought any Steem yet - as excited as everyone is, and I want to be convinced. I feel like once the mainstream get hold of this it won't be what everyone thinks it will be.
I don't want to bring down the conversation I just want to discuss the things which are worrying me - thanks for engaging in a discussion with me!
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I agree that when anyone invest money into a venture that it is very important to take the time to explore the potential risk. I think the value is likely to trend up overtime and I will address what I think is most important issue, Security. Theft leads to market depreciation and it is important to utilize diversification and diligence by keeping your investment spread out and by reducing your risk. Recently the DOA was hacked, I will admit that I didn't have anything invested in it so my opinions will be different from people who do. One way or another the best way of defending is by having people demand more strict security audits and standards, In the event of hacks or exploitation the community as a whole can ban together and reverse an exploit democratically (More or less). On a social platform like this I think this may be easier.
Having mined Ethereum and taken the time to look at the history of bitcoin short trading is not something you can really plan for unless you have the capacity to react before the rest of the market. Crypto currency suffers from a considerable amount of volatility and it isn't something you should pour your rent money into with the hope of making a quick buck.
However I am of the personal belief that any returns made in this market should be reinvested too. The opportunity here isn't just to spend money but to learn about a developing technology and markets as a tool for leverage. In my personal case I started in ethereum because I wanted a new graphics card, If it pays for itself and makes some money, great reinvest it. If it doesn't I have the graphics card I wanted anyhow. Admittedly Steem uses cpus to my knowledge, but my point being that if you are going to invest in something either way. It should be where the net benefit of experience out weighs the investment,
I am taking the time to network with new people learn what makes post profitable and as an extension marketing skills. Develop information networks and in general develop new products. If the currency does tank for any reason I don't lose any of that. If I put my beer money and stop buying say, scratch tickets (I don't drink or gamble but speaking hypothetically). spend 100 dollars and if say the currency goes up to 10 or 100 I'll buy another house. In the end this should be about small investments over long periods of time. Not the other way around.
And that is my investment strategy.
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