What is your staking strategy for steem?
These are difficult times for many of us and I believe that the worst part is still in front of us. I wonder how companies and people will deal with the economic standstill that takes place all over the world. The longer the situation lasts, the worse it will become. What we will face is quite difficult to guess but one thing is sure it won't be like before...
In this context for many of us, what was until now a nice additional income might become much more important in the future. I'm talking here about our work on steem. When I look around, I believe that steem is a platform that allows to earn an interesting income if you create content on a regular basis.
When you earn 2 USD a month from your job, you are very happy to earn 2 USD for a post on steem
When your employer risks to go bankrupt or that you simply can't do your job because of the lockdown situation, we might be happy to generate some income creating content on steem. When I look at my friends in Venezuela who are living in an exceptional economical situation. Earnings from Steem has been a very important source of income. When the average salary per month is around 2 USD and that milk for your small child for 6 days costs 2 USD, then you quickly realize that a simple job is by far not enough to earn a living in Venezuela.
Will the whole world resemble Venezuela?
I sincerely hope that the whole world will not follow into Venezuelas steps but I believe that even for us westerns it might become important to earn something on the side with work on the internet.
With such a situation, I believe it is important to have a long term strategy. Of course it is great to earn a couple of dollars for a post, but in the long term it will also be important to grow the account and to be able to earn passive income from our staked steem, thanks to curation rewards.
The interesting aspect of steem is the curation rewards
Author rewards are great but they require constant work. It is a nice thing to create posts but your posts will not automatically earn value. You will need to build relationships on steem and create constantly good quality posts. Only this way you will be able to have people setting automatic upvotes to your posts. If you manage to create such a situation where you get 20 to 50 upvotes within 5 minutes after publication, you have reached a lot and you should do everything possible to maintain this by interacting with the people that upvote you and also by answering every comment on your posts.
Author rewards manage to make your account grow and I believe that it is important not to take all the earnings away from the platform. In the long term your Steem Power matters almost more than your posts. If you have a lot of Steem Power, people will treat you differently and you will be able to build relationships with more ease. In addition to that, the more your account grows, the more curation rewards you will be able to generate. You can either curate posts yourself or you can set automatic upvotes. Curation rewards require little or no work at all and this should never be forgotten.
There are no curation rewards without steem power and steem power also helps to increase author rewards in an indirect manner.
My strategy for steem
I've thought about this a lot and I realised that I couldn't find any place other than steem where it is possible to get a return of 10 to 14 % per year on my money with curation rewards alone. Steem offers one of the best ROI for your investment. So my aim is to increase my steem power and to post regularly.
If I reach a stage where I need money, I will try to take what I earn as liquid steem or sbd and exchange it into fiat money. I will let the curation rewards grow my account and choose payouts 50% in SP and 50% in liquid steem. When necessary this liquid steem will be available quickly.
What is your staking strategy for steem?
Check out my free e-mail course: The 100'000 satoshis a week strategy
Dear @achim03
Indeed, the worst part is just ahead of us. Virus will probably start spreading faster than ever before. At least in majority of european countries (since most are becoming more and more relaxed with restrictions). Not to mention economy, which will suffer greatly as well. Shitstorm is comming.
Venezuela will always be one of the worst examples out there. Luckily there isn't many other countries with such an imbalanced economy. Countries which went into bed with China (which actually was in my opinion one of main reasons for their current economic collapse).
There is a long way to go for any country out there to end up in similar situation as Venezuela is today. Hope I'm not wrong :)
And I started to believe, that it's important to focus on supporting with upvotes those who do not take all the earnings away from the platform. Wouldn't you agree on that?
Way to go! :)
Interesting read. Upvoted already
Yours, Piotr
Hi Piotr,
Thanks a lot for your comment and the upvote.
I believe that this is a very good approach. If we support people that just plan to cash out immediately, this will have a negative effect on steem and the ecosystem. It is in the interests of the steem holders that steem is powered up as much as possible. To guarantee stable prices but also to be able to "build" up users in the long term. If our friends become more powerful in terms of steem power, we all profit in the long term!
Have a nice day!
Best regards,
Achim
It's inevitable that we won't cash in on what we get from the posts at once. The situation we are living in does not make it possible, however, I suppose that is why effective measures have been taken to save a part as SP that helps us to better understand the situation in the long term.
Many times I have wanted to hold my cryptos, but unfortunately, this is a never-ending struggle that gets more complicated every day.
It's not intentional, it's just survival
I totally understand this and I hope better days will come where you can actually put something aside for the future.
Best regards,
Achim
Wow! Man! Actually you are the first person I have seen who says that. I believe that those who survive this pandemic develop immunity or at least more awareness to avoid becoming contaminated again. So I don't think this disease is going to develop any more problems. Thus I don't think this disease is going to develop any more problems. Maybe a new virus will appear, but I assure you that many countries will already know how to deal with this type of situation with the experience acquired previously.
Obviously, the economic recession will be a big blow to the economy, but it's something that can be overcome if we compare it to the ineffectiveness of death.
Hi @jadams2k18
You're very optimistic, aren't you? :)
Let's look at current state of things. Almost all countries struggle with lack of test kits. People who want to get tested are often send back homes. Because of lack of those test kits (not to mention how expensive are those).
Imagine if vaccine would be found. Most likely in US or europe. Very unlikely in China (they do not even have enough patients to conduct tests and there isn't much pressure to work on vaccine).
So let's say that some western coutry developed vaccine. How long will it take for less developed and wealthy countries to get an access to that vaccine? Months? Year? Two years?
I fully agree with you.
Yours, Piotr
Buddy. Let me tell you a true story. As is well known, many Venezuelans left the country in search of better jobs and better living conditions. This is the case of a friend who went to Spain. She works in a grocery store (even though she is a professional with a university degree, etc, that is another story). Then, because of the problem of the epidemic, she had to work many more hours to meet the demand of people obsessed with the end of the world. Well, she got sick. It was obvious, the stress plus the contact with hundreds of people every day, the perfect probability of getting it. Obviously she had the disease, she presented all the symptoms, even the one of losing her sense of smell, etc.
It was a hard illness and it is even harder when you know that you have a high probability of dying and that there are no medicines to solve it, especially if you are a suggestible person. Thank God (you know I do believe in God) she got better and no longer has any symptoms. But it wasn't until she had no symptoms that she was allowed to take the test. She took the test on Thursday and the result was given on Monday afternoon. What kind of test is that? And what kind of test result can you get five days later? That you had coronavirus (and died)? That you didn't have coronavirus at the time but you're not sure you could have gotten it any other day before you got the result?
By the way, the test was negative. Really!!!???
She's much better, she's on bed rest for another 15 days by medical order. So she doesn't have to go back to work yet. I guess she must be getting some compensation. I'll ask her about it in due course.
I ask you: are the tests reliable?
The vaccines. That's a different matter, flour from another bag, as we say here. That will be the holy grail for those who patent it.
Another question: are vaccines meant to remove disease or to prevent it? I'm not clear about that. If you already have the disease or are a carrier of the disease, the vaccine takes the disease away or it is only for people who do not have the disease.
Dear @jadams2k18
What an amazing comment. Seriously love it. Thank you for sharing this story with me.
I've finally managed to catch up with old comments. Thx for yours.
It surely must be difficult to be in such a position.
Have a great sunday ahead,
Yours, Piotr
Thank you. I'm catching up with old comments too ;)
I do to, I will let the default of 50/50 . I need liquid asset. I also do trading with the steem and sbd in the platform market. It is fun and easy trading because I don't have to withdraw fund to other exchangers. I had experience earn double steem from trading SBD to Steem meanwhile I keep my steem power.
Thanks for your comment. It's a good idea to trade a bit on the side and you don't risk much using the Steem / SBD market.
Many users are unaware of the power of a large steempower. Not only because it leaves a good profit on the receiver, but the profit from curing ends up being very good.
And that's what gives the value to all this. thank you @achim
As you say, you have to project in the long run.
I also have this thing about looking for ways to grow the account, I was recently talking to my wife about that. She's retaking the platform and her account still has little SP, but here we go, taking time to create good content and maintain the SP.
Because money to invest for now there is not enough heh heh
I think that this is the key point and many people are not really aware of this.
Thank you for your comment!
I think there's a lack of education here. People are used to the traditional. And it's hard for them to see this thing about me voting for you, leaving you a profit, but at the same time I'm winning too...
I agree with you. It's probably too good to be true that you can earn while giving to others ;-)
Important point friend @achim03, winning while helping.
Growing while helping to grow.
This is not for selfish...😉
hello @achim03
I am always very happy to read your articles and I must thank you for the support you provide to the people of Venezuela and particularly to me. I find accumulating SP important and use the same strategy that you apply I think very soon the @steemitinc people are going to get the part of APR (earn interest on steem that you have saved), and it seems to me that due to the current situation The pandemic that we are living, should be carried out this practice as a show of good faith to the entire community and also to demonstrate their valuable contribution during this crisis.I think your @justinsunsteemit read this suggestion you will be interested because this would attract a new valuable amount of people to the platform, and I even think that those who have moved to another blockchain (hive)They would return attracted by this proposal.It is a smart decision and I hope you will put it into practice.By the way, thanks for your advice, they are very good!
You are right that saving Steem Power is not only good for your curation rewards, it also supports the whole community and the price of the steem token.
Thank you for commenting my friend!
Undoubtedly the wisest choice would be to increase the stake in steem.
But to be able to solve unforeseen situations it is always necessary to have liquid capital. This is where the 13 weeks of powerdown becomes restrictive.
Maybe handling 70-30 of the author rewards would be sensible. 70 stake - 30 liquid.
Another method that may work is to place the rewards at 100% SP and maintain a powerdown of 30%.
This is quite an interesting approach. Like that you don't have to worry about exchanging sbd. I like the 70 / 30 approach. Like that you can always have some liquid steem for when it is necessary.
Thanks a lot for your comment my friend!
My real pleasure, dear friend.
That why I keep building my account, I am here for the long-term. I try my best to curate with the time I have available.
Thanks for your comment. I think that it is great to see the long term and to build to make money with curation rewards.
I believe is good to see the account growing with time and effort.
I believe is good
To see the account growing
With time and effort.
- chesatochi
I'm a bot. I detect haiku.
In past two years value of steem diD not rise
Hi @alexcarlos,
Thanks a lot for your comment. You are totally right about that. However the price is in my opinion a secondary aspect of it. If you manage to build up steem power, it is your steem power that will work for you. If you have no steem power, there will be no income from curation rewards.
Best regards,
Achim
Yes but if market will rise you can get more curation rewards
Of course we all profit if the prises go up ;-)
Hope that will rise
hi @alexcarlos
Perhaps you could consider setting up some profile picture buddy? Right now your account does look like it's eiter a bot or it belongs to someone very new on STEEM.
Cheers,
Piotr
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Thanks for the upvote!
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