Though I joined Steemit in August, 2016, at the end of 2016 I had 5 Steem as a initial reward and did not post any blog.
However, at the end of 2017, I was heavily invested. I, and my family have already posted more than 100 blogs. We had around 10K Steem. From January to April, we earned at least $1K equivalent Steem per month, but we never sold any fraction of Steem. We thought it is a great passive-active income, since we did not need money to live on it we can keep it re-invested.
Then, at the end of 2018, the crypto-winter has really arrived. However, this was not my first crypto-winter. When I was mining and trading LTC, I have seen LTC jumping to $48 and then crashed back to $1.1. I did not have enough experience to make any profit of it. Rather, due to inexperience and panic trading, I lost almost 4000 LTC on that period from Feb, 2013 to December, 2016.
However, I believe that I have made smart decision to lowering my dollar cost average of Steem. I was able to manage almost 50K Steem by the end of 2018.
If Steem price stays low as such for this whole year, I am planning to buy another 50K in this year. Yes, price can stay low for another year. It happened to BTC from December, 2013 to December 2016. In this four years, BTC saw as high as $1100 and as low as $150. Probably, BTC's halving during mid of 2012 and mid of 2016, was the start of a bull run. From mid 2012 to end of December, 2013 BTC rose from $10 to $1000, 100 folds. Similarly, from mid 2016 to end of December, 2017, BTC rose from $500 to $2000, 40 folds. When price is higher, the growth becomes slower. For example if we consider BTC bottoms at $2500 in 2019, then it may rise 20 folds after May, 2020 halving which is still $50K.
If BTC reaches $50K according the above mentioned analysis, in the meantime Steemit Inc. releases major upgrades such as SMT, Steem price can really go over the roof. As from @aggroed's interview with @ned and @theycallmedan's vlog, it is clear that fiat/BTC/ETH/XRP whales are waiting in sidelines, they have more than 1000s of BTC equivalent of cash or cryptos, they can easily buyup 10s of millions of Steem from the market, if they think Steem is going to be the next big thing.
So, yes Steem is still damn cheap and it can go lower. However, it is in accumulation period and can stay there for a long time which we may not like. And, it is a great buying opportunity too, since we may have overcome the lowest point of Steem's FUDs.
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
Cryptominer since 2013, occasional trader and tech blogger
