I apologize for creating a new post for this, but I haven't been able to get a straight answer, maybe you can help!
Say I buy 10 Steem on an exchange for a market price of $2 each. Thats 10 Steem for $20
Now I put my 10 Steem into my steemit account, and power it all up to Steem Power.
For simplicity, now imagine I don't use steemit at all, no posting, no voting, no commenting.
Time goes by, the market price of Steem is now $3.
I power down my steem power.
What happens here? If I receive Steem, is it still 10 units? If I receive Steem Dollars is it now $30? Or is there another factor that changed that I'm missing. Please help me out by leaving a comment! Thanks :)
I believe your 10 Steem Power turns into 10 STEEM, worth a total of $30 at the price in your scenario. I'm fairly sure this is what happens, but if anyone knows differently, please comment here!
Cool! Thanks, I'll stay posted for further info, but yours is the response I was hoping for :)
Yes, if you power down your SP into STEEM it will (after the 13 week power down) become the same amount of STEEM you powered up and you would be able to sell it on an exchange for whatever the current rate is. Actually, it will be a tiny bit more STEEM because SP earns (roughly) 0.5% per year.
Awesome, thanks for this.
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