104 weeks to cashout my hard earned Steem Dollar... I want it all and I want it now!
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Whether I manage to cheat steemit or not, my plan is to earn money and spend it SOON.
How soon can I get my money? That is the question!
When you want to cash out, one has to Power Down wisely: "once you initiate a Power Down your current STEEM POWER is taken into account and divided in 104 parts and each week you will be getting 1/104th"... WTH!
After some reflexion... two things come to my mind:
Business strategy: Do not Power Down
Business rule: Timing is everything
What is your advice? Please comment!
In the mean time... lets rock for a while babes !!!
-- develCuy
Hi - I'm so new here that my skin is still wet :-). Here's how I see it. If we put our funds into the PS, and let it build to a point where a weekly w/d will cover our living expenses (NOT an overnight job from what I have seen so far) we would most likely be WAY better off than any bank or mutual fund.
I watched a video stating that Steem has an increase element to it. Said that Steem Dollars would accrue about 10% a year and the other 90% of the doubling of the amount of steem created would be distributed among the members who have S/P in their wallets. He gave the impression that the s/p built at 90% per year. so 100K this year = 190K next year. At the present exchange rate, we will find that there is a percentage of S/P we can take every week and still have the balance grow so it will always be there.
After all, this is exactly what we do when we invest in a mutual fund. Build up a supply until there is enough to live on - JUST from interest.
Great reason to add as much as you can early to the SP account.
We both are just born babies! (not that masculine expression but you get what I mean... I hope!)
I see many people talking about the interest rate and "the present exchange rate", which is pretty damn wild crazy unstable as h...! (taking a breath...)
The exchange rate is something we can't control much, yet we can influence it if we just do the most important thing ever for STEEM and steemit:
Use your Steem Dollars!
If nobody uses a coin, then inflation will kill it! sooner or later. I don't see many people creating new ways to spend SD apart from the obvious advice: Just hold and ask the divinity for the right time to power down... huh! I think we can do better.
-- develCuy
Well i have a good friend here that tells me where is the reason to invest in something to then want to take it back out in a matter of weeks ?? Put like that I have to say I agree with him. I have gone to a great effort and expense for me to get this little chunk of Steemit in the form of SP !! No way i will be powering it down as the best I know is to come and I intend on being there when it happens !! With hopefully more Steem Power than now in my wallet !!
I think you have the right motivations yet not an strong strategy, one should learn to identify when is the right time to cash out, whether it took a lot effort or not.
-- develCuy
well you might think my strategy is the wrong one, its your choice, but i stick always to my guns !! I am here to stay and It will work out for me in the long run !
wait! I don't meant you are wrong, the reverse, you are right and you can still improve ;) And glad to know you are here to stay!
-- develCuy
SP helps you market your work, so it's best to keep it while you continue to post. They changed the reward distribution recently from 3:1 to 1:2 SD:SP. This is intended to induce you to continue creating new content and not jump out.
Personally, I am waiting until there is enough SP in my account that a powerdown means I cover my living expenses with it. In a way this gets me to this goal sooner but in the short term, I have to work harder for liquid assets to cover my costs.
That change to 1:2 is huge! Now I understand why many people was complaining recently, since for the same work one gets less liquidity. Also, some people say that steemit should not be taken like a job. I think one can choose to make it just a hobby or a job. Whether full-time, part-time or just occasionally. Also, it is sane for oneself to realize clearly if money is the motivation. Many people just want to have fun here and some only want to make money, both and intermediary positions are completely legit IMHO.
-- develCuy
Yeah, but on the other side: more SP means more rewards later, and more power to curate. So it's a good way to keep this little crab in the bucket :)
" crab in the bucket ! " I like that Lok !!! watch out for the pincers, they nip !!
I didn't invent that, it's Ned and Dan's idea, the creators of this website :)
What is your 2nd strategy? I don't see it.
It says: "Strategy #2: Timing is everything", it is a mandatory rule in business, which means that one should wait for the right time to make something, along with other conditions.
-- develCuy
That is a rule. A statement. It is not a strategy. :->
Ok, you have a point! I've changed those two titles to something more specific. How about now?
-- develCuy
"Power doon mun!" as we say in Scotland!
Sounds cool!