RE: How My Most Painful Investing Mistake Could Make You A Steemillionaire
There are two ways to see steem. One is from the cryptocurrency perspective and one is from the user-angle of a social platform.
The first one is concerned about entry and exit points, when to buy/sell, good trades, charts, etc. The second starts with zero investment and just starts to write and make money... so there are two worlds here, in parallel, that don't really overlap.
Imagine you came here today, not as an investor but as an author, made this 1.6k USD article (as of the time of my comment), and thus were +1600 USD from when you joined. In that case, the tips relevant to becoming a millionaire would be how to produce content that gets a good share of the content-reward pie. See how subjective the experience is?
As for your personal experience in investment, I think everyone will at some time or another have a bad investment experience, no matter how knowledgeable they think they are. I had some stocks back in '99, they crashed bad and lost tons... lol... multiple lessons learned.
That said, I am a long term buyer and holder of SP.
Nice... In terms of a mixed investment/author strategy, you can maximize your SP by being a good curator/voter. I see a lot of people who don't use their voting power, yet the voting power, used correctly, can increase SP and SD.
Can you tell me how to check how much voting power i have at any given time. I hear it flictuates and you can use up. Then it regenerates. How do i track it and how do you check others' if you see them not using it? Thanks in advance
https://steemd.com/@mguy808
You'll see it on the left column. You'll see it rises when you don't do anything and falls when you vote.
Thanks @alexgr. I have been doing some curating, hanging around the new feed at the 20-30 minute mark. But I need to have another good read of the white paper to better understand how to maximise voting power. Any insights you could offer would be appreciated.
I don't know if the white paper covers changes in the code that were done a few weeks ago to prevent automatic bot upvoting. I think right now, it's something like proper curation rewards are given between 15 and 30 mins - and supposing more votes come afterwards.
The recipe of success is to vote before others do, but not too early (most or all of the curation reward goes to the author) or too late (most or all of the curation reward goes to the author). And the time to do so is, from what I remember after the last changes, after the 15m mark and prior to the 30m mark. And of course the good payout is contingent on big rewards accumulating after your upvote. If say you spotted an article and you were the fifth vote at 15 minutes and then came another 300 votes and 20k USD, then you get a good slice (I don't know the precise algorithm). If you were the tenth vote at 18 minutes you'd get far less, etc, etc.
Super-helpful @alexgr. Thanks!
@alexgr, thanks for highlighting that. What's great is you can be both investor and author at the same time!
Yeah I may have overstated the "do not overlap" aspect, because for some of us it does. And the ratio of these two groups right now are relatively close. However as the number of people coming in from outside the cryptosphere increase, we'll be like specs in the sand compared to the "masses".
Oh the memories. I also worked in finance around '99/2000 and had much the same experiences. Some stocks I sat on tanked and others, slated by all the brokers, I happily traded in and out of over and over. Def multiple lessons learnt :)
Funny that after getting a degree in finance and that internship I still had no clue how to manage my own personal finances. Education is near useless for most people when it comes to basic life skills. And few of us had parents that taught us well.
I was lucky then because I'm very efficient with personal finance. Maybe all the years of backpacking taught me that as no money meant no travel :)