3 Excellent Reasons for HODLing Steem as Steem Power!
Steem has pumped over $1.80 and if you were considering selling please wait! Read this before you rush to dump for an early unnecessary exit!
I've been trying to explain a few key steemit concepts to my friend @aishwarya who has been powering down consistently and wants to sell some of her Steem in another month. In the process I thought it would be good to write about hodling steem today.
Curating Content Everyday
The whole point of any community building exercise is to support each other! You can only maximise your community building efforts by curating content steemit on a regular basis. The higher Steem Power you have the greater impact you can have on the community. More Steem Power means a higher vote. Regular voting will improve user engagement and retention as well as recruitment of new users.
Even as future hard forks will flatten the voting power, you will still find it beneficial to hold larger amount of Steem Power. It is in the best interests of the community that everyone participates in voting. Not just the whales. Every minnow and dolphin must get out there and vote.
Even an account size of 3.1K such as my friends can make an impact as we move into HF19.
To meet like minded people comment on each other's posts and network on Steemit.Chat. If you need any channels ping me!
Curation Rewards
There hasn't been a better time to earn greater curation rewards than now. Vote carefully on new and established authors 30 minutes into their post and you can easily earn a decent amount of steem everday. You can also use bots to time your votes or services such as Streemian or follow @curie's votes to help benefit new and existing authors.
My friend and fellow steemian @liberosist has written an excellent piece, "A guide to maximizing your curation rewards" You must read it to better understand the process of curation!
Powering Down To Maintain Liquidity
My friend wants to withdraw a couple of hundred Steem. But to power down the account completely is just a waste. Keeping Steem in the liquid form also exposes it to account hacks.
If you must maintain liquidity then you can set aside a little Steem in savings which you can withdraw in 3.5 days. If not keep powering up every week as you power down. This way you can maintain liquidity easily. This is what I do even as I have no need to withdraw Steem.
Steem Power Gives Interest!
Since the previous hardforks has done away with the inflation steem gives a small annual interest rate of about 1.35% (15% of 9%) - correct me here if I'm wrong. While it's not much it's still worth something to consider. SBDs give some interest too!
(BONUS) Sell your SBD for Steem!
Use Polo, Bittrex or the Internal market to check the best price and trade your SBD for BTC/Steem. SBD is often hovering around $2 price and you can easily get twice the rate for it. Buy Steem when the price is low and you can easily power up 1.2x-1.5x.
While SBD is pegged to the dollar, Steem is expected by everyone to rise ten-fold its current price. The market decides the value and clearly the market wants the price to rise once again!
You dont want to look back one day and feel you got stuck holding SBDs when you could have done a lot more with it! Dont be a passive steemit user. It's very easy to do these basic trading activities.
HODL that Steem!
Disclaimer: This is not a investment or trading advice. Just sharing my personal experience and how I go about investing, spending my time and promoting Steemit for the long haul to various users of old social media.
If you like my work, please share my posts and follow my blog to support me. You may also continue reading my recent posts which might interest you:
- LetsTalk—Results From Leveraging Facebook To Promote Steemit Content!
- This is My Plan for STEEMFEST 2017 + Slots Open for My Crew + Requesting Feedback!
- LetsTalk—Can We Be Brutally Honest Without Hurting People?
- Ike's 1957 Chevrolet Bel Air (B&W) Photoshoot!
great post. I am holding and powering up absolutely everything. Steem has no where close to seen its full potential yet, and its just not a good move to start selling when there is so much to be made in the future as this platform explodes. Everyone in right now on the site will see the greatest rewards and influence in the future of this platform. HOLD !!
Thanks for your post. This is a bit useful for me. I am 4 days old and Today morning when I get back, I have noticed that my steem power is no longer there.
Your suggestions are worth implement. Sorry for not up voting(no steem power)
That's fine. You have .500 steem + 4.5 steem power delegated upon new a/c creation. Steem on and you can vote on anyone you like. Good luck! :)
I can not Up Vote. An error flashing on screen saying "Voting weight is too small, please accumulate more voting power or steem power. DISMISS"
That was the error.. I think 4.500 Steem Power in not enough to up vote.
Yeah that's too low. No worries though. A few days of posting here and it'll be fixed. :)
Yeah, Once I get my first payout in 3 days, it will be normal i guess...
Thank you
Your welcome :)
I'm a noob , this Information is super helpful. I agree with you. I would hold and have the long term investment mentality as steem is growing, it's just going to get better. Once you master this platform theirs so many opportunities here, this is more then a tool. Amazing article , great read, I thank you for the knowledge as I'm lessening more and more about this platform everyday the community is really helpful. Follow me help a noob out lol. I wish everyone a great humble successful day. Cheers buds
Im happy that more people find this information useful! :)
Yes most certainly thank you 👌🏻
This is informative!!
Thanks for sharing!!
i will keep my $0.76 on my account only
:-P
hahah! :D Well that figure will change and grow! Keep Steeming! :)
Excellent and useful! I'm still a new member and wasn't aware of many of the points you mention! Will definitely take them into account.
Glad my post was of some help to you! :)
Very informative post. Thanks firepower
Thank you @bikergirl :)
Steemit is the only proof of concept I have seen. STEEM at 2 $ is nothing. We only have about 80k really active users. What will the price be when we have 1 million active users? :)
Wow.. I can only imagine.
Damn right! long way to go! :D
you have to wait like 3 month to get the steem power out of steemit right ?
13 weeks or 3 months! yes :)
Great Post! and Good looking out :) Thank you @firepower ~ much love!
Thank you so much! :)
I like my power to much for power down :) Now I can give a comment up to 6 Cents, that's great and is a little gift which cost me nothing. Steem On!
Absolutely right! Great that you are doing this! :)