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RE: My Experience With MinnowBooster Delegation
I have a question about the sending 10 steem to minnowbooster
I didn't know how that worked and then went on to a post and decided to upvote and to my surprise was a slider bar. I scrolled it down to just .06 on that vote. Then I went back to my wallet and say 650 sp in quotation marks.....
Now I am worried....!!!! did i make a mistake? I don't have but what is in there. will I owe anything of that that I use? will it just take it back in a week? I am not understanding how this works. Please let me know what I have done..... ????!!!!
All is well! 😎
It sounds like you did an order for getting delegated SP to you. That means you said "Hey... I am willing to pay 10 STEEM for being able to have the power of 650 STEEM for 1 week."
Minnowbooster said: "Sounds great! Let put this request on the market I created and see if anyone that has 650 STEEM will let you borrow it for 1 week and I will give them the 10 STEEM for allowing you to use it."
Lender (another Steem user): "Cool! Someone is willing to give me 10 STEEM if I let them borrow 650 of my STEEM for 1 week. That means that I won't be able to use it for that week but that is worth the return I get from them. Sign me up!"
So what has happened now??
so it is okay to use this on upvotes? I only forfeited the 10 steem?
How do they get their 650 sp back?
Correct. They get it back because they still own it. It is just delegated to you. It isn't yours. That is why it shows separate on your account.
You are borrowing it.
okay... It still is hard to understand. This steem is very different from anything I ever have done before. I am a person who is honest and wants to treat others like I want to be treated, so that is why I wanted to be clear about all of this. So I dont feel like a criminal. or theif
👍 It is a little complicated for sure!
Maybe this will help: Try to think of it like renting.
Let's say you build widgets (upvotes) but you don't have all the tools (STEEM) you need to make them really valuable. Without these tools your widgets are cheap. You could buy tools but you don't have enough money. So there is another option. You could rent the tools you need from someone that has it. So you pay them a fee (10 STEEM) to rent the tools (650 STEEM POWER) for 1 week. Then you can use the tools (STEEM POWER) to build your widgets (upvotes) and they are so much more valuable.
After the 1 week is up you return the tools (650 STEEM POWER) and all is well. You can't build the widgets as well as you could when you had the tools but you didn't have to buy the tools. All you are out is the initial rent that you paid.
Ehh... that isn't the best example by a long shot, but trying to think of ways to explain it. 🙃
I feel much better now thank you so much for your patience with me. :)
thank you so much for relieving me
I just don't understand this.. I thought that I would earn it somehow over a period of time and get something, I didn't know they would loan me 650. To me a loan has to be repaid and I went into panic mode. I don't have 650 dollars