Dear readers,
Ever since joining this community a year ago, I've been accumulating Steem Power by posting, voting, and commenting about all sorts of things. That said, I've also purchased Steem using Ether during Steem's Great Depression. So I've mostly just held onto Steem Power, investing in Steem's potential long-term value. It's only recently that I powered-down ~15% of my total Steem Power to upgrade my equipment and for investing in other projects in the blockchain space.
Reasons to accumulate Steem Power?
For newbies: there's a distinction between Steem and Steem Power. Steem is a token that you can trade freely, but it can also be transformed into Steem Power. Here's what Steem Power is, as explained in the Steemit wallet interface:-
Influence tokens which give you more control over post payouts and allow you to earn on curation rewards.
That's what Steem Power does, but I suspect many of us have different perspectives and motivations, so I'll explain what Steem Power means to me and why I've kept it for so long.
1) I want to have an amplified influence over the network
The more Steem Power, the more weight my vote has over the network. I would like to shape the network in my own little ways, going for a diversity of content and individuals alike. As highlighted in one of my posts - The New World Blogger, I want to be an active investor on the platform and Steem Power seems to be the best way forward. It also helps that I have the agenda of helping myself and others pursue our interests.
As a content creator
I get to reward engaged followers and build myself a swarm of users that assists me with little things, whatever it may be. I don't want to be just another social account with many followers coming in to like my stuff, so having a good amount of Steem Power is a great simple way for me to reward those that help enrich my online presence around here with their comments and contributions. It totally makes sense for me as a content creator wanting to build my own following to accumulate Steem Power.
As a content consumer
I get to reward exactly that - great content, and great accounts. Voting on them is also a way of giving them more influence over the network in the future, as long as they accumulate Steem Power. There's really no better pleasure than to be truly supporting content creators that I like. It's a paradigm shift that is light years ahead of any social media platforms. I wouldn't be just another random account coming in to increase anyone's number of likes. My vote is actual social currency. It has the ability to financially support and enable independent producers.
As a co-owner of Steem
Just like everybody else with Steem Power, I get to reward new accounts trying out the platform, and influence activities that will improve the platform over time. The only difference is the magnitude of our influence. So in that sense, I've accumulated Steem Power and kept it more than most users just so I could maintain a growing influence at the early stages.
In short, having skin-in-the-game aligns our interest in building out the network, and it's my hope that the community sees this and support long-term players.
2. I want to grow my share of Steem over time
Personally, I have plenty of reasons to believe in Steem's long-term value. You may check out one of my old posts - ASDF: The Simplest Explanation for Steem's Key Characteristics for Long-Term Growth. With more Steem Power, I am able to acquire more curation / voting rewards out of my activities influencing the network. In short, I get more Steem just by spending time on the platform - this is great, almost like a passive income too, and I can be on-the-move doing this!
Check this guide out for curation rewards: https://steemit.com/curation/@liberosist/mind-your-votes-ii-a-guide-to-maximizing-your-curation-rewards
Also, consider this - if Steem's inflation algorithm remains the way it is, we'll have about 660 million Steem in existence by year 2036. Think about that number for a second. If Steem has the ability to land in the hands of everyone on this planet, everybody will on average, own less than 1 Steem! Imagine how valuable that can be. But let's be way more conservative: if there are 1 million users by 2036, then each user will on average own 660 Steem.
3. I want to invest in the platform that I believe could bring us into an economy of abundance
With Steem and any other blockchain platforms running on accountable ledgers with limited production, its peer-to-peer nature in distributed-judgement could supercharge capital distribution and also provide aid to individuals and collectives all around the world that could use it the most. I think Steem's qualities could effectively bring us into a shared economy of abundance through social activities that anybody can perform. Maybe I'm taking this a little too seriously, but I would like to believe that I can do something in helping out with that idea, hence my accumulation of Steem Power.
Conclusion
I think Steem Power is actually highly-underrated in the blockchain space. After actively using it for more than year with others, I can say that it's changing lives. Personally, I hope more of us see the potentials of Steem Power being the extension of our own will in building the platform. This is my opinion why anyone should consider accumulating Steem Power, either by earning them or buying them up (but please, only use disposable income for stuff like this!).
Shameless plug
If you like what I'm doing, please consider supporting my works, delegate SP, or follow my trail on Streemian. I will write more about my plans on building a swarm of power users one of these days. I'm seeing way too many great new accounts coming in and could use more help on this front in retaining users, at least through engagement and reciprocation. Thanks for reading!
I have only powered down once recently because I have never done it and didn't know how it worked (lol i know). I have been purchasing SP since the beginning, even with Steem Dollars. You know me. I am an eternal Hodler
Steemit is the most undervalued token outhere. Seriously, no other coin has such a developed platform or community yet they are valued so much more.
HODL on!
Hodl the door!
It' so undervalued! other projects with only general ideas and no implementation have a higher market cap. I had the luck to find Steemit scrolling down the top coins charts and like me lots of people will find Steemit in that way. I came here for the money( wanting to invest in Steem) and I'm staying here for the platform and the community!
I am right with you @uanxufree. I came to steem for investment purposes as I saw great potential for it as an investment and have been rewarded wtih an amazing platform of art, news and all kinds of goodness. I have been searching for articles on google, reddit and when I searched in steemit I end up finding the best articles becuase the author wants to create great work to be compensated for it. I frickin love steemit!
Yes, this! I can't believe the CMC top 10 is full of so much crap that does so little. Even ETH has nothing that comes close to Steem. On utility and user base both Steem and Bitshares should be in the top 5... would not be surprised to see that happen this year.
A neat thing is happening in the crypto space: in the last six months long-suffering hodlers of various tokens have started to see some serious returns and they want to diversify into ****quality**** tokens. The days of Peercoin and Dodgecoin being awesome because crypto are gone - now just having a block chain is like having a website.
I'm basically in Bitcoin, Bitshares, Steem, Peerplays and Storj on the basis of utility - what can it do, is that useful, can average Joe use it and is average Joe using it. So yes, Steem is undervalued by a factor of 10 right now and we should see $20+ tokens in the near future - there is a lot of hot Bitcoin value looking to diversify.
"now just having a block chain is like having a website"
That's crazy. It seems like just yesterday when bitcoin was a new experiment and there were only a few altcoins to look at
I agree with you, i didn't find it the same way but as you said i came to buy some coins and now i'm really happy that i've found this nice, absolutely positive community and platform!
HODL!!!! LADIES AND GENTLEMAN!
:D
rotfl :D
@kyriacos I can't agree with you more. This is an amazing platform. @kevinwong Thanks for a great article :D
H O D L
O
D
L
I dunno, can we say for sure? There might be very engaged large communities out there that we may not know of yet. But relatively to the coin in coinmarketcap, i think it's safe to say like you've said it..
nothing is for sure but I can see no other future really
DASH nation comes to mind
I was surprised at how well this platform functions. It's coded brilliantly and the integration is flawless so far.
yeap. we have excellent developers
Strike a pose and, "hodl", it.
U guys, "ROCKET".
I have been here 3 weeks or so.. I did the power down just to see it in action.
Learning through OSMOSIS is similar to learning how to play poker in the military, or learning to play CRAPS at a casino..
Sue we'll teach you,.. ANTI-UP!
I Agree With The Last Part
:)
I too see a future of abundance and peace through blockchains and sharing economy. Great post brother @kevinwong
The only question I have at the moment is how the governments of the world will react when they start to realize the potential and impact of steem and steemit .
They are looking into building crap coins that are not open source and do not have true verification I would imagine ... And will try to push that on everyone ... I wish them luck on the endeavour lol
I see it a lot like the Linux window battle ... only this time open source got off the line first .
But opensource will always win out I think even linux has caught up and surpasses anything windows has to offer at this point .... http://www.kubuntu.org/ just installed the latest ...so so sweet....
And if we put steemit and the crypto world on a meshnet the possibilities are endless
https://steemit.com/ham/@thelifeofbrian/just-a-dream the meshnet
Great points and thanks for kubuntu. Here on Steemit we can learn every day something new. Hope it is not too much for my little poor brain.
just burn it to disk or usb and run it live you don't have to install it .
I you just want to see what linux can do and has to offer the Knoppix live disk is quite impressive .
http://www.knopper.net/knoppix/index-en.html
That more than likely will be exactly what they'll do with the added option of being able to increase the amount of coins so they can 'print' their way back to the top like they do with the current fiat system.
For once we have to stand our ground and make sure that the government understands that they are for the people by the people and that is exactly what this new cryptocurrency space is all about.
Countries have fallen for less ... I am watching to see what way the winds will blow ...best to stay alert right now . The pen is mightier than the cripto lol
And best remember who wields the pens.
Same brother, same.
Well, many people within governments probably will get involved more and more in crypto currencies themselves. Not because they want to bring crypto down, but because they want to profit, too.
"What? Why did you guys forget to send us an invite?"
Yeah, this scares me. They are trying to take notice but most people in places of leadership are not tech savvy at all....so they don't even understand it. You can't outlaw something you don't understand. That fact alone will buy us some time to win over the hearts and minds of the people. The number one job of a politician is to get re-elected so if we can win over the people with blockchain tech, by the time the grey hairs come around, they will be forced to support it. IMHO anyway.
Unless we have a Star Trek replicator I don't see how we can have abundance
Abundance is ever-present. Humanity supresses abundance through greed, power-mongering and other fear motivated maleficence. All real progress begins with faith, takes much effort and unity and ends with benefits. If it weren't for these, there'd be little to distinguish us from the animals and we would be living as they do.
I don't think we are much different than animals. As long as we all want to remain unique individuals abundance will be impossible. Value is created from scarcity. This is why diamonds cost so much more than sand.
I agree on the unique individuals point.
Value born of scracity is like fiat currency and has no tue value. Real value is generated by work and also lies in beneficial assets like arrible land, natural resources and ideas which enhance our environment.
If we were to develop an appropriate united world view which is truly benificent to all life, we could all comforatbly coexist.
It is the creation of scarcity based value which self serving entities purposely foster for personal or selective wealth accumulation which removes access to real value and real wealth which lie in life sustaining and improving factors.
It's not really about abundance or scarcity, it's about distribution. I believe there's enough resources to go round. There's just too wide a gap between the "haves" and the "have-nots". So any system that can help to reduce that gap will be beneficial and is welcome.
Governments are a danger, but they can not stop or eliminate blockchain. Let's Overcome.
I hope so.
If blockchains can prove themselves to be way more effective and able to render big governments useless, I think we'll see change happening in our lifetime. In the end, govs are people too.
That is the key: GOVS ARE PEOPLE. Impossible to describe it better.
Agreed. Why destroy the blockchain when they (people within governments) can have fun in it too and make some handsome profit?
But they are also organizations with rules. And as such, the people who populate them are attracted to the wielding of power over others. Governments are not voluntary and that is the crucial difference.
And all organizations have survival as their first operating principle not serving the stated goals of said organization.
We will see what happens in the not too distant future
Thanks @thejohalfiles, it looks like other technologies besides blockchain seem to be maturing in the right direction as well. Interesting times ..
Thanks for your insights @kevinwong As a newbie, it's good to get the different perspectives and understand different motivations. I myself like blogging and if I make money on the side - well I am not going to knock it back.. I think there's nothing wrong with doing what you like and getting money for it. The whole Steem world can be confusing for newbies, especially if coming in was purely from a content side and little to do with crypto as there is all this other stuff I've now been opened up to and trying to get my head around!
Looking forward to hearing more from you
Upvoted, followed and resteemed
Lol yeah it can be confusing because plenty of information are just hidden, although i develop this habit of "just steemit", as in "just do it" and see what happens. I've been a longtime "writer" on facebook always producing stuff freely. So moving away from facebook to steemit just doing the same and getting rewards from it has been a good thing. Thanks for dropping by :)
I have recently jumped into steem power for the same reasons. I want to have more of an impact here. Thank you for the great info. Following,upvoted and resteemed!
Thanks a lot @s-dbraybrook for dropping by. It could be disheartening if the price is on a downtrend though - I've been through that, but know it's just a cycle. Collecting Steem Power can be fun :)
I've checked your account, by the way. Looks like you may have an interest in @steemstem . If you're interested, there are communities around here that help on certain niches. Feel free to reach out
@kevinwong this is the first post of yours I have seen because I am new and I appreciate you helping motivate each of us to invest in Steem Power for our mutual benefit in building our community here! Nice work getting in on Steem so early and continuing to invest during the down times!
Hey thanks for dropping by @jerrybanfield! Clearly quite lucky to have landed on Steemit early just because my ISP banned Medium and I was looking for an alternative :D
Steem Power!
Great piece! Since I joined I have never powered down once. I also bought SP in the Steemit dark ages. I think there is great value in SP. For me it's the only crypto that has an actual use case. Of course there might be more crypto with use cases but this is the only one I actively use on a daily basis.
Good stuff, now everybody wish they bought more during the 15 cent period!
Lol Dark Ages, The Great Depression. Waiting for another name xD
I personally have been accumulating SP so that I can influence the rewards pool more. I want to ensure that the pool touches more smaller stake holders' hands.
If we aren't helping the newcomers rise, they aren't going to stay and they're who counts for growing Steem as a whole. The more the merrier!
Yeah everybody needs at least that first dopamine hit, but best to do it on those who looked like they spent a great deal of time in their first posts! imo..
Yep, I personally vet who I add to my bot. If they're posting low effort stuff, better luck next time.
If they're actually trying and contributing, then I'm down to help them keep up the good work! That's what we need.
Well said, it's just that we dont have enough "manpower" to keep up with having enough eyes checking out on posts. But with some coordinated effort, i think it may be possible.
Yeh I'd like to see something like this, we could ask for members of the site who would want to help on a rota type system. Everyone would get paid for it by a funding by the whole community to keep certain standards.
Yup. Just gotta keep trying, hoping for the best, and setting good examples. Hopefully then, others will follow suit.
Yeah it's a bit discouraging seeing that the same people are the ones with the top posts time after time. I'll just have to write more engaging content and comments!
It's the beauty of this kind of community, that over time the more you post and the better content you create, the more you're rewarded both profit and the ability to influence the community. Keep posting!
Great post Kevin. I couldn't agree with you more. Steem is very undervalued. I only recently joined but plan to accumulate as much steem power as possible. I wish I would have joined sooner!! Thanks for the post.
Have some! Thanks for dropping by and trying out the platform, hope you'll find your way. I'll be around if you need any explanations or suggestions.
Thanks!
Right there with you Kevin however I have been trying to get to Coinbase to take a deposit for three days now to get ethereum and then on to steem. Their site is constantly playing up or card processing is not working, added to that no human intervention to pick up the issue.
I am just steeming as the price is rising and I cannot find a straightforward path to get the steem.
Ah that sucks! Well, at least you can spend the time trying to mine for Steem by comment / writing posts at the moment :). here's some!
Very much appreciated thanks
Great post man. Agreed! Steem Power is absolutely making a difference in people's lives (mine included) ... just the beginning of a brighter and abundant future. POWER UP!
There's so much going on i think the forum thing may work well for keeping in touch with projects imo..
STEEM UP
Recently I came to the same realisation. Sadly, I had already powered down and sold half my STEEM at that point. But I’m holding the remaining half firmly and I’m determined to earned much more by curating and by posting original and quality content!
Thank you for the words of guidance, @kevinwong!
Check this article out by @liberosist for maximising discovery and curation rewards for fun and profit!
https://steemit.com/curation/@liberosist/mind-your-votes-ii-a-guide-to-maximizing-your-curation-rewards
Thank you! I saw it a few days ago and have been trying to follow its guidelines ever since!
Hi Kevin - I follow your account - thanks for the post! I havent looked into powering up recently but there is some appeal - is there interest still attached to it? I can't seem to find the most recent info on it..
It's only 1.5% interest on Steem Power per year if you're not doing anything on the network. But with voting / curation activities, I think you can go from 0.01 - 1% a week interest on voting / curation rewards. For example, by voting and curating, I'm currently netting about 250 Steem Power / week with a 120k SP account. So that's about 0.2% per week it seems. But the numbers will change I guess, but the heart of curation is to be able to earn by doing it.
You should check this out: https://steemit.com/curation/@liberosist/mind-your-votes-ii-a-guide-to-maximizing-your-curation-rewards
Thanks for the link from @liberosist - this should be stickied somewhere ;)
2% per week compounding is pretty damn good so long as the currency underneath doesn't shift. Its active investing because you actually have to curate - but the return is better than lending.. Something to ponder..
Realistically i think it'll be around 0.2%. Unless if a pro like liberosist, definitely higher. I'm more about just voting whoever i'm interacting with half the time.. so not necessarily "profitable", but in different, indirect ways i guess
Hobby passion and investing all in one.. Its a lot better than watching the candlesticks on the chart ;)
I'm planning on banking a lil more into the future, but right now it looks like steemit is gonna be my main source of food for a lil while. I transferred my first payout today to a bitcoin debit card and bought a burrito with it. The future is weird.
I chose a year of simple food and cheap travels, extra money all went into cryptos. Even converted a bike into ethers back then.. lol
The future is weird indeed - https://steemit.com/edutainment/@kevinwong/tokenomy-101-mandatory-class
You are a gold mine of information to us newbies here - thank you very much - just spent the past hour reading your posts - excellent info
Thanks for dropping by :) I'll try to update as much good info as posisble
Just curious, does steem have a cap similar to Bitcoin? Or does it operate similarly to Ethereum, where it can keep reproducing coin as long as there is demand? Thanks for the post! I'm officially in for the long haul! Power up
Okay Steem's inflation rate is at 9.5% in the first year. It decreases by 0.5% every year, until it reaches 0.5% - 1.5% (can't remember the exact number) in ~20 years. Today there's 250m steem, 660m steem by 2036. There's no hard cap for now, much like Ethereum.
This is very motivational. I aspire to contribute my best to Steemit and make it apart of my daily life. I believe this has insane potential and will be abundantly successful in the future. Steem on! :D
I'm surprised it sounded motivational lol. I think the Steemit feed is in a way better than most social platforms - will see what apps are coming out. Some instagram / twitter clone are currently WIP.
Its motivational knowing the positive effects of steem and how anyone can collect through this platform. Makes people want to keep steeming!
Great post! Learned from it and enjoyed! I came here about three weeks ago from the suggestion of a Youtuber I'd been following for years. I had no idea what the hell steemit or steem was. I've found that I'm here reading and commenting way more than other places if at all throughout the day with others. The steem itself, for me, is just a bonus as I've found I love the community and freedom. Up voted and following! Now some of you older chaps help me out here cause I'm always a tryin' to learn. I up voted this post at $920 and it jumped to $986.? Why so much? This can't be due to me although I up voted it and it happened? Others I up vote only go up pennies but this one whoa! Lots! Enlighten me oh wise ones, I'm curious.................
Nice to see people getting excited about a platform like this, with just such a simple addition on top of what we've been using in other social platforms lol. Have fun! (i'd suggest upload some profile pic and description, just for some branding/identity)
Thank you for the tips. I will! Yes, this is a wonderful place. I'm really enjoying being here. If only others knew although I think they will sooner or later. Much appreciated!
Really liked your post! Some of your ideas were very relatable and easy to understand!! Keep it up @kevinwong
That's Insane! Im curious too...
Resteemed! A true believer, which I think a lot of us are true believers in this platform. I pondered to myself just recently if I converted most if not all future Steem earnings to Steem power, in 10 years time and I stayed active the whole time, could I have something to possibly live on? Or help a great deal? I really believe with hard work and dedication anything can be a reality. Funny how I just thought about this and then saw your post. Of course I'm still smaller then a minnow on here but there only one way, up! Good article, thanks and Steem on!!
Yeah I've converted all my earnings into Steem power during my first 9 months, it's only recently that i used the 50% earnings for bitcoin and hedging / diversifying all around. If this can kill FB (or at least twitter / insta), then i can't imagine what's next that'll kill this platform, but be rest assured that the feed here is better than anywhere else. We got a community looking out for each other :)
That's what I love about it here the content, you can get articles, but good quality articles. Not all doom and gloom like the news. People are genuinely happy here and having a good time and showing there skills.
I believe that steem power has become one of the most financial, and economic ways of growing you business. I mean, It is just like Facebook. But, when you post an article you earn some digital currency. This is one of the best platforms I have seen and also can help many small financial businesses grow. The harder you work the more you work the more you earn! I love your post @kevinwong!
Yup good for funding micro businesses all around the world, especially those without access to banks and all. Thanks for dropping by!
hey @kevinwong you should check out my article https://steemit.com/steem/@merrick/why-choose-steemit-over-anything-else
Thanks for the great article @kevinwong! One thing that stuck out is increasing Steem Power for the sake of "shaping the network." That really hit a chord for me!
We have an opportunity to build authority so that we can provide leverage for people who will be apart of the Steem community someday. That is a powerful and humbling position to be in!
It is. I mean, it's still possible to "shape the network" without any Steem Power, just by contributing through comments and posting, but one is able to play more of a part with votes and distributing stakes to build communities too. All the best! (i'd advice to update your profile settings, establish some identity / brand..)
Thanks for the advice @kevinwong. I appreciate it. Have you written any articles about Steemit branding or know of someone else's articles that would been beneficial to someone new like me?
Great article. We are all getting rewards from holding SP now :) congratulates on buying when steem was so undervalued
I bought at 2 dollar steem xD lol. So I held onto steem all the way because I don't believe the value is that cheap, paying off :)
Your strategy is working so I'm going to say you know what you are doing :)
I was thinking of doing the same thing. @kevinwong Thank you for explaining the right reasons why. :)
Np, thanks for reading! :)
I'm powering up to $30 a day + set my STEEM btc exhange wallet in my mining settings to get more stable growth in STEEMPOWER. It is a very strong coin because it has resistant to BTC downgoing trends! Soon we will all be rich!
Awesome! I don't even know how to mine Steem (other than blogging / voting). Or you meant that you're mining BTC and converting to Steem?
I am finding very interesting all the info about Steam. I think I didn't gave enough attention to learn more about it when I first joined.
I've also emailed Gabe Newell from the Steam gaming platform to accept Steem. Still no reply. haha!
Hopefully he will come back to you :D
When I was researching Steem it was at the point I learnt about Steem Power that I really became enthusiastic about this platform, I'd say it's one of the unique features that really sets it apart and makes it tick. I currently have everything in Steem Power, mostly because I actually enjoy using Steemit and I like the ability to reward posts I enjoy
Yeah it's a killer app, in my opinion.. the rewards distribution just needs to scale well enough at the moment. But like any coins out there, mining becomes more difficult. But at least we've a community here that tries to look out for each other, especially those producing great materials and just generally being good actors in the network.
Hi Kevin, quite an enjoyable read. Thank you for posting!
I have started accumulating Steem Power and never powered down before (did just now but cancelled).
I realized I am here for something else. I am here to be an active investor and contribute to the platform.
Who doesn't love influence, right? :)
PS: Appreciate your worker -> active investor explanation. Made my choice easy!
Well, I am keeping the steem power off the records in my mind, for the sake of believing that I just own the SBD i got, there is nothing else I own. The steem power i earn is going to be used up to increase my influence. So, I consider it already spent / invested. ;)
Very smart way of looking at things. I am with you.
But then watching others, that greed kicked in.
No longer now.
I am at peace.
Hahaha ;)
Full Mental Control Huh? :p
Good piece, @kevinwong. Some are gifted to express in words; others - me included - not so. :) I hope to find a place in Steemit to earn my share haha.
Write an introduction piece, look for the #introduceyourself tag, plenty of examples. There are people looking out for this section!
👍got that!
Great post, I feel like I really understand Steem power now and I will make an effort to accumulate it. Having the ability to directly reward content creators that you enjoy is an amazing thing!
You'd be surprised at how commenting in-depth and early on posts that'll go to trending will do :)
I am pretty new my self slowly getting steem and i switch mine right to steem power. still kinda confussed about voting and how to change the power each vote has and witnesses. gotta do alot more ready this week as well on HF19
Lol even I don't know much about what's happening sometimes, my info might be outdated too! But hopefully they'll update the whitepaper and all that, providing a better sense of what's going on. But i personally trust the witnesses and devs to keep the spirit of the platform in check enough to ease on the technicals and just use the platform - keep on steeming!
Really appreciate your advise. I am new here at Steemit and I started spending all the Steemit Earnings to accumulate more Steem Power and contribute to the community. Definitely share your approach and view on this platform!
You can use steem earnings to play invest in other projects outside too, sometimes you'll earn more there and get to buy more steem :), but it's also easier to power up and just focus on using the platform.. personally i set a % of earnings for stuff outside of steem
Good stuff!
There are 863 crypto coins now. But I have no time choosing or picking the best one. If there are out there that's better than steem, it would just arrive and introduce itself through ads or other ad promotions. Just letting things go by, steem walked through me through @jerrybanfield and just pick it up and ride. Doing lightly and simply, makes me encountered steem. I'm very glad!
What a great post !
It absolutely deserves re-steaming
I call you all , folks, please do it . Re-steam it. Period.
I did this with pleasure, as I know I can not do even close to this. I still have so much to learn. Even I have just increase my SP 10-fold today (by accident, right a short while before finding this post).
Well...maybe, one day... I will be able to share my own insights the way mr.
@kevinwong just did. Maybe you will read that, if you find a reason to follow...
That's a nice accident to have! Thanks for dropping by and the resteem, i really appreciate it :) checking out your account.
I think steem is the gold standard right now. Only an opinion but it is relatively stable. It has massive room for growth, and steemit is an awesome platform for content creators.
Lol this sounds so bullish. Hmm there may be other better technologies that we don't know of yet, but the platform looks good so far, almost seems like an FB killer if there's any.
So much more, it's an economy of individuals! You are wise to reminds us that there is more coming and you couldn't be more right from the looks of it.
Yes, but some people saying that taking 50/50 and then converting Steem to Steem Power is beneficial coz currently SBD Price is better than Steem. Is that so?
Yeap at the moment it seems that 100% Steem Power rewards isn't the best move if you want to get more Steem Power, ironically.
I see. Haha, quite a volatile market. Anyways, thanks for the post. :)
this is great content as i am a newbie and got to think about how i would be able to use steem power to my advantages. I just feel many people are not thinking of the long run here and as you mentioned in the article you yourself are involved in other projects outside of steem. there is too much going on in the crypto space and i feel a that locking up steem power and only being able to convert it back to steem tokens after 3 weeks may scare some away from the opportunities of growing and helping steem grow faster
I'd suggest updating your profile with some pic, description etc coz i think that's the bare minimum for establishing some identity / brand for your account :) all the best!
Yes, Steem Power is most definitely for long-term gamers, so I personally am not worried with a 13 week powerdown.
I see so much possibility in this future and I am really beginning to like it. I just joined less than a week ago. This community is so much more global and positive than any other social network. I like the focus on quality over quantity. Cheers to the future of Steem @kevinwong! Thank you for sharing and allowing me to learn a little more.
Changing my social feed to Steemit is the best thing ever..
So much less toxic energy. My mood has already lifted substantially.
Just wait til the price goes down ;) , one of the downsides is that price of currency is quite correlated with the mood of the community lol
hello @kevinwong i have just bought 9.99 steem through bitcoin. now i am confused did it was a right decision to invest into steemcoin ? suggest me please
I think if you're going to use actively, then voting effectively could earn you more rewards, the more steem power you have. It would depend if you like the platform. If you do , then the decision buy some steem is an okay decision, i guess? Why are you confused, by the way?
actually steem value is increasing so i invested few bitcoin by purchasing almost 20$ of my bitcoin into steem, is it a right decision?
and its still not credited in my account , done that transaction almost and hour ago
hmm where did you do your purchase?
on steemit , credited after 3 hours but its only worth of 14.3 $ 😔 , i spend 21$ , so loss of 7 $ almost 😥
Maybe the price went up during that time, so u got less per amount of btc
and thanks a lot for your valuable suggestions @kevinwong
Thank you, Kevin!
I see the value in accumulating steem power, too. Since I also see my time investment in steem as a long term financial investment, I have started to do my posts with "100% Steem Power" instead of 50/50.
However for some reason I have only earned cents on my posts since then...
Maybe it's a coincidence, but do you happen to know if there is a correlation? Do 100% SP posts simply earn less? That wouldn't really make sense to me, but it would be good to know for future "steem management" :)
Nope, but it's wiser to do 50/50 since Steem Dollars are selling at a premium above 1 USD in bitcoin terms. So effectively u can actually gain more steem by going 50/50 at the moment instead of 100%
Oh that's a really good tip!
Just to be sure - you mean it's better to collect SBD, and then manually turn them into Steem Power later, yes?
And what's the right way to do that - use the "market" function in the wallet to turn them into STEEM?
I recently used the "convert to STEEM" function in the wallet and lost half of my SBD value. That's why I thought it's better to power up 100% directly.
(There should be a warning that you lose half of your money if you use the Convert function, to protect people, I think.)
Oh don't use the convert to steem function. You can either send SBD to poloniex and sell it for BTC to buy Steem on that exchange, or use SBD to buy Steem in internal market. Have to check where's the best price though!
The convert function is averaged out over 3.5 days. So if the price is going up in that 3 days, you'll end up buying up more expensively. But if price goes down then you'll end up with more Steem. but generally, i'll just stay away from that function.
Thanks Kevin! You live and learn... ;)
Up till now i only invested in steem power. My post are not picked up, but that is not very weird as I Am not active a very long time. I takes time to build up a valid group of followers and with vallid I mean followers that do not only Follow you because they want you to Follow them back but because you wrote good content. I only powered up with buying steem as i think steempower is the future. Thanks for the post! Followed!
It will take time and plenty of engagement and time spent building relationships with others. Just steemit, and have fun!
It seems to defy the Keynesian way of thinking that we can actually have an economy of abundance. Traditional fiat money is built upon scarcity. Can somebody enlighten me on the value of holding on to Steem since we cannot use it to purchase everyday goods?
Well im not keynesian minded anyway so it wouldnt be an easy debate :). Steem purchase for goods are coming over time so imo, dont worry bout that.
Haha. Unless there's mainstream adoption that Steem is actually "money", it will be quite hard to purchase everyday goods. Now, let's think for a moment, how do you value a loaf of bread with a blog post that took 1 hour to write?
Which is more valuable? To a hungry person, the loaf of bread has more intrinsic value than a blog post. While a university professor might forgo some of his wages by working less at the university to satisfy his intellectual curiosity.
At the end of the day, there's no way to create abundance. Scarcity creates value. If Steem is readily available simply by publishing tons of blog posts, then it is inherently worthless.
Maybe I'm missing something here.
Theres scarcity in its production, but the culture of money can be one of abundance :) doesnt mean we should just waste it all though - i think you get what i mean
The reason why bitcoin is valuable is that it's scarce. For the same reason, gold remains a good way to store value.
Now, if money is so readily available and one can obtain it easily, then there's no inherent value. Similarly, there's no reason why we shouldn't waste stuff that has no inherent value.
Could you please explain the what you mean by the culture of money?
By protocol Steem is limited too and I'd agree with valuable being associated with market availability, of course. However, I think it's a mistake to assume that Steem can be obtained easily. After all, it's easy to see on trending that people are getting good amounts. But by all means, it's just the same as Bitcoin distribution, just through different mechanisms. The fact that I can vote and give u a dollar or two now may seem like easy money, but it was through luck and difficulty (same as BTC or any mining) that I acquired the Steem Power to do so. Culture of money = spending, distribution culture / habit / activity.
I am following you, as part of your fan reader
Thank you @johnrenald thx for droppin by!
I am stil hard to find best way how to describe my unique content to other, but step by step is still good to try. hard work
I think steem power is very important for upvoting instead of converting it into money and sell it. People will upvote and follow u just because u have a great steem power. However, with more and more people using steem, many steem coin is generated so that the steeem point will devaluation from time to time....
Excellant article. Steem power to me has alot more benefits the steem. Yes steem is easier to cash out but thats not why I am here either.
I believe this is the future. Full steempower ahead. Resteemd. Thanks for the share my friend. Followed.
It depends, sometimes one is able to get more steem by speculating in other markets for greater returns to get more steem instead of relying on steem power to generate voting / curation rewards! Thanks for the resteem!
Another great informative post, and I view the Steem Power in the same way, I am constantly put all in it for that future. Gonna share this tomorrow when I wake up with my Steemit Blogger Central crowd, think they need to be enlighted and the power of Steem power....keep up the great work!
Thanks @sflaherty - steemit blogger central? awesome - share it out :)
Its something I figured could work as a Trojan Horse to the mainstream social media sites, we slip in there promote Steemit, promote users articles and get them followers, in turn hopefully it wakes those who are looking for something like Steemit. I am noticing our Twitter is generating an outside of Steemit crowd fast, even non crypto types. What I been doing is hunting for crypto based articles and slip in non crypto stuff and sticking tags relevant and boom now i am getting a ton of messages of outsiders wanting to know what this Steemit thing is. I working in PIVX in their marketing, budgets didn't happen so I back them but went more full time over here with intentions of being my own boss lol...so I am silently working for the Steemit community because I believe in this platform a ton.
If your curious check them out, love to know what you think. Still low on the likes and follows but we are gaining traction every day, I am a work a holic so it should rise lol
Our Facebook:
https://www.facebook.com/steemitbc/
Our Twitter:
https://twitter.com/steemitbc
Little flashy animation I made to entice lol
Figure earn my keep around here lol. Love to know what you think seriously, always up for some advice on this project
Ok I understand now. I bought steem and only used half of that towards steem power. My thought was to hold half of my steem until it's $10 per. From reading this article, I now know that I should convert all my steem into steem power because It would increase my value in steemit, while helping steem increase in value at the same time. And I could always power down when I feel like cashing out. Thanks for this post.
Yup if you're not in a rush to cash out, then it's better for Steem to be in its vested form, Steem Power :) perks are definitely voting rewards and ability to distribute / regulate the supply by voting :)
amazing article and definitely so true!!! you have done so well! i cant wait to see you again soon!
Haha are we gonna go every year? seems like it!
Excellent post, Kevin. I've been powering up most of the way right along with you, and I can say it's an amazing thing to have your influence within a community represented in such a concrete way and to contribute to others just with your votes. Steem On
I thought i could stop writing steem articles already.. but so many new users omg!
We're just getting started, buddy. :)
Well said! Just like you, I think it is wiser to invest in Steem Power instead of just Steem because its and investment for the long-haul instead of the short term.
Yup, if you've nothing to lose, my as well just keep as Steem Power and spend time on the platform :) It translates to rewards over time. Don't even need to set up a supernode!