How Much Should Your Steem Power Be Worth For You To Be Able To Live On Steem?
The answer to that question heavily depends on the cost of living where you live and how much you make. In Finland, the median salary of full-time employees was €3000 in 2016. That's about €100 or $112 per day. For the purposes of a rough estimate, let's assume you upvote your own posts or comments once every 2.4 hours with 100% voting power. That means the value of your upvote would have to be $11.2.
How much Steem Power would that take given the current price of STEEM of $0.38? The answer is slightly less than 500,000 according to https://steemnow.com/upvotecalc.html.
How much Steem Power would that take given the average price of STEEM in January 2018, which was about $5? The answer is about 38,000. That was not sustainable, of course.
How high do you believe the price of STEEM will go during the next cryptocurrency bull run? March 2017 saw the all-time low of STEEM price, which was 7 cents. December 2018 saw what I believe was the bottom of the previous bear market/post bull run correction, which was 21 cents. My guesstimate, not based on any technical analysis but the simple "rule" of thumb that STEEM is a very high volatility coin capable of growing a hundredfold in value between a bottom and a peak, is that STEEM will peak around $20-$30 about 2-3 years from now. Another correction will bring it all the way down to about a dollar.
What I'm predicting is that for a month or two in late 2021, the amount of Steem Power allowing someone living in Finland to earn the equivalent of the median salary of a full-time employee, is about 7000-8000 SP. Then the price of STEEM will begin correcting again.
What I'm saying is that once you've seen STEEM price shoot up parabolically to the tens of dollars a couple of years from now, SELL like a MOFO. Then buy back after the price of STEEM has dropped about 90%.
(Disclaimer, this is entertainment. Not financial advice.)
I will not even try and imagine how the market will behave in the next cycle after the next bull run that I think we're already seen the beginning of. All I can say is that if anyone thinks they can live on producing content and earning passive income on Steem, they should hope for mass adoption and the stabilization of the price as a consequence.
Mmmm interesting, actually in venezuela you can have a basic and frugal life with much much less, i'm going to do the math
It would be interesting to hear how much you need to cover basic needs in Venezuela.
I would imagine it to be a lot cheaper - at least under normal conditions - than anywhere in Europe.
Well, in survival mode, without wife and kids and living with the parents I can live with 100$ a month, i mean, real survival mode
Well call me a wet blanket but I still think much depends on what EOS say on June 1st. If they add a social layer I just cannot think it would have no impact on Steem(it). How knows, I may be way off base.
There is a good chance that if MEOS does a better job of attracting the mass market, we may have some people wander over to STEEM in the same way some people prefer to stay away from Facebook.
Even better, if they earn well from MEOS, they may port out some earnings for diversification.
In short, temporary cannibalism. Long term gain.
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Hahaha! What an entertainment!! Your sense of humour is very heavy!
Nice flower to brighten things up a bit!! LoL
???
In my own case or in my country, probably your steem power should worth at least 50$. That will be quite enough to live with or on
I'm sorry, but I'm not quite following you. Can you clarify that a little? Surely, if you have only $50 worth of Steem Power, you could not possibly live on self-upvoting because then you can only dispense about 3 cents worth of upvotes per day at the current price of STEEM.
If you mean that the price of STEEM would have to be at least $50 for you to live in your country, then that doesn't say too much to me unless I know how much Steem Power you have.
No. I mean you must have like around 250,000 Steen power in which your vote will worth around 50$ per day
I see what you mean. Does it really take $50 a day to live in Nigeria? Nigeria has a GDP per capita of about $2,000 per year. $50 a day translates into about $18,000 a year, which must be quite high compared to both median and average earnings in Nigeria.
Depending if it is alone, then it is more than enough but if it is with families, children and wife's, then it might not be enough and so. It depends how the person spend
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