Have I made a huge mistake?
What's your Steemit strategy?
I started writing blogs back in October on Steemit. A few articles have received a good amount of votes, so I've accumulated some Steem and SBD - not tons, mind you, but enough to be happy that I've been receiving rewards for writing.
My strategy, being new, was to dedicate my Steem and SBD to Steem Power. This way, from what I've read, I have a higher "stake" in the network, can receive greater benefits, and can contribute more voting power.
Upon further reading, it seems that it might have been better to have kept my SBD, as it appears to have grown in value considerably more than Steem. My impression is I could have been selling my SBD for about $11-12 USD, compared to Steem, which is only worth around $2 USD. Am I misunderstanding this? Was it unwise to dedicate most of my resources to Steem Power? Or was it the right move to focus on Steem power, being that I'm new and need the power to increase my stake?
If I "power down" at some point, I will be converting back to Steem, which is worth much less than SBD. Did I screw up?
What's your best Steemit strategy? Please share for all of us who are still learning!
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You've been at it longer than I have, but I just had this conversation on this thread.
The way I understand it, increasing your steem power should help you earn more rewards in future so it's like you're investing today's profits for tomorrow.
I'm still in my infancy, but I've just traded my SBD for STEEM to power up, though we're talking about a few cents, more to understand the process and monitor the impact...
Yeah I suppose powering up isn't the worst thing for the long term. I just see the growth of SBD and wonder if I lost out.
this is a new spike in the price you did what is normal to trade them for steem power. I am holding steem power for the long run and have just now set my new posts to 50/50 split to take advantage of the SBD pump as the open market makes it rise up. SBD is one of the token that is pretty rare in the over all look at things but the Steem power pays out steem for staking it and it also is safer as it takes a week to power down. If someone gets your account and it has bunch of steem and SBD they can take it out instantly so STeem Power adds an extra layer of security to the mix. I have 1427 sp plus 29sp delegated to the utopian.io project. I bought 1200 steem and have earned the rest by posting and holding the steem power. So my goal is to keep increasing my steem power so I can have a bigger vote to reward those on the platform I enjoy. This makes the steem power more valuable to me as I get to reward others and help them grow. The full potential of STEEM has yet to be realized. We have years of growth ahead so get as much steem power as you can. I am going to use the SBD to buy more STEEM when the SMT's come out the value of STEEM will go up and you can earn more SBD. I am not discouraging you from holding SBD if you are just put it in your savings that also has a time delay to help protect you. I am collecting as many coins of as many projects that I believe in one of my favorite is EOS and I am more than likely going to buy EOS with the gains in SBD. In the end you did not mess up you may have lost a little in this first spike but we have time on our side and we are still a year out from the really big tide heading our way.
Just have fun and enjoy the ride, you have a front row seat to watch as the world adopts blockchain and Steem is one of the only places you can earn crypto for what you were already doing on other platforms. So it is just a matter of time until they are all here, all of the rest of the world in one way or other will be on this platform. Look at the market cap of facebook if you want to know where I think the value of steem is going.
Thank you for the very helpful comment! Very reassuring. I guess I didn't screw up. Cheers!
You are good my friend this may make a difference when STeem is going for $1000 but then you will have so much you will have totally forgot about the little amount you let go.
Resteemed your article. This article was resteemed because you are part of the New Steemians project. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch