Question of the day still confused about steem power
If I purchase steem power with my personal funs can I transfer it back to steem dollars later? Or once it's converted you can't get it back and you just make more in steem. Can I trade steem power on an exchange like steem dollar.
P.S. this image I did not make or produce found it on Google Images. I want to be as transparent as possible.
Hey, SP is what makes your voting power go up. Steem is what's traded on exchanges, as is SBD. The more SP you have, the stronger your voting power dollar wise. The author and curation rewards you get are in Steem and SBD. I personally convert all of my Steem to SP right away but the SBD you actually want to save and then sell on the market. SBD is actually worth around $10 right now while Steem is worth roughly $3.25. So, that means if you sell your SBD you can get roughly 3+ Steem for each. Then, you can power up that Steem converting it into SP if you want, thus gaining more voting power and higher rewards.
Just so you know, once you power up to SP, it will take 13 weeks to power it down again. It pieces it back to you little by little over that period. If you have no real interest in selling it, then that doesn't matter. You might as well take advantage of the higher voting power/higher rewards. The goal is to get at least around 500SP which will get you a slider on your voting power. That enables you to vote in percentages so you don't burn all of your voting power up in 10 votes. That's why you'll see lots of people vote with smaller percentages.
You can go to https://steemit.com/steemit/@scrooger/why-you-should-not-convert-your-sbd-to-steem-you-really-shouldn-t-you-are-losing-money for a post from someone who will go over what I just said.
And you can go to https://steemnow.com/@ryansatterlee to see the "stats" on your account and what your voting power looks like.
You can also type in my name @dagger212 and see my stats. Or whoever else you might want to look at. Very useful tool. In fact, I bookmarked steemnow in my browser so I can look at it every day.
Oh, one last thing, you can buy Steem on Bittrex and transfer it over. That's how I got the majority of my SP. I bought it over there, transferred it in, and then converted (powered up) to SP. I happen to think it's a great long-term investment so I have no problem holding it in SP. If you choose to do that, like I said above, the goal is to try and get at least 500 but it all helps.
While I'm at it, I'll point out that your voting power is down around 10%. That means even your 100% upvotes aren't paying people anything. You want to try and keep that above 70% if possible. You can watch it move if you check it before and after you vote. There's a "clock" in the bar graph showing how "full" your voting power is. It will tell you how long it's going to take to recharge back to 100%. You've got 107hrs to wait until its full, assuming you don't vote anymore between now and then. Like I said, you want to pay attention to it and try and keep it above 70% if possible.
Anyway, those are a few answers for you. You can read through the Explore and FAQ pages (and a few more) to get more answers. You can also just use the search function above to see if you can find what you're looking for.
The real useful part of having voting power is this: because I gave myself a 25% upvote, my post moved to the top of your comments where it's going to have a better chance at getting read. That really helps when posts and comments get long......so, don't upvote me. Get your power back up first. Then pick your spots until you get the hang of what you can and can't do to keep it full. If you know you're going to be out of the loop for a few days, vote your power down to where it will be full when you come back....
extremely helpful thank you so much that's all I really need to know
Hey! you can trade between Steem and SBD in your wallet, just click on the arrow close to SBD, steem dollar and then click market.
Steem can be sent out of steemit the same way it came in!
Hope it helps :)
oh yeah don´f forget to power up with your stee! To get your steem power back to SBD simply power down and go to the market again, trade to SBD and its done.
good luck!
Sweet thank you I'll probably buy some around the 1st of January
Sweet thank you so much so if I put it in and decide that I need to pull it out is there a minimum amount of time and has to stay in
yeah if you power up the power down takes a while!
Click power down and u ll see a gauge, indicating how many weeks it will take and how much steem power u will get out per week!
Yep, it means you can power up instantly, but you can only get out of SP gradually. This works for the platform as people can't leave as quickly as they came. In theory this should attenuate volatility, but in practice we are still very much subject to speculative Whales. For that reason I keep a little of everything even if most of my earnings go into SP. Oh, and always go to "market" to make your trades instead of using the "Buy Steem or Steem Power" button. Some guys have already figured out that you get less Steem if you use that option, though I haven't tried that myself. Happy Holidays!
Well that's a helpful little piece of information thank you so much for your comment I appreciate it as do most of my followers.
Do you have a particular Market you would recommend me go to purchase Steem all I have is a coinbase so I can purchase ethereum Litecoin Bitcoin Bitcoin cash there and I've had that long enough where I can buy as much as $15,000 worth however I don't have any other exchange setup.
I haven't made any transfers yet, but some of the guys I knew from YT are using uphold.com since they charge the lowest rates. I haven't checked them out yet so I don't know exactly what currencies they support, but it could be a good starting point in your search. If they do end up working out for you, I'd like to hear back from you. Good luck in your search!
okay sweet I guess I'll give that a try
I know with coinbase I buy the coins and it takes a week to get process before and you can't do anything with it or even see it and in that time the value could either tanker go up.
Congratulations! - As you follow @fisheggs bot your post has randomly been selected for an upvote.
The @OriginalWorks bot has determined this post by @ryansatterlee to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
However any advice you have to offer a struggling guppy trying to make it in this big Big steemit sea. Would be much appreciated and welcomed.
Nice I'm not quite a minute one more like a guppy