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RE: [Steem, Steem Dollars, and Steem Power Explained]
Shredlord your saying 1 steem power = 1 steem when you power down . Here's an example let me know if this is correct lets say 1 steem is worth 5.00 us dollars on bittrex so therefore 1 steem power is worth 5.00 us dollars
1 steem power = 5.00 us dollars
1 steem = 5.00 us dollars
So when I power down and have lets say 1000 steem power and steem is trading for lets say 15.00 us dollars on bittrex 1000 X 15.00 = 15000 us dollars
let me know if this is correct
me-tarzan
That's correct but when you power down it will start being paid over 104 weeks (2 years)
15000 usd paid over 2 years
= 144 usd per week for 2 years
Basically if you post good content you'll be able to retire in no time! ;)
This question and answer solved it all for me. Except... Is the market spot price set when hit the "power down" switch and set for the (now 13) weekly future payouts? Or is it fluctuating in market value weekly over the payout period? Thanks in advance, and sorry to dredge up this old post thread so much later. - @sircork
Yea, it's gonna be fluctuation in value over the powerdown. Would be great if hitting the power down button set it in stone hehe :P Catch it on a week when steem value is high and you'll get a good payout, then cancel the power down when it goes down in value. I'm pretty long term personally so I'd say wait til steemit really takes grip before doing a full proper week by week power down. Could be worth an absolute fortune in the next few years.
I won't be powering down till we are talking about REAL money. ;) See ya round. Thanks again!
Great video and great follow up answers. Makes it easy to understand and definitely has helped this newb. Followed.