Powering Down… The Ultimate Self-Hack?

in steem •  5 months ago

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Bold words, sure. I understand that’s a pretty sweeping statement to make. But since I’ve seen this subject tackled before in various Steemit articles (as well as being asked my personal opinion on this very matter in the past), here is my stark and open honesty in its purest form.

When we power down, assume that Steem is gone for good. That’s the cut-and-dry of it. Having been on this platform from nearly the start, over time I have witnessed a multitude of different post rewards, user behaviour and technical modifications made. But, there is one constant that has always stayed inline with the evolution of Steemit. That of the earning capabilities in regards to the actual Steem token. It has going down drastically and, I believe, will continue to do so. The reason why is a simple one. The fruition of the Steem eco-system into a “business” type model. Operating in an environment where Steem is fast becoming more and more scarce. Creating more demand and thus leading to a higher price. The signs are all evidently there and fast approaching. So, what does this mean for little old us?

Well, the likelihood that even an account perceived to holding a meagre amount, now having the potential to be worth a substantial amount in the future. And I’m talking accounts with only a few hundred Steem. Nothing to kick up a fuss these days, but hey, if I'd adopted that same train of thought just over a year ago, my account would be non-existent today. Because even for those few months where Steem was hovering around the 10 cents mark, my belief never faltered. Just to put things into perspective, my account was back then worth a measly 0.5 BTC. But focusing on a singular vision of the future and sticking to that plan, changed things drastically.

Fast forward to today and the turnaround the price of Steem has enjoyed, is nothing short of miraculous. So much so, that I believe, even accounts holding one thousand or more Steem, could transform into a life-changing sum. And that time is not very far away. So, I ask you, why then voluntarily push the self-destruction button upon the engine that potentially allows “dreams to come true”. Some may say, “I needed the money to fund a project” or “I’ll earn it back again at a later date”. Well, Steem is clearly an investment and not a current account. Keep in mind, these are my personal thoughts. If anyone should rely on Steem to subsidize their monthly rental payments or bills, something is very wrong with that picture. At this time, Steem “should” be treated, at the very most, as a passive money generator. Nothing more. The possible opportunities squandered because of impatience, frustration or any other debilitating human emotion you care to name, is a future horror story waiting to happen.

And even if you’re getting angered by the payouts not being what you want them to be. No probs, just take some time away from Steemit, however it is imperative you leave your "SP" intact! That seems a very reasonable decision to me as your nest egg is still nicely secured and protected. Remember, if Steem never existed, we’d still have bills to pay or dreams to finance. Life wouldn't just "stop" without Steemit there to provide for us. I see this this strategy incurring no damage other than some lost earnings from unwritten or recorded posts. A small price to pay for some piece of mind whilst having your time-out. But still, I see too many people insisting on releasing that precious locked up Steem by powering down. “Please, guys, if ever there was a time “not” to sell, it’s right now!”

So, to answer my initial question. Is powering down comparable to hacking one’s self? I reckon it is. Reason being, whether you power down or someone else infiltrates your account, Steem will leave your account that could safety be presumed as non-recoverable. It’s just that one takes place a lot quicker than the other and under another person’s control. Look at things from that perspective and factor in the incredible development road mapped into the near future for this resilient blockchain. For myself, there is only one clear and sensible answer.

Just my two cents worth, folks! I do hope we all make it in the end…

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Hope you enjoyed this post, please look out for more on the way... (author: @ezzy)


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In my opinion, right now is the best time to collect (buy) more and more steem, and then powering them up.
I did powering up since the first time I joined steemit. Because I know, SP is a core, a machine. With it, we could get more steem.

When I have money, I will buy much more steem :)

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That's the way, bro. You'll thank yourself later down the line. :)

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Defenitely.. Thank you :)

I'm a minnow, I'm not ashamed, it's not compulsory for people to support me, I will try hard to work my steempower up, I believe in the system and I will never power down my account.

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That's the spirit! We were all there at one point too. Best of luck, my friend! :)

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Certainly, thank you for the uplifting post

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Same spirits! Personally, I believe this is a potential platform. I don't take this (too seriously) as a way to earn money but as a way to learn more about blockchain application and crypto. A bit bored with facebook!
Thank @ezzy for your great post.

You just hit the fact of the faith man!, I really joy my time reading man!, we should not see any financial challenges as a reason to power down, because there is no asurrance you will get the Steem back.
The long term on the Steem blockchain really matters a lot.

The big question here is.

What's the point for anyone new to come in if all the SP has already been earned by those who got in earlier?

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Plus the cards already having been dealt for the ongoing and future distribution of the rest of the Steemses.

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For asking this particular question, may your days be long and fruitful.

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SMT's, bruh. It could potentially mean hitting the reset switch for many Steemians on here trying to make it. Meanwhile, Steem being the denomination token for exchange means holding on to them now possibly ain't too bad of an idea.

As someone with a decent amount of SP I sometimes ask myself when the time to power down will come. There are so many different factors in play.... especially with the cryptocurrency world looking like it's upside down right now.

I do believe it's going to be at least another year before we see the numbers that will catapult us into the mainstream. Anyone powering down now is going to miss that boat and they will certainly be sorry about it.

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Very well put, bud. I can't see myself selling either anytime soon... :)

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Agreed - its a long game and loads of people dont see that (it can be frustrating!). Knowing the potential of Steem and waiting for the price to increase - but it will sooner or later and ill be here

Good Article bud and i was waiting for this post from the day you told me that you are going to make a post about this topic,

And iam glade that you put your points Beautifully and With Logically also and it's true that people holding around only thousand steempower are going to enjoy a life changing Gains in coming years and when thir upvote value also goes up and they can earn a nice income to support their family using those 1000 Steem power only.

Powering Down is not a solution but a Problem 😇

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You got it, man. A long-term vision of where this blockchain is going, is all that's needed. And as of today, it's not that hard to see... :)

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Ya i think people need any short of VR glasses to see that Future😅

This really touch me sincerely, we had different view as far as steemit is concerned, some of us has seen it to be a source of income for just daily living alone, like you have said, steemit is might to be investment and all we needed to do is waiting patiently for the future that is not yet to come, though things might be rough now, besides if steemit doesn't exist, I believe we all have to make ends meet in one way or the others. Powering down is not the next in action to take, our future here lie in it, it must solely be protected.

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With or without Steemit, the future of the blockchain itself will have immense worth. And seeing as the common denomination of that future will be the Steem token itself, it makes sense to hang on to it now. I wish you the best, my friend...

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Same here sir, I like your view on this point. Do you think steem could be the next bitcoin in couple years?

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That's impossible to tell, bud. As the space is moving so fast. But it certainly is a contender as being a crypto force to be reckoned with. There's no doubt about it. Steem is extremely well positioned.

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Thanks, I just wish to hear your opinion on it. I really appreciate.

I once advised a friend to stop powering down because SP is an investment and told him in few years to come, those without steempower will suffer when the population on steemit goes above 10m users. The competition for creative contents will be high and only old users, those with good amount of steempower will enjoy this.

Steem Power is the Bitcoin I never had, so I will cherish it and keep working to see it grow.

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You got the right way of thinking, man. Take advantage of the Steem price being where it is now. Once the horse has bolted, it'll be whatever we all have left. The collection period will be over for good. Best of luck. :)

Ive been here about 4 months and although it is slow going (price has gone sideways since I arrived!) I see the potential of Steem and that its a long term investment and have started powering up as much as possible.

Its a good time to be posting and collecting Steem at the moment in my opinion - although the price is low this should be an oppurtunity to earn some cheap Steem - when the price reaches $50 or more people will moan about how hard it is to earn Steem

Keep on Steeming!

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Glad to hear it, buddy. The blockchain is only just starting out and the opportunities will be flowing fast real soon. Hold on to what you got and build...

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Agreed - thats exactly what I plan to do.. it seems like the way to make it big here is to be able to code and make apps on the blockchain...

Il just keep blogging building and HODLING ... :)

Honestly, I'm still kicking myself for not buying as much Steem as I could when it was 10c. I did my best, but I didn't have nearly the kind of funds I wanted for the endeavor. Oh well, I'm still here and still engaged. :D I'll cheers you when we're both driving Lambos on the moon.

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Hey man! Thank you for taking the time to comment on my post!

Well, I suppose most of us could second that statement, my friend. There was an opportunity of a lifetime when Steem was at 7c-10c and only a small handful of people seized it. I also was "not" one of them, lol. But I think the best approach for us all is to work with what we have acquired thus far and try to build upon that. Looking forward rather than back, will serve us as a collective much better in the long run! :)

And yes, lets hope those Lambo's are on their way for us. Bless you, my brother... :)

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God help those who have desteemed. I see this being an asset that we can leave for our grandchildren..

As soon as you said “current account” I was like - yah your boys from the England ahaha but no I agree with your point 100% , most people don’t even know about SP interest which if your interested in the money alone should keep people from powering down but you should be more focused on the good that you can do with your SP rather than how much profit you can make....atleast for now ;)

I had a similar experience with Litecoins. I mined, bought and earned through trades 2000 LTC two times (in total 4000 LTC). During a bear trend of 2015, I lost hope and over traded (LTC futures at OKCoin Casino) and lost them all.

However, I came back with fiat equivalent amount in STEEM, I don't want to miss the boat third time and have not sold any STEEM after the first STEEM purchased or earned.

I believe STEEM has potential to overtake LTC's marketcap within a year or two, EOS has already done it. If it ever does, I will have my final redemption. Keep STEEMing :)