SBD $1: To Power up or not to Power up? by christosthegreek

steemit · @christosthegreek · Jun 29 '18

$2.26

SBD $1: To Power up or not to Power up?

<html>
<center>
<p><img src="https://i.imgur.com/Uqk1iz5.jpg" width="640" height="320"/></p>
</center>
<p>The cryptocurrency that is supposed to be tied to the USD has finally come back home.</p>
<p>It's been nine months since we've seen a correct SBD reading. However, is this a good time to power up?</p>
<p>From a price perspective, I would say <em>(or would have said)</em> you can't go wrong buying in under a dollar.</p>
<p>But, times have changed. The crypto markets are not the happy, joyous playgrounds they once were.&nbsp;</p>
<p>Let's look at the pros and cons of powering up with a $1 SBD:</p>
<h1>Pros</h1>
<p><strong>- </strong>As above, the SBD is back to where, technically, it should be. If the USD peg works again, and Steem and SBD stop imitating the market <em>(and each other)</em>, any purchase here or below would position you perfectly for when prices start to rise.</p>
<p><strong>-</strong> The SBD boomed with the rest of the market in December last year because the peg doesn't work. If the peg isn't fixed <em>(probably won't be)</em>, the same thing could happen again, which could turn out to be profitable if you get in at the $1 level.</p>
<p><strong>-</strong> Oh, and you can have more Steem Power to upvote yourself and delegate to upvote bots and everyone will pretend to like you because they want you to upvote them and all that good stuff.&nbsp;</p>
<h1>Cons</h1>
<p><strong>-</strong> According to @buggedout, the return to $1SBD may involve volatility - including a drop below $1 SBD. I suggest anyone thinking about making this move read @buggedout 's post on the subject <a href="https://steemit.com/steem/@buggedout/impending-steem-dollar-purge-the-1-key-indicator-to-watch">here</a>. <em>(However, he does have hundreds of kilos of gold buried in his backyard so DYOR).</em></p>
<p><strong>- </strong>We are still in a bear market and there is nothing to indicate a reversal is nigh. We can come up with all kinds of theories and charts, but with the exception of &nbsp;April-May <em>(a rally I suspect may have been caused by </em><a href="https://makerdao.com/"><em>DAI</em></a><em>)</em>, the market has been constantly moving in the same direction - <strong>down</strong>. Investing in Steemit now could involve carrying around a heavy bag for some time.</p>
<p><strong>- </strong>There is a lot of problems with Steemit apart from the broken SBD peg. There's no need to list them here, as I'm sure if you've been here longer than two days <em>(longer than the average user I think)</em>, you would know what the situation is. @filotasriza3 does a good job explaining the situation <a href="https://steemit.com/steemit/@filotasriza3/what-s-going-wrong-with-steemit">here</a>. It's the same story: bots, bots, upvote bots, and more bots.</p>
<p><strong>- </strong>The problems with Steemit are counterproductive to adoption. The platform is about who you know, how much SP you have, and/or how many upvotes you can buy. It's a circle jerk for Bitcoin rich narcissists. &nbsp;You could argue it's better for content creators to get a buck <em>(for now)</em> on Steemit versus getting nothing on another platform, but <strong>it's useless for content consumers</strong>. Without increasing adoption, it won't be long before the Steemit blockchain is a ghost town <em>(or bot town)</em>.</p>
<p><strong>-</strong> The situation with the Steemit witnesses is a joke. Most of them aren't even active on the platform. The ones that are, seem to be busy working on their back and hip flexibility or slinging petty insults at each other. I wouldn't bet on these guys ever getting together to make improvements.</p>
<p><strong>- </strong>There are many decent blockchain projects that are all at historically <em>"cheap"</em> levels. Each one carries just as much risk and just as much reward as Steemit. Even ripple is looking like a good buy at these prices. Why would powering up, and locking up your funds for 90 days, supersede these?</p>
<p><strong>-</strong> @ned is powering down. Apparently, he's some big important guy around these parts. Why is he powering down? And, why the hell would you power down millions of dollars at a time like this? Maybe it's all the <a href="https://steemit.com/gathering/@ned/the-keto-diet">ketones</a> he's been eating... <em>I don't know?</em></p>
<h1>To Power up or not to Power up</h1>
<p>Regardless of all the FUD, Steemit is one of the good blockchains. It's a blockchain that works, it's a blockchain people use beyond speculation, it's a blockchain that can handle over two transactions at a time <em>(even if they are made by bots)</em>, and it's a blockchain that can shake up social media.</p>
<p>It <strong>CAN</strong> do this and it <strong>CAN</strong> do that. But, will it?</p>
<p>For now, my list of cons is longer than my list of pros. I'll be waiting and watching.</p>
<p>What do you think? Is now the time to go all in on Steemit?</p>
</html>

👍 ausbitbank, iliasdiamantis, trumpman, centerlink, buggedout, qurator-tier-1-2, benleemusic, choogirl, filotasriza3, giosou, teamaustralia, urs, bobdos, katyclark, terrylovejoy, lordnigel, positiveninja, cryptwo, revo, niouton, christosthegreek, webcoop, annastella, almigo, gamersclassified, chrisdavidphoto, mikepedro, zulfikar-fx, sue-stevenson, ubg, onethousandwords, melbourneswest, anomaly, vincy, gio6, bec-on-the-block, masterwu, lifeofryan, bengy, jason.che, lifeobserver, jojijoji

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@classicmemes · Jun 29 '18

What's your favorite dinosaur?

👍 katyclark

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@christosthegreek · Jun 29 '18

Your Mum.

👍 katyclark, almigo

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@trumpman · Jun 29 '18 (edited)

When I joined a year ago steem price was 1 $ per piece. Now, a year later some things are the same, like the witness things you mentioned and of course the price of steem. Some are not. Alexa ranking is better. We have utopian-io, d.tube, d.live, steemstem, steemhunt and some other neat things. If you can afford it, yeah power up. I know I did a few times over the couple months :)

Meanwhile many quit because prices are too low. My plan is to stick and accumulate. When the prices improve and the quitters make a return and start begging for votes I will be here to taunt then ^_^

👍 christosthegreek

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@katyclark · Jun 29 '18

Loving your post. I keep pouring money into this crypto world...and all my hens came home to roost. I have to eat their eggs because otherwise I'll starve. My ETN is worth 0.013, my NEO has halved in six months, but is still more than 8 times what I would have paid for it if I'd bought it when I first started monitoring it....I'll HODL till I'm found, huddled in the foetal position, clutching my eggs, covered in boils (an excess consumption is reported to result in boils  - I'll keep you posted).

👍 christosthegreek

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@christosthegreek · Jun 29 '18

Haha, don't worry, I'm doing the same thing.

👍 katyclark

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@buggedout · Jun 29 '18

Haha.  DYOR indeed!  You are definitely asking all the rights questions.  The possibility is definitely there but my cons are similar to yours.  You need to add the risk of STEEM 2.0 being launched on EOS though.

PS - Nothing buried in my backyard except the old family pet rabbit.  I wish I had kilos though.  Maybe after I we go to the moon and back ;)

👍 christosthegreek

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@christosthegreek · Jun 29 '18

I didn't even know a 2.0 was happening. That settles it for me.

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@buggedout · Jun 29 '18

It's a risk of happening but not confirmed.  Dan Larimer is pretty busy with EOS right now but has suggested it might happen.

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@filotasriza3 · Jun 30 '18

it's exactly as you say! in the last question i would say yes but not ''all in'' For sure if now you invest some money to buy steem i am sure that in a year you will gain some profit. I don't know if it will be 10%-1000% of your initial investment but you will gain something :P

I also share the same point of view in which the cons are way more than pros and i don't think i am harsh or not a believe but think i can see that this platform has so many potentials to become some really really great but because of all this stupidity and at the same time relaxation of the witnesses and ned we haven't done much progress.

Thanks a lot for mentioning me in your post too! i really appreciate it!

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@larik359 · Jun 30 '18

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