Almost ready to throw the towel in the ring. What was I thinking? A challenge to quadruple my BitMoney {AKA: cryptocurrency, coins, cryptos, digicash, smartmoney} investment through trading on the Bittrex exchange? Still have a few days left to trade and I really got stuck on Steem. The first profit was at 67%, but since then it has been slowly dropping. First mistake I made was changing the price trigger/ threshold for selling my Litecoin. It was set at the right price, if I only had waited a bit longer. But that is it, keep the nerves under control. And I lost my cool there. Why on earth did I want to trade BitMoney in the first place?
Posting, replying, upvoting, it all takes time, being at Steem. And while doing that also trading, well it turns out, for me, it does not seem to work out quite as I hoped it would be. All manual style, maybe that is the flaw there, too old fashioned, to slow, like a cripple turtle. Have done that Bitmoney trading thing before, yes, but that should actually have alerted me. Thanks to my participation at the Steem platform at least I have a little trading money to play with. Maybe I was on a Steem high when I set myself the quadruple goal. It was all rocketing back then, the sky even had no limit any more. There was a lot of mooning going on and I thought of reaching Proxima Centauri.
High hopes
Almost like a Pink Floyd orginal, but I like the Nightwish cover, live version, way better. High on good news, Steem going to one dollar and beyond. What I did forget was that this could trigger a massive Power down and a lot of Steem entering the market, lowering the price. Getting the most Return On Investment {ROI} plucking the Fruit Of Work {FOW}, at the right time. Like my brother, he is actually the money expert in the family, once told me: Sell high, even if it is only a one week Power down. Man, I must have gone deaf and blind for all those good and smart financial advices. He told so me when Steem was over 4 dollar worth. Looked at me if I had lost all sense of reality when I told him that I would hold on to my 'precious' Steem Power {SP}. Don't even dare to tell him about most recent events... Is it me being conservative, or am I just thickheaded and stubborn?
It is the rush of things, the happy joy, the high on hope, being at Steem, holding on to that Steem Power. Because when I did Power down a bit, the price dropped and it took me quite a while to get back to that previous level. That is a bit weird too though when I come to think of it. Almost looks like some obsessive compulsive behaviour, that I must Power Up, must hold on to my SP. Yes, it is almost a sin to Power down...! But wait a minute, was it not build in the system of the Steem Blockchain to be able to do so? Yes ,of course it is, I am mainly acting unrealistic here. To power down, or not to power down, that is a fair and reasonable question.
Simple trade by just converting
While I was working on this post I converted a small amount of Steem (Backed) Dollar to Steem. Staying away from the internal market and especially from the external ones, like Bittrex and Poloniex. In fact I think I am going to pull out of those trading markets all together. Just converting, using Shapeshift, Changelly and/ or Blocktrades. Because I just got almost 2.2 Steem per SBD I send to Changelly. And yes I know I can trade on the Steem blockchain decentralized internal market, but I do not want to. With services like Shapeshift, Blocktrades and Changelly I get to see right away what I can get. And they get some of that too. Yet, I get the best possible conversion rate for that in return. And it all works, easy as pie.
So I guess I am not a financial wizzard, not a superb trader. Still, I know I can dream well, even if I sometimes seem to forget that it is mainly just that. All in all the results so far are still okay. So I guess the fun of being happy with what is, can only get lost by wanting what is out of reach. Think I am going to pull the 30 plus Steem out off Bittrex and continue the challenge just by using the direct online conversion services. Already had converted all my SBD to Steem. And who knows, the price of Steem could still go to Proxima Centauri, while all the others got stuck on the moon.
And I am sure about one thing though. That quadruple I will get before the challenge ends. Yes, this weekend I will have at least the joy of one quadruple. Have not decided which kind yet, maybe an awesome brew like the Oak Aged La Trappe. And I will get my special glass ready for it. While I might be bad at trading, I still know how to enjoy life and most of its pleasures.
Cheers, to you and yours!
NOTE: Only put in what you are willing and able to lose. Also your speculations might be as bad or as good as mine.
Changelly giving a nice SBD to Steem conversion ratio
screenshot by @oaldamster