As my one year anniversary on SteemIt approaches, I have been reviewing my SteemIt statistics. This post shares my experience in purchasing STEEM Power and its effects on my SteemIt account.
Free STEEM Power for Creating a SteemIt Account
When I joined SteemIt back in 7 August 2016 you got something like $7 USD in STEEM Power for creating an account. The amount of free STEEM Power given for creating a SteemIt account has varied since the early days of SteemIt.
Active Income
I had been looking for ways to generate a little extra income when the SteemIt opportunity came along.
A video from The Dollar Vigillante introduced me to SteemIt. In the video Jeff Berwick stated he made $15,000 USD on his first post on SteemIt.
Wow, this was the active income stream opportunity I had been looking for. And yes, I joined SteemIt with dollar signs in my eyes.
Reality Sets In
My first posts on SteemIt earned far less than $15,000 USD. In fact I had a few posts that made nothing.
Perseverance Pays
I continued to learn as much as I could about the SteemIt universe by reading posts about SteemIt and voting strategies. I learned about voting power, STEEM Power, and tools to monitor your account like steemd.com. I quickly became an informed poster and curator on SteemIt, learning to better format my posts and leverage my voting for curating rewards.
Powering Up Your STEEM Power
When I learned about the benefits of STEEM Power, I decided to invest in STEEM Power.
Graph is a Snapshot from SteemWhales.com
My first power up of STEEM Power was the week of 25 September 2016. I invested small amounts at first and slowly upped the amounts of STEEM Power I bought each time.
Here is a price chart of STEEM during the period I was powering up.
Graph is a Snapshot from CoinMarketCap.com
My total investment in STEEM was about $4,000 USD which allowed me to power up to approximately 26,000 STEEM Power.
The Results of Powering Up
My increased STEEM Power added some weight to my upvotes. My 100% upvotes were now worth around 50 cents on average. My increased STEEM Power also enabled me to use the slider bar on my upvotes. I could now upvote between 1% to 100% on a post or comment. And I greatly benefited from the rise in STEEM price that came during 2017.
Graph is a Snapshot from SteemWhales.com
Now my blog post rewards and my curating rewards were really starting to add up.
Bottom Line
Based on my experience over the last year buying STEEM Power (powering up) when the price of STEEM is low does have a lasting impact on your ability to earn rewards on SteemIt.
In my anniversary SteemIt post, I will show the full graphs (up to the current date) on my account activity. If you would like to see a preview of the charts, click here.
Congrats on figuring this out. I'm still trying to wrap my head around it.
Give it some time... it took me a while to grasp all the intricacies involved too.
Have a great week!
Steem on,
Mike
nice :) I wish I would have known that early about steem :(
good post @etcmike
Thank you!
I was just looking up the current inflation rate of STEEM. From what I found, the current inflation rate of STEEM is about 9%. This is another benefit of holding STEEM Power. Those holding STEEM Power will see their STEEM power grow at a rate of about 9% this year.
Have a great week!
Steem on,
Mike
O yes mr. @etcmike
But why these steam prices have recently been in turmoil. A few days ago got to the price below $ 1 / steem.?
Recently there has been a lot of volatility in nearly every single cryptocurrency. Tomorrow's hard fork of BTC has caused some of it, then there is some of the recent hacks. Cryptocurrencies are a wild ride.
SteemIt is still in beta. There are more than likely several more hard forks in the future for the STEEM blockchain. I am more than satisfied to ride the wild rollercoaster of the STEEM price.
There are many on SteemIt who can do a technical analysis of the STEEM price and predict where it is going. I follow @stephenkendal who has predicted a STEEM price of over $4 USD. He also predicts that SteemIt will have over 600,000 users by end of 2017. Stephen is a great supporter of SteemIt and I think his projections are very likely.
Time to start my week!
Have a fantastic day!
Steem on,
Mike
O yes .... thanks for the information master @etcmike
If the price of steam can reach $ 4 it is very good.
@etcmike, I remember way back during the $15,000 post. Jeff was the reason I signed up.
Yes, I remember the surge in number of new SteemIt accounts due to Jeff's video and promotion of SteemIt. I think you will agree that much has changed since then on SteemIt.
I know I do not say this enough, thank you, @runridefly, for your contributions to the SteemIt community. I certainly have enjoyed the content you have posted.
Have a great week!
Steem on,
Mike
Buying the dips definitely payed off for you!
You legit started from the bottom...
Thank you!
Yes, buying STEEM at around 10 cents was a bit scary. I saw the advantages of powering up and followed my rule of averaging down into a great idea. I could have lost everything, but at the same time I believed in the vision of SteemIt and its potential.
SteemIt is still at the early adopter phase of its growth with much more to come.
Have a great week!
Steem on,
Mike
thanks for the post, very helpful.
Your journey has been here quite interesting and you have learnt a lot here. I have completed two months here and now I am loving this platform day by day. Some of the great users are here which offer a lot to learn and earn.
I feel pretty good about my last couple steem buys. I like where were headed!
The SteemIt platform as a way of involving more people in cryptocurrencies is pure genius.
Buying STEEM to power up and increase your VESTS in STEEM benefits you and the SteemIt community. And buying the dips in STEEM and SBD prices seems like a prudent strategy.
The next time I see SBD prices at or below $0.85 USD, if I have the funds available I am buying. The last time that happened, it would have been a quick 15% or more gain. And the swing in STEEM price was even more dramatic.
Have a great week!
Steem on,
Mike
Thank you for these information!
As long as Steemit keeps reinforcing an ecosystem Steem Power will be a factor to the ongoing success of contributors.
great post, easy to understand :D <follows, voted 💗
Thank you!
Have a great weekend!
Steem on,
Mike
I had a lot of early posts that made nothing, but eventually I built something up. I didn't buy much Steem. I just used some crypto I had acquired to buy some and the rest I earned here. I'm pretty happy with that I have made even though some can make far more. It is about who you know really. I don't mind as I have a lot of fun here. I can post something and get loads of good comments. I'm enjoying the journey and excited to see where Steemit will go.
Great commentary!!!
SteemIt engagement is very important to future growth of the SteemIt community.
I think everyone finds their niche eventually here on SteemIt.
Thanks for commenting on my post!
Have a great week!
Steem on,
Mike
good job and upvote !
this info makes me inspired to continue posting some stuffy stuff. Thanks for the inspiration
Thanks for this overview @etcmike, and well done!
I only joined last month, and I'm now also looking for opportunities to power up. If Steem drops significantly again, below $1 (hopefully only briefly 😉 ) I want to invest a decent sum into Steem too.
And from now on, I will also convert my SBD into SP for every post.
Thank you!
I watched the last price dip along with the recovery too. I was astonished at how low SBD went. That last price dip taught me a lot and I will be looking for a buying opportunity into the next dip.
Building up your SP is a prudent strategy for every person starting out on SteemIt.
Have a great week! And much success on SteemIt!
Steem on,
Mike
This post is very informative, re-steemed!
Thank you! Your support is greatly appreciated!
Have a great week!
Steem on,
Mike
Very helpful information @etcmike. I will keep this in mind as i progress on the platform. Thanks for the good info
Thank you!!
I am also planning to share my upvoting strategy (which benefits authors and curators) and my experience with powering down, transferring to another cryptocurrency, then to my bank account. My finale will be my one year anniversary post on SteemIt.
I hope other Steemians will share what they have learned as they hit their one year anniversaries on SteemIt too.
Have a great week!
Steem on,
Mike
This was really helpful. I would definitely like to check out your voting strategy - I have a slider bar now but I tend to just give everything 100% because I don't really know what it means.
Thank you! Congratulations on earning the slider bar for upvoting.
In my post about my voting strategy, I will talk about monitoring your voting power with https://steemd.com/@clemdane
I try not to let my voting power go below 85%. A 100% upvote takes your voting power down by 2%. When your voting power goes to zero, it takes 5 days for it to re-generate to 100%.
Your voting power is one of the factors that contributes to how many STEEM Based Dollars your post is worth.
Much more to come.... stay tuned.... it may take me a few days to put the post together.
Have a great week!
Steem on,
Mike
Oh wow, thanks! It all seems so complicated right now. I guess I should be checking Steemd as well.
Really good write up. I am hoping that I am still getting in at an early time. Not 2016 kinda early... That $4000 investment has probably been huge for you.
Getting in shortly after the first SteemIt payout on 4 July 2016 was very good to me. I must admit that I had my doubts but I am extremely glad I stayed with SteemIt. You are still on the early adopter side of the things and you will see benefits too if you stay engaged.
Have a great week! And much success on SteemIt!
Steem on,
Mike
I might just have to get some steem to power up...so far i have been wanting to earn and collect from rewards, but its a slow process...not 15.000 in a long way
I have seen some Steemians do quite well in earning rewards and not having to (buy in) powering up like I did. I do think that that rewards start out very small for most of us here. But with perseverance comes followers, with followers comes votes, and with votes comes rewards.
Have a great week!
Steem on,
Mike
Oh yes, im all for organic growth!
thanks for sharing
Nice informative post . I'm going to keep posting on Steemit with no intention of being discouraged if the content isn't viewed or upvoted . I'll use this platform to keep track of the information I like to read and blog about.
Eventually over the years the SP will add up when I let rewards recycle back into steem power
Thank you!
The greatest factor in success on SteemIt is perseverance. And I think you have a great strategy for long term success.
Have a great week!
Steem on,
Mike
Love to be on Top of the List
For the contributions you have made to the SteemIt community, you are on top of the list!
Have a great week!
Steem on,
Mike
One day but not today mike
@bullionstackers
Thanks, @etcmike!
I have figured out most of it, just gotta work the SYSTEM!
Here to learn more ;)
Keep learning... SteemIt is still in beta. The next hard fork could alter the system and cause us all to learn the new mathematical rules.
Have a great week!
Steem on,
Mike
Awesome info thank you so much.
Thanks for this post, i don't have much to invest but everything i earn i power it up, i believe that's the way to go.
Everyone has a different path to follow. You have a sound strategy. Persistence and perseverance go a long way.
Have a great weekend!
Steem on,
Mike
Thanks for all the detail in this post. It is nice to see the graphs with your story to see the delay and value increase. You set a good example to others in understanding the power up process. Aloha from Maui.
Aloha!
Thank you!
Steem on,
Mike
I wish I would have known Steemit a year ago. I struggled so hard the last year and I could have done so much ln here in that time. But better late than never, I guess.
Like many things in life consistency and perseverance mixed with a little patience go a long way.
Over the next year I am sure there will be many opportunities. The key is learning from the past to take advantage of future opportunities.
Have a great week! And much success on SteemIt!
Steem on,
Mike
Upvoted and also resteemed :]
Thank you! Your support is greatly appreciated!
Have a great week!
Steem on,
Mike