My interesting fact.
- Steem Power is very easy to invest, but pretty hard to take out. Average users should not invest in it.
Did you know that if you put your money as Steem Power, it takes 2 years to take them out?
I will try to explain why I think that the average user should not invest too much in SP.
But first: Why does that matter?
After all, Steem Power makes us bigger fish, and that means we also earn more money, right?
Yes. That is correct!
...If you are really good at blogging.
If you are that good, than sure - invest.
It will pay off.
But most people are good at reading blogs, not writing them.
Statistically, you, the reader, are probably one of them.
So what do you do? You struggle to earn some SBD and have the option.
Invest or take out?
My advice is - take out.
It is not possible for everyone to be successful bloggers. (If it was, then nobody would waste time by reading the blogs of other people. They would all be too busy writing their own blogs.)
Just accept that you are (probably) not gonna be rich and be happy with what you have.
And what you have is still pretty cool !!
What you have is a Facebook-like site, without any advertisement, that even pays you a few dollars monthly.
If you are not really a blogger, just forget about your adrenaline pumping desire to 'hit it big' and simply 'enjoy the ride'.
Correct me if I am wrong, but I believe it only takes 13 weeks to completely "power down" and pull your investment out of Steem Power? When you said, "2 years," above - didn't you mean to say, "3 months?" In that way, rather than a quick investment, Steem and Steem Power seems a little bit more like investing in short-term bonds - a longer term for an interest-bearing savings account. And, since it is a much better interest rate than any banks are offering, it's not really that bad of an option for saving your money.
Either you are wrong, or my information source is outdated.
Source:
https://steemit.com/steemit/@cryptos/how-to-power-down-your-steem-power-the-smart-way
(It seems I really brought out an interesting steem fact)
Hah... It seems you are right.
It is 13 weeks now.
My information was indeed outdated.
The 104 to 13 week change happened in December.
Ok...
Than my point seems a bit weaker, I guess.
Still. I stand by it.
If people are not good at blogging, they have no reason to invest in SP.
Changing your upvote from 0.01 dollars to 0.04 dollars doesn't really change anything, other than the fact that 100 dollars won't be accessible and liquid.
Well, I wasn't SURE about it myself - but I thought I saw someplace that it said 13 weeks to power down - you get 1/13th of your Steem Power turned back into STEEM, each week. Then you have to convert to BTC or some other exchange in order to move it back into FIAT. But, who wants that worthless paper stuff, anyhow? I know - we need it to pay our bills, at least for now. That might change at some point in the future, very soon, though.
The other day, I saw that McDonald's was going to be setting up some way for people to pay for food using BTC. IDK why anyone would trade BTC for McDonald's food, but... I take that as a sign of how cryptos are going to be edging out the banks in the future, when it comes to ways to pay bills, and do all kinds of money transactions. Blockchain technology is going to be a real bank-killing machine. No more overdraft fees & banking fees, which will end up helping a lot of people keep a lot of money in their own pockets - which is where it belongs. Banks are criminal, IMHO, but don't let me get off on that tangent... STEEM ON!!!
Haha great write up Mark!
I didn't even know that power down used to be longer than 13 weeks. You bring up great points. I don't think crypto is ready to be adopted into mainstream yet, currencies are still too volatile and have a lot of work to do before they follow through with their promises.. Some will be able to do that, especially the top 100 coinmarketcap companies.. However many will vanish with time.
I'm excited to see the day where they stabilize and get integrated into the market.
But for now, it would not make sense to pay a different BTC price every day for a burger, lol. However if BTC stabilizes, people will be more accepting to invest into it and actually use it in their transactions.
Just my 2 cents! Have a great weekend buddy :) This contest has been a success thanks to you.
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I am returning the favor.
Also - great song.
Really fits your comment.
"It is not possible for everyone to be successful bloggers. (If it was, then nobody would waste time by reading the blogs of other people. They would all be too busy writing their own blogs.)"
That IS the truth! There are a few exceptional cases of people actually strengthening their blogging skills because Steemit's incentivization motivates them to take it more seriously.
Love your logic and break down. Solid comment!
Thanks for appreciating it.
Absolutely :)