I think a lot of people will wake up rather surprised this morning when they go and check the price of STEEM. It has doubled overnight.
I have 40.000 Steempower that I earned with writing, curating, commenting and investing my own money that is now worth 10.000 dollars. WOW!
Me while writing this.
These huge price rises always make me a bit weary and I do feel the need to sell a bit and take some profit. Not just with Steem but with any other Crypto too.
But with Steempower this is not (instantly) possible. It’s locked up in the platform and it takes a week to convert 1/13 of the Steempower to STEEM. This is called a powerdown. (it takes a total of 13 weeks to convert all your Steempower to STEEM).
Info for new users:
STEEM is the token you can buy and sell on exchanges. Steempower is STEEM that is powered up. Steempower is what gives you more influence on the platform. Your vote is worth more and you can earn more from curation. Unlike Powering down, Powering up is instant. It's impossible to sell Steempower only STEEM can be sold.
For the price of STEEM, this is fantastic news because it prevents powered up users from selling their profits straight away. But on the other hand, it might also prevent new investors from coming in. I personally believe the 12 weeks powerdown is good enough for now.
It doesn’t mean that dumping of STEEM is not possible.
Price predictions
There are some users here with a huge amounts of Steempower. (they are called whales)
Let’s take user Jamesc for example. He’s a whale.
He has 3,329,299 Steempower as of writing and will have access to 256,099 STEEM in 4 days from now from his powerdown. That’s roughly 60.000 dollars.
All this you can lookup on http://steemwhales.com
If he and others that are powering down decide to sell all of it. What will happen to the price?
Will there be enough buyers to sustain it? It’s an interesting question.
When I look at my personal situation. I couldn’t invest more than I already have at current prices to make any dent in the amount that I have. I consider 10.000 dollars to be a lot and can't risk more money in the bank to add to this.
So investments must come from others.
If the price of STEEM can hold even when the big guys sell (again: this is all unknown, I have no clue whether they will or not) the price can rise a lot more. But if there is not enough buy support from exciting or new investors expect the price to go down.
My current sentiment :)
If the price comes down, I would become a buyer again. But if it won't then the amount of Steempower I have now will be the amount I'll carry to wherever this platform will go.
I have no intention of powering down. I believe in Steemit and have started to become so fond of this place. I see a bright future.
It might become the best investment I have ever done in my life.
Whatever happens, these sure are interesting times here at Steemit. You just don’t get this on any other platform.
Steem on!
Follow Me @exyle
It's not everyday I lose $5000. (BTC) 😐
Enjoy the ride.
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O man, I'm sorry to hear that. I hope your investment will recover!
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I'll survive. Thanks!
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jeez.....
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Congratulations to you! I'm really happy that your bravery pays off. I don't want to sound too pessimistic (in fact I'm not pessimistic at all about Steemit) but please note that profits not realized are not real profits yet...
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Yes! you are 100% right of course but I'm going to enjoy the moment anyway :). Thank you for your nice comment!
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Somebody is diligently buying $70,- worth of Steem at about $0.26 every time the previous batch has been expended. I wonder how long they will keep this up.
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I'll let you onto a little secret It's not me..lol :)
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Cool!
https://twitter.com/Soul_Eater_43/status/843075377266380800
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#altsareback
Disclaimer: I am just a bot trying to be helpful.
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Cool! I don't think I ever was on Twitter.
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Join it then. It is a great place to promote Steem - you can potentially access people you would never be able to access in real life or on other social media. Do it for Steem/Steemit!
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wow!!
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Haha, yes that's what I said this morning :)
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I think I like you. The current trend is insane!!
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Congrats. I've made a bit too and it's the most ever for me with cryptocurrency. I'm not powering down for now as I think it will keep growing and I'm not going anywhere
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Congratulations. It's the most for me as well. And I also believe Steemit could go much further.
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My plan is that I might power down when that would give me enough in a week to buy a new guitar :)
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Hey there's a mistake. It takes 13 weeks not 12. Congrats on your profit though!
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Thank you for pointing that out. I will correct it!
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You're welcome. Helping each other is all what life is about.
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Thank you @exyle. As I venture into this world it's incredibly valuable to have on-chain advisors looking out for the community and actually sharing expertise.
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I like it when people can make up their own mind when it comes to investing and are not steered into a direction. I hope what I write is as much neutral and also fun to read.
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That's a great way to wake up on a Saturday. Congrats.
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Yeah it's a pleasant surprise! Thank you so much!
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The one I use the most is giphy. This gif is not one of mine. There are many sites where you can make gifs. http://giphy.com/
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I love your gifs. How do you make them?
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The one I use the most is giphy. This gif is not one of mine. There are many sites where you can make gifs.
http://giphy.com/
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I'm so happy this is happening. It is creepy how 99.99% of people around you don't know about it :/
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It's incredibly exciting isn't it :)
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I bought at 3.5 dollars per Steem in the early days. Much butthurt I felt, I still hope the platform suceeds. There are software companies making millions in losses right now and still people are investing. Chirp chirp, taxiii
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I can somewhat relate to that. I bought my first 300 STEEM for 0.5BTC. Then later again 600 STEEM for 0.5BTC (what a steal! I thought). But I never stopped buying all the way down. Only a week ago I bought 6000 STEEM with 0.5BTC. I hope this will pay off.
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No reward without risk! I hope so too
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The thing with the whales is that the were selling a lot past this 7 months, they've made quite a lot of profit. No reason for them to crash the price when so many eyes were opened yesterday and new optimism is forming in the community.
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I hope your right but if I could earn $60.000 with the press of a sell button I would consider it. That kind of money can change a life and I would totally understand that.
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Hilarious ! You are right as you know I know :)
I wonder how somebody can get
Just asking :)
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It has gone down some again but it's still good. You can get it by sending Bitcoin or Ether to the supplied address when you press the [BUY STEEM OR STEEM POWER] button in your wallet. Blocktrades will convert the Bitcoin or Ether to STEEM.
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I've been doing a weekly exchange transfer report for the past 31 weeks on Sunday night, and I'm really curious to see what this week's report looks like. I do think there's a lot of craziness going on and would prefer a slow steady rise over what may be called just another pump and dump. With my steem locked up in steem power, I can't easily sell some in hopes of buying back at a lower price.
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I'm looking forward that your report. I'm hoping it will show a reversal or at least a better ratio. I think the price will correct somewhat, it's natural, but like you, my Steem, is locked up so I can;t do anything about it. It does give some peace of mind not being able to do something. Don't have to look for a top and now I can spend more time writing and commenting and making this place the best I can make it.
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when i transfer STEEM to 'power up' does that interaction perform like a 'buy' ?
same question for when I transfer SBD into SP, that counts as a 'buy' ?
i want to support the 'buy' side, but i don't know how to go from straight US fiat to SP? is going through btc/online exchange first the only way/best way? thanks for any help or tips you could share! and thanks for this informative post!
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Ok, I understand. Buying Steempower with Steem is not considered a buy on the markets. But it still supports the buy side because you lockup your steem for a period of time. You basicly 'convert' your STEEM to STEEMpower. This means your STEEM can't be sold to lower the price of STEEM on the markets. (lots of sellers means a lower price if there is not enough buy support to hold the price.)
Now using your SBD is considered a buy. You are putting new capital (Steem dollars) into STEEM. This supports the buy side.
I never bought STEEM with my creditcard I always use bitcoin or Ether. But you can use https://changelly.com/ to buy STEEM with your creditcard. I recommend you buy a small amount to try it, and please never buy more you are willing to lose. Good luck!
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sweet! thanks so much for explaining it a bit more for me! :)
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Good for you! It's a wonderful feeling.
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It's pretty good isn;t it :)
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Yes, Sir!
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Congratulations! :)
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Thank you.
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I just think the increase it's the hype that happened after the HF17.
The same thing happened after HF16 back in december( if I remember correctly).
It will be a few weeks and the price will stabilize again.
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Personally, I think the experiment that gives normal users more influence has a lot to do with it. It started around a week ago.
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Wow! Great, congratulations! :D Very interesting thoughts on the powering down option and what that could mean to the value also.. But I agree with you, I believe in steemit and for sure; ENJOY THIS MOMENT!! :)
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Thank you, I am enjoying it. It is certainly exciting. But I keep telling myself it's not 'real' money yet :)
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lol, love it!
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From the technical point of view it totally makes sense always power down and at the end of the week to decide to power up back or not.
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Technically, it does make sense. But by not powering down I can send a message that my STEEM won't be coming on the market this week. Now my little STEEM amount won't make a dent in the markets I'm sure but these big guys can make a difference. Buying now with 3 big powerdowns looming over the markets would make me uneasy. I would wait.
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Hmm... that means I got five dollars. Woo hoo!
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Haha, but free money never hurts :)
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I was thinking about this last night and then I checked SteemWhales.com and noticed more folks powering down. It looks like round 2 of powerdowns are here. This will keep the pressure down on the price starting next week.
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I agree with you man. I think we can expect some selling pressure. We will know more in a week.
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Congrats on your now profitable investment, but for you to be lucky someone got shot out that sky. A moment a silence for our fallen comrades .
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That's life in trading :) I have seen both sides many times.
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Definitely surprising...
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I felt like we were in for a rise in price but such a sharp rise I didn't see coming.
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I think it doesn't matter much if some whale sells a lot now. Steem already did amazing curve. People will be looking on charts and think: "Wow! If Steem was rising in the past - good chances that it will rise in future. "
We will end up with better market cap and more users anyway...
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We will know more in a week after the new round of power downs what the market thinks.
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Thanks @exyle. Congrats on your investment and your earnings on here. Well done. I wonder if it could become a full-time job... like some writers.
I didn't realize that it's only 13 weeks to power down. I thought it was longer than that. Did it used to be longer than that?
I also wasn't aware of the steemwhales site.
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