Crypto can change so much in a week and this week has not been an exception.
Last week the market crashed and the Steem price went from $1.30 to $0.68. I can imagine this would make many users new to crypto very nervous. It creates a feeling that you should sell before it goes even lower!
But selling (without buying back cheaper) last week would have been a huge mistake because one week later the price is back to $1.30.
I believe Steempower is preventing many users from emotional selling into a crash.
Just another feature that is so useful about it.
Protection against hacks.
Another good feature is security.
Liquid STEEM can be sent to an exchange instantly in case someone acquires your 'active' key. Steempower is liquid STEEM that is locked up. It takes time to turn this back into liquid STEEM.
In the case of a hack, you, therefore, have a lot of time to change your 'active' key and lock out the hacker.
You can change you 'active key' by using your 'owner' key (that you should never ever ever ever use to login to Steemit under normal circumstances).
Others reasons why Steempower is nice but most users know already.
- More influence on the platform. (more voting power)
- Better curation rewards.
- A small interest on your Steempower.
If you have any questions about Steempower I'll try my best to answer them for you.
Follow Me @exyle
Yes, my bro!
Perfect article (and tutorial to the different login options) as I must admit even I didn't know until your extremely useful explanation! Thank you!
You are so right about the advantages of storing your precious steem in steempower. In essence, a savings account where your funds are locked up nicely. Of course, you have the powerdown period but seven days is a long time to receive one payment and you need 13 of those for the entire account. Plenty of time to change your mind about the powerdown or change your "password" should a hacker break into your wallet.
An ingenious little system that I love and works flawlessly. Also, let me add that your vlogs simply keep going from strength to strength to the point now where I look forward to each one every day. They're great and you're doing an amazing job, man!
Again, fantastic post as always. Steem on, my brother!
Man thank you so much for another awesome reply. I know I keep saying this everytime but it's 100% true. The whole Steempower system is indeed so well thought out. It's genius in more way than one.
Panic selling at the bottom is the worst pitfall for newbie traders. Steem Power provides a kind of safety net, in that regard.
Today's steem price is basically meaningless if we are committed to seeing this platform go mainstream!
Yes, I completely agree. I like the use of the word safety net!
much volatility
Great Idea... I just turned everything from Steem into $576 Steem Power... I am new to the platform and the future looks promising!
Welcome to Steemit! And congrats on your first powerup!
Can you explain that in a bit more detail?
Yes can you explain it a bit more and perhaps show us how to do it in detail.
When you got to your wallet and click permissions you will see 3 keys. Posting, Active and Owner. (there is a button on the right 'show the private key').
The key that is displayed after you click that button is the one you should use to log in.
Explained
If you login to Steemit with your posting key. Then the only things you can do on Steemit is post and vote. You can't do anything else.
If you login to Steemit with your active key. You can do more. You can post and vote. But you can also transfer steem to another account, start a powerdown, buy steem on the internal markets.
If you login with your 'owner' key you can change all the keys including the owner key.
Without knowing the owner key you will never be able to login again into your account to change things. There is also nobody you can mail or ask to reset the key. It's vital that you keep this key secret.
So, if a hacker gets a hold on your posting key or active key nothing is lost. Because you can change them with your owner key. But if a hacker gets a hold of your owner key then he can change the owner key and you will never be able to recover your account.
If you want to be safe always login to Steemit with either your Posting or Active key. The owner key should be kept offline as much as possible.
I log in with the first generated password from steemit.com when they confirmed my account. Do you mean this is not safe and I should take copy of all keys , cold store them, log out ,and in again with the posting key? Is that what should I do , or I am still confused ?
Thanks for help @exyle
I would indeed recommend that you login with your username and your posting or active key. (after you click the button). If this gets hacked for some reason you can always change things with your owner key or with the password they send you.
Steem Power is a great feature, it's really helpful to not have direct access to money. For me it keeps me more from impulse spending than anything.
lol, I forgot about impulse spending! :)
True.. steem is forcing us to learn the market of crypto works and how not to panic when price falls by locking it in steem power.
Panicking is never the answer in big swings. I have made mistakes in the past doing that. I'm glad that with Steempower more users are prevented from this.
Good to know ..I was confused about these diff keys until I watched this video .. thumbs up , and will follow 👍🏼
Thanks for your nice reply! I'm glad it could help.
Can you tell me what's the private key? Beside the post key ( show private key) when you click you find another key ) same with Active and memo keys. Thanks for your help :)
To keep it simple. To identify you as you on the steem blockchain there are 2 keys. Public keys and Private keys. The public key under your account is visible for everyone....but there is only one private key that can 'communicate' with this public key. That's you. that's why when you post something I know it comes from you.
woah, I didn't think about the security measure, that's cool.
It's super cool because it gives peace of mind!
Steem power is i think the best investment at this moment. Besides Giving money on the long term as steem must go up, you get power and are able to create money, and more power with this money earned. I Also stopped being worried as if you trust in crypto you will be sure all Goes up! Only thing i do if coins come down is buy more!
Hi @exyle I am new here and really appreciate the great ,helpful information and love that you also added a video to it . Thank you so much :) I am following you :)
Thank you so much for your kind reply and welcome to Steemit!
Thank you :)
There is no worries about selling Steem, Steem in a future gonna cost loads of money. Thanks for good video and great explanation @exyle
Thank you man!
Hey @exyle - love coming to watch your vids for your cool Dutch accent after a long hard day with the minnows :) Cheers man!
Thanks! that's nice of you to say!
Your vids work in more ways than one @exyle - in more ways than you might think ;)
for sure 100% agree
Thanks for the backup @westerngurl :)
you're welcome @mindhunter :) I am following you .
Thank you @westerngurl LOVE IS GOOD!
U r absolutely right, n thanx for that video and now my all question are solve. . .. .
Thanx again. . . . .
Thanks for leaving such a nice reply!
Totally right, and i think that's one of the reason SP cant be cashed out immediately...
Just now converted all steem to steem power. Steeming all the way... :)
Awesome! I'm also glad you found Esteem. It's a nice app.
Steempower all the way! For newbies yeah they will soon get use to the volatility of the crypto space in the long run ~
It does take time to get used to indeed!
I like this post :)
Thanks!
you are welcome :)
It always makes me laugh when people panic when a crypto goes down. They go up and down constantly, and that's a good thing!
The swings do take time to get used to. Luckily with Steempower it doesn't really matter :)
Yeah, I didnt think about that. How often do you earn interest on Steem power?
The last I read it comes down too ~1.5% interest per year.
Oh ok, does it pay annually?
They have implemented some dang good measures to keep people in Steem, hopefully they don't waiver and continue to innovate. I'm more excited for the newest implementation of EOS and kind of wish they implement bitshares into the steem platform as well.
I'm also looking forward to EOS. What I like about Steem is that anybody can build apps or frontends on top of it and monetize this in a cool way. So innovation will not come only from the Steemit inc team. But from all over.
Good way to look at it. The current form of social media, needs to be reformed. Steem is giving us the answer to do that.
@exyle Wow I did not Know about all the info. Thank You for the post.
thank you!
EXACTLY!!!!! Investing on emotion and not logic is definitely a big no no
I sometimes say that I am emotionally invested in Steem because I love the platform so much. From an investor's standpoint, this is often a bad place to be, but I decided to just ride with it and see where it takes me.
Thanks for the information.
Your welcome!
Steem power is very safe from hackers is excellent.
it is!
deserve upvote and resteem...
Thank you.
u r welcome...
Good read , am enlightened more..
Thank you!
Thanks for that video!
Your welcome!
The best protection is to POWER UP!
Really cool post. Thank you! Upvoted and followed. Please feel free to follow back. Cheers
Thanks!
steemit had its users best interests in mind. panick selling is not the way forward, hold the damn steem!
nice sir amazing your post i like it
Yes.. I agree..
Im new bere..
And following!