In the White Paper it says that STEEM Power can be taken out in 104 equal parts over 104 weeks (2 years), to make that easy lets just say 100 weeks, and say you have $10,000 STEEM Power. That would mean that every week you could take about 1/100th of that STEEM Power out. That means you can take out $100 in a week, but then you earn interest on top of that.
You would have to have around $50,000 STEEM Power to actually be able to justify quiting your job, unless you are getting really good payouts on posts, because then you could supplement the STEEM Power interest with STEEM Dollars. Also, as the interest accrues, you can take more and more out every week.
I'm not saying everyone can live on the interest, I am just saying anyone could if they put the time and effort in to Steemit.
Well, in the example given, so say you have $10,000 STEEM Power, you can withdraw $100 a week. But you are making over $10/hr. So in 10 hours you have $100 added. If you put all of that in to STEEM Power, then after a few weeks or months you could have $20,000 STEEM Power, even though you withdrew $100 a week, allowing you to take out $200 and earning you more interest. Then say you got to $30,000 and $50,000 STEEM Power, those would allow you to take out $300 a week and $500 a week, while earning you even more interest than you were earning when you were taking out $100 a week. So as long as you put your interest in to STEEM Power when you can, you will continue to get more interest. And if you continue posting and curating, all factors will continue growing. Right now @guerrint (who made the Makeup Video) spent probably $0 on STEEM/BTC, and had to wait 0 time for interest to accrue, and if all of the $25,000 she earned was put in to STEEM Power, then in 1 year and 2 years she could be living 100% on the interest.
In the White Paper it says that STEEM Power can be taken out in 104 equal parts over 104 weeks (2 years), to make that easy lets just say 100 weeks, and say you have $10,000 STEEM Power. That would mean that every week you could take about 1/100th of that STEEM Power out. That means you can take out $100 in a week, but then you earn interest on top of that.
You would have to have around $50,000 STEEM Power to actually be able to justify quiting your job, unless you are getting really good payouts on posts, because then you could supplement the STEEM Power interest with STEEM Dollars. Also, as the interest accrues, you can take more and more out every week.
I'm not saying everyone can live on the interest, I am just saying anyone could if they put the time and effort in to Steemit.
So interest continues to accrue as you withdraw?
Well, in the example given, so say you have $10,000 STEEM Power, you can withdraw $100 a week. But you are making over $10/hr. So in 10 hours you have $100 added. If you put all of that in to STEEM Power, then after a few weeks or months you could have $20,000 STEEM Power, even though you withdrew $100 a week, allowing you to take out $200 and earning you more interest. Then say you got to $30,000 and $50,000 STEEM Power, those would allow you to take out $300 a week and $500 a week, while earning you even more interest than you were earning when you were taking out $100 a week. So as long as you put your interest in to STEEM Power when you can, you will continue to get more interest. And if you continue posting and curating, all factors will continue growing. Right now @guerrint (who made the Makeup Video) spent probably $0 on STEEM/BTC, and had to wait 0 time for interest to accrue, and if all of the $25,000 she earned was put in to STEEM Power, then in 1 year and 2 years she could be living 100% on the interest.
Awesome thanks for the explanation!