About two weeks ago, I started powering down for two reasons:
- A half-ass experiment to see how long it would take me to rewrite my way back to a dolphin
- I wanted to fritter away some money (I been poor a long time!)
When I started, the price of Steem was bouncing around just under a dollar.
Last week, the price broke a range ceiling and hit $ 1.20; a couple of days ago, the price teased us at $1.40. lo and behold, it was at $1.57 when I checked this morning.
So right now, my bet is that we are on an uptrend. For how long? This is a big question, and my answer is I don't know.
But based on that bet, I am going to pull out some play money, which will happen a lot sooner than I expected to reach the amount I wanted...
And then I am going to stop the power down experiment in the hope the price keeps rising
It doesn't even need to skyrocket, I would be happy with a stable and slight increase. But I do like being a dolphin and having a slight effect on the posts I upvote.
I also think that the price is going to take a huge bounce upwards when we go live.
The sun is shining, and I'm happy with the day!
The price is now at $1.58 ;>
All that has worth, that we the people give worth. It's the same to steam. If we the people have the will to deliver a valuable content, steam will be more valuable over time. It's an unwritten law, that kind of law, I put more trust in than in any written law by the government! "Seize the day, folks... - to create some valuable content!" And by the way: I do nothing because of the paper crap money... - NOTHING! That's what I call to be free! Have a nice one!!!
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YES
this is the money quote, forgive the pun
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You're welcome! 😎
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Hello I'm a bit new at this where do you power down to is this what you've got to do to take money out of Steemit thanks mike
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Well, when you power down, what you are actually doing is to convert your Steem Power to Steem, which can then be transfered to cryptocurrency trading platforms such as Bittrex (which I use), or Poloniex (which some people say not to use, though I'm not particularly sure why as of yet still).
From there, you convert your Steem to Bitcoin, and then convert your Bitcoin to the currency of your choice using another trading platform. It's complicated, but that's how the system runs at this point of time.
Of course, if you have liquid Steem, you could just withdraw that and accumulate your SP so that your voting power increases as well. You can get curation rewards from there.
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Hmmm... Poloniex... why not to use... maybe I'll have to write my piece on why not to use poloniex. Let's just say they have gone down hill quickly.
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Is there a TL;DR? Considering that I am moving the BTC right off the exchange
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I've had withdrawals from there take so long I've missed a sale I was trying to purchase for. I currently have a deposit that I submitted almost a week ago that still is not in my account. I've submitted 3 support tickets and the first had all the detailed transaction information, and I've only received an automated response to each stating that someone will look into it.
So I have confirmation they were sent SBD... but they didn't deposit it into my account, and they apparently don't have much in the way of customer support any longer...
This is what I just wrote:
https://steemit.com/poloniex/@dwinblood/poloniex-great-fees-great-graphs-which-are-worthless-if-they-keep-your-money-or-don-t-move-it-quickly-enough
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Thanks for the quick yet detailed post! Oh man, would you be able to get back the SBD from them? Sounds like it just went in and vanished.
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You should - will be interested to know about what happened. Or is happening.
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I just posted a blog entry stating why I will no longer be using them.
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he did post: https://steemit.com/poloniex/@dwinblood/poloniex-great-fees-great-graphs-which-are-worthless-if-they-keep-your-money-or-don-t-move-it-quickly-enough
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Had a good read - thanks for the heads-up.
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good extension of the explanation!
I used poloinex last time to "cash out"; my Bitrex got hacked a few weeks ago, even though i don't keep any funds in it, I've been wary of using since I changed the password
Also, I usually keep my btc wallet on a USB key, and take it out of the PC unless I need to transfer money one way or another
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Woah, whatever happened to your Bittrex account? That's news to me. Gives me second thoughts about keeping my BTC there (though at the rate that Steem is going, I would rather be holding on to Steem first - not that I have a lot of BTC to go about anyway, I cashed out the last of them recently).
The USB key is something new to me though - how does that work? I know of paper wallets and online wallets, but not so much about a USB key.
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I got an email message from Bitrex notifying me there had been a log-in on the account. So I went to the site from a different link (possible phishing, but i did vet the msg) and disabled the account for a few days; then i went back again and changed it. No biggie, since I don't keep funds on the exchanges anyway.
I use the Electrum wallet
https://electrum.org/
and I save the .dat file on a USB key, which I only plug in when I play with my ill gotten gains
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Oh, I do know that they keep sending messages of log-ins (when they do log-ins) - the first time I received one I got really suspicious, but it turns out Bittrex just logged that I logged in and notified me. Perhaps it's part of their programming, but all the same, I would be really suspicious if it suddenly sent me an email when I was not on Bittrex at all.
Oh, interesting! I will take a closer look when I have the time, thanks for the share!
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it's not foolproof, and you have to be careful about that .dat file, and the seed info, but it feels a lot safer than having the money sit on the exchange
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That I agree!
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Very helpful cheers mate there's a bit more involved to this than meets the eye have to do a bit more research thank you mike
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Hahaha yes, I agree, there's still plenty I don't know. No problem - just helping out where I can. Steem on!
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Cheers mate
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Hi Mike,
https://steemit.com/steem-help/@steempowerwhale/how-to-power-down-visual-step-by-step-guide
The steps here are correct, bu the powerdown process takes 13 weeks now instead of the 104 weeks it used to
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Thank you very helpful cheers
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It was a very extraordinary act, I agree. In fact I really want to do something like that, but I do not have the capital haha, it's very funny and sad for me haha !!! Greetings @stevescoins
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what a great strategy @stevescoins, but i forsee us hitting $2 in couple of days.......
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I have been debating on holding off a couple of days to exchange for cash, but I think I'm just going to take each day as it comes and enjoy it as I can
I have been grim as hell lately and need to splurge a bit ;>
It will be nice as hell if we're over $2 on next week's power down
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Why power down something going to $20+ in 6 months?
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I'll still half at least have my current Steem then; the original "experiment" was to piss it all away and see if I could rebuild it though writing.
But it's that upward trend that is making me keep about half...just in case we are at $29 in half a year!
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Seems very likely... as Steem userbase and engagement is sky-rocketing and the Crypto space especially altcoins are getting re-rated. First it was mostly Bitcoin in the Mainstream and now we have Ether and Ripple and many others.
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Tomorrow brings what it brings, my friend.
One reason I won't be beating my head if the price explodes and I've wasted half of it is this story:
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Bitcoin is thus far an exception to this story.
Steem too, is crypto.
Of course, I am not predicting anything for the price of Steem. I see a lot of people here are bullish on Steem's price and throw a random high number for it.
I Did the same ;)
I am here to post photos and because I have started to dislike Fb and Insta.
If you make a fortune I'd be very happy for you. Hope you do. Be it Here or somewhere else. :)
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It's what we all do ;>
One day at a time; build your network; create content that people want...oh yes, photos do very well here!
Cash out now and again and enjoy something pleasant!
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I'd cash out when
a) Crypto becomes legal in India
b) Cashing out is simplified
....at what price is not an issue with me ;)
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oh, that's right. IIRC, they have also started pulling larger currency notes out of circulation there.
once the bankers find a stable way to squeeze out "their share", I think India will regulate BTC and allow it's use.
India is too big to pop across the border to a more convenient country everytime you want to cash out
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I'm very excited about the price of STEEM & SBD right now and I hope it maintains. I'm doing my first power down in almost 7 or 8 months to help offset travel expenses for my sons' graduation. I'm really hoping there is something left to play the market a little. Keep on doing that happy dance! Let's hope it remains steady :)
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still dancing ;> up to $2 this morning
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I was just in Poloniex! Steem is worth more than SBD right now and it's up to $1.95!!!
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It's been an impressive run up in just a couple of days. Long may it continue :)
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Great post.....just always remember that the patient man always win, don't sell yourself short
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if anything I'm being a little arrogant in assuming I can rebuild that amount of Steem in writing ;>
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Thats confidence and not arrogance.
The same way I claim to shoot infinite Minimalist Photos for life ;)
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Thanks for info
$ 1.58 !!! It is soaring
Do you think will continue . up !!
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I think so. I posted a link in the replies here from somebody that provided some details as to why, and i also think that because we haven't even gone live yet, that we have a huge amount of potential users
who will all want to buy Steem
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Yup thanks for the link
Have a great day
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I think that the uptrend will continue!
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I hope so!
But I'll just react to the price one day at a time ;>
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yes you were telling me! Thanks for the update.
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I like your plan to cash out half and do something for yourself. Enjoy the fruits of your labor!
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what for do we toil, if not laughter and joy?
;>
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https://steemit.com/steem/@cryptofreedom/my-opinion-as-to-why-the-price-of-steem-has-been-able-to-consistently-make-and-hold-its-price-gains-over-the-past-month
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https://steemit.com/steem/@bullishmoney/this-steem-bonanza-rally-is-just-the-first-strike-a-riveting-technical-analysis-update
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