"Powering down"...The Mystery Continues
Hey Steemit world. I've been watching a lot of videos, and reading many blogs. But, I am still In the dark about what it means to "Power Down." So, I have compiled a list of questions for anyone on here that "factually" knows what it means. (Please no guessing...just straight facts...thanks) I don't plan on doing it anytime soon, but it's just nice to know what options I have when the time comes. Also, with the newer people I plan on bringing to the platform in the future, I can tell them with confidence what I know about it. (& hopefully this post will help some newbies as well:) Okay, here we go...
#1. When you power down, how long Is it for?
#2. If you power down, does it have a start/stop feature? (meaning if you start powering down for 6 months, then you decide to stop and wait for 2 months. Then, start powering back down again, does it start back on the 7th month?) I hope that makes sense...lol!
#3. Whenever you finish "powering down", can you continue on the platform? Or, Is that the end of your account? Or, does the process start back at the beginning?
#4. As your powering down, does your "steem power" continue to accrue on your balance, or does it stop?
Hopefully I can get an answer these questions. I appreciate all who take the time to answer:) Thank you. Living the...
steemit-life
I also have the same questions. great post!
Glad to know I'm not alone! lol *Thanks
Powering down turns steem power into steem over the course of 2 years with one payout per week.
Absolutely you are able to continue using the platform after powering down.
I believe #2 you are able to stop or start but I will let someone else answer to confirm.
Oh okay great. Thank you!
what does "power up" do?
Takes steem and turns it into steem power. It is an instant transaction, but changing steem power back to steem is what takes two years of 104 payments.
104 payments of what? BTC to STEEM? I am confused :)
Thanks for any help!
104 payments of steem power to steem which can then be transferred to or Poloniex and turned into Bitcoin and then fiat