As much as I love to see the price of STEEM and SBD pumping because it means more value for each post I create, I know this type of thing can be deadly to new Steemians. This may even be the case for anyone who started to blog on the Steem blockchain a while back.
However, I see this as the most significant issue to anyone who enters on a pump of STEEM or SBD because they join expecting high returns. When the bottom falls out what motivation do they have to keep working hard and create the best content they can?
I see that this happened over the past few months as STEEM went from $9 USD to about $1. Engagement is down, interaction in off Steem communities is down, and overall enthusiasm is down. With the lack of cooperation on the blockchain, we all end up with fewer rewards at the end of the day.
I do not mean in US dollar value but total STEEM and SBD. The price of STEEM will always rise after a massive pullback, and this is when we should support our favorite creators the most. By helping all of us stock up on STEEM so when in a year when it is worth ten times it does now we are all better off.
The recent pump gets people's attention on the Steem platform that maybe knew nothing about it. Especially when the price moves up faster than Bitcoin, Litecoin, and Ethereum. But big moves in a single day or several hours is not going to help user retention long term.
Instead of praising the pump we should be cautioning people and teaching them that pullbacks will happen. Showing the price history could be a big help in making sure they stick around during a bear trend in price.
Just one year ago the price of STEEM was sitting at about $0.17 USD which tells me that STEEM is still ten times higher even after this long pull back and crypto winter. This kind of gain is not common in traditional investing, these people are thrilled to get 10% returns on their investment.
So now that STEEM seems like it leveled out and just a day or two ago looked grim to everyone who was here back in December, we need to think what the future may hold for this cryptocurrency in the long term.
Don't create content here for short-term gains but instead produce blogs, music, videos, and memes (ugh) for the long term. Hold your STEEM as Steem Power, so you are less inclined to spend it on today and invest in your future.
I'd be a fool to predict the future of STEEM, so this is just a fun thought experiment and not financial advice.
image from TradingView.com
Let's say STEEM keeps the ten times increase that its saw last year for the coming year. That would put STEEM at about $10.50 USD (if you are reading this after 2019 just adjust the numbers). So if today you have $100 USD worth of Steem Power that same amount would be worth $1050 USD. Totally worth the wait right?!
But that is not a likely situation you continue to create content over the year. As you build, you gain rewards and new followers which leads to increased rewards. So let's say you earn an average of one steem power a day over the next 365 days. That would put your total Steem Power to 465 SP in one years time.
The value you now hold in STEEM would be worth $4882.50 USD! That's a lot better than giving up on the platform and coming back after the price goes through its roller coaster again. But these numbers would not be possible if you stop creating because the cost of STEEM "tanked" and you feel unmotivated.
This is why anyone who loves the platform should educate new users on this part of the game. Yes, it's a game and a mental game that ever someone like me who got into cryptocurrency back in 2015 and saw so many ups and downs.
If this game is hard for a veteran to play than how can we expect a new Steemian who is also new to crypto to play with a level head? There is a metric crap ton of emotion that comes along with money, and in this space, everyone wants to get rich as fast as possible.
Promoting and hyping up the pumps in the price of STEEM only further pushes that mentality. We must praise the long and steady trend over any temporary pump. When we do, that new users can grab on to the correct mindset and continue to create for the platform in significant pullbacks of the price.
Thanks For Reading!
If you have any topics that you would like me to cover please feel free to comment them below and I'll add them all to my list!
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