A Walkthrough of my First Time Using MinnowBooster
I've seen the name @minnowbooster floating around on Steemit but I never knew exactly what it was. All that changed this morning.
Website: www.minnowbooster.net
I am about to be a Boosted Minnow!
MinnowBooster is a service that allows you to lease and lend delegated Steem Power. They also have an upvote bot much like @discordia and @randowhale, but that isn't what I'll be discussing today.
How to Lease Steem Power
If you lease Steem Power for 1 week, you receive a 65x return on your investment. Example: if you send MinnowBooster 1 STEEM, you will receive 65 Delegated Steem Power in your account for one week. Not bad, right?
If you lease Steem Power for at least 4 weeks, you receive a 100x weekly return on your investment. That's a better deal, so that's what I decided to do. Example: if you send MinnowBooster 4 STEEM, you will receive 100 Delegated Steem Power in your account for four weeks.
Read more about how this works in @minnowbooster's introduction.
I decided to go in big.
First, I purchased 0.2 BTC worth of STEEM
Second, I sent the money to @minnowbooster
The memo indicates the number of weeks I'll be leasing.
If my calculations are correct, this amount of STEEM will give me 9463.85 Delegated Steem Power for the next 4 weeks, boosting my total SP to 12436.982 STEEM.
Third, I learn that my calculations were correct!
Now all I can do is wait. Hopefully my order will be filled, and hopefully it will end up paying for itself! And since this can be done for as little as 1 STEEM, I'll probably send a little bit of Delegated Steem Power to my curation accounts for my future kids.
What about you? Have any of you used this service? How did it work out for you? I'd love to hear your stories in the comments.
~Seth
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Update: I got my boost! I'll test it out on myself right now (hey, I paid for it, I can use it however I want lol)
Wow, the reward pool has really drained since the implementation of HF19. That and the decreasing value of Steem... 2.9k SP vote was worth more than this right 2 weeks ago.
I'm just learning about minnowbooster. I hope this would help me too. Thanks for sharing
I did try it recently, I still got two more days of SP remaining. It is really awesome and it gives us some power no matter how much SBD we have.
so, how did it affect your general experience here @imransoudagar, looking back in retrospective?
This is interesting. I did put some Steempower in my account yesterday to try it out. I'm looking forward to seeing what this does to my comments and postings.
I'm going to try this next. Thanks for posting. I resteemed it.
Steem Power is everything. The more stake you have in the platform, the more your votes are worth and the more curation rewards you'll receive.
This is very interesting and I might do try it, can you update us on when you get the delegated SP, thanks
I got my SP. Everything seems to be in order!
Is that all you have to do?
I am checking the official website and there's a form there too:
Is it necesary to fill it after sending the SBD?
Is it SBD what you sent?
How has it been going after 13 days?:o
I think using the website form is another option, but it doesn't need to be done that way. I did it all on Steemit. And I sent STEEM, not SBD.
It's been going okay, I'll make my money back but not much more. I think this system would be better worth trying for smaller minnows and at smaller delegation amounts.
Oh, I see.. Can SBD be converted to STEEM?
Maybe you would get more earnings from that if you curate good posts to get better curation reward.
Yes, SBD can be converted through STEEM. There are two options, using the internal market, or converting it through the platform which takes 3 days. Then the liquid STEEM can be powered up.
Very interesting. Cool service. Thanks for sharing your experience.
Resteemed :-)
This is quite interesting, I am going to check into this as well, thanks for the great info. Keep us posted @sethlinson
Assuming my order goes through, I'll likely post an update after 1 week of using my boosted account.
I have been thinking about this! I just doing have the steem right now.
Even if you have only 1 STEEM you can get yourself 65 additional Steem Power for one week. Not a bad deal at all.
What will happen after four weeks? Like once we get the Steem Power and it ends after 4 weeks, what's the benefit in the long run?
Hopefully in that time, I'll have used my extra power to:
A. boost my curation rewards significantly
B. increase the rewards on my own posts
Once it's all done, the investment will hopefully pay for itself.
Hmmm, sounds good!
Sorry to bother you but I have one more question, if I lend Steem 1 and get the ..... Steem Power, will my 1 Steem power be returned to me when they get their Steem power back? I am also thinking of making a big investment here!
@ghulammujtaba have you an answer to this now? I'm thinking about investing too and i have the same question...
Yup, Steems wouldn't be returned.
Hmmm. Seems like it's worth a shot. Thanks for the rundown!