powering down, what does this mean?
I have 7.5 SP and when I press power down it says "Account registered by another account requires 10x account creation fee worth of Steem Power before it can power down"
But my account is NOT registered by another account, I created it.. so I do not understand? Do I just wait until I have more then 10 to power down and convert them to steem? Then I can trade on bittrex right?
I'm a noobie, but I figured out mining :p
Trying to understand it all, thanks
Unlike almost every other blockchain in existence, we don't charge fees. Instead, we limit the rate at which you consume blockchain storage based on your Steem Power level, so basically you need a small Steem Power balance in order to do anything -- and in fact the blockchain requires all new accounts to start with a small Steem Power balance.
Requiring people to buy Steem on an exchange before they can start using the platform would obviously be a huge barrier to growth. So we don't do that. Instead, Steemit has each new user pass some automated verification -- basically social media, email and CAPTCHA. Once Steemit's systems are satisfied the user is unique, Steemit creates the account, providing the Steem for your initial Steem Power balance. This system is called a "faucet."
There are attackers out there who try to trick the faucet system into allowing them to register a large number of accounts. If those new accounts can't power down, it is basically impossible for the attacker to profit from this trickery.
So to answer your question: The reason for the power down restriction is to remove the financial incentive for attacking faucet registration systems.
FWIW, what the "registered by another account" part of the message is trying to say is that the restriction doesn't apply to accounts which are created by mining. (You can configure your miner with an account name that doesn't exist yet, and when you find a PoW the account will be created.) But OP created his/her account on steemit.com, so from the blockchain's perspective Steemit created the account.
ah ok, got it! I have my mining set up with this account, and another miner username not taken.. to switch to once I find a POW on this one... am I understanding it right? so like miner = techsaavy miner = account2 and then the same WIF for both
I think we were all had by steemit ... No sure yet what kind of beast it is ....