Hi, great post, I had been looking for something like this to share with my friends. Just one question.
Some other posts give conflicting information, for example, you mentioned that Steem Power gets locked for two years, but in the Steem wallet, it says Powering Down" Your Steem Power would only take 13 weeks, at a rate of 1/13 per week.
Do you know why? I was thinking that perhaps it changed from Hardfork to Hardfork, but I can't find any info on it.
Thank you for sharing!
Hi @aguayojoshua
I have to agree, great post indeed. As a newbie myself any information like this is GOLD!
Now, from the info I've gathered, the Powering Down process USED TO TAKE 2 years, however it has since then lowered to exactly 3 months, so probably the source from where @sasha.shade got it was a bit old.
The reason why that happened was because nobody found Steem Coins or Steem Power interesting if they had it locked for 2 years, and all the hype that was created when Steemit released dropped close to 0, look at the historic data charts of STEEM coin, you'll see.
You are correct lifewithcrypto i have confirmed that it was indeed formerly 104 and is now 13. Thanks for helping me to keep the content as accurate as possible!
https://steemit.com/faq.html#What_is_powering_up_and_down
Here it is @sasha.shade right from our FAQ page. Other users can confirm that Powering Down takes 3 months as well, there's no doubt in that.
Unfortunately the post where I actually learned about the change, and about the reason behind it I am unable to find at this time. Hope this helps
Thanks @lifewithcrypto i continued doing more research as well and found the official statement on the steemitblog with the proposed update. I have confirmed with 100% certainty now that it used to be 2 years or 104 weeks and is now 3 months or 13 weeks.
Don't forget to upvote the article if you found it useful! :)
It used to be 2 years or 1/104th. It is now 3 months or 1/13.