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Remember you get 4 blogs though and at 5 that's when the penalty begins to kick in.

Yes, but you can see in steemd.com where your post bandwidth is for the day. If you haven't posted anything, you'd be at 0. Then, 1 post = 10,000. Therefore 4 posts would = 40,000. Go over that and you get penalized.
Yesterday I made one post (10,000), and the reblogs didn't add to that figure.