Why hold liquid STEEM or SBD when you could Power UP!
I see so many instances where 1,000s even millions of STEEM are held in a liquid form! This seems crazy for so many reasons!
- You could be earning more Powering Up your STEEM through compounding curation rewards!
- The risk of theft is GREATLY reduced when an attacker is required to go over 7 days without you noticing being hacked!
- You provide more value to the community and are less likely to sell lows when you should HODL!
If you hold a large amount of STEEM and/or SBD just remember it can easily be stolen FAST if your account is compromised. This leads me to my past 2 posts regarding poloniex and bittrex exchanges:
You will see in the event of a hack at either of those sites 10s of millions of steem will potentially instantly be stolen! Don't let this happen to you! Power Up! Don't leave your STEEM on an exchange, especially ones that prove to care so little about their security of your STEEM! Remember poloniex was hacked and funds stolen before???
Remember this wasn't a theft of the KEY but rather an exploit they figured out in their withdraw daemon (which I outline in both my posts above are STILL possible and the most likely avenue for an attacker to drain these accounts in seconds)!
"The hacker discovered that if you place several withdrawals all in practically the same instant, they will get processed at more or less the same time. This will result in a negative balance, but valid insertions into the database, which then get picked up by the withdrawal daemon."
Don't let your Steem get stolen! Keep it Power Up and OFF exchanges!
I have been around steem for a very long time but to be honest I am not quite familiar with how the power up thing works, I think my steem is just lying there and I do not even know how to check my balance :)
If you could kindly guide me with what I have and what can I do, I would appreciate this and reward you with a few upvotes whenever I pass on steem :)
Followed you btw.
Take a read through all my past articles about 90% of them are regarding "pro tips" and "best practices" for steem! Powering Up inVESTS your STEEM into a locked fund that you control. You must go through a 13 week process to get your STEEM back out. This process is called "Powering Down". When you begin Powering Down it takes 7 days before any STEEM POWER is converted back to STEEM and can be transferred or sold. You can also cancel this Power Down any time. This means if a hacker did access your account, STEEM and SBD that is liquid could be stolen but it would take them over 7 days to steal your Powered Up STEEM (POWER)!
haha so do I @rldiamond, still nothing much to do with this.. but i always learning by reading articles releted on it but now i realize that our steem can be stolen from @bigdeej.. thank you
powering up is not been easy for me, don't even know if I have met the requirement.how do i go about it?
If you have SBD in your account you will want to use the internal market to sell it for STEEM, then in your wallet under your STEEM balance select the drop down and "Power UP" it will ask you for your active/master key and that is it! Super easy! Take a look through my past posts it will greatly help you almost all I write about here is tips for how to use steem and be a better steemian!
Understand this topic is the first step to succeed on steemit, right?
Powering Up is the most important thing you can do, second most important is managing your Voting Power. Take a look through my past posts especially the "pro tips" they will greatly help you learn more about steem!
I love your “pro tips”, thank you very much! 🌈🙏🏻
Glad to help out my fellow steemians any way I can!
Good nice to hear it ...