❓Answering Common Questions: Can you explain how Powering Down works to me? 🔌

in #steem-help7 years ago (edited)

I just wanna post...Why does it have to be so complicated?!?!

I get it, I really do. You were all excited to get going here on Steemit...made some posts and even earned a little money. You even started figuring out that half your post earnings go into Steem Power with the other half being spendable as Steem Dollars. Comfort has started to creep in... feeling like you have an idea of how everything works and BAM!! You try to figure out how this power down thing works.

Well...you're in luck! Because it's really not that hard once it's laid out for you.

Q: Ok, Ms. Smartypants...Explain to me how Powering Down works?!?!

Short Answer: When you start a power down, you will "unlock" 1/13th of your total Steem Power (at the time of starting the power down), changing it into Steem. This continues for 13 weeks until it's all converted to (liquid/spendable) Steem.

As many of you know, while Steem Power gives you influence on the site (allowing you votes to give more money as well as earn greater curation rewards), you aren't able to spend or trade it in that form. To be able to this, your Steem Power has to be "unlocked" by converting it to Steem, which is what Powering Down does.

To completely Power Down an account, it takes 13 weeks, getting you 1/13th of what you had (at the start of the Power Down) into Steem per week.

As an example: Say you have 1,300 Steem Power and you find you need to spend a little of this. You start the Power Down (instructions provided below) and 7 days later you will receive your first "payment" of 100 Steem. Seven days later, you get another 100 Steem converted. Now if you let this go for all 13 weekly payments, you will have made all 1,300 Steem Power into Steem.

  • NOTE: You do NOT have to Power Down for the entire 13 weeks. You can for example take two payments and then cancel the process.

Q: How do I Start or Stop a Power Down?

  • To start powering down, simply go to your wallet, click the down arrow next to your Steem Power and click Power Down.

  • You will then see an entry in your wallet saying that you started a powerdown for an amount of Steem Power.

  • If you want to cancel the Power Down (which you can do at ANY time), simply click the down arrow next to Steem Power (in your wallet) like before, but this time select Cancel Power Down.


Q: If I have a Power Down going and I earn new Steem Power...is that included in the next weeks "payment"?

Anything you earned as SP after you started the powering down WILL NOT be a part of this. It ONLY effects the SP you had when it was begun. If you want to have newly acquired Steem Power be a part of the power down, simply cancel and restart it.

Q: Do I have to Power Down everything once I start the process?

No. You can stop it at any point. Just click the down arrow next to Steem Power in your wallet and hit Cancel Power Down.

Congratulations!! You are now all Power Down MASTERS!! Muuaahahaha!


Remember that ALL of my guide posts are eligible to be added as entries to the Steem Center Wiki or Operation Translation.

Click here to find out how these can earn you Steem!!

Feel free to ask me anything. I'm here to Help!

I've had slow response times lately, but I try to get a response to every question.




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Oh shit!
I just got my slider bar!
That was my first Milestone I set!
Muahahahahaha

Haha, nice! Congrats!

@sykochica i 'm so glad i've found your post because i'm working on this project to help newbies by answering the most common questions they might have...exactly what you are doing, except i'm doing it outside of steemit one minnowsupport.xyz

I have the feeling that sometimes information is burried here under tons of post so that's why i chose to create a website.

Would you mind if used your posts to populate the database? They are very detailed and very very helpful. Exactly what i was looking for. Of course i would point to your original article here on steemit. Thanks in advance.

That's awesome!! Definitely feel free to make use of my guides/faqs for that. Feel free to let me know if there are any holes in what you're looking for. I'm sure I can get something written up for it.

i will, thanks so much for your support. I can't wait for the weekend to work on the website (i want to add a search feature). I don't have much free time because i work long hours :(

I can soooo relate. Workin + steemit can be quite rough. I've been getting 3ish hours of sleep a night lately. Lol

You may add that if you leave it in power down for 13 weeks, you can still earn steem power. If this is happening, after 13 weeks your SP won't be at zero. Knowing that, does the power down readjust its weekly amount, or do you need to stop and restart it to take into account the newly acquired SP?

I think I mentioned it briefly in there but I'll double check. Thank you!

Knowing that, does the power down readjust its weekly amount, or do you need to stop and restart it to take into account the newly acquired SP?

You'll need to stop and restart it.

Always appreciate your post, but as a newbie here, I get about power down. But is it better to just let steem power just get higher? Or is there a point it's better to power down at a certain level? Thanks

It boils down to how much power you want your votes to carry. The more Steem Power you have, the more your votes affect the allocation of the rewards.

Then again, some people wish to trade - and Steem Power isn't directly liquid. The balance is up to you. Many in our community keep themselves mostly/fully powered up.

Yea..I'm rather with @sneak on this. I powered down once for two weeks because I had to use it to pay some bills. But I like being able to give some $ with my votes...what can I say..it just feels good. :)

The other benefit of having more SP is better curation rewards. :)

Thanks for the simple explanation on powering down! Love it. I stumbled onto an awards page recently that had something to do with vests. As far as I could tell I did not have any awards but the page was not self explanatory. Do you also have info on this subject?

Think of vests in the sense of how much ownership you have of Steemit. This number is directly tied to how much Steem Power you hold. Right now 1 Mvest (which is one million vests) = 483.104 Steem (Power)..this amount changes depending on how much total Steem Power is being held.

Wow - This is one of the most complete and simple to understand explanations of powerdown that I have seen. As a minnow only 5 days old, I have miles to go before even thinking of a powerdown. However, a nagging thought remained in my mind, before reading this post, about issues with powerdowns. Thanks for this informative post.

May I make a request - May I make a request - When you have time, please do take a look at my blog where I tried my hand at writing - a chain of thoughts on solitude - inspired by my wildlife picture instead of just putting the picture. Thanks
https://steemit.com/life/@vm2904/solitude-not-lonliness-a-boon-not-a-bane

Also - if you dont mind please participate in this contest for supporting minnows - https://steemit.com/life/@vm2904/caption-contest-1-wildlife-awareness-please-participate-and-support

That's awesome. I finally understand the power down process. Thanks a lot :D

Thank you!! I love helping out my fellow Steemians. :D

Great and usually guide.

Thank you,

DoWithLove

I haven't powered down since de begining of becoming member. Probably never will!

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