Your STEEM are locked up as SteemPower. Powering Down converts them back to STEEM in weekly batches, over a period of 2 years.
Your STEEM are locked up as SteemPower. Powering Down converts them back to STEEM in weekly batches, over a period of 2 years.
Ok, now it makes sense. Thanks!
SteemPower gives you voting power, so the more SteemPower you have, the more weight it has when you upvote or downvote things; however, SteemPower is not transferrable so you can't send it to someone else or sell it like you could Steem. You can Power Up to turn Steem into SteemPower (this is instantaneous), and you can Power Down to turn SteemPower back into Steem (but this takes a long time).
If I remember the rules correctly, you can Power Down and not claim the Steem that is powering down until it's all done, in which case you'll get it all in one year, but every time you claim some of the powering down Steem before it's all powered down, it makes the rest of it take longer to finish powering down, so if you're constantly claiming every bit as it powers down, it'll take 2 years to get it all. So basically, you can power down quickly (1 year) by being patient, or slowly by being impatient (2 years) but you get some of it sooner.
Thanks, that is even clearer, now it makes sense.
You can power UP and your committed for 2 years but your not subject to the STEEM dilution. You can Power Down and you'll get a withdraw every 7 days based on when you hit the button (or you can cancel at any point). The withdraws are equal but will you will see a bit more STEEM each time to compensate for the extra STEEM in print.
The Web UI does a full power up and power down (all Steem or all Vests respectively) although the blockchain supports the power up or down of any amount.
How is it not subject to dilution?
For every 1 steem created to pay others 9 steem is created and distributed to those with steem power.
9 total steem across all users? Is there any proportionality or is it all the same to everyone?
Awesome response, thanks for explaining it.
Thank you I had the same question and your answer was very well explained
your comment really hepled thank you
Very helpful! Thank you. :)
Is this where the advanced feature of split or power up comes? Power Up meaning it gives you STEEM POWER but not STEEM and split giving you both? If so, wouldn't it be most advisable for new users to Power Up entirely until they feel they have enough STEEM POWER to make good STEEM off of their curation rewards?
1 year is a long time to wait for your SP to be converted into Steem!
Thanks @modprobe, really helped me understand the power down concept.
Maybe this is also a stupid question, but I would like to ask, if the comments get upvote will it make money?
sure, yes
very good question ;D
That was probably the most concise, clear answer I've seen about the power down process.
I have been wondering what this feature means. Thanks for sharing this helpful tips.
thanks :D