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RE: Steem Works: A Funding Mechanism for a Worker Proposal System

in #steemit • 7 years ago

The initial hurdle of participation is very difficult on this platform. At the end of the day, being a whale already gives you a huge amount of leverage on the allocation of STEEM, the rather generous staking factor makes that even more pronounced. In order to have a healthy community, people have to at least believe they can move up in the chain. Right now you really kind of have to buy in or not care about rewards. Buying in is not a trivial $50 either. It's more to the tune of $500.

7 years ago in #steemit by
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     7 years ago 

    What would be the benefit of buying in at $500?

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     7 years ago (edited)

    Gets u to a reasonable spot in the food chain with slider privileges I’m guessing. I remember hearing there is a huge % of users under $500. Also can be just like holding a crypto that can gain quite a bit.

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     7 years ago 

    I'm new around here...is there a good post you can link me to that explains the difference in STEEM, STEEM Power, and SBD? When buying, should I buy STEEM Power?

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     7 years ago 

    STEEM and SBD are both 'currency' in a more traditional sense and can be traded and exchanged. SBD is kind of supposed to be pegged to the dollar and provide a lower risk way of holding money, but it has gone crazy lately. Sometimes it earns interest if its value is low, but right now is 0%. STEEM can be powered up into STEEM Power and when held, it gains 'interest' for holding it and increases the rewards you give when you vote.

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     7 years ago 

    So, for the long haul, powering up to STEEM Power is the best thing?

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       7 years ago (edited)

      STEEM power is a long term move. It increases your ability to receive income for your site activity, and gives you some passive income. The only "issue" is that in order to turn it into tradeable currency or cash you have to convert it to STEEM over a 13 week schedule taking 1/13th per week. So I'd say it's a good long term move if your goal is to get more STEEM now, and not worry about getting cash until later.

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       7 years ago 

      The FAQ in the menu at the top right corner of the screen will answer these questions. https://steemit.com/faq.html

      Also. https://www.steemithelp.net/

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       7 years ago 

      Thanks! Didn't see this in the FAQ, but could have missed...from a long term investment standpoint, is holding STEEM Power better than STEEM?

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