What to do, what to do...
It has been exactly 1 month of me using steemit and for that whole month I have managed to earn the whooping sum of $516.866 SBD (Steem Dollars), so I was wondering what to do with them. Previously I had an idea what to use them for - buy a product that steemit users want reviewed and post a review, but that did not get much traction. My product reviews, I did a couple of them here on steemit, did not catch much attention and these do require a lot of time and effort to test and write the review after that. So I dropped that idea at least for now... Or maybe I should have used a bit of the SBD to get a new keyboard for my laptop... :D
What I ended up doing...
So what I did instead was to transfer all of the $516.866 SBD to Poloniex, sell them for BTC and buy STEEM... the price is just about right to almost get 1:1 exchange to STEEM. Figured out what is best than to invest what I have earned so far back into the steemit platform as I do plan to keep using it. When I transferred the STEEM I got from Poloniex back to steemit it was a total of 501.152 STEEM. The whole process back and forth and the trading part itself took just about 30 minutes.
Some people are expressing their concerns about the Steem price going down and see Steemit doomed to fail, but I don't think so, even though there are things that I don't like and that need to change for a long term success and growth. Still I believe enough to reinvest my earnings back to Steemit and so could you as right now may be the perfect time to get a really good price on Steem. This is just a good opportunity for people to invest in Steem, if they believe in its future and potential.
I believe that what is currently happening is the price of Steem is just getting back to a normal reasonable level, but people do seem to think that the huge peak from a few weeks ago was representing the real value... no it did not, it was pure speculation that drove the price very high very fast and now it may have just reached its current real value and things should start settling down.
So what did you use your first earned Steem Dollars for?
If you have a question or want to add something, then please leave a comment below.
Did you like what you have just read? Check my other posts on steemit @cryptos
Just checked my voting power on steemdollar.com:
Maybe I need to reduce my voting a bit to regenerate the voting power and make my votes more valuable for the people that earn them... :)
I bought Steem and powered up.
But it was just a couple of SBD..
Well, this was my whole month's hard work... :)
first one i sold so i could go out to dinner for my birthday, the rest i have powered up
Maybe with the next ones I earn I'll get to buy something good or spend them for something nice like a dinner with friends hat I may also introduce to steemit.
Haven't earned anything but I'm mining for steem power with a core i7.
I have also mined briefly and have written a guide on how you can start mining on Windows, it was one of my early posts here... :)
Just got back to check, it was my 10th Blog post, here it is if somebody is interested: https://steemit.com/steemit/@cryptos/getting-started-mining-steem-on-windows
in short, would it be worth mining with an i3?
Not sure at the moment, haven't mined for a while.
It won't hurt to try it and you should quickly see the results yourself, if you don't hit a block in a day at least, then maybe it won't be worth that much at the moment.
Well I'm more of a geek and I have a mining rig with GPUs which mine exp and the cpu (i7) mines steem and all that under ubuntu of course.
You are not the only miner around here, there are a lot of people coming from crypto mining or trading here... :D
I converted to Steem Power.
Ive been reinvesting as well. Granted I havent earned much, but its all gone straight to my Steem Power. Ive been using the power up function on the site though, since using an exchange keeps the SD in circulation. We need to keep the ratio of SD to market cap as low as possible. I can see not wanting to wait a week for all that SP, though
Yep, just didn't want to wait a whole week for it. That is why I did not use the built-in function to convert SBD to Steem Power. There is not much point in increasing your Steem Power, especially if you have to pay with cash for that, unless you are curating posts. I'm still spending quite a lot of time looking through new posts and voting for ones that really deserve at least some encouragement or are really good.
To buy STEEM POWER
I've invested a small amount of BTC in Steem Power, but I haven't been using the Steemit platform in a way that rewards me, so I haven't earned anything. I read articles and upvote the ones I find interesting, but I haven't gotten involved in any discussions. I guess that's where the incentive for curation is.
There is a lot of good content being posted on here, but also a lot of reposts/plagiarised articles that dilute the overall pool of available content.
Back to your question - if/when I do earn Steem Dollars, I'd probably convert back to Steem/Steem Power while the platform matures.
I second Crypto's comment. Write something! Ill be waiting!
It does not hurt to try and you will never know unless you actually try :P
You really need to try writing something, it doesn't matter what... just try and see the results. Then if not happy try with something else, then again and again... I did a lot of trying myself already :)
I turned all of it into Steem Power and added another $30 on top. I agree that there needs to be some changes to the platform - specifically the voting system - but I believe in the creator's vision and I think this is a great start to something amazing for all types of artists. It's not a get rich quick scheme, but an equal opportunity for anyone with a talent and perseverance to thrive. I just hope that voting promotes this instead of just having people vote for the most popular content to get paid.
Completely agree that there is something that needs to be done, even made some good suggestions (I think) already, seen other people giving interesting ideas as well (not sure if anyone is listening to them though, but that is another different issue).
It is currently more like tricking new users to vote for content that they may not even like in hopes for making some money out of it, but in the end they don't get anything or almost anything in return, while some content that might not be that great actually gets promoted more than it should normally be. Hopefully in time this will change and there will be a better balance, but that is also something that needs our help and I believe I'm doing my part in getting there, hoping it is enough.
I was impatient and bought 165 steem back when it was 2 usd. If i did that today I would of had 350. But what can you do, it is not a huge amount of money invested so i can live with the loss.
Well, I actually invested in a bit of Steem at even higher price I think, just wasn't satisfied of how little my vote meant initially... :)