Getting wiser to a ten cent vote
A few days ago I mused about getting serious about building up my Steem holdings as a cash producing asset.
Today I decided that I'm going to go for it. In fact, I sold off a bunch of coin that I no longer wanted to keep and used half of the proceeds to buy 440 Steem, which I then promptly powered up. That's why I now have a slider.
Basically, the way to make it on Steemit if you're going to earn all your Steem Power through writing is that you have to not only write great (or at least passable) content, you also need to do all this marketing stuff, put yourself out there, get the whales to notice you.
Well, I truly stink at marketing. I'm also not interested, nor do I have the patience for it. Needless to say, that is not going to be the way I'm going to succeed with Steemit. Me, I'm going to have to buy my way in.
By succeeding with Steemit, I have a very specific goal, which is going to be different from other people's goals. Let me just throw out there that it's a valuable exercise to actually sit down and assess what your goals are, not only on Steemit, but on many other involvements in life. Then you have a means of evaluating when you've actually been successful.
My Steemit goal is to have my involvement with Steemit reliably generate a dollar a day for me. In order for that to happen, I must write ten posts a day (they could be blog posts or comments). Then I have to upvote them, so that I can reach my goal even if all my posts get completely ignored by everyone with Steem Power. My experience is that this is not likely; however part of feeling confident in my ability to reach a financial goal is to have a plan to do it even with no outside support.
This leads me to the question of how much Steem Power do I need to have in order to be able to bring a post up from 0 to 10 cents with a single vote?
Fortunately, @dana-edwards recently voted on one of my comments, giving it 100% according to the statistics on steemd.com. Looking at @dana-edwards' stats, I can see that he currently has 100% voting power. His upvote awarded my comment 22 cents (Thank you, @dana-edwards!). Looking at @dana-edwards' wallet I can see that he has just under 40,000 SP.
Since @dana-edwards was the only one who upvoted that particular comment, it's safe to say that @dana-edwards, giving me a full upvote with 100% voting power, has enough SP to bring a post from zero to 22 cents.
This tells me that if I want to have enough SP to bring a post from zero to 10 cents, then I need to have 20,000 SP. With that said, I do believe the actual voting power of additional SP is not entirely linear, so it's possible I'll be able to take a post from zero to 10 cents with less than 20,000 SP. Still, I'm going to make acquiring 20,000 SP my first goal.
Once I get there, I should be able to upvote ten of my own posts each day in order to generate a dollar a day based on today's Steem price.
It's still work to make the Steemit asset generate a dollar a day. However, since I don't mind blogging and commenting it probably wouldn't take more than about an hour a day of my time. Still not great if I compare it to the minimum wage. However, blogging and commenting is something I do for fun, and in this case it pays. It's also something I can control and increase or decrease as needed up to a point. Obviously, I wouldn't be able to multiply these earnings by 10 by upvoting 100 of my posts a day due to loss of voting power. But my goal is a dollar a day. Once I get there with ten posts I can set a new goal that would allow me to decrease my self upvotes to five a day, then one a day, and so forth.
Based on the current price of Steem it's going to cost me roughly $3,000 total to build up this asset that will then pay out a dollar a day. Since I don't have that kind of money lying around, it will take some time, but I'll get there. In the mean time, since people do upvote my posts and I do get earnings from them, and I am powering up all my blog posts 100%, then the writing I do now is also helping me reach my goal.
In addition to writing, I plan to use half of the payout from my other cash generating asset (also paying roughly a dollar a day) to buy myself more Steem Power until I reach 20,000.
Not only that, in the mean time I have every intention of upvoting other posts, not just my own, so as I get closer to reaching my personal Steemit goal, I'll be helping others out as my voting power gets applied to all the other posts I upvote.
Thanks in advance to everyone who has ever upvoted my work and all those who will upvote it in the future.
Great post except for the recommendation to target whales, but that is just my opinion. People definitely need to market themselves better if they ever want to take or use their blogs seriously. Get on Twitter, don't be afraid to share relevant links to friends or family, etc.
The recommendation to target whales isn't mine. It's been recommended by various people on Steemit since I joined in July. The idea is that if a whale upvotes your post, it pays you more. Anyway, I'm not really doing the marketing because I don't want to do the marketing. Instead I'm going to buy my way into the level of influence I want to have :)
I have no inclination of making money writing on Steem.it. I just like to put words together. If it were a popularity contest, then I might find myself changing the way I write to please others/get rewards. . . . And I just can't do that.
If you get the chance join some of the writing contests, they are fun and you will get a readership.
Oh, Whales are something to avoid. You will understand soon.
Best wishes and I'm glad you are here. Upvoted and followed.
Why would I want to avoid whales? I mean, I'm not specifically targeting them, but I'm also not specifically avoiding them. Besides, one day I hope to be a whale and it might hurt my feelings if you avoided me :D
Maybe this is what you're talking about? It would really stink if all my rewards were canceled out by some whale's downvote. So far that hasn't been an issue for me. Let's hope it doesn't become one.
Thanks for the tips, as well as the upvote and follow :) I'm following you now.
best of luck, have fun, and I look forward to your writings.
Resteeming this!
Thank you!
Excellent post. I have about 3,400 steempower and all I can up vote is a penny but it depends on the price of Steem as well. The higher the value of Steem the higher the up vote is for the steempower
Yes, it does depend a lot of the price of Steem. I think, though, that it probably will cost around $3000 to buy an upvote value of 10c. If the price of Steem goes up, it takes less Steem to reach upvote value of 10c, but then each Steem is more expensive to buy.
I know it also depends on how many other people vote on the same day, because there's a fixed rewards pool that gets allocated to everyone who earned rewards. So if tons and tons of people voted one day, each vote is less valuable than on days when few people vote.
I'll definitely be monitoring the value of my upvote as I increase my influence. There is so much math that goes into it, taking into account all the variables, that I pretty much had to look at a few examples of other people's upvote worth and then come up with a ballpark figure to make as my first goal.
Thanks for the comment and the upvote :)
It might be closer to $6,000 as mine is worth about $600 more or less but I hope you are right
The value given in the wallet is based on some kind of average--not sure if it's over a month or week, and I know the price of Steem has gone down over the last few days. I based my calculations just on today's Steem price of 0.155 cents. But of course if I wanted to buy all 20,000 Steem all at once, I'd end up paying more for at least some of them depending on how many Steem are up for sale at the market price.
Yes, it does depend. I have seen 3,000,000 steem and also 300,000 steem for sale at once so it can happen and that was at like 6,950 or near the very low
Wow! Someone was seriously dumping. I bet whoever bought at that price is pretty happy now.
Keep in mind that it also depends on how much voting power someone has and is using... I think you can upvote 40 times a day before your overall voting power starts declining. Which is different from "voting at 40%" on your slider when you put in an actual upvote.
Anyway, your very methodical approach is interesting, so upvoting (in this case worth 2c) and following you!
Thanks so much for the upvote and follow. I'm following you :)
I love your post and your strategy! Nothing wrong with buying the influence you want. That's kind of the American way LOL! It will be fun watching you as all of this unfolds. Remember us little folk when you are HUGE!!!!
It really is the American way! But it took me a while to get used to the idea. That's the beautiful thing with crypto--it provides the opportunity to accomplish on a much smaller scale what only the super rich get to do in the fiat world. Buying influence will be one other new experience I can check off my list of things I've been able to do thanks to cryptocurrencies. All the best to you on Steemit. I hope you do great, however you choose to approach it :)
Thanks, yes there is something evil and yet alluring sounding when putting it like "buying influence"!! LOL. I think I will do here just like I do on my YouTube channels, post for the fun and enjoy the cash as a bonus. That way I cant really lose coz I'm just putting in what I enjoy doing anyways!
Yes, that's a good idea, to do it first for the fun. For me, earning cash rewards, even small ones, IS part of the fun. I really like investing and such, and have learned a lot about how it works since getting involved with cryptocurrencies. But it's true that if you obsess too much about the money you tend to drive it away.
BTW, you can link to your YouTube videos here, and it will probably benefit both accounts :)
Yeah I try to build them into my posts, like my last one https://steemit.com/life/@old-guy-photos/power-napper
I don't want to be a spammer lol. I put the vid in at the end. I have loads of vids so each one is an idea for a new post here!
Thanks for your help and support :)