Hi everyone,
I wanted to ask the Steemit community if its worth buying Steem Power? I already hold a good amount of Steem but I'm wondering if it would make more sense to convert that into Steem Power?
I'm an avid believer of Steem and do feel this will be revolutionary as it grows popularity. From the research I've done it seems like once I convert Steem into Steem Power I cannot withdraw it all for 2 years (which I'm okay with). Steem Power also compounds while it's in your account... Which is awesome and something my Steem obviously doesn't do. I can also upvote and reward people on the platform for creating quality content which will make Steem better as an overall platform.
Does Steem Power ever go away from your account? I still don't understand the powering up and powering down that takes place and the reasoning behind it.
If you have any advice or suggestions that would be great.
Hi, no, they dont lock you for 2 years anymore, they already change it to 13 week power down, meaning if you want to cash out you can cash out in just 3 months, also the inflation is set at 10% per year, meaning the value of steem will grow exponentially if steemit can grow to become reddit or facebook, for $1 per steem I think its cheap, it may worth $10 by next year
Thank you! I didn't know it was reduced to 13 weeks... That's good to know. I'm wondering what kind of split to do when it comes to Steem vs. Steem Power. I know I'm definitely in it for the long haul.
Hey!
I recently was asking the same questions and ended up finding some great articles that helped me...I wish I bookmarked them for you, but I can just share a little bit from them.
It USE to be about 2 years to withdraw it all, but it is now 13 weeks to power down completely. So, if you have 130 STEEM Power (which is essentially 130 STEEM) and you initiate a power down, you will receive 10 STEEM each week, for 13 weeks. You can cancel this power down at any time, as well. The reason they do this is to prevent everybody from cashing out all their money from the platform, rendering it worthless. So it's basically investing INTO the platform, and you can reap the benefits of increased voting/curating power, etc.
No, the STEEM that you have invested into Steem Power does not go away, but the value of your power can fluctuate based on the value of the STEEM token.
If you believe in the long-term value of STEEM and Steemit, then I would suggest that its wise to convert your STEEM into Steem Power.
Hope this helps...:)
Thank you buddy! I can always count on you.
If you have time could you please elaborate on what you mean by increased voting/curating power, etc.? I know once you have a certain amount of Steem Power (not sure how many) you see a bar with the percentage sign? What else do you get when you have a lot of Steem Power?
No problem. Glad I can help and support :)
Yeah, I think (but I might be wrong) you get the voting bar once you have 500 STEEM powered up. So for example, for a new steemit account their upvote is worth like $0.01 because they have very very little amount of steem power. However, if somebody has 10000 Steem Power their upvote would probably be worth anywhere from $4-5 (and it also depends on the price of STEEM, of course).
Therefore, you have increased voting power, i.e, your votes are more valuable. The same concept applies to curating rewards, but I don't know the ratio on that.
Do you ever lose your Steem Power? Let's say you upvote a lot of content... Does your Steem Power ever reduce? I'm guessing your voting power would reduce and your upvotes would lose value but I'm wondering now if I would lose Steem Power as well?
No, you never lose your Steem Power. You don't give away power by upvoting another post/comment, but rather you are allocating rewards from the daily reward pool on steemit. Each day there is a fresh reward pool, and its up to the users to delegate who gets what and how much. The more Steem Power you have, the more "say" you have.
Yes, your voting power reduces based on how many times you upvote and by how much. At 100% voting power, you can do 40 fully powered upvotes until you reach 0% voting power. In other words, a full upvote is 2.5% of your voting power. That's why a lot of people use their voting sliders to do half powered votes, or even 10-20% upvotes (thats what I do for most comments, unless I especially liked it). Oh, and every 24 hours your voting power recharges 20%.
Hope this makes sense!
Thanks a lot for this complete response ! I found this post via google 😉
You answered all my questoins in a few lines! 😁
The bar you are talking about happens at 500 Steem Power. Not sure what else happens, other than people start noticing you give decent payments when you upvote, and you likely see an increase in followers and commenters. I think it starts to make your Steemit presence grow in momentum quite a bit.
I've taken to posting for 100% Steem power. I'm in this for the long haul. I hope that there's support right from the top as well. I'm wondering when it will be heavily marketed, which will undoubtedly see a lot more members applying to join. But with membership as throttled as it is, I don't think getting even more applicants into waiting lists is a goal right now. Rather, to compete with Facebook and Reddit, I believe Steemit needs to figure out how to onboard millions of users much more rapidly so that the system can handle the growth we all want to see.
It will only be able to compete with Facebook and Reddit when membership is instantaneous, and the economy/rewards/payouts structure much more easily understood by newcomers.
Agreed! Thanks for the input @badastroza. I'm definitely in it for the long haul and have just recently started to change all my posts for 100% Steem Power.
I'm a little concerned about the scalability as well. I have a few friends that are trying to join but are waiting for the accounts to be approved. It's been quite some time now too.
Greetings! I do not know if it's worth buying a steam turn, but people say sechasch it's profitable to do! I think you need to ask more experienced users!
It is depend on you really there is no right or wrong answer. For me, I will wait for it to grow and get organic growth.
Steem power is worth it if you are looking at Steemit as a 2-5 year play.
The powering down timeframe is reduced to 3 months now, so if you plan ahead for large purchases you can utilize that if need be.
I don't see Steem being this cheap by the end of the year. There are quite a few folks making $3-$4 predictions.
Yeah I don't see it either. Now the question is what balance between Steem and Steem Power would be the best way to proceed?
The only reason to have STEEM is probably to send to others, or to help promote your own posts by using @randowhale or something. Otherwise, Steem Power is probably the better bet. I would say, since you are thinking long term with steemit, do 90% Steem Power and 10% STEEM.
Just my opinion :)
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STOPThis post has been ranked within the top 80 most undervalued posts in the first half of Jul 16. We estimate that this post is undervalued by $10.26 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jul 16 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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awesome read. thanks for this, i was also super curious! hahah
Thanks for this. I'm still wondering if it is worth it to purchase Steem Power to have more influence on the network? Nobody really answered this question. I only post about 3x per week and have no Steem Power. What is more productive for me to get my message out: create better content that gets upvoted or buy steem power and use that influence to improve my presence on the network?