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RE: Steem for Noobs

in #steemhelp5 years ago

clarification required: how does this process of conversion back to Steem work exactly?

Power down in your wallet. Starting 7 days later, you'll get 1/104 of your SteemPower paid out in Steem. If you get more Steem Power in the meantime you need to power down again to include that in the payouts (which will reset the next payout to 7 days)

clarification required: is this a parent/grandparent post

Your post is the parent of mine, answers to mine are your posts grandchildren.

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Thanks for these clarifications, I've updated the parent/grandparent post reference. The Steem Power -> Steem conversion process I am still trying to get my head around though. Is the 'Power Down' like a state switch on the wallet rather than an instantaneous action? So I basically leave the wallet in 'powered down' state for as long as I like, which then means that each week I get 1/104th of the Steem Power converted back to Steem (so I can move it into Steem dollars or sell it on an exchange), which then conveniently works out that the whole thing will be drained in 2 years (52 weeks * 2 = 104 weeks)? So if you wanted to take out 25% of your holdings of Steem Power it doesn't take 2 years, it takes half a year?

another question about Steem Power.

If you are in power down mode but keep earning SP through posts. Do you effectively have two balances of SP; one in power down mode and another in powerup mode?

Or do you reset powerdown or lose powerup?

Thanks!

Only the VESTS you had when starting the power down are included in payouts. If you want to withdraw what you earned in between, you have to restart the power down.

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