Earn More & Power Down Faster - Video Chat with Mrs.Steemit
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It's not so big of a deal to me that the give a bigger proportion to the reward pool. The issue to me is that Powering Down is only 3 months from 2 years. It seems to reduce the attractiveness of Steem Power.
This is because right now Steem Power has no other selling points. There isn't much utility for Steem Power except that it would provide interest. Without interest why would anyone want it? And I'm not someone who bought in but I earned my Steem Power with no intention of ever cashing it out or powering down, thinking maybe it will have more utility than it would be worth in dollars.
Steem Power needs to be of utility, and needs gamification. Steem has to be fun and Steem Power has to represent social power.
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When you talk about gamification, do you mean things like perks based on reaching "levels" like myself and @beanz have made posts about? I wrote a little web page to show people what "level" they are at but it's not in a presentable state yet (totally functional, but raw). It's based on the same way that levelling works in games like World of Warcraft, marginally increasing costs for each new level. I think something like that would be a great reference point for providing perks, again like in World of Warcraft where your level allows you to use new skills, equipment, take on new jobs etc). Are we thinking along the same lines?
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Yes I mean levels, quests, perks, status, all of that. We are missing that. Instead it seems the focus here is on how much money each poster has rather than how much status.
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It's something I want to get @ned to answer at SteemFest, if they are not thinking along these lines then I don't see how we can ever expect Steem to be long term viable. It can't be run on whale investor benefits alone, and even if it could it would not be desirable. Ordinary users need to want Steem Power or the whole thing is a sham.
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Gamification is a way to improve UX. UX is one of the missing components.
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I totally agree. I'm assuming that steem power will be employed on other steem-based apps in the future, right? I'd love to see a MMORPG that utilizes Steem Power as the "health" or "magic power" or in-game money or something like that. More utility on STeemit itself would be great too, obviously. Let me know if you hear about any such plans.
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Has anyone done a Steampunk/Neovictorian MMORPG yet? Seems like a perfect fit...
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Like an online version of Theif or Dishonored? I'd play the shit outta that.
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@dana-edwards is this why you have stopped posting? I hope you start up again.
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I haven't stopped posting because I'm posting now. I don't post as frequently.
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It will be extremely interesting what happens in result of these changes. I agree that some people will want out and the lows could potentially be tested. It is hard to say. It will be interesting to watch though.
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Some cool projects you guys work on.
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I like the 7 day to 3.5 day switch for the SBD arbitrage. You convert a $1 of SBD to Steem, then trade that Steem for SBD on the externals, but you end up getting that SBD for 90-95 cents on the dollar, or whatever a SBD is worth at the time, then repeat the process.
In other words, you're getting $1 of Steem for 90-95 cents (or whatever the discount SBDs are trading for) and you're getting to repeat cycle twice as fast now.
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Some changes are good or less controversial but I think other changes are potentially dangerous toward long term participants who never intend to sell or power down Steem Power.
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good video as always
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Interesting. upvoted. Already following. Good day.
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So if i have say 1,000.00 in steem power, and power it down and it pays out over 13 weeks , how much does a prerson actually get , ?! At say .13 cents!? Its not worth powering down is it? Or am i missing something?! Wouldnt most still want to wait for the price to go up!? I find this all very confusing! Lol! Please help! 😕
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For smaller accounts like that, I can't see much motive for powering down. For larger steem power holders that have accumulated a sizable amount over the past few months though, it makes a much bigger difference. I'm not a whale but the difference for me, assuming a .10 price of steem, would be fairly significant. At the current rate, assuming your $0.13 price, I pull about 75 dollars per week. Under the new rate (same price), that would become more like $610 per week, which is enough for my girlfriend and me to live on for a month... so it would make sense for me to power down once and then stop to skip a few weeks before doing it again the following month. As the price climbs, the power-downs would become less frequent because I really don't want to sell steem power when I don't have to, since it will be much harder to accumulate. My earnings will have to actually keep up with my spending.
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Speaking on smaller accounts such as myself, only motive I see in powering-down is that if you do what I do, which is trade the markets(Forex). All I need is 0.01(btc) to enter into a trade so, I can see myself powering down to trade and make more off it. All depends on your situation ;)
Nice post by the way, thank you!
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Fast power down looks dangerous. Big accounts could quickly take out their capitals. We already see massive withdraws and now it create more pressure to STEEM ex-rate. May be much harder SP accumulation could compensate this trend in future.
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Indeed but I think that it's good to let people that want to cash out to do so. A bunch of people will exit the steem market and the price will likely drop as a result but then it will start rising and continue rising as new people start buying-in because of how much more attractive steem has become to alt-coin speculators. It'll be fun to watch it all play out either way though :)
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So just to try and understand this better, even though im not planning on powering down any time soon! Say i have 1,000.00 in SP. And i can power that down in 3 months at .13 cents how much does my 1,000.00 SP now become worth?would it still be 1,000.00 divided by say 13 weeks? Thanks for all the info ! Stemm on! 😉
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Yeah, just think of it this way: Once per week, you'll be able to withdraw 1/13th of your total steem power at that time.
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Well im constantly posting and curating, commenting, upvoteing etc. Etc.etc.! lol! I just dont want to lose my money that i have already earned! And it would have been nice for it to continue going up , like shares if your lucky! Thanks again! 👍
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You'll still be able to earn 10% interest on Steem Dollars, in case you just want a sort of savings account.
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But is my steem power still worth 1,000.00? Or will it be worth more if i just leave it alone? Thanks for the reply! 👍
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Right now it earns interest when you leave it alone but that will be changing soon. After the change on the 16th, we won't profit from holding steem power.
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In other words they are raising taxes for Steem Power holders.
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Ooooh! I didnt know that! Well that sucks! Lol😕
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Just means that we have to get our steem by posting and curating instead of just sitting back and holding steem power. Hopefully it encourages more activity on the platform as a result.
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If you wait how do you know the price will go up and not down?
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This is so true! And i didnt realize that after November 16 we will no longer profit for holding onto our steem! Bummer! 😕
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@dana-edwards This is called 'investing' . You have to be patient ;) You have to know when to buy low and when to sell high - Or go for the long haul watching as price goes up and down until it reaches a point when you feel the price is right for you to cash out.
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I'm not interested in that kind of gambling right now.
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Ive never been on stock market! Never owned stock, and really dont understand alot abouT it! All i know or have heard is to buy low sell high! So if steem is at .13 cents now is not the time to sell, im guessing? So your saying its better to maybe leave my money in steem power till it say goes back up hopefully to 4.00 where it used to be, then cash it out?! ♨♨♨
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@karenmckersie yes, leaving m0ney in Steem-Power as of now is not only good for giving you power in terms of rewarding you when blogging and or curating, but your money also grows as it sits in Steem-Power. BUT pretty soon come time the 16th(Nov), gaining interest on your account will be no more;(
You can still gain by blogging/curating but, the MORE Power(steem) you have, the bigger the rewards ye dig!
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Awesome! Thanks for all the info! And replying back to me, STEEMING ON! ♨👌👍♨
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Damn
They're all so young.
Kids even
HA!
@everittdmickey
by the way
I LIKE the little red notification thingie.
But don't get carried away. The way FaceBook does it , with the little popups...
I also suggest the power down time be optional and variable.
I kinda like the 104 week payout...
If I ever got enough Steem I'd like use it as an escrow
Imagine me as a Trust Fund Baby?
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Kool shades . . .
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haha
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cool pic
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I noticed the notifications after hearing Mrs. Steemit comment on the topic and am happy for this change. But I think it would be even more sweet if we were notified via email. Yes, email notifications for@least the 'replies' would be great. I wouldn't want to be notified for every post anyone of my followers may post any given time as it would be too many emails coming through BUT, I guess we can have the option of choosing who we would like to be notified, hmmm!
I would love to hear some thoughts on this....
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What beautifull she is !
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thanks piedpiper
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my pleasure :)
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;)
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🍁 I just did a new post 🍁
Add a new entry daily to the draw 😜
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