As some of you who follow my blog may know, I've been away on a vacation recently. Almost a week and a half in total. Since then, all kinds of madness has ensued not only within the Steem eco-system but also crypto in general. The price being the main culprit. I mean, that drop in BTC! It was fast and violent, although I must say I did see this coming a while back (maybe about a couple of months ago). Anyhow, it's here and clear to see. We are all slap band in the midst of a full-on bear market.
So, looking back at the medium term historicals, we are substantially lower. However, looking back at the long term historicals, we are substantially higher. However, I personally like to place a little more emphasis on the latter. Many people who bought in at the highs, are now sweating buckets as the price relentlessly sinks, with seemingly no regard for anybody's feelings. I remember a very similar situation occurring in 2015 when BTC hit a thousand dollars, only to retrace almost 88% of it's value in the following months. And we all know how that panned out, right? So, a "horses for courses" scenario, I guess. Whichever way you choose to look at it, the price will either be really good or really bad.
But let's focus on the "present" for now. Many would consider most cryptos very low, at the moment. And they certainly wouldn't be wrong. They are low, in the context of where we are in the crypto timeline. A huge pullback has already taken place, from BTC enjoying the highs of $20,000 (and $8 for steem). As far as I'm concerned, this can only mean one thing.
Now is not the time to be offloading your portfolio."
This can't be stressed enough. I've said it before but still continue to see so many accounts powering down. I mean, why? I can't understand it. Of course, some may say they rely on the money for their living expenses, to which I'd reply that's crazy talk. And the volatility is the main reason for me thinking that way. With stability in these markets providing the least reliability concerning price, you have to assume anything you hold could go to any value it so chooses. Including zero! That's just a fact. Don't get me wrong, I don't think that will happen, but the possibility is already there. In fact, that's how all cryptos should be treated in general. The minimum is nothing, the maximum is infinity. Now take a look at how much closer we are to "zero" than to "infinity"! Crude example, I know, but you get my point, right? We are pretty low in terms of price right now and the chances of it ultimately reversing are increased tenfold after every sustained drop we go through.
Also, as we can all see, earning on Steemit is getting more and more difficult. And that's mainly due to a higher Steem price than before as well as more competition over the contents of the reward pool. And things will only get harder from here on. I can see it clear as day and am now attempting to position myself for the downturn instead of bailing out, like so many are doing. And that means strategically gathering up more crypto as the price goes down because you know how the markets work by now. FUD can turn to FOMO in days, even hours. We've seen it time and time before.
So, the main message I wish to get across is whatever you have invested in crypto should be fiercely protected by you. In fact, add to your portfolio now and when things eventually turn around, the multipliers will catapult the value of your accounts in line with them. Don't cash out into fiat and be stuck with something that has all the volatility of a game of Pong. The extreme movements are a major reason that makes cryptocurrencies so damn attractive, but only if you're in it. So, the name of the game?
HODL, COLLECT, HODL, COLLECT, HODL, COLLECT...
