Dear Steamians,
I am hoping to start a conversation with those who are focused on people not self-voting, and anyone else who wants to jump in. Especially those who are concerned or interested in determining how to handle your current investment in SP. This is not meant to be a fight or a complaint, but rather a conversation.
I've been around since August of 2016, holding my Steem power and posting. I have no doubt I am not the best content creator on the site, but I have to admit, I am now wondering about the value of holding my Steem power. This isn't about not getting enough votes or being unhappy with my upvotes. When I review my posts most of them have earned a fair amount for what I put into them. (I have been surprised by a few either up or down) Mostly they earn about what they are worth.
I am not an Author nor a want to be Author, but I do enjoy posting an occasional story, opinion, random thoughts, and interacting with others online. I do still hold a Facebook account to interact with friends and family, share photos, etc. I just can't see that type of use here.
So, let's pretend that I can't vote for myself without scorn from the community (I've never been a big abuser anyway) why should I hold my Steem in Steem Power vs. on Bittrex if my main motive is "influence"?
I understand SteemIt isn't a fun place if we all just sit around and vote for ourselves or bid on the votes that are being sold, but it isn't that fun to hold an investment in a state I can't use the bulk of it for 13 weeks either. If your only answer is speculation then why power it up?
According to Steemwhales.com
Here are the stats on my account:
Rank Name Rep Steem SteemPower SD Est.Value
#1026 whatsup 67.94 612 7,898 29 $12,660
According to Steemnow.com
Your 100% upvote is worth:
$1.69
Let the discussion begin:
Pros and Cons in holding Steem Power. (Not meant to be about whether or not Steem the currency is good to hold for speculation reasons)
On voting selfies... I'd be willing to stop upvoting myself (ok, that was a distracting phrase) once enough other people are willing to upvote me. Until then, you get it where you can.
Yes, well said!
I join jimitations, I wanna stop upvoting myself if Something changes and people upvote eachother more :)
I am about to power up, but after reading into steem a bit more I have my doubts about how inflation could drop the price of steem
From reading the replies it seems that most people have no idea how steem works nor steem power.
From what I read holding steem is a bad idea as steem itself is inflationary 100% a year if you are not holding steem power.
By holding steem power you are better protected against inflation as for every 10 coins that are added to the market you will get 9 back. So I understand?
Which basically means that people holding steem power could have 11% inflation.
You have ofcourse more steempower and more influence in terms of how much your upvote is worth and you could by actively participating overcome that 11% inflation by making money through your content and participating in the network.
So this is a genuine question, what stops the steem power of becoming worth less if whales are dumping even more coins on the market which they earned from increased steem that they received from holding steam power more and more steem floods in. From what I understand 80% is held by the topwhales and due to holding it in steempower they will just increase their amounts. Due to the incredible imbalance of distribution of wealth they can effectively continously power down their earned steem forever and as long as steem has even the smallest value still make tons of money,
So holding steam power you are fully at the mercy of how many people (whales) are actually powering down versus what investments are coming in.
On top of that you have to be active every day to at least counteract the 11% inflation rate.
Please point out where my stories doesn't make sense and why it should be viewed otherwise so I can feel better about putting money into steempower 😄
What an excellent response. Funny that you are considering the same questions that I am, regarding the same topic, maybe that is why I relate so much to what you had to say about the topic.
Let me try to add my thoughts to yours..
Inflation - Due to the inflation, we will have to create demand for Steem. If one thinks crypto is going to "catch on", having an increased supply might be a good thing. I also think that if demand was weak and we suffered a large loss in price there would be an opportunity to adjust our inflation rate and handle that with a hardfork. (This would like only happen if things were quite bad)
Nothing stops Steem Power from losing value when the whales power down if they sell. It is purely speculation mixed with supply and demand. You are correct that the distribution is an issue and has been since the day I got here. A thought I have is that SteemIt the site could before an attraction which could bring visibility to the currency of Steem, and hence attract investors vs. traders. Where people gather an economy forms. So, if we continue to see widespread usage and new users, I feel it is only a matter of time that others will be willing to purchase the steem any whales would like to get rid of. traffic stats - http://www.hypestat.com/info/steemit.com
True about the active every day part, but as I am sure you have gathered we have a wide array of voting bots to keep our accounts active even if we are not.
My background is corporate america in the healthcare technology sector. So, my crypto knowledge is still under development.
I appreciated your comment very much, and look forward to seeing you around SteemIt.
You are welcome, I am still very much learning as well so if any content I put up is wrong let me know.
I did decide to buy steempower as I believe steemit will continue to grow exponentially and it's uniqueness and potential will attract advertisers and investors from around the world once steemit goes to the masses..
Also the top investors/ creators generally are proud of their baby so they most likely want steemit to succeed as well, but that is just pure speculation. Them powering down also has a positive side, as power is more spread amongst the participators.
The following link explains what steem dollars do, the rewards by posting and upvoting are eventually payed back in steem dollars. Where does this money come from?
Well the higher the marketcap the more steemit can loan and distribute as steem dollars amongst steem power holders. (same as what a bank does with mortgages putting equity, they use real estate as colletoral to loan money) These steem dollars can then be transferred back into steem or powered up to steem power.
The above info I took out of the great posts below!
https://steemit.com/steem/@steemrollin/steem-where-does-the-money-come-from
https://steemit.com/steem/@bitcoiner/steemdown-com-which-whales-are-powering-down
We should really try to make a simplified version of the explanation so that everyone can understand this. It took me days to actually find out how the system works and even now there are still some mysteries to solve for me. For instance I read that one of the more important ratio's to look at before buying steem and powering up is the Mvest to usd ratio. Or MVest to steem ratio.This figure can be found on: http://steemd.com topright.
hope this helps as well. If anyone else finds info to share I would love to hear it.
@helpbot What is the value of holding Steem Power?
What is the value of holding Steem Power?
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The value of holding steem power is that your upvotes have more value and your curation rewards also increase. (As far as I know, that's all...)
agreed.. if you vote for curation rewards, which would add even more votes to the content that gets upvoted each day.
OK but if you have $20k value in SP you want to see some ROI on that, correct? So power some down (less than you are earning) and you will see profit plus your SP will contunue to increase. Good idea?
Are you making comments on old posts so you can vote on them? I don't care at all and nobody else is likely to see this.
So, yeah.. A person can pull out some SP if they want to as a way to gain some cash.
However, I consider it borrowing from my own capital.
Well you so smart! I was searching for the value of Steem Power actually, apologies for finding your article! If you dont care why bother to post at all? Oh you are just in it for the money? Yeah!
My votes are worth next to nothing as you can see... any more questions you don't want answers to?
When you post it is immortalised on the immutable blockchain. You cannot delete it EVER. Steemit posts are also searcheable on google. Care or like it or not.
I've always heard holding steem power is good for a long term investment, especially if you believe seem will go up in the future like I do. Some people have said they earn interest from their steem power.. is this true? Either way, I don't have a problem with people upvoting their own posts. I understand that it took most of them some time to build up their influence to where it is
I think holding Steem is a good investment, my question is why power it up.
I am unclear on interest being earned on Steem Power, I think there might be some type of compensation to try to offset inflation, but I am unclear on how it works, and how to get to a technical document that is current and that would explain it.
I hear you. I think the main benefit is to have more influence on the site. It just depends on how important to you that is. Also the price of steem fluctuates so much..I think it's safer to hold steem power or steem dollars. But I need to research that some more to be sure
Vote for yourself!
There hasn't been a reason not to so far.
Personally I haven't been doing it lately but I think it may be reasonable to take this approach:
If you can't find great content on Steemit, worthy of an upvote, upvote yourself as a reward for looking for it.
Until a circular economy is developed there is no reason to not do that.
You could also loan out your SP and have a better return, vs just selling it. And that way you still help out by not sucking up the rewards pool.
Yes, I have been considering renting out my SP, or powering it down and investing in a Steemy project.
Awesome! I have a couple tricks up my sleeve if I can ever find the time.
And what it's a Steemy project? Sorry, newbie here haha
Can you rent your SP? How? :o
You can delegate it to someone like Smartsteem.com and they give you ROI plus your delegation back at the end of whatever period it is.
Well said man.
Upvoting oneself? Powering up? Illiquid Steem? I'm new here and I haven't grasped the meanings and subtle implications of all this jargon yet. It's kind of making my head spin, though--on the inside, metaphorically speaking. If it were spinning on the outside, like the girl in "The Exorcist," that would just be weird.
lol
I never upvote myself. Mainly because i don't have the steempower at the moment. But i wil always upvote others.
I'm just a noob here, so my opinion may be miss-placed, however, from what I have seen so far, I would say that by holding SP, you attract more upvotes from people curating than if you had less SP. The noobs mostly seem to gravitate to the whales and dolphins in the hopes of catching some scraps, while other whales and dolphins don't want to waste their votes on minnows. So the more SP you have, the more you attract upvotes and the more you make. When you power down and lose your voting power, you become less desirable.
Like I said, this is just my observation and since I didn't do any in-depth study of it, I could be way off the mark.
Nods, yeah. I think that is what I thought was going to happen. :)
I admit I don't know enough about steem power but willing to learn...
That is fine, many don't know that much. It will be interesting to see if a conversation grows out of this, we can all learn from it.
Since you mentioned buying upvotes....
I couldnt resist ;)
Have a great day whatsup!
I can't buy upvotes with powered up Steem. I have to use a liquid form.
I wish you a great day as well. :)
Its alright... i got ya this time ;)
:) thanks!
why not self vote? my self vote is pretty worthless at just a few cents. yours is enough to make $100 a week. if you had a bank account that could collect interest why would you purposely not accept it?
I do upvote my own posts and occasionally my own comments, usually only when I think what I have said is important.
I never powered down but I have a bittrex account. I think you should always continue to grow your Steem Power and I also think you should invest in alternative digital currencies. We are in the beginning of a great exodus from central banking. Steemit is where most of us jumped onto the digital currency train. Who knows the final destination, but it's a fun ride. Steem On Dude!
I always power down for liquidity, but I have always just powered it back up. So, this week... The power up button wasn't working for a few minutes, and I got to wondering... Why should I power it back up.
What difference is it making to my earnings? I don't want to sell my Steem. (I also own other coins) I just am wondering if Powering it back up is my best move.
Having Steem powered up offers advantages in security. It takes 7 days for the first power down, and it comes out in 13 increments. This allows for account recovery and limiting losses in the event of a compromised account.
Liquid Steem could be removed in a moment.
Liquid Steem on an exchange is generally speaking an insecure practice.
Good points! :) Thank you good sir.
dear @whatsup
I never upvote myself.bcz I dont have big steem power...but I will always upvote other steemians post and comments...I think steemit is kindly helpness platform....thanks sharing your ideas..upvoted ..
I hold Steem for 3 purposes.
@whatsup,
I don't have a big account and not have a high SP too. but I stopped self voting. I think that's not a fair way to earn...
Cheers~
I have no issue upvoting my own content as per the post however upvoting myself for comments and everything is going a bit far. I have also seen steemit become a game of just auto voting the most popular people which is not helping new people that provide quality content at all. Its almost as if you want to play the steemit game you need to invest about 10,000 steem power +
I have felt that way before also. I guess it has been a marathon of feeling like I have almost made it to the big time. lol.
I've seen some people liking their own comments which is really really really weird. It's like giving yourself a high-five!
I usually love my own opinion though. (Of course, I often want to high-five myself when I make a good joke too)
I don't think the Helpbot is functional yet. ha,ha I've made the decision early on to reserve my upvotes for other peoples content in the community. I believe my account originally set to auto-upvote my own posts. About a week in to Steemit I read an article (?) on the merits of sharing upvotes with others - an I decided "sharing begets sharing". My limited understanding is that the more steem power one has the more influence - one has in the community. Though I am still a nube, so it is my thought and not necessary fact.
One reason I like the idea of SP is the 13 week power down. I look at in a view of a long term 401-S (for Steem) something I contribute to that will be of benefit to me down the road. Sort of a Crypto-401K. Also it's hard to Hack. Which when you mentioned Bittrex - I learned in a article by @hexdek16 or in his @loosechange project - not to keep large amounts of coins on exchanges. Hence, I now have an Exodus Wallet and some other alt-coin wallets. Not that they have large amounts, perhaps one day.
I was reading @stellabelle post VBlog on being a Full Time Steemit blogger, she's quite a whoot!. She proposed some steemy ideas of doing things with Steem Projects. I think the idea of renting out some steem power to get returns is an idea worth pursuing. That way your coins are earning you more coins, and in turn benefiting others. My .02 Cents.
If you're in it for trading (therefore speculation), powering up is not the best option, but if you are trying to help boost the community, it's your call. Very nice holdings btw, keep it up!
Thank you, my post was really to make a point, if you stop everyone from self voting who is holding steempower, they would have no reason to hold steem power.
Yes they would, i just posted 3 in this comment section ;)
That and private circles of whales that upvote each other i guess...
This post received a 4.8% upvote from @randowhale thanks to @generation.easy! For more information, click here!
That's a lot of SP can we lend it to others i have heard but don't know how.
This post has received a 3.20 % upvote from @booster thanks to: @whatsup.
steem power has that much power never knew that before.
Holding Steem Power (SP) confers no benefit. SP only becomes beneficial in how it increases your influence and rewards for actions within the Steem Community. So, upvote, curate, post and comment.
You can power-down SP into STEEM in a process that takes 13 weeks to complete.
If you wish to hold value, then STEEM is more liquid. However, STEEM does not generate rewards for actions within the Steem Community.
@whatsup There are a few reasons for holding STEEM POWER:
1 - Yes
2 - I don't vote for curation as I wish to support accounts that others are missing due to their bot activities.
3 - possible unless those who feel the need to tell everyone else how to use their stake make it impossible to enjoy the site while retaining a high level of Steem Power.
I don't know what you mean with your second point.
Regarding your 3rd point, just do what you think is justified. If you think you're doing what's right, then there is no problem (unless it's considered abusive by others). I'm sure you enjoy doing good curation work.
I stopped back by your post to share this article I came across this evening: https://steemit.com/steemit/@etcmike/benefits-of-steem-power-and-buying-the-dips-in-steem-price
... But then I was reading the conversation you had with @oudekaas. One of the most interesting comment discussions I've read all week. (and trust me, I had a doosie one this week - perhaps stepped on someones toes not intentionally mind you)
I was making the connections in background research, and this platform to a creator of EOS, and I noticed something (perhaps a theme in the creation) - Somethings I learned about GAS Traction & Friction [Lot of Car themes here in cyber-space] One of the 'causes' of inflation is the 'cost of use' which on steemit is free in a sense, and I saw this theme repeated in my studies of EOS by the same creator.
I'll stop writing now because I am getting myself confused and off topic.
If I could make an analogy it would be this: Steemit a 'cheap' way to buy a Lambo and get the GAS for Free! Just note, you have to purchase a coupe of tires once in a while with SP ... Other than that, Enjoy the Ride!
Note: I found the Lambo meme joke mention looking up memes because of the posting @whatsup made of the user @clayford08 - and I wanted to find a way to use the humor. As always, Love, Peace & Hair Grease!
Interesting post. Thanks for bringing this to my attention. The biggest group of uneducated investors in mankind has to define the trustworthyness and price of a crypto. It's an interesting world we live in. An interesting website I found: https://www.coincheckup.com. Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. Go to: https://www.coincheckup.com/coins/Steem#analysis To check Steem Analysis.
@whatsup thanks for this imformative post :)
thanks for sharing man :) @whatsup