Delegating Steem Power: Destructive power or a means to doing good.
Steem power is the heart and soul of Steem and Steemit and shows a long term commitment to the ecosystem , it is fixed and can be achieved through powering up your steem. Even though it takes a while to power down to steem , there are , still a lot of advantages of accumulating steem power which was explained handsomely by @kevinwong , @lukestokes , @shredlord , @zeartu and @liberosist (to mention only few) some examples are : influence on upvotes (down votes) , curation rewards , gains in interests, grow your share of steem overtime , be a co-owner or even invest in a platform that you love and trust thus it gives you the power to have influence in the future of social media. However these advantages goes with a big responsibilities.
With Hardfork 18 came : the ability to Delegate Steem Power to another account. This has several benefits :
- Creating accounts with a lower fee.
- Donating your SP to curators you trust.
- Combining your SP from different accounts to a single voting account.
Moreover, large amount of delegated steem power has given rise to a lot of great projects ,see @benjojo blog post for some examples.These projects were funded with large delegated steem power either directly or indirectly through post upvoting - thus making this platform to be more entrepreneurial and innovative. Some of the projects are:
- Humanitarian and charity fund raising projects
- Steemit music and Radio community projects
- Scientific medical research
- Sustainability projects for farmers and green concept lovers
- Entrepreneurial projects
- spam and plagiarism fighting bots
Even though delegated steem power has been great for our steemit community, it is, however, not without its limitations:
- Mass up voting scam and spam see my former blog post
- Exploiting the reward system to benefit few members
- Rise in weird up voting bots, scamming poor minnows of their little money
- Abuse of power through flagging wars- see my former blog post here .
Conclusion: Steem power is among the best investments (in my opinion) in the blockchain segment with a lot of advantages which are indicated in this article. Moreover, delegating a lot of steem power to good people who will use it wisely to do good is great for our community . On the other hand, it can destroy steemit if it is delegated to those whose interest lies on greed and exploitation.
What do you guys think?
- Delegated power is bad for steemit
- Not all delegated power is bad
- I do not know what you are talking about and thus do not care
- Delegated power is good for steemit
Send in your comment, please resteem this for others to join and up vote to send your support.
Please join us to fight spam and scam on steemit- read my former post: How Spam is killing steemit and what to do about it
Steem fails because there is always a way for the bigger fish to eat more then the smaller ones. Too many holes in the systems. Like voting for myself :)
@paco feel free to see my former blog posts which elaborates more on issue we face here. Feel free to send in your comments there too, I support you buddy and following you in order to stay in touch and send in my support. Keep steeming and powering up to more success and lets stay in touch.
Will follow also....thank you.
welcome and keep up the great work and reward yourself handsomely for powering up...you have my support...hiyaaaaaaaaaaaaaaaaaaaaaaa
:) thx bro
welcome, feel free to see my latest post and send in your suggestions...bless you.
@paco is right, but shame on you @paco, how can you vote for yourself....
still, i consider ok to vote your posts but no your comments.
I don't have time to blog. Just quick comments ...i work for a living in construction. If you have invested like i have wouldn't you do so yourself? It's one of the reasons why i keep investing more and more. Take this away and im powerdown and walk away like i have in the past. No problem....bitcoin is looking better to me every passing day. Don't worry i'll vote your comment too. I am generous. :/
well said....take the away the incentive for people to invest in Steem Power and they will power down, which will result in 5 cent Steem.
you have my supprt, power up and reward yourself handsomely ...good job @financialcritic and @paco more success to you guys
You are too kind!
welcome, always and ore success.
However how come you and @pac missed to make it in this edition? see
https://steemit.com/project-smackdown/@personz/project-smackdown-week-4-report-last-report-on-v1-algorithm
haha, guess that you bribed the cat with milk and fish
LOL, yeah I didn't make the list. I got tied up with travel this past month and I was delegating out majority of my Steem power so my votes were worth only 50 cents. And I'm not out to abuse the system like some (not all) on that list.
Thanks !!! I really like Steemit and because youtube is doing worse and worse we (me and my colleague) are trying to find alternatives for our passion :) and i hope this will not be a failure...
Depends...there are still lots of great people and projects here...not all are bad
In addition to this your comment, I think that scam is an issue and too much supply too-see my last 2 posts for details. I explained some points about scam in steemit-feel free to see it and send your suggestions on what to do. More success
Will do thx
welcome, looking forward to your comments / suggestions on my posts
steemit is a system for making the rich richer and for the smaller fish to look for the small rewards.
I just got delegated 500 SP from minnowbooster as part of my Grand prize for winning googlyeyes this week (& about 6SBD).
As a hardworking, content creating minnow with only 500 SP, (all earned on a 50/50 split from my hundreds of original posts, this effectively doubles my curating influence for a period of 4 weeks and I think it's a good gesture.
It will encourage me. I agree that like all systems it can be abused or misused but that's where steemit will have to constantly refine and close loop holes as they are found. just like laws are update to reflect changes in society, new and sometimes dangerous phenomena !
we'll see if my 500 SP uplift makes a difference. It might encourage me to earn 100% SP and leave all my steem in the system ?
I just gave this post a 100% upvote @charles1
Very good comment. Will also like to acquire my own sp...can delegated sp upvote comments...
it's great having some delegated steem. Imagine what's it like having 100,000's ! to play with !! whale up a bit
will do and once i do...i shall shower that sp on a good steemian like you @outerground
i updated a new post... check out my blog and support!
thanks
I agree with you and am sure that you will make lots of money with your delegated power because you are hardworking. Thanks for your comment and more success to you.
Excellent work dear friend @ charles1, a very interesting post.
Delegating power is not at all bad, as long as you have delegated the correct account.
Thank you very much for promoting the previous posts that refer to the abuses and spam
Have a great day.
welcome and thanks for your comment and support
You are on a roll with these posts and are definitely helping to educate the steemit community. I am of the mindset that delegated SP can be beneficial for sure. However, as always, there is abuse of it. But I would say the charitable causes outweigh many of the negative ways some individuals are using it. Upvtd & Rstmd
I agree with you hence why I indicated the pros and cons ..thanks for your comment . Keep up the good posts and more success to you.
Great info! Thanks!
I love that picture!
Haha, welcome
I think Delegated power is good for steemit newbie
Good point. It is also good for all those who use it well.
@blueorgy do you agree with the post about the advantages of delegated steem power plus the downside-especially relating to my other blog post about issues of spam at steemit(pls see it). I am sure you guys are doing your best for a great platform...keep up the good work.
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Yes, welcome @blueorgy
As always your post is on point...I think delegating steem power helps steemit a lot...thanks for sharing.. Upvoted
welcome and more success
k...thanks
Yes, Im a new one to all of this and steem seems to be amazing.. with a few flaws that we should all learn more of and try to share. lets get improving guys!
You are correct, thanks for your comment
I think delegated power is a great way for newbies to the system, people like me, to experience the beauty of steem power before they earn enough to invest on it. Awesome post.
Good point indeed, thanks for your comment.
You welcome :)