Anyone who has a bright and brilliant explanation for this so called 104payments needed? To where it can be apply,whether to SBD,STEEM POW or STEEM. And to add, what do you think about the 2years of holding your STEEM POW? Is that a reasonable period of time?
We all know we dont want to waste time especially time for earning money. Thanks for reading my 1st post on SteemIt, I just want to be ready and fully equiped on ideas and facts about this New System. More Power SteemIt.
It goes like this if u opt for power down, for example your 10 SP(STEEM POWER) that you got with registration will take u 2 years to pay out on 52 weeks or 104 payments. You can convert your steem dollars which you can earn here(along with steem power) to steem and sell them as you get them but platform creator advise to put your steem dolars in steempower to potentialy earn more
on this 2 links are better and loger explanation how it all works:
https://steemit.com/steemit/@andrarchy/steemit-vlog-4-steemit-101-steem-steem-dollars-and-steem-power
this second one has almost you need to learn all about platform:
https://steemit.com/steemhelp/@lehard/steemit-for-dummies-5-simple-steps-from-beginner-to-steemian-80-lvl-50-useful-links-2-edition
So youre saying that the 2years and 104payments are just corelated with each other? Either the two can make you available for payout?
You should realy watch youtube video in first link I posted, but here it goes in my own words.
For vivid example you got 10 steem power which you got when you made account. So to prevent imidiate chasing out of platform or fast chashing out of platform in any case system works like this. So if u were to cash out those 10SP (steem power you got for free) you would need 2 years or 104(2years*52weeks) in which you would get 10/104 equal of steem dollars which would be payed out every week for 2 years, then you need to convert those steemdolars to steem which you can sell on cryptocurrency market. But here along with steem power you can earn steem dolars which you can easier convert to steem and sell faster on cryptocurrency market. How you earn here is like this: you can vote for content that other make which potentialy rewards you with steem power or you can post your own content like this which pays out 50% in steem power and 50% in steemdolars of your earnings.
My advice is don't put more in than you can afford to lose. Someone could be building steemit 2.0 as we speak. 2 year in crypto is a very long time. I have hope for steemit though but they need to rethink voting incentives IMHO.
There is really no problem for me about how they fund people just by posting and voting coz i fully understand their system. But, you have a point though. Im actually thinking that period of time is for security purposes.