I have been working on the 250 New Minnows in a Month Event for over a week now and it’s been an eye opener for me in so many ways. One of the things that has stood out to me a lot is the accounts holding liquid STEEM/SBD. From talking with some of these accounts, one of the reasons for holding liquid is not knowing the benefits of Powering up
With that in mind I have put this quick post together to out line 11 Reasons to Power UP
11 Reasons to Power UP
- Accounts with 500STEEM POWER or more make up only 1% of all STEEM wallets. If you power up to 500 or more STEEM POWER, it will put you in the top 1% of STEEM POWER holders
- If only 300,000 people held 1000 STEEM POWER each, under the current supply, there would be almost no liquid STEEM available. Having 500 STEEM POWER puts you half way there.
- Becoming a minnow gives you a voting slider on Steemit.com.
- Becoming a minnow is a personal achievement and milestone for many.
- Powering up increases the value of your vote.
- Powering up increases the stake you hold in witness voting.
- Locking liquid STEEM into STEEM Power makes STEEM a scarcer resource and in turn should help the price as long (as there is demand.)
- Powering up shows other STEEM users that you have long term intent and confidence in STEEM
- Powering up gives the STEEM ecosystem time to grow and flourish. Remember, STEEM is rather new in the general terms of things.
- Powering up is investing in your future.
- Part of the newly created STEEM each day is shared with STEEM Power Holders. Powering up STEEM now will return you with more STEEM in the future.
Have you more reasons you can add? Please do comment below and share them with us.
Looking for some motivation to Power UP
If you have STEEM Power of less than 500 you can join the Redfish Power Up League
If you have STEEM power of more than 500 you can join the Minnow Power Up League
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I've been on this platform for just over a year and it's good to know about the actual benefits of powering up. I knew it meant a bigger reward on voting others, which is what I want to do but the other 10 things you mentioned I didn't have a Scooby about!
One question I do have is that I have a bit of SBD, I've been told to hold on to it by some, others say power up... can you shed some light on the benefits of doing either? What if I held SBD?
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to hold or not to hold, thats a shitty question to ask me. Okay so SBD is supposed to be pegged to the us$, if that peg were to stay in place, holding for speculative reasons is not worth it. However, the peg tends not to hold and the price does go up and down.
I use SBD to pay for some stuff, like my steemsql subscription so I like to hold some for that reason. but what I have spare, I like to power up. And now for every SBD you get just over 2 steem.
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It's not that shitty of a question is it? Always good to get an opinion from someone who knows more than you do about it haha
Thanks for answering, I had a feeling there wasn't much point in holding SBD because you can just trade it to get more STEEM whilst prices are down. I powered up all the SBD I had left as it seemed to make sense.
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Hi Paula,
I think you might have forgotten the most important reason for powering up. By powering up, it increases your voting power in the Steem blockchain... which means you can support your friends and family and the content that you like... and obviously there is often a very strong correlation between people who have a strong vote also recieving a lot more votes.
I'm sure there's no quicker way to get popular on the platform than having a strong vote.
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It also gives you better curation rewards.
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very true, I totally forgot about this one :-)
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point 5 kinda touches on this, but yes you are correct, this is for sure a benefit
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Powering up Steem allows you to delegate to projects and earn passive income through SMTs or Steem from a part of the share in profits.
For example I get Magic Tokens by delegating to Magic Dice and earn Steem passively each day. I am hopeful that if I want a quick return one day I can sell my Magic Tokens to someone else looking to earn passive income through the site.
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another awesome point I never thought of - it gives you the ability to delegate to other projects
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I would like to also add that you get interest on your Steem Power, but not your STEEM or SBD. I believe the interest rate is around 2 % per year. Here's a nice post about it: https://busy.org/@preparedwombat/how-much-interest-does-your-steem-power-earn-i-finally-figure-it-out
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I’ve reworked that post and added some updated analysis. The most recent version is at https://busy.org/@preparedwombat/46zsyy-the-steem-power-you-earn-for-holding-steem-power
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Oh, that's a nice overview and analysis of it. I'll make sure to replace my bookmark with that new post instead, if I ever need to link to a post about the SP interest in the future.
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Time to update your bookmarks again. 😅
I revised that three-month-old version and it shows that the rate that SP is growing for hodlers of SP has actually risen slightly since then:
https://busy.org/@preparedwombat/the-steem-power-you-earn-for-holding-steem-power-revised
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yep I have that covered in point 11. Some of the newly generated steem each day is shared with steem power holders
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Ah, I kind of missed that point. Ops!
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I completely agree about powering up - but these are not really valid reasons.
Accounts with 500STEEM POWER or more make up only 1% of all STEEM wallets. If you power up to 500 or more STEEM POWER, it will put you in the top 1% of STEEM POWER holders.
I guess this is probably a motivation for some - but it just shows how little we value our platform - and that the distribution of stake is pretty much delta function. :)
If only 300,000 people held 1000 STEEM POWER each, under the current supply, there would be almost no liquid STEEM available. Having 500 STEEM POWER puts you half way there. (Ifs and weres - have no argument against it- but I guess everyone is waiting to sell steem as soon as the price jumps) - which is okay :)
Becoming a minnow gives you a voting slider on Steemit.com. - there is just too many effort letting people know that there are other platforms than steemit, and most of them have built in slider independent of Steem power.
Becoming a minnow is a personal achievement and milestone for many. ===
Powering up increases the value of your vote. - true that
Powering up increases the stake you hold in witness voting. - :) distribution, distribution.
Locking liquid STEEM into STEEM Power makes STEEM a scarcer resource and in turn should help the price as long (as there is demand.)
Powering up shows other STEEM users that you have long term intent and confidence in STEEM
Powering up gives the STEEM ecosystem time to grow and flourish. Remember, STEEM is rather new in the general terms of things.
Powering up is investing in your future.
Part of the newly created STEEM each day is shared with STEEM Power Holders. Powering up STEEM now will return you with more STEEM in the future.
Once again - this is not an attempt to persuade people not to power up ) but just some thoughts on the things you pointed.
Cheers, and power up! :) I know I will :)
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Thanks for your interesting insights in addition to the original post. I did just power up my account as I do want to be able to give rewards to quality content (or what I believe is quality content) when I see it.
So for me, the motivation is to build my account up to reward others - long road haha!
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You have to keep educating people over and over. The learning curve here is high. We must not forget this along with that new members have little experance here. Scams will be the next issue as steem price increase.
We have to keep repeating the same lessons over and over. Its a necessity.
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Powering up is always a good move. You can always power down if you need the money. We need more people with voting power to make Steem more democratic. Take back the power!
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I love that "take back the power!"
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Noted! Thanx for sharing. Ive been powering up whatever I can, not really even knowing why or what I was doing 🤣
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Wow it's a good presentation of reason for why to buy and power up steem / Steem power.
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thanks
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This post has been included in the latest edition of SoS Daily News - a digest of all the latest news on the Steem blockchain.
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I think we forget sometimes how the 'basic' idea that everyone needs to power up is not automatically transferred to Plankton just because they signed up for this platform :')
It would help if we could all keep this in mind when we're in touch with Plankton - to not assume 'they should know' :-) Thanks for putting attention to this!
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well thats just it, many people dont know and we need to help them :-)
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Great list for the community growing and seeking their place in the ecosystem! These reasons only compound as you grow and help accelerate the growth as you increase the stake. I feel thatbmy experiences truly improved after achieving the Minnow status as it felt great being able to distribute more and participate in many projects!
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Compounding is another awesome reason to power up, thanks for reminding me about that one
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Hello!
This post has been manually curated, resteemed
and gifted with some virtually delicious cake
from the @helpiecake curation team!
Much love to you from all of us at @helpie!
Keep up the great work!
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Noted! Thanx for sharing. Ive been powering up whatever I can, not really even knowing why or what I was doing 🤣
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you are welcome
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Hi @paulag!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 7.002 which ranks you at #89 across all Steem accounts.
Your rank has dropped 2 places in the last three days (old rank 87).
In our last Algorithmic Curation Round, consisting of 225 contributions, your post is ranked at #8.
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I think a lot of the issue is that most people joining the platform don't have that understanding of how the system works. It can be confusing and complicated to a lot of people and i know because i was there at one stage. There are some great people out there who can teach them best practices but until communities come in and we can make a beginner section it can be hard to meet them and guide them towards the right places.
Powering up is vital to grow your account and for anybody starting off I would recommend that they pt everything that they canto get all the benefits of the system. For all of the points above and probably many more besides.
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Communities are going to make a massive difference, I see myself at the top of the que when they are released :-)
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Good tips and some points that have uplifted my urge to power up. Am going to do that with my left over STEEM right away.
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I am just behind 1000 SP mark. I hope it will be done soon. It is a pleasant surprise for me that I am among the 1% users who have 500+SP.
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I like to give pleasant surprises. Just behind 1000 SP is really amazing :-)
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I am hoping to cross 1000 SP mark very soon. Thank you.
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For newbies this really helps us understand. More power
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If we look at traditional social media and the money spent on it over the billions of users I’d have to say 300k minnows is achievable and it’s actually something we should look at actively campaigning for by all steemians
If the Spartans could do it with 300 men I’m pretty sure the steemians can do with 300 000 lol!
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yes its a very attainable target and when we finish with the new 250 minnows a month target, that is part of the bigger picture and we have more work to do
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These are all good reasons to power up @paulag. Usually, the only reason I hold liquidity is to pay for my @dustsweeper subscription, and to occasionally have money on hand to buy prizes when I have drawings... and that usually goes into SteemBasicIncome, which ultimately helps others grow, in the long run.
=^..^=
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I hold liquid to pay for stuff too, such as my sql subscription and prizes, also helping others grow and like you :-) its awesome what you are doing, keep doing it.
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Great List @paulag. Resteemed
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hi @paulag I still don't understand, what should I do? If it's about posting, what post? And what tag should I use the tag tenkminnows?😄
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you need to do an opt in post first, stating you have been invited by me and you want to become a minnow and hold minnow status. Then do a post every day that you can using #tenkminnows tag ( but no more than one post a day) and also keep an eye on my account and the account of @steemcommunity for extra tasks that we can use to boost your account.
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Hi @paulag What is the opt in? Sorry I don't understand ...
And I have to comment which post is me as a small fish?
And what about the post, right?
And sorry I asked a lot ...
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the 'opt in' is a post that you need to do if you want to get support from #tenkminnows to help you reach 500 SP. Once we have this post, we will help you with votes till you reach 500 SP. the aim is to help you grow faster than you would if you were not with us :-)
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owh😄, then I have to comment where if I am a small fish?
And about posting, can it be about anything right ??
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yes the post can be about anything, but it must include details that you want to power up to minnow status and you must tag me and tag #tenkminnows
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ok later I will try just using #tenkminnows right?😄🙏
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This is a great initiative and I love what you are doing to help the little guy!
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thank you very much. This push to make 250 minnows in a month is harder work than I thought, I really hope that it pays off. And it's not just about the little guy, it's about all of STEEM, and growing a strong middle class is for the benefit of everyone, future users too. Steem on my friend :-)
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I'm going to make a post about your project and give your participants a hand as well!
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💜💜💜💜💜💜💜 just seen it thank you
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Wow I get a Purple Hearts! Love it!
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Now I got the point of view. Now I understand the fact Ma'am @paulag
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great stuff @olivia08 :-)
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Yes,Maam.
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Yes,Maam.
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I'm still fairly new to all this and at first I did not know how to powerup SBD to SP. Now I do and I powerup on a regular basis as I get SBD. It just makes sense to me that SP should be the focus as an investment for the future. Slowly growing towards minnow status :)
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fantastic mindset, we are lucky that we can afford the time to make this investment :-)
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Working my way towards 500 SP, I am not too far off, I have also my 2nd account that has 66 sp (I am delegating from there 50 to myself atm)
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great stuff, keep doing what you are doing and you will get there
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