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RE: It’s so easy to become a millionaire with Steem

in #steemit5 years ago

Wouldn't compound interest mean that @dantheman will have more money than it's possible to actually possess?

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No. The account @dantheman would have after 5 years 105 million STEEM POWER, so at $46 that would be $4.8 billion. The next Mark Zuckerberg?

dantheman compounding example

You can't assume steem will be worth 46. If you knew that steem will be worth that are you investing your life savings.

You can't assume steem will be worth 46. If you knew that steem will be worth that are you investing your life savings.

I did not suggest anyone invest their life savings.

I discussed the scenario where a steemian invests a meager $400 and $2 of blogging effort per day (which probably returns that individual a profit every day in learning and social networking experience).

I did not only discuss a $46 scenario. I discussed many scenarios including a doubling of the price, complete failure, and even in the comments I have mentioned just increasing your blogging effort to $9 (2 STEEM) per day of earnings will radically change the computations even with only a doubling in the price. That is why I provided a link to and example instructions for the scenario calculator, so readers can do “what if” analysis that fits their situation.