Today is Steem Power-Up Day. It is the 4th time it happens and it happens on the 1st of every month. Steem Power-Up Day is also called SPUD. So today is #SPUD4.
The idea behind SPUD is to increase the price of Steem. It's an initiative heavily supported by @streetstyle and @xpilar. They even mention prizes, here.
Let's hope it works. I haven't been able to find any trend that leads to a spike in price. However, it is educational and a good initiative nonetheless.
https://steemd.com/tx/f09b882d60b3766d744eaadab28dd41d1f177e92
Now before you get too excited, buying and selling Steem Tokens is extremely risky, you could lose all of your money. I am not offering financial advice and you have a very high risk to lose your money doing this. Please do your own research.
I decided to power-up my Steem because of Steem Power increases one's voting power on the Steem blockchain. It increases the amount of power your vote is worth. I've settled into Steem nicely and it is time to invest more.
I've also been powering up my #LEO Steem Tokens. I am very active on #SteemLeo and I like to talk about Investing and Financial Advice, so it is important to have Leo as well as Steem Power. Unfortunately, I didn't have as many LEO tokens to power up today because I have been doing that consistently.
I even have been trading my SBD for Steem since SBD is pegged to the dollar in theory and doesn't change its value as much.
Cryptocurrency, Steem, Steem Power, Leo, and Steem Tokens, in general, are all extremely risky assets. Actually, I have no idea how much these tokens will be worth tomorrow. Therefore I prefer to think of doing a Power-up, not as staking or increasing my proof-of-stake, but rather increasing my influence on the Steem blockchain or the Steem.Leo community/tribe.
If you are buying and selling frequently, you are better off keeping your Steem in liquid. It takes 13 weeks to power-down Steem in 13 equal proportions. For example, if you power down 130 Steem now, you will get 10 Steem a week, starting 1 week from now for the next 13 weeks. It's rather slow and the market moves to fast. In other words, if you are planning to sell do not power-up.
Fortunately, I don't plan to sell any time soon and I want to increase my influence. Actually, that is the main reason I am here. I want to improve investing talk and financial awareness by posting on Steem. There is too much bad advice and poor knowledge here and on the Internet. Sometimes it is difficult to tell if people are being dishonest and trying to scam or sell something. Other times, I am just not sure if people are saying things without thinking. I hope it can be done.
So without further rambling, here is my Steem Stats for SPUD 4
First, I sold some tokens I didn't want on Steem-Engine, then I converted my Steemp to Steem. I also collected my rewards from Steem Posts. Then I converted a little SBD to Steem.
I powered-up Just over 37.8 Steem and 2 Leo.
Now, I have 78.5 Steem Power and 412 Leo.
I'm not trying to give anyone advice by mentioning my power-up experience. Do not power-up more than you can afford to lose because it makes your Steem even harder to sell. Actually, if you plan on making money and depend on your income, please get a job. Relying on Steem or Leo for your income is much too risky. Please do your own research.
Happy SPUD4 Day!
Thanks for the free financial advise.. here's a hot !tip ... power that shit up..
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Hello @financialadvice and welcome to the Steem Blockchain and its community. I also want to say "Thank you" for participating and supporting the #spud initiative.
And you are correct in that this movement is yet to truly influence the price of Steem, and you are also correct in that the more Steem Power you have, the more influence you will have on the blockchain as well as rewards. Thank you for participating and supporting #spud4.
I wasn't originally planning on this being a monthly event, and still am not sure if it will be But it does seem that the community has taken a liking to this initiative, and it is getting much more support than before so it just might be. I want to also say that I am sorry that you just missed making it for the prizes but if the rules stay the same, you will definitely qualify for the prizes.
Take care.
Awesome...I will be powering up when I get home from work!
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