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in #bitcoin • 7 years ago

Hello Steemians!

I currently hold about 35% of my portfolio in STEEM (which is the highest % of all my coins).

I am still confused with all these SBD, SD, SP etc. I don't know if I should convert my STEEM coins. I have no intention in blogging however since I have joined I did a little bit of curating ( if you can call it that).

Could someone please give me links to some really good explanation? I have tried reading about it but I still can't wrap my mind around it. ( feeling stupid).

I would also appreciate some rly short breakdowns on why you think I should convert it or not.

Thanks.

7 years ago in #bitcoin by
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     7 years ago (edited) 

    Best thing IMHO to do is "Power Up" using said Steem. That way you can have upvoting power and earn more Steem and Steem Dollars (SBD). Since you own a good percentage of your holdings in STeem, it seems you will hold on to Steem for a while. That's a smart investment IMO. Once the general population of social media realizes you can make money blogging on Steemit, convert SBD to BTC and make more money, Steem and all other related coin (BTS, EOS, etc.) will go vertical in price and you will make more money. But for now, the short answer advice is to "Power Up" and use your voice on Steemit to earn SBD. Hope this helps a little (I wish someone told me this when I joined in November).

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     7 years ago (edited) 

    Here are the basic things you have to understand:

    • STEEM is the tradable token on STEEM blockchain
    • When you transfer it to Steemit account, it is available for using right away
    • When you use the Power Up option, it means that you want to put those tokens into Steemit (Bank) account and lock them down for 13 weeks (this time is needed to get the money back in portions per week when you want to sell your STEEM). And in exchange you get STEEM Power (SP) shares or vests of Steemit network. More STEEM you have, more SP you have. You votes are more valuable and as a result you get bigger return of your votes.
    • The way to understand what is more valuable, SBD was introduced, so you can see the value of your votes in USD equivalent or $ sign.

    The thing that in market SDB costs more than STEEM is just a speculative nonsense.

    I invested $7.5k few months ago, Powered UP and now got an account with vote worth of $4. Nice? And now STEEM is upand account is worth ~$50k. Even better. But I'm fine with it. I can wait a year or two to get it $500k. Even better.

    You have your STEEM locked on Steemit account and play with your strong votes to support the best authors you like. As a result your STEEM is still with you, get few bucks back and support those who are in need.

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     7 years ago  

    @scorer:

    Thanks a lot for your time.

    As you can imagine I have a lot of trust in Steemit. My only concern with doing that however is that in the event of a crypto market crash (for god knows what reasons) by the time steemians will have a chance to get out there is a high probability your position will be worth 90+ % less.

    Am I mistaken in saying that?

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       7 years ago  

      In case of global crypto crash, there woun't be any survivors. Only those that have cashed out before the crash. If you are asking those questions then you are not the one who survives. Don't dream. 😉

      I was not a strong believer in Steemit and still am not. However, it did not stop me from playing around and locking down my money in it. During the last war on Steemit, I started to power down, to get out. But we survived and I'm back again in game. 🙏

      You have to decide on what you want from this crypto. Pump-and-dump, then stay on exchange. Wait for huge profit, then probably it is worth trying and locking down for a while. STEEM was waiting about a year for this growth in price and it is not going to "crash" because of some mystical things. Year just started, STEEM price is up and every vote is worth $0.01, that is huge growth. People are just starting to enjoy the first big profits and there are no signs of not continuing that way. At least for this year. These are my hopes.

      Another thing. Those $7.5k are profit from crypto trading. And I invested them here because of @haejin tutorials, to support his growth. This is not solely my money, but profits from "air". If I got them because of Steemit, then I should get something back to it.

      Crypto world is wild wild west. Only the strongest survives. I want to be one of them. 🤑

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       7 years ago (edited) 

      Thanks again.

      After "sleeping on it" I have decided to wait a bit until I get some profits from my STEEM investment and use those profits to buy SP. I think it won't take long before we get another x2 increase.

      This is not based on FUD but rather because I can use that amount after I take the profits to multiply in trading faster ( while steem slowly goes up over the year) and still invest the profits back into steem.

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