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RE: Everlasting STEEM Power; Why you should Power Up!
The STEEM Power compounding is based on the STEEM inflation rate. Since this post was written (back in the early days of SteemIt) there has been a hard fork to reduce the STEEM inflation rate and set an upper limit to the amount of STEEM much like the BTC (except the STEEM limit is much higher).
With the inflation rate of STEEM reduced the compounding of STEEM Power is also reduced.
I agree with about the future of SteemIt and STEEM.
Have a great weekend!
Steem on,
Mike
What happens next? To Steem on, I guess I will do my best to make time to blog more so that I might get more SP.
Since writing "Everlasting STEEM Power" the inflation rate of STEEM has drastically changed. It is now around 9%. The power down period has also changed from 52 weeks to 13 weeks. This has drastically changed the parameters of the "Everlasting STEEM Power" post.
I will am working on a new strategy. Stay tuned.
Increasing your STEEM Power is always a good idea.
Have a great week!
Steem on,
Mike
Thank you for sharing this info @etcmike I have lots to learn...I think my steem power is 1!
Yes, your current STEEM Power is just over 1.
The parameters have changed quite a bit since that post was written. The inflation rate of STEEM is now 9.5% and the Power Down period is now 13 weeks.
I wrote an update to that post in Retirement: Active Income from SteemIt.
You are well on your way to building your STEEM Power. When you get to a level of STEEM Power you are comfortable with, then you can use SteemIt to supplement your income.
I wrote of post about my up voting strategy that may help you. Upvoting For the Mutual Benefit of Patrons, Commentors, and Others While Promoting More Engagement
I try to help out my supporters as well as support people making an important contribution to the quality content and growth of the SteemIt community.
Have a great weekend!
Steem on,
Mike
Thank you for the updates as well. I finally feel like I'm understanding how SteemIt works. You have a new follower s I'm off to read some of your other articles. Thanks again!