Yes unfortunately it works that way. The bad thing about it is not that people make money the wrong way, but that people who were here to play by the rules get frustrated by seeing not much reward to their posts and a lot of rewards to useless posts, and then leave the platform.
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True, I'm one of them and investing in STEEM is officially my worst mistake so far. I wish I could quickly withdraw my funds, but they are fucking trapped.
I am conflicted about that one too. I have not invested any fiat in Steem, just free faucet coins and rewards from posts. That is not the fastest way to let your account grow, but it feels like I can walk away whenever I want without really losing anything. But what to do with my SBD, turn it into SP and by doing that lock it, or just keep the SBD for who knows when and what. It is not a large amount yet, but it is growing.
Isn't it possible to "power down" SP back into SBD? I just started out and have been converting everything to SP cause powering up sounds cool but I will stop if it decreases liquidity. Also wouldn't it be possible to send your SBD to an exchange, sell it, and transfer the funds to cold storage or fiat? As opposed to just keeping it for who knows what? Sorry if these are dumb questions, have a nice day!
No not a dumb question. You can power down, but that is a long process, it takes months, a year I think.
Yes you can send STEEM and SBD to an exchange.
So it is not about there is nothing to choose from, it is more about do you take the risc to lock your money in the system and grow a powerful account quicker or do you take it slow and transfer SBD and STEEM to fiat or other coins.
Thanks for explaining. A year long wait is a lifetime in the crypto world, I think ill keep my .25USD of value in SBD : )
Yes it is really long. I can understand why they did it that way. It started out as a platform for quality content and engaged users. Well it still is, but it is used in many unforseen ways too nowadays. Or should I say abused :)
In your wallet you will see that you have 15SP voting power. That is borrowed money. Any SP amount you earn is returned to the owner. It may be a good thing to use some SBD or STEEM to pay the borrowed money back as soon as possible, but it is all up to you. Keep in mind I am not suggesting to use fiat to get things going on Steemit.