So I'm loving Steemit. I've been on since early August 2016, but there are still a few things I haven't completely wrapped my head around...
Many are saying I should power up for the sake of compounding interest. I'm seeing other top notch Steemit users completely cash out their Steem. Accounts with hundreds of thousands of dollars worth of value with 0.00 STEEM.
I'll give you an idea what I'm really looking for personally...
Insurance is important to me. Steemit seems like a greater insurance than investment, not to take away from the obvious opportunities with investment. My main goal on Steemit is, not only to make the community stronger and bring more people to the community, but to make money. I'm a proud capitalist and I'm not afraid to admit, a major part of this venture for me is making lots of money as I'm a reporter who has been shoved to the curb by YouTube and Facebook due to demonetization and suppression of viewership via constantly changing algorithm.
So basically, what is the best method on Steemit to make money? And why do so many powerful members of the community cash out everything when there's such a huge untapped potential for demand on Steemit?
I know there were several questions involved in this post but I think your answers might be quite helpful to others just joining Steemit who aren't completely aware of how this system works in its entirety.
Thank you!
I've only been around since January, but here is my two cents. If you intend to make a lot of money on here, I would advise you to have as much Steem power as possible. Then use that steem power by curating and voting on posts. The more steem power you have the more influence you have, so if you intend for this to be a main source of income put in what you can afford to lose in steem power. As far as post reward settings, I would suggest putting it at 50% PowerUp & 50% SBD because SBD are actually trading at a premium above $1 since the USDT issues. When you get your SBD rewards, convert that to Steem power. This is my strategy until the SBD is back to $1 range. As far as people who are cashing out a lot of Steem power, that doesn't relate to your situation at all. These are most likely people who got in really cheap early along and are securing some profits after the recent price spike.
If this was helpful consider following me @crystalgeometry
Excellent thanks for your '2 cents' !!!
Thank you! This was quite helpful! followed!
Though I'm still trying to figure out some of the lingo. I've spent most of my life studying economics and in the past 2 years brand new monetary language has come to the forefront of conversation on many of these platforms and it's been difficult to soak it all in. But doing what I can do understand. :)
Thanks again!
Happy to help, and I followed you as well. I completely get that; I am still learning new terms as well. Feel free to ask more questions and the community and I will help to the best of our ability.
It's simple, hold SBD when Steem it going down so you can convert it into more Steem when the price bottoms out and when it's going up you want to convert SBD to Steemit to capitalize on the increasing price.
Well I joined Steemit yesterday, and I recommend earning Steem Power more than Steem money. Those who cash in early have a "get rich quick scheme" mindset. Your focus should be on building power (reputation) on Steemit. Money comes and goes, but your reputation stays forever.
Thanks for posting, I was curious about this myself. Looks like steem power is the way to go.
Penned down the same thoughts i had nicely :) I just started on steem so still getting the hang of things. I'd really like to find out what the benefit of powering up does.
As for cashing out... i guess it makes sense to do so periodically. Otherwise all the eggs are in one basket.
I hope those with sound opinions will comment. I wonder too...
I am also working out which strategy suits me, at the moment just leaving the rewards where the come.