I recently finished a 30-day challenge with Steemit. An interest in learning what impact, if any, powering up 100% would make regarding my SP.
For sake of expediency, I’ll share three takeaways:
- The value of SP increases significantly. This seems quite obvious; however, it is not a guarantee; because, as with the stock market, the amount of SP yo-yo’s with the value of the stock, STEEM.
The upticks in value were diminished by the predominantly downturn-ride the stock took for three consecutive weeks. Of course, I used this as an opportunity to study the fluctuations. I observed how people were powering down, which further helped to devalue STEEM.
Some posters discussed they were powering down, to buy more of the stock while it was low. Others powered down to put their investments elsewhere until the stock stabilized. I used this as an example of the value of HODL to see long-term gains.
- Remembering to Power Up 100% when submitting an original post is not an easily-formed habit; but, one that I plan to continue to do, seeing this as a penny-stock-investment strategy.
Once you submit an original post at 100% it locks in for the remaining posts, if I’m not mistaken. However, if you sign out, and back in, you’re back at the preset 50-50.
If I could make a recommendation, I’d like to have a little pop-up on logging in as a courtesy reminder that all posts are at 50-50. Click here if you’d like to power up 100% during this log-in duration.
Btw, if you see the Steemit logo next to a title on someone’s post, this is an acknowledgment that the author is investing 100% of the post’s earnings into SP. Perhaps, you might consider helping the stock grow by powering up original posts 100%. For most newbie Steemians, on a good day, that’s an investment of a mere few pennies on the dollar per post. :+)
At the end of the 30 days, I observed that I have zero STEEM. This led me to do more research regarding this. The bottom-line reason I don’t have STEEM is two-fold:
A) I didn’t buy any; and
B) No one has directly transferred any money into my Wallet. If they did so, the amount would be reflected in the STEEM component.
Think of it this way: STEEM is strictly for a short-term holding place for incoming or outgoing transactions.
Apparently, there are many reasons people directly add currency into your account; and, many variables that would require you to transfer money to another Steemian's account or cryptocurrency. May I offer a warning, if you’re new with Steemit; be very, very, very careful when you start down this path, as everything for the basic Steemian should be cost-free.
That’s part of the beauty of the platform. You’re given a headstart just by signing on; and, the success of your channel is up to what you put into it.
Would I recommend powering up original posts 100% if you’re only earning pennies on the dollar on your posts?
Yes; because SP is a long-term investment means; and, the stronger it gets, the stronger my pennies will be.
In closing, the 30-day challenge was really insightful on many levels; three which were discussed in this post.
The last little aside I’d like to share with you is that at the end of the 30 days, I ended up owing SP.
How did that happen?
When the value of STEEM decreased consistently, the curator rewards exceeded the SD value in my Wallet. Thus, at the end of the second week, when I was ready to power up, I couldn’t; because I hadn’t earned enough SD. At this point, I decided to just keep record; and, do an end-of-month tally; and power up incrementally.
So, for the next six weeks I will power up a couple of bucks until I can clear up the in-the-red I found myself in.
One last thing: I would be absolutely remiss if I didn't acknowledge that Steemit continues to be one of the best thing's that's come my way in 2017. If you're standing on the sideline wondering if you should join; the answer is a definitive Y-E-S!
Thanks for listening.
May I suggest you create a challenge of your own; and, share with us what you learned?
Peace.
