Losing $3,000 in Two Weeks Has Never Felt So Good.

in #steem7 years ago (edited)

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Two weeks ago I went all-in on steem, I invested all the spare money I had, a total of around $6k into steempower. Why did I do that? because I believe in steemit and steem that much and I also feel to really grow here on steemit you have to have a decent amount of steempower as well as good content.

My account after investing

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It felt really good to be able to upvote posts by my followers and actually make a difference, it also felt really good to reward people who commented on my posts with a nice upvote, but one thing I did not think about till I invested, was that my money was now locked up in steempower for at least 3 months which meant I could not panic sell everything at the first sign of trouble and I didn't have to constantly check the price of steem as it didn't really matter, I was in it for the long run and that felt good in my mind and for my blood pressure.

My account now.

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If you take into account the extra steempower I have earnt then I am $3k down but for some strange reason I am totally OK with that, If I saw that my bank account was $3k down I would have a heart attack, If I had bought gold 2 weeks ago and it lost $3k I would freak out but as I am sitting here writing this post I actually have a smile on my face because I know as soon as Bitcoin sorts out it's scaling debate conclusion on the 1st Aug then it will be business as usual, in fact I see steem going way past the $2 it was a few weeks ago, which is why at the end of this next week I plan on investing another $3k into steempower and I suggest you do the same. oh and while your at it get some EOS too.

If your going to lose money then do it with steempower, it feels so much better :)

Peace and love to the World

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my money was now locked up in steempower for at least 3 months which meant I could not panic sell everything at the first sign of trouble

That is a good thing :) Current price of steem is low, but when you hit the bottom the only way is up.

The problem is that no one knows what the bottom is... :/

It's not losing money until you'll take it out. Respect, hopefully the investment will turn into profit :) Keep up the good work @markwhittam !

You did not loose money tehnically because for the moment you still own the steem power and steem. You could say that you lost if you were selling now at the price of today market. All crypto will still dropp in value you will see but after August 1st the market will go slowly slowly get back the way it was in the "golden days". Personally i see this period as a great oportunity to invest and i think that this is the last "wave" that we can take advantage. Now going back to Steemit you are a great member of it and for me a good friend that i found here!
So there is one thing to keep on doing Steem on!

True, Bitcoin is influencing all cryptos. The upcoming Aug 1st impact is the reason obviously. Though we may see this turbulence for several weeks after Aug 1st and then will recuperate to a new high for sure. Most of them are speculating 10$ per steem by year end but 5$ seems reasonable.
Though it's unfortunate enough that after having a product like steemit ready and working with thousands of users, still BTC prominently influences Steem and others. Just keep powering up until it's cheap. Invest wisely...

Yes I suppose if you look at it that way then my SP has gone up :) and you are right it's a golden opportunity for everyone to get in before it's too late.
Yeah you are right again, maybe the reason I am still smiling is because I can still do posts and interact with my friends I have made on this platform, OK my posts are not getting as much and the views vs votes are almost half nowadays but I don't think it's all about the money, otherwise I would not do as many posts, in fact I do more now than ever before.
Thanks buddy steem on

At one time I had over 8300 SP and was a dolphin here. A small amount was earned and the rest of it was from an investment of only about $780 when Steem was hovering at 10 cents per Steem. Then I ran into financial calamity because of my Mother's stroke and had to cash out everything at a profit of around $1100 total.

So I made a profit on my investment, and it helped me pay for bills, but I lost in the long run, because now Steem is over $1.00 (as of today about $1.24 right now), and it was over $2 last month.

As long as you don't cash out, there is no loss, and if you cash out too early, even if you profit you could still end up seeing it as a loss later when the price goes up even more. I wish I still had the 8300 SP. Lol.

Resteeming this to 13,000+ followers. Hope it helps a little.

Wow, the main thing is you made a profit, and I believe it won't take you long to become a dolphin again, but to be honest in my eyes you are a whale.
I'm not planning on cashing out anytime soon, this is a long term investment for me, I really want to grow in this community, you are really helping me along the way and I never forget people who help me.
I love it that you enjoy my posts and resteem them, thank you for the support :)

Joan is definitely the closest to a whale you can be without whale level steem power. An "alt" whale, if you will ;)

"Alt" whale. Lol. I like that. :) Especially since I like playing with my name, Joan ALTres (Joan of Alt, as in ALTcoin).

Since HF19, however, it's been more like being an "alt" dolphin. :(

Clap clap clap!! Well said, most definitely an "alt" whale.
Thanks for that :)

Yes it will help we the newbies a lot.

Wait to see the smile on your face like a month or two from now when Steem is going to jump over 2 usd or even higher. We will talk that time as well!
You are right this is the beauty of Steemit as we can interect with friends and post our blogs and have a lot of fun in the same time!
We will talk more about crypto prices two months from now as is going to be a total different scenario!

That's my man. I bought last year 25000 steem at $3 ; did't regret for a minute. I learned so much here on steemit about Crypto. Worked hard whole year, buying, buying. I buy every day with steem dollars. I'd tripled my investment til now. Can you imagine steem at $100?

That's good going to stick at it, even after the big steem crash and you still came out smiling :) that shows you have a heart of steel, which is what you need in this game.
Wow, $100 that really would be something, but honestly I will be happy with $10 that would make all my dreams come true. B)
Thanks for the feedback

I keep seeing predictions here and there about the potential value of Steem come year end and I'm constantly asking mysef what is steems real value and place among Cryptos, what does it bring to the table and is it a necessary solution? I am fairly new and addicted to Steem but am sometimes reminded that its more than a social Platform of sorts, there is real money involved here and real expectation that it will become a true viable means for us to conduct future business. Any feed back would be greatly appreciated from those of you that have already invested so much into it.

I can imagine Steem at $100 but i don't think it will go that far. To be honest i can see it back over $2 and then slowly slowly growing and i think it will reach $10 easy but.... who knows maybe one day it will be $100 so all of us will be very happy. At the end of the day in the crypto world everything is possible!

This is really smart. So many people would benefit on any alt coin investment if they just had to live with it for 3 months.

Pretty much guarantee you will make money doing that. Everyone that makes a lot HODLS.

Feels reassuring to see your confidence in Steem. I'm also planning to invest in cryptocurrency in the future, and this is where I want to invest first. I'll be happy to have peace of mind too after investing. :)

You can't go wrong with steem and steemit, It's growing everyday, I believe in it a lot more than my bank. Thanks for stopping by

I love how people with money can invest on cryptocurrencies and actually make a difference for a big community like this one. Thank you for doing this. :) Liked & followed

I haven't lost nearly as much because I only just bought Steem last week and didn't buy as much as you. But I agree completely. It doesn't bother me at all. I am liquidating as much cash as I can so that when prices drop to my target I can start buying in increments.

That's the way to do it, having targets and buying in increments, that's what I should of done in retrospect, I'm more of impulse buyer, I saw the price dip to 1.57 and thought nows my chance, not thinking about the bitcoin segwit coming up.
Nice comment Thx @clemdane

Hey thanks to you, too. I am normally an impulse buyer(!) I just am working really hard to rein myself in and start doing things more systematically. I know if there's a Bitcoin crash followed by an "Everything's okay after all. The fork didn't happen/doesn't hurt anything" then I'll want to jump into BTC with everything I have. I am going to try to do things more systematically, though.

I'm just starting out. Taking tips from pro steemians like you. Cryptocurrency world is way too volatile these days. Aug 1 seems like a judgement day. Let the Aug 1 pass. Steemit in itself is valuable platform apart from monetary consideration.

I agree it's volatile, but for some strange reason I believe in it much more than my bank.
I do think the more people that join steemit the harder it will be for new people to build up their blogs without investing.
I have been here 3 months and I still have a long way to go before I make a name for my self. That said I am enjoying every minute, and I hope you do too. :)

I'm waiting for the end of the month and hopefully I can convince my wife that this is a great place to put some of our money. It won't be much but it will give me some extra SP and hopefully grow in value too.

Yeah I agree with you ... I'm just waiting for this seg-wit to happen and I'm all in !!

Good thinking, there is only one way it can go after 1st August. :) good luck convincing the wife @fanstaf :)

Indeed , that would be a freak out situation if it was a FIAT bank account :-) But investing in Steem/Steemit is a good way to go long term, it has a useful platform to back it up. All my posts are 100% powered up, and I did grab some EOS a few days ago.

Cool, I'm glad I am not the only one who feels this way, I did get a funny look from Louise when I told her we lost $3k and I said "but it's fine, nothing to worry about"
Nice one for getting some EOS, great minds think alike :)

Sounds like you have a great partner there @markehittam ! Most spouses would hear that and bounce off the wall! But I'm with you, just wish I had some spare change like you to get in on these low prices. But I can still post and comment and earn that way. The joys of Steem.

Yes @intothewild I think she just trusts me now as I have always seemed to make the right decisions when it comes to investing. :)

Agreed - everything is going sideways for a while, not a big deal, once bitcoin get past its "upgrade" things will start to recover. But if you are in it for the long run, ups/downs along the way are expected and required.

You seem like you know what you are talking about, Thank you mate!

Hey Mark, side note - I created a new account just for my hydroponics and gardening- keep that stuff separated from my photography and all. I will only post hydro/gardening to the new account @steempowergarden