The more established authors will know how it works, but I think there are plenty of steemers who never tried a power down. I was curious myself and still found contradictive articles claiming that is takes 104 weeks versus 13 weeks. I was curious what it takes to convert steem power in USD, so I tried and here is my experience with a few screenshots. I hardly had any activity in the last 3 weeks, so the balance of Steem power didn’t change much.
I started power down on September 14 by pressing the powerdown button in my wallet on a desktop computer (not available in eSteem on iOS).
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From that moment I could see what happens on the steemit blockchain steemd.com. Here are the relevant screenshots:
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And the the activity in excel is at the top of this article
So if I take these reimbursements and extrapolate, it will indeed take 13 weeks to redeem the full balance of Steem Power.
I transferred 50 Steem to my bittrex account with the account @bittrex and the memo given by bittrex (see screenshot below). The transfer happened in minutes and was free of charge.
The rough conclusion as of October 2017:
- Powerdown of steem power takes 13 weeks
- Reimbursements comes in 13 equal portions, starting after 1 week
- If required, you can withdraw the available steem to an exchange every week to convert to Fiat currency
As I’m content with that, I’m now powering up again :-)
This is very interesting and useful to see an example of how this is done. I'm still learning about Steem Power and how it works. The algorithms it uses sounds pretty complicated.
Thanks, that's exactly why I wanted to try for myself.