In order to "power down" you must have 10x as much as you started with. Here is the official notice:
"Account registered by another account requires 10x account creation fee worth of Steem Power before it can power down"
Try for yourself... you can't extract your money until you have a MINIMUM of currently $160 usd in steem...
This means that every new steam addition will need 10x as much steem in order to power down... meaning if everybody pulls out and powers down at the same time, steem will crash...
Just a grave warning to you all.
Be safe with your money.
They do this so people don't just create an account and take the money out. Go to any gambling site that offers you a deposit bonus. They don't just give you the money, you have to gamble a certain amount of money on their site first then they will release the funds.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I understand the reasoning behind it, but in the end, it's like a bank... If everyone pulls their money out.. The bank goes bankrupt. In this situation. People are left with worthless coins, or unable to pull money out at all, even 10 years down the line.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It keeps people from logging in, cashing out, and then leaving. It makes sense that it keeps people from draining money from the community. It also encourages user's to start posting or holding onto their steempower for a longer time.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Correct.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
However they have given away free steem power with no need to invest more if you don't want to. If you could immediately power down people would simply join and take the money. Steemit is trying something different without being driven by intrusive ads like Facebook and YouTube are. It's quite unlikely that everyone would try to pull their money out at once.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I guess it is hard for some ppl to accept that steem has that much Value, that it doesn't matter to the users because they are on this chain for the long hole. but you should read well what you getting into is what I got from this.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That is true, I think they should have 2x, so that people just invest what they have given to them for free. 10x seems excessive.. but I guess you are right.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Most people who have hit 10x the original free steem power given tend to stay with the platform so it is an effort to retain it's user base. By having steem power converted to steem slowly it keeps large sums of money from leaving the pool quickly. It's the first of it's kind and you have nothing to lose unless you choose to invest money to make a bigger impact on posts. It's at least offering rewards that sites like Reddit and Facebook don't. They keep all the money generated by users content.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Cant you just deposit 10x more into your account and then take it all out? (Making extra money which is what you started with?)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
While you could, it takes 2 years to convert Power back into Steem, so you would be opening yourself up to potential losses should the price decrease (and in an inflationary model such as this, this is obviously what is going to happen once the mania "lock-in" phase has run its course).
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
ah interesting.
Thanks :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Well with Bitcoin you have the same problem. If everybody stopped mining at the same time Bitcoin would crash because no transaction would come through. But you have a good point there
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Is this limitation one imposed by this site, or is it a limitation actually baked into the blockchain?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This is entirely proposed by the site. And with good intentions... The blockchain seems solid. I am always just on the lookout for "seems too good to be true" schemes
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I would have thought not - if it were, then it should be possible to circumvent the conversion ban by using an independent wallet.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit