What would I do with a 1Million Steem Power?
In case you missed it, hours ago @ned the CEO of SteemIt and the 6th largest stakeholder (with 3.6Million+ natural Steem Power) just powered down over 1.8Million Steem. As to the reason why he is powering down such a huge amount especially at a time like this when the price of Steem have been pretty disappointing is concerning. But one could only guess that it probably is SMT related, is planning to move some into EOS or even his keto diet is just that expensive.
In any case I am not that much worried. Just last week, he was looking for talented software engineers in his Steemit is Hiring blog post, so the power down is most probably be related to that or SMT's and/or for the development of Steemit in general.
Anyway, a week ago I wrote about What I think should be done with the @steemit account. Today after @ned powered down almost 1.8Million Steem, it got me thinking about what I would probably do if hypothetically I receive 1 Million Steem from him provided that I use it all to power up my account giving me over 1 Million SP?
In other words, What would I do with a 1Million Steem Power?
Delegate 90% (900k SP) to 18 Selfless Curators (50k each)
With Great Power comes Great Responsibility! With 1Million SP and with the current Steem price, a single upvote of mine could go as high as $104.51. With that kind of power, any posts I upvote will go straight right into "Trending" just because I personally like the post which I don't think is fair to everyone.
Now you might call me a hypocrite after reading that one. Sure we are all in here mostly of the monetary rewards and I admit that it is very tempting just to upvote yourself ten times a day and earn $1000+ in return. However with that kind of attitude, you will mostly attract haters and downvoters which will hinder more your potential maximum growth in here, not to mention it also hurts the overall platform if you keep on draining the reward pool all to yourself just because you can.
Why delegate?
I'm not trying to be a saint here though. I see delegation as a sort of investment. If you delegate to someone, there is a high chance of them upvoting you back as a sort of "Thank You". In this hypothetical scenario where I delegate at least 50k to one person and with the curation reward system in place, each of them could earn upto 2SP a day just for curating contents. After a year, they will be at least ~720SP(total curation rewards) stronger. Not to mention if they are a good author and content creator, they can earn 5-25SP per day for author rewards.
I guess what I am trying to point out here is that after a year or so, their upvote will be far more greater than before (assuming Steem price is stable). Financially and Socially, delegation is a good investment.
Also notice the word "selfless" curators. People who really are into rewarding other people for exceptional contents. 18 people with a maximum upvote value of $5+ is not a bad way to start making this platform a great place to be.
Remaining 10% (100,000 SP)
I didn't forget about the remaining 100k SP. As you all know I have a One Post per day policy so I would probably upvote my post once a day . With a guaranteed $10.46 per day, I could literally quit my job and just chill on the Steem platform. (Perks of being on a third world country, $1 is worth much more) XD
The remaining upvotes are to be used to support some people I know in here and is on here for the long run. I would also use the remaining SP to upvote replies on my posts and to curate posts which I personally like. Since my maximum upvote is only $10.46 at 100k SP, the least it could do is to bring the post to the "Hot" (not directly to Trending) section for everyone to decide if it really qualifies as "Trending material or not.
Well this are all purely hypothetical and are all just for fun. In the real world no one would give someone something for free. Not to mention, people are way too stingy with their upvotes on this platform. So giving 1 million steem to someone is unlikely to happen. XD
But in case it happens, What would you do with a 1Million Steem Power?
Great post, I'm always late to reply.
What I would do with 1 Million Steem Power (Assuming it can't be cashed out) is provide regular small upvotes to contributing members. I said it before that I believe smaller consistent upvotes are worth far more compared to getting the ocasional whale upvote. @busy.org had a great system in place to do it in a way that's hard to scam but they paused their program somehow which many using their platform really feel. Thanks for recommending @esteemapp the other day, it's a good platform and it definitely makes a difference using them !
honestly i would have done exactly the same thing. I would keep a bit in order to have a vote that worth 10-20$ which ofc i would spent in my own posts by upvoting them but not upvoting any of my comments and abuse my ''power''. At the same time i would search for quality content and cast my votes. Maybe i would have a 50%+ one day vote to a random quality post that i found.
With all the other sp i would like you delegate it to communities i ''trust'' that won't abuse this power and will help more people than i actually can. Ofc i considered it an investment as you do but it's the good type of investment that everyone earns. Me, quality authors and quality communities. That way a small scaled change would be emerged in the platform and more and more people would understand or i hope so that to survive in here you need to grow together with everyone else and not care about yourself only
I am kind of doing the same thing right now.
I am only upvoting my blog posts and not my own comments. I still cringe sometimes whenever I see people replying to others blog posts and upvoting their own comments instead of the author. XD
Right now, the majority of my SP(not that much) is being delegated to communities I trust and have been proven to support quality content creators such as @qurator and @make-a-whale. I'm not gonna lie though that the daily upvotes I got from them is one of the reason why I also chose to delegate to them.
But as you said
to survive in here you need to grow together with everyone else and not care about yourself only. :)P.S: Nice to meet you! :)
Greedy yet not, a smart choice that will benefit both yourself and the platform especially with so many people trying to rout out each other in the platform.
As for me, if I would be frank about it, I would power down around 75% and diversify the proceed into other investments i.e. other cryptocurrencies, stocks and keep a small portion into my savings. At the current prices I could probably live off with that amount in my country without having to work for the rest of my life.
That actually is a sound plan. :)
I think it's a smart move to put some of it on other investments too as investing on only one is just too risky no matter how much you believe on its potential.
Exactly my thought, as the saying goes never put all of your eggs in a single basket. It is always good to have an insurance in case things get awry.
When the market is dropping like this powering down is very concerning. I hope he’s doing what best for Steemit.
My bet is still it's SMT related. SteemitInc have been focusing on that one pretty lately. :)
I'd vote you for sure , at least 2 per day, so you definitely would quit working and chill in steemit all day long. Here get my full vote
Lol hey thanks! :)
You have great intentions for us all, I hope one day you will get your mill of SP! @jlordc for CEO of steemit!
Highly unlikely but thanks! :)
That's really a wishful thinking. Remember us when you got your million SP. 😆
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