Me And Serendipity Are Like This
It's amazing how often I learn one thing while I'm looking at something else.
Case in point. I've been wondering about vast unused reservoirs of Steem Power (SP) on Steemit and how they all might affect the reward pool.
The Steemit account has the largest untapped pool of SP (44-plus million). It's been much higher than that, but the SP gets moved to other accounts for wherever Steemit Inc. might need it. From what I can tell, though, it's not used for upvoting or delegation of any kind.
Which means, along with several other Whale and Orca-sized accounts—I counted up to 14 which were not doing anything with their SP ranging from 341,000 to 2.2 million—the SP just sits there in between transfers.
(FYI—Between the 15 accounts, there's 56.5 million SP all together.
As I was perusing the Steemit account's wallet, I saw this:
There's two amounts totaling nearly 8 million SP transferred from Steemit to two other accounts. Not STEEM, not SBD, but SP.
I can't say I'd ever seen this before, or realized what I was seeing, so I decided to find out if this was something anyone could do, or something specific only to a corporate account.
As it turns out, anyone can do it. Here's how:
First off, you need to have some STEEM available. I know, we're talking about SP, but apparently the same process that we use to power up STEEM to SP is how you do it if you want to send SP to someone else.
So, you click on your available STEEM and go down to Power Up:
When you click on Power UP, here's the main part of the window you see:
But It Says Right There...
I know! But if you click on Advanced:
All images source—Steemit
You can put in a recipient and send them powered up STEEM.
It's a matter of semantics, but even though they say you can't, it shows up designated as a SP transfer in the wallet.
I don't know how often the rest of us might use it, but I found it interesting nonetheless, in a convoluted kind of way.
I knew about it, but I didn't know how to do it. But I hadn't needed to. I didn't even notice the link. lol
I guess it does have a small use, one less transaction on the blockchain, but apart from that does it really matter in that sense. haha
Yeah, I think that's the consensus. Except if your the Steemit account moving 8 million SP at a time. Then it's pretty useful. :)
Nice to see you by the way. I know you're keeping busy, so no worries.
They can move 8 mil to me any day. I won't complain. 😀
You too. Yeah I hadn't looked at my feed much lol hardly ever logged into my account as it is.
It must be newer because I hadn't seen it either. I noticed today that I got paid out in SBD, SP, And Steem. Instead of just Steem power and SBD.. that was new for me. I need to go see if I can find out what other updates we have.
That's just it. One of the posts I looked at for the SP 'transfer' was from July, 2016. I'd seen the advanced link before but didn't want to mess with it in case I did something wrong.
As far as being paid in STEEM goes, that happened sometime over the weekend. According to another post, this one by Dragos Roua, the STEEM payment is helping to compensate for the lower SBD price, which is back to within a dollar of the peg/floor.
Hmm I remember when sbd was just around a dollar, forever it seemed like lol. And I think witnesses and devs use some sort of command line wallet that you can do much more with. We didn't have a advanced option for a long.
I will have to check dragon's post and see what it's all about. Thanks yo
If you want to give it a test run...
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1,000,000 SBD
🙃
Since I was talking about how to transfer SP, I'm guessing you're going to give me the million in SBD so I can then send you some SP? :)
🙄 um
how about a 🌮 instead?
Yes, isn't that a cool feature? It means you can boost someone's account without just giving them Steem that they could sell. Instead, it would take them 13 weeks to power down. This means the Steem you power up for them can't be sold immediately.
Good find though. I hadn't realized that Steemit had so much going on.
If you owe someone money and they're being annoying about it then it's the perfect way to pay them back. Lol
Ha ha ha, good idea!
Well, now it makes me wonder why we can't just straight transfer SP like everything else. Especially since there's always the push to power up. Get more power, more say, so on and so forth.
Can't tell exactly, but it sounds like you'd already found out about it.
I imagine you can't transfer SP because it's already vested. You have to un-vest first, then you can transfer. Otherwise it would be too easy to transfer. For instance, you could transfer powered SP in exchange for SBD. It would be a way for people to circumvent the 13 week powering down period. You could sell the SP at a discount in order to get it out sooner.
I see what you're saying. Who knows, that might be why. However, even if you are selling SP for SBD, the SP still exists as SP for the person who's receiving it. Unless you're saying it magically converts to STEEM somehow, the newly added SP would have to be powered down along with the rest of the existing SP, wouldn't it?
No, it wouldn't be converted to Steem. I'm saying I think they have it set up so people can't get around the powering down process. Yeah, it would still need to be powered down.
Thanks for the tip! It’s great to keep finding features in te platform. Thet sure are working on building something great, but let’s hope the system works properly and bots don’t ruin the fun!
I wish there was a better way for me to find this kind of information, rather than stumbling upon it, but when I do, it only seems fair that I pass it along, so if anyone sees my post, they don't have to spend time wondering or looking.
Steemit can be something great if we can get more blogging tools and easier access to things. I believe there's some UI work going on starting today. Hopefully we'll get some updates about that fairly soon.