STEEM
- The underlying token of the Steem blockchain.
Power Up (STEEM POWER)
- Vested STEEM over 2 years. Gives user voting power. The more you own, the more weight your vote has, the more money your upvotes give. Click the Power Up link to vest your STEEM. Power Up gains interest (you will accumulate more over time while in Power Up mode).
Power Down
- Vested Steem (aka Power Up) that will be "Powered Down" over 104 weeks into STEEM. Each 7 days you will receive a portion of your Power Up (vested STEEM) as STEEM which can be sold for Bitcoin if you choose. The conversion (Power Down) will be done based on the current STEEM:POWER UP ratio.
STEEM Backed Dollars (SBD)
- A "currency" which will usually be 1:1 with USD and have a 10% APR. They are fungible, decentralized, and as valuable as the network of users that support them. STEEM can be converted to SBD's. You can also earn SBD's by making post and 50% of your post earnings will be paid in SBD's while the other 50% is paid in Power Up (vested STEEM).
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Thanks for your reply. Yet I've a very hard time imagining that my grand parents would understand anything you just said...since even I don't. :o
Currently when I open wallet, I've 0 STEEM, 10.XX STEEM POWER and 0 STEEM DOLLARS. The only option I can click seems to be POWER DOWN on STEEM. Yet that doesn't give me any kind of information that it did something. At the same time STEEM, STEEM POWER and STEEM DOLLARS all show an arrow pointing down. Even when I read through your reply above, I don't understand what's going on. :(
I don't have specific POWER UP nor POWER DOWN options. I cannot see status of POWER UP or POWER DOWN either. Yet those terms appear when I click STEEM / STEEM POWER.
Any chance someone could form sort of an infographic out of this? Or even a video?
If you owned some STEEM (which you can buy on Bittrex or Blocktrades), you could Power Up (vest), gain voting power and earn more over time.
Your current 10.xx Steem Power (Powered Up STEEM) will increase over time or you can click Power Down and convert it to STEEM over a 104 week period.
When you click Power Down you will see a message below stating the days until your next payout. You can stop the Power Down at any time. I'm not positive, but assuming you received those 10 STEEM for free by signing up, you may not be able to power those down initially. Perhaps someone with more knowledge on that can clarify. Regardless, you don't really want to Power Down.
Post good content, continue asking good questions and you will earn STEEM Backed Dollars which you can convert to fiat if you choose. You will also earn Steem Power which you can then Power Down and convert to fiat over 104 weeks.
Thanks. Yes, the 10 STEEM were there on the sign up.
I don't actually see any message. Nothing happens when I click the POWER DOWN. Absolutely nothing. :o
The message would appear in the "History" under everything on the Wallet page. But as stated above you may not be able to Power Down those gifted STEEM, I'm not sure.
Hi tuck, so if I don't see the message stating how many days till payout, that means I haven't powered down by accident?
CG
I would think it either means you haven't or can't at this time (due to some limitation on new signups gifted STEEM that may or may not exist).
Excellent, thanks :)