POWERING DOWN Lesson Learned the Hard Way

in steemit •  last year

So today i found myself in crisis mode when the power down eclipsed 7 days today and only got a fraction of the amount. I had never researched or even powered down before so today it caught me by surprise.

Apparently a while back it would have taken you 104 weeks to fully power down all the amount on your STEEM POWER! How that was arrived at i have no clue.

104 WEEKS IS 2 YEARS!

But now i read it takes 3 months to withdraw all steem power. Personally i just wanted like 100 STEEM to add to my BTC and pay some bills but to my surprise i couldn't even get ¼ of 100 STEEM.

I know this feature is supposed to play a specific role but i would also love to see a post being able to be paid in 100% SBD so atleast i can have money in times of emergency. Not everyone lives in a developed country here on steemit and some of us steemit is not a long term investment but a place to get our daily bread.

Lesson Learned
I should have done my homework a while back now i have to hustle the cash somewhere else. Hope if you're a newbie you've learned something.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

the reason why it's in place is to stop loads of money leaving the platform. it's all about capital controls

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by erickjongo from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.

Yes, 13 installments that will total your current Steem total at the point you begun to Power down. It is explained users must read before clicking.

This time period is designed into Steemit so as there will not be a 'run' on the currency leading to chaos (as happened in Greece when they stopped ATM cash withdrawals then limited them to 20 Euro only....evil banks).
Steemit is a good bank and it allows withdrawals with zero fees.

I do not think Steem power was meant to be used like any other currency, thanks for confirming it!