I have learned a lot over my stay so far on Steemit. But the most important aspect of Steemit that is unique to the platform is the curation system.
I have been scammed many times on the cryptocurrency world. I usually look at an ICO thread on bitcointalk, and invest blatantly, thinking that I would make a profit.
Most of the times, I was dead wrong.
I'd estimate my losses around $2,000 making bad investment, and lending choices on the cryptocurrency platforms alone. This is a big sum for me. And I was going to lose more.
Then, I found Steemit.
With Steemit, I quickly realised that posting was not the only thing you can do to profit from the platform. In fact, most whales on Steemit only curate, and rarely post.
This is just like in real life, where people invest instead of doing manual labour.
Steempower in this instance is your investment capital, so the more you hold, the more you are going to get when you successfully curate. And the rewards, in the form on more SP, can be thought as interest/returns on your investment.
This corresponds with IRL situations as well. The more you invest, the more you get.
However, there are several things that you have to do to get a decent curation reward.
- Vote early. You cannot vote a post which already has over $20k in revenue, and still expect a worthwhile curation reward.
- Vote smart. Vote original content that has the potential to succeed.
- Vote quick. Get in there before whales do, the difference between a 1 SP curation reward and a 0.01 SP curation reward could be seconds.
I have learned, over time how to become a better investor, solely from my experience on Steemit. Here I will summarize 3 golden rules that YOU need to know to become a successful investor.
-Buy the rumor, sell the news.
Get in the market when nobody else even knows that there is such a market. This is one of the most common knowledges between investors. When nobody knows about it, obviously it's going to be dirt cheap to invest. But when it becomes a "news", i.e. everyone already knows about it, and it cannot really go up any further than it currently is, get out of the market.
Invest early, and go against the general trend of the public. When people are buying because of a hype/bubble, it is probably good to get out as soon as you can.
-Do the research.
Before you invest in anything, ask yourself 3 questions.
-Is this idea original and creative?
-Is the public going to embrace this idea and adopt this technology/company?
-Is this company's business model sustainable?
That way, you are eliminating 99% of the risk of the investment going bad.
-Grab the opportunity, quick.
Do it before anybody else does. This corresponds to the first point, "buy the rumour, sell the news". Use other investors after you as a resource. They are buying the investment that you are holding, whether it is an altcoin or a share of a company. If you don't get in there quick, you'll become the resource of others.
Steemit has taught me lots. It is not just a plain old social media site.
It has taught me how to catch the eye of the public, it has taught me how to market myself, most importantly, it has taught me how to manage my money better, and make it grow.
I have bought STEEM when it was dirt cheap, at around 0.0005 BTC each. And I sold them at around the peak, at 0.005 each. Now that it has gone down a bit again, I have again gone back into STEEM, for the long term.
I hope that you have learned something today from my post. I appreciate you taking time reading it.
What a great line!
>Vote quick. Get in there before whales do, the difference between a 1 SP curation reward and a 0.01 SP curation reward could be seconds.
That should have lots of people rushing down to the bottom and voting your article up (like I did), then going back to read the rest.
Pure gold, great article; thanks.
Cg
Thanks a lot for your comment. I appreciate it.
Great post jholdsworthy. I enjoyed reading it.
thanks its now a digital world
Nice Article. Another thing is that you can't vote too early, unless you want to donate all the curation rewards to the op. I think it is 20 minutes after or something like that(correct me if I am wrong please).
Not quite, if you vote in the first 5 minutes you give all curation rewards to the op; this was brought in to stop bots, voting on comments before even the op did.
Somewhere between 20 minutes and an hour and a half is the optimum time to vote.
Cg
Great post from the OP. and great comment to help me out a bit. It's still confusing to me how the timing of your vote can influence how much you curate from it. Should I wait twenty mins to vote for my own posts then? or just others?
thanks, everyone here has been amazing!
Well said. Lucky to have bought up STEEM at 0.0005!
You have left out an important factor though - don't vote too quick. If you vote at 0 seconds after the post is made, you are penalised 100% of your curation rewards. This penalty drops to 0% only after 30 minutes.
Of course, it's a balance between this penalty and being too late. It might make sense to vote after 10 minutes and take a 70% penalty if the post is going to go up to thousands of dollars by the time it hits 20 minutes.
Indeed. It is all about a balance.
the best digital world for me is steemit :)
Steemit is one of the most consistent places in my life already.
> With Steemit, I quickly realised that posting was not the only thing you can do to profit from the platform. In fact, most whales on Steemit only curate, and rarely post.
> This is just like in real life, where people invest instead of doing manual labour.
In real life, manual labour needs to be done in the first place for people to invest into.
Of course, I'm not denying that people don't do manual labour. I'm suggesting that investing is often an option that offers more potential and flexibility.
Oh, that is true without doubt. Manual labourer do not have it as easy as investors to "diversify", to find a new source of income at a whim or to bring an entire industry to its knees.
In the truest sense of the word it is true that investing is an option that offers more potential:
> potential (adj.), late 14c., "possible" (as opposed to actual), from Old French potenciel and directly from Late Latin potentialis "potential," from Latin potentia "power, might, force;" figuratively "political power, authority, influence," from potens "powerful" (see potent).
> potent (adj.) early 15c., from Latin potentem (nominative potens) "powerful," present participle of *potere "be powerful," from potis "powerful, able, capable; possible;" of persons, "better, preferable; chief, principal; strongest, foremost," from PIE root *poti- "powerful; lord"
Just as in real life, Steemit.com investors will be more powerful, i.e. have greater potential, than the "labourers" providing the "commodities" the investors "invest" in.
Thanks for your rules )