Price drops for sophisticated cryptocurrency holders should mean nothing other than a few market disturbing and not market correction.
Are you afraid of what might happen to Steem if the price never recovers? Relax, there is nothing to fear.
Why are Steem prices down?
Most major Steem exchanges such as Bittrex and Polonix momentarily suspending their support for Steem exchanges and this has caused uninformed Steem holder to panic.
Exchanges are not leaving Steem instead more are coming to support Steem and the reason why Bittrex and Polonix temporarily suspended Steem trading is due to wallet software challenges which will be resolves soon.
Several worthless alt-coins with market caps of less than $10,000,000 and less than 1,000 users do have exchanges - how much more the Steem with almost 200,000 users and a market cap of over $300,000,000?
Is Steem crushing?
No, Steem is not crushing its ignorance and panic that is rising. The drama could be drafted as:
- Major exchanges stop trading Steem due to temporal technical challenges which are being resolved
- Uninformed Steem holder speculate, panic and begin to cash out of Steem
- Their activity causes more uninformed Steem holders to further panic and cash out Steem
- Soon there is a network effect and everyone is cashing out of Steem
What are the implications of Steem prices going down?
Here are some of the implications of a Steem price drop.
- Your payouts buy you lots of Steem at the low prices!
- Your potential payouts drop until payday
- You feel tempted to think that Steem is collapsing despite the opposite being true
How can you win when Steem prices are down?
Any Bitcoin enthusiast know of the struggle Bitcoin had to go through to read where it is and the same is true for Ether, Steem and every other cryptocurrency.
Yesterday we wrote of the story of the Steem millionaire who made a million by investing into Steem when the rise was down, and for everyone who wants to become rich - this is actually the time to invest into Steem!
#1. Invest into Steem
If you have a few extra buck you might want to convert them into Steem. By buying up as much Steem as you can, you could be able benefit when the price goes up! This is the very simple trick of investing - buy low and sell when high.
#2. Power up!
With Steem prices being low, when you power up your posts you would be able to convert all your Steem Backed Dollars earned from your posts into Steem at the currency low prices.
This is a smart way to earn Steem at low prices and as you may have noticed, this post is powered up!
#3. You should publish more!
If you have been lazy on Steemit, then this is the time to get serious on Steemit and publish some amazing content to earn yourself lots of bucks. The more posts you power up, the more Steem you would be saving for yourself.
Tell us what you are doing right now, we want to here it all!
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