When Should I power down?
This has become a real dilemma for me recently because of the price spiking up, with the price higher than what I brought it for then its very difficult to resist the temptation of at least thinking about when to take my money out. I'm also afraid now that if the price reaches $10 in a few months (which is not impossible in my opinion) then i'm going to take most of it out and lose out on the possible increase after that.
Also I completely understand the 13 week withdrawal system and why they have that, but it makes it very difficult to judge when you should take your money out, I have been advised to power down when the price spikes up and then power up when the price spikes up. This would work in the short term but you would only be able get a fraction of your investment out quickly, so it most likely isn't worth it. Plus the more Steem Power you have means the more money you can make, so this tactic would cause you to lose out on revenue from your posts.
Or another tactic would be to see this as a long term project and hodl for say the next few years with the desire that steemit will become mainstream and a top 10 cryptocurrency . This would be a very ambitious tactic, very brave, and very risky.
So what tactic do you suggest, what tactics are you using, how far do you think Steem can go?
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My plan is to get to 1000 Steem and then start taking out some of the money I'm making. It could go to zero or $100, who knows? I'm not that bothered if I lose money but if I sold now and it went to $100, that would hurt. I did power down once but just powered back up again.
Not a bad idea, I'm actually making quite a lot of steem, it is gradually building up
Yeah sounds like good idea. I not withdrawal nothing until 1000 sp. Then i think i can start earn some money
Now just thought about the future
I think Steemit is just starting out, I would not be in a hurry to power down the money if you can live without it .. I think 1.4$ is the lower price right now for Steem. If you bought these price environments I would not be in a hurry .. But there are things that I do not understand .. It's just what I think
Meanwhile you can delegation your SP or sell your votes
very good point, I brought majority of steem at $2 and some lower than that. Thank you for your advice!
Personally, I think it all depends on the plan you have set for yourself. For me personally, I plan to keep powering up and look at it as an investment just like any other crypto. Except for the more I earn, the more my post will earn and thus, the more incentive I have to keep powering up. I also personally believe the price of STEEM will continue to rise and to cash out now, even at 4 or 5 dollars/STEEM will seem folish in hindsight a year from now but that’s just my thoughts.
Yeah I hope it does keep going, I'm quite young so if i can get a big chunk of money before I leave education I can have a bit of a head start. That's my idea, It might change, but if I can get a decent income from this then that's even better. Thanks for your comment!
All the better!! I wish there was something like this when I was in your position. It'll pay off as long as you keep with it. I personally, wouldn't power down then until you really need to call upon the money or you get to a certain goal you set forth for yourself. Until then keep powering up and grind! The days will go by and you'll learn more than any amount of monetary figure could buy you..since you'll learn about investing and compounding. You'll then reap the monetary benefits later when you actually need them :)
Thanks very much for your advice it's really helped, and yes the learning part of this experience is incredibly valuable
in my thinking I feel I think we should wait a bit since we are contemplating the growth of the cryptomonedas and it is something early to get it out. Of course, if you do not need the money you could leave it after all, your investment in steemit will be bigger and bigger
Yes I guess I have to hold my nerve because I don't need it yet. Thanks for the advice, I really hate the Lamborghini in a month people that seem to have unrealistic views of crypto
The main idea of cryptocurrencies is to free ourselves from the current banking system in order to have a decentralized economy. as such it is not to make money if we can make money very well it is a marvel but it should not be the first objective ...
No I agree, personally I don't see the point in having that middle man, why not do it ourselves using this technology. Maybe in the past we needed it but not now.
this is the cause that will revolutionize the world, more and more people will join until the cryptomonedas are the new system is only a matter of time. and with all of this we will bring strong people and great investments in this platform giving us the opportunity to achieve financial freedom
Yes and the banks can no longer give themselves bonuses for causing an economic crash 😂