Newbie question: Buy Steem power
OK, so we've got the option to invest in Steemit, by buying Steem power with a fiat currency. Which in turn would make the buyer more influential on the network.
But what are the actual benefits of having more weight around here (i.e. be as heavy as a whale)?
you earn more steem power over time and your votes become more influential
OK, let me rephrase: What does it mean to be more influential - why would you want your upvote or publication to be more important than other people's?
Influence creates better income, which creates more influence?
Why would you want your upvote or publication to be more important than other people's.
both are valid reasons for holding more steem power depending on your motivation
yes in a basic sense more people will vote for a higher rep post than a low one
My upvote just allocated $0.51 to your post. As the price of steem goes up, the amount allocated by my power goes up too. It went all the way up to $10 in the past.
Also, the interest rate im getting right now is staggering and is a well worth investment.
Yeah cant beat the interest rate :)
That's much appreciated @cryptoctopus - I've also noticed my reputation go up from 25 (which was stuck at that number for the last few days) to 37. Seems like your influencial upvote is having an effect on my reputation too.
You mention that the price of steem affects the upvote amount. What forms the price of steem? Are you talking about the internal or external market?
From what I understand, the more Steem Power you have, the higher percent Steem Power you earn for holding it.
So it's like a long term investment that earns interest over time.
More Steem Power will also give a higher payouts to the authors of whichever posts you upvote, including yourself, I think.
There are some articles if you do a search explaining in more detail.
That is something I'm curious about too!!! Does upvoting my own post will have any effect on my earnings from that post?
-- develCuy
Yes, but not much if you don't have much Steem power.