As I went through SteemWorld last night to see my voting power and ensure it was fully deployed until the morning, I realized that I have 99 posts since I have started on the #Steemit platform. I went to sleep thinking about what I can do to make number 100 special. I am truly amazed on how quickly I have gotten to this point since I consider myself somewhat introverted and thinking I would engage this much on a social media platform was tough at the beginning. However, as I have mentioned in the past, I believe in the future of this medium given the sense of community that is being created here. I have gotten so much out of this platform that I am more encouraged now than what I was the day I joined.
So for today’s post I will show you what I finally decided to do with my Steem Backed Dollars (SBD). In the past, I tried in two separate occasions to use my SBD earned to use upvote bots for some posts. I can summarize by saying that the experience was a mixed bag and while I will do it again in the future by spending more time which bots will get me the best results, I want to complete the #minnowuprising initiative without using upvote bots. I have also used SBD for a contest/giveaway celebrating my 500 follower milestone but after that experienced I have seen that my followers are not as engaged as I would have hoped so will not do that for now (I do have something in mind after the #minnowuprising initiative is complete).
Therefore, I will use my SBD to buy 100 #STEEM! This will go towards immediately increasing my Steem Power to continue my grind towards my short term target of 5,000 Steem Power. I have been tracking the conversion price for SBD/STEEM since April to try to time the market. Unfortunately, I went back to the beginning of the year and saw that SBD traded almost twice as high for a short period of time. In fact, it had a premium (one SBD would get you more than one STEEM) while the market was increasing. I think this was due to the market dynamics at the time whereas demand was outpacing supply in a very thinly supplied market that is SBD. While SBD continues to have a much lower supply than STEEM, the prices have inversed over the last quarter or so. Like I mentioned, I have not pulled the trigger thinking that SBD could eventually trade at a premium again. However, since I have been on the #minnowuprising grind this month, I have realized the importance of continually accumulating Steem Power. So I think it is time despite the latest pick up in pricing for SBD.
I initiated the trade using the internal market for the first time. It is still open as we speak as it is taking orders from sellers at the price specified (1.158482 SBD per STEEM).
Once the order is completely, I plan to immediately powered it up to continue growing mySteem Power! I encourage everyone to use these tools that have been created to make the best of the ecosystem that is the #STEEM blockchain.
Now, the grind to accumulating more SBD starts again! Although the experience is so far quite seamless, I prefer to make these trades periodically instead of at every opportunity given the way I continue to manually track the revenue and currencies on the platform.
Image by www.pexels.com
This post is part of the #minnowuprising initiative where the community, led by @taskmaster4450, is experimenting by increasing posts and upvotes for the users that fall in the majority but are not as influencing as the larger holders of #STEEM. More details about the initiative here in a recent post. Please consider participating by supporting this and other posts with the #minnowuprising tag.
Follow me on Twitter: @NAICrypto
Don’t forget to vote, comment, follow, resteem and browse my channel for more information!
If you are like me and interested in continued personal growth, invest in yourself and lets help each other out by leveraging the resources they provide by using my referral link:
https://www.minnowbooster.com/referral/530636
DISCLAIMER: The information discussed here is intended to enable the community to know my opinions and discuss them. It is not intended as and does not constitute investment advice or legal or tax advice or an offer to sell any asset to any person or a solicitation of any person of any offer to purchase any asset. The information here should not be construed as any endorsement, recommendation or sponsorship of any company or asset by me. There are inherent risks in relying on, using or retrieving any information found here, and I urge you to make sure you understand these risks before relying on, using or retrieving any information here. You should evaluate the information made available here, and you should seek the advice of professionals, as appropriate, to evaluate any opinion, advice, product, service or other information; I do not guarantee the suitability or potential value of any particular investment or information source. I may invest or otherwise hold an interest in these assets that may be discussed here.
I have had huge success using bidbots, problem most people complain about is how you don’t get your money back but in my case I do some in SBD and some in steem and SP if you calculated all the steem and SP into SBD you will see that you have made your money back
I have had similar experiences... I know that it adds up to an amount similar of the transfer but I think it takes some time to go in and choose the best options for best returns. I don’t have time to go through the list and choose.
I have favorited all the ones that have a positive ROI no matter what you can lose.
Good stuff and congrats...reinvesting the dividends will pay off long term. I don't of any other blockchain platform with these type of dividend opportunities.
Precisely! I compare in to compounding interest which is a powerful force in any investment!
I remember the time when SBD was "more expensive" than Steem. It was close to when I joined Steem and I guess it was worth $7. Now, for a while, Steem took his rights and became the bigger brother. If you wait though you might get random times when the conversion rate is in the favor of Steem so patience will be rewarded.
I also remember which is why I have held on to so much SBD since starting. However, I believe that SP is the best place to have your stake on this blockchain.
I agree that more SP is better than holding SBD for a long period of time. Ultimately, it will help get more influence on the network.
Agreed! SP accrues more benefit than just holding SBD right now.
Good luck in your pursuit and most important of all have fun :) upvoted!
Well done!
Congratulations @newageinv! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Its really a informative post for all of us….thanks for sharing
Congrats on the achievement!