The Best Way To Buy STEEM?steemCreated with Sketch.

in palnet •  11 months ago  (edited)

Its a great day to buy some STEEM if you're a contrarian investor.

I'm not going to argue the merits of the steady price drop or why I expect it to eventually reverse. Because frankly, regardless of its value, the STEEM blockchain is my digital home, and I'll still be here even after the last exploitative skimmer throws in the towel.

So how can I buy more STEEM?

The common sense answer for most Americans would be to buy some BTC via Coinbase, use blocktrades, and whammo you're in!

Ok. But we're also in a steadily declining market, am I really in that much of a rush to catch the current price of STEEM right away?

For some, that's absolutely true. But for me I find it far easier to try a backdoor to avoid costly fees. Recall you get charged in Coinbase for buying crypto and transferring crypto. Likewise Blocktrades fairly takes some fees to fulfill transfers, as does any exchange should you take that approach.

Whats the backdoor method?

Consider using fiat to buy Splinterlands Beta packs via $1000 charged to a credit card, and a self-referral using a secondary account.

Why? Well do the math:

  1. ~1% cash back on credit card
  2. 500 beta packs + 75 bonus beta packs
  3. 5% referral bonus in STEEM

When tokenized, beta packs have a relatively steady price of about $1.70/pack, albeit in a far from truly liquid market. With enough time its historically not difficult to capture this value. And this process has proven only more useful in nominal STEEM prices as the real price of STEEM continues to decline.

Last of all, consider that BETA tokens themselves are deflationary tokens. Just as Alpha packs now sell for more than double their original worth, the consistent shrinking of BETA supply is likely to provide increasing value to BETA itself.

This isn't for everyone, and the relative illiquidity of the secondary market may be a turn off for some, but for me this seems to be more of a no-brainer approach to acquiring more STEEM given my long-term horizon.

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