Hello Steemit Community I am Celebrating my one month on Steemit and also my birthday soon, and was wondering how to power down correctly.
I understand that you go to your wallet and click on your Steem Power and then power down
Afterwards I received a notification stating that my power down has started and that the next one is in 7 days.
Out of curiosity and anxiousness I wanted to know how long this power down process takes and if anyone can ball park how much I will get in my first power down?
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thank you
So LEET your account value!
haha thanks I'm far from where I want to be
congrats.
Thank you!
I'm pretty sure it's split into 13 payments so divide the total by 13. 1 payment each week.
so I have to wait one week to get my first payment ?
If it's steempower yes. if it's SBD or steem it's always moveable.
What do you think about what @artwatch just posted below? It's contradicting what you said and what my understanding was.
I think I have been doing this long enough to know how it works. :)
Edit: Unless there is something new with vesting accounts, which would make no sense to me, every time I start a power down it's 13 payments 1 per week.
It used to always tell me "13 payments," regardless as of last week, which was after the most recent fork, I still got 1/13th of my balance paid out before I stopped power down.
Yeah, what you said sounds more familiar. I think you're right and I think that there might have been a change in the past year. And thank you!
Your account is over the "initial investment" or else you would show two steempower balances. I'm 99% sure it's 13 weeks for you, but who knows, anythings possible.
It will take 2 years for your complete sum to get to you as it is all divided up in like 104 week process. So devide your amount by 104 and you'll have an idea how much each payout should be. Steem power is a long term investment. Steem power is like shares in the steemit company - takes a while for that $ to come back out of the system - It keeps the system stable this way. I usually do 50% into steem dollars because those can be transferred right away and has no wait.
Andrew Levine video on the matter.
I think the policy might have changed since this video
Oh ok - well let me know what they changed it to. Can't find anything other then the 104 process info on the powering down.
13 weeks to power down. This was changed a long time ago.
Oh thanks.
I didn't think that the process would take so long. I have heard 13 weeks but never 104 weeks?
https://steemit.com/guide/@cryptos/understanding-steem-power-and-how-to-power-down-your-steem