We've all seen the drop in the price of steem over the past month and even moreso since December, but is this really a bad thing in the long term? I don't think so...I have faith in this blockchain and I see the big picture and am in it for the long term. Not only is Steem not just Steemit, it is so much more and has stratospheric potential.
So when I see the chart and the price is at a low point relative to the past month or more, I'll usually take it as an opportunity to add to my steem power instead of fretting about the value of my holdings at the moment. One great example is that I hit 8,000 SP last night and it felt pretty darn good!
$2.50 is my buying threshold now. I accumulated a lot of Steem in the fall when it was cheaper and I don't like paying over $3-4 for it so when opportunity knocks, I answer.
And I did just that when the price dropped under $2.50 recently. I made a couple of small buys that pushed my steem power past the 8,000 mark which is a nice milestone. My goal for the end of the year is five figures (10,000 SP) and I'm gonna need to get back to authoring more if I don't want to pay several thousand more dollars to get there.
But buying and authoring aren't the only ways that I acquire Steem Power.
I can delegate to services that return steem dollars to me on a daily basis, get larger curation rewards, and then there's the fact that the longer you hold your vests (which are basically steem power but over time vests become more valuable) the more steem power they're worth. Yes, it really does compound slowly over time just for you holding onto it!
The growth of steem power due to vesting is slow but over time it adds up. I use all these methods to increase my steem power holdings and I haven't sent any steem to an exchange to trade for some other currency in many months. Good things are coming here, it's just a matter of time.
Some people think of Steem only in terms of the Steemit platform but that's going to change radically as SMT's are becoming a reality this year and more applications are in store for us...I have a feeling there will be even more rewards for those who hold onto their SP for the long term. I won't go into speculation as I'm not as up on the details of exactly all the things that the future holds, but there are many possibilities and things already underway that those of us who are less tech savvy aren't even aware of.
@taskmaster4450 wrote this post recently about having patience and waiting for extraordinary things to happen for Steem holders in the future. And I wholeheartedly agree with everything he's said. I think the main point I took from his post was that in the future people will be utilizing this blockchain without even being aware of it and that will bring tremendous additional value to the steem / steem power that we hold.
This is just the beginning. We are still in the early phase of development so hang onto what you've got! And don't despair when you see red days or downtrends. Steem is still under the radar of many but it is solid in its fundamentals (transaction / throughput capacity, speed, good planning by the major players involved in development, etc).
I'm just gonna keep on stacking it in every way possible and wait patiently to see what is in store for us.
Cheers!
DISCLAIMER: This isn't meant to be investment advice and I'm not a financial advisor. I'm merely sharing my own strategy and reasoning behind it. Always do your own due diligence before investing in anything that fluctuates in value, especially cryptos as they're not for the weak of heart or stomach.