Sometimes my speculations fail badly.
Buying at the top of an upward trend with bitmoney made with posting at Steem.
It is not always gold that glitters.
Blockchain blogging at Steem is about life, it is a binary recorded journal, my digital recording of events. And that has its ups and downs, just like the cryptocurrency market. Lately that has been made very clear to many cryptos users. One minute it could go way over 116 billion US Dollar total market capacity, the next it is down 21 percent. The sudden high 24 hour trading volume often gives it away, but who has the time to watch that with the focus and response speed of a cheetah? Well, I for sure am bad at short- to midterm selling and buying. So my cryptos focus is longterm, with a portfolio to match. Upto a certain point that is true, yet sometimes I fail big time.
If I have a click with a certain crypto I will buy it with my longterm portfolio in mind. Although I also do keep some cryptos change, to pay some unforseen bills for instance. Like the vet costs for one of our kittens recently. With Bitcoin and Litecoin I still am doing very good longterm wise. And of course with Steem I have a great amount of value locked away in Steem Power. Even though it dropped a bit lately due to the current unrest on the cryptos market, I still do remember when it was as low as 7 USD cents. Just to put things in perspective. Also I have to state that Steem, so far, has been the best Fruit Of Work {FOW}mining for me. In contrast to cryptos I have been mining that were worth nada, njente, noppes...
Digibyte one of the three Segwiteers
Together with Vertcoin {VTC} and Litecoin {LTC}, Digibyte {DGB} was one of the first to go SegWit. Ready for the future, hurray for the three SegWiteers! Well, one would think this would be received with cheers, fun and laughter, the next future step is here! Then the silence, it almost was so loud I went completely deaf. Because the focus went to... Bitcoin and the dogfight they had over there. And even now they seem to have come to an agreement, some mining guilds seem to have lost their minds! Ah well, let them fight, where two dogs fight over a bone, the third dog will have a diner. And that would mean that the three Segwiteers would get a boost beyond belief! Well, they did of course, but far less than I was expecting. Yet, I almost forgot about the delusion some Bitcoin {BTC} fanatics seem to have that there can be only one. One crypto to rule them all...?
Aside from that, I did buy a lot of Digibyte at the wrong moment. For a part because I really was thinking the 3 Segwitketeers would move upwards into to charts a lot. And Steem would get recognised as being real value because of all the posts that were on its blockchain. That is the real value of Steem. There is actually time, effort and energy put into that blockchain, so it should be at least 12 USD per Steem soon! Anyway, back on the subject, I was expecting for Digibyte to rocket, thanks to SegWit activation, and I had the click with it. Because of all that I was doodling with a logo idea for Digibyte. It deserved one, maybe not by my hand, but a new one, to refresh, to celebrate it went SegWit! And I bought at the highest top of green, DGB for the longterm! Used all my current Steem Backed Dollar earnings for that...
Almost right after I bought DGB...
There it went, down the slope, just like that! Hardly had the Digibyte I bought in my longterm wallet as I saw how it dropped and dropped. There it went, the Fruit Of Work {FOW}, into thin air, it lost 68% in value until recently. Was it the Fear Of Missing Out {FOMO} to blame? No, I really was convinced that it would make sense that the SetWit activated cryptos would go up in value. But sometimes logic and reason cannot argue with feelings or a believe system. Just like I thought the news that Litecon will get the Omni layer on top, including USD Tether, would wake up everybody. But belief paradigms seem hard to shift. And we at Steem know about that, but in the longer run it proved itself, just as it will gain in value more as time goes by. Like I wrote before: 12 USD next ceiling for Steem...
So, I made a bold move in buying Digibyte at the top of its growth. That is looking back afterwards and it is easy to conclude that I might have made a mistake. Because I even held on to my DGB when it dropped to half its value at what I bought it for. And I still held on even when it went down further. Why? Well because I expect that at some point many more will understand that Litecoin slowly is taking over part of the function Bitcoin was supposed to have. And that Litecoin is ready for the future, just like the other two SegWiteers: Vertcoin and Digibyte. They will be the first to get to the Lightning network, while Bitcoin was supposed too! Therefore I am still confident that in the longterm holding LTC, VTC and DGB will prove me right.
And to make it clear how powerfull Steem is, like Bitshares. The Steem blockchain puts more transactions through in a day than Bitcoin and Ethereum can do together! Just to put things in perspective. The Bitshares and Steem blockchain relative EOS will even go beyond imagination! And the EOS software code can be used again by Bitshares and Steem, to speed and scale it up even more. There is the biggest value I think. So either way, in the long run, my longterm investments are just fine.
Have a great one!
Logo doodles celebrating Digibyte going SegWit
logo concept by @oaldamster
NOTE: Only invest what you are willing and able to lose. And your speculation might be a good or as bad as mine.
EDIT: text corrections.