So the past 48 hours in crypto land have been...A doozy! Prices are crashing and the end is on the horizon...If you believe the nay sayers....
For a lot of us that are newer to STEEM and didn't get in at 2016 and early 2017 prices, we're licking our chops!
This is what we all wanted, an opportunity to build our Steem Power without paying $4 each per STEEM or higher...So yeah we'd all love to be cruising in the Lambo's and seeing STEEM to the moon, but I take this a huge opportunity.
Without spending a small fortune.And one of the tricks I learned from Steemfest was something @nathanmars shared with me and it makes so much sense. Now by all means, this is not a guarantee in instant riches, far from it. However it's a way to build up your reputation as well as Steem Power during this down trend in the markets....
And to make this happen, we need to use the amazing services offered at Blocktrades!
Step 1: For this example, I'll be using the wallet via Steemit.com for simplicity sake. So the first thing you do is click on 'Wallet' on your Steemit.com account...
That will pop up the Blocktrades trading platform that many of you are already familiar with. This is my preferred way to purchase STEEM and it's the easiest I've found...
Coinbase -> Blocktrades -> STEEM
Send my fiat to Coinbase, then trade the crypto in Coinbase to STEEM via Blocktrades....Stupid simple! I'm sure there are many other ways and maybe even cheaper, but I'm all about...Keeping it simple lol
Step 2: I use Litecoin when I'm trading mainly for speed sake and low transaction fees, but this example works with any pairing that is in Blocktrades. Currently the cost of one LTC is around $42 USD each. Which is SUPER cheap but who knows where this may go in the future. Down or up....It is after all the crypto currency roller coaster.
But if you notice this screen shot, you'll see that when you choose 'Steem Power Delegation' in the drop down on the right...You get a TON for cheap!
Now compare it to what you would get if you just bought straight up STEEM and powered it up in your account...
You are getting around 18 times more Steem Power when you choose the delegation option.
Now yes, that is only for 90 days and you don't get to keep that unless you re-up at the end of 3 months. But here's where it gets exciting....
Ask yourself this;
What can you do with an extra 1300 Steem Power or more in 90 days?
1. How many of your followers can you empower with upvotes?
2. You can upvote so many more people in your comments!
3. It will attract more attention to your account...Because let's be honest, the higher the Steem Power, the more attention an account gets.
4. And how much will your account grow if you are paying it forward during those 90 days??
Personally, it's a no brainer for me!
Because there is a second part to this concept...I can then delegate my own Steem Power to projects and people I believe in!
Yup, I can recoup the 'donated delegation' by using Blocktrades 90 days delegation. And it's not going to cost me a fortune to do it. Literally, at current prices I can recoup every single Steem Power I send out to the market for about $180 USD...
For me $180 (at current prices) is fairly cheap if I do that every quarter....Under $800 a year to give BACK to the people that follow me and give FORWARD to the entire Steem ecosystem.
These are just the crazy ideas we discussed in Krakow and I have to thank @nathanmars once again for the development of this idea.
I've also included this concept into the training at SteemSavvy, as well as a few other lessons. It's important for me to keep content fresh and up to date in the training so this is something I think could benefit Steemians once they get their feet wet. It's in your 'Tips N' Tricks' module if you are trying to find it :)
Let me know what you think of this concept and how it can help everyone on STEEM grow their account!
The prices may stay low or keep getting lower...Or they may rise....Who knows where crypto is going lol But right now, is the perfect opportunity for us that 'wished' we got in on day one to secure a token that we believe in...Regardless of price!
Posted from my blog with SteemPress : http://plus1daily.com/the-blocktrades-steem-power-delegation-its-what-all-the-cool-kids-are-using/
Just took your idea as well and purchased a blocktrades delegation. I really want to use it to spread the upvotes, comments, and love around to more people. Great post man.
yeah man. it’s great. just spent about 40 bucks and got almost 1300 steem power for 3 months. i mean. it’s such a no brained if you wanna pay it forward to your followers.
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THIS IS GOOD.
Thank ya kindly :)
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Wow. I didn't hear Nathan talk about this. So for 1 LTC you get either 73 Steem or 1296 SP for 90 days? That's like 18x. Wow.
Then you can go around the blockchain upvoting the content you want to support and add value. What's to stop users doing that and then posting multiple posts a day and upvoting themselves? Nothing I guess.
Great post my friend. I'll look into this idea...
right. i mean blocktrades says that self voting is fine. just don’t abuse it. so my idea and nathan’s is to get the delegation and upvote your community and content creators you support. this helps everyone because you may not have the sp for life but you’ll get the curation and your followers benefit too.
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Awesome write-up!
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thank you sir. appreciate that!
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Now, let me ask you a question.
I've bought today using Litecoin about 400-450 Steem (Steem Power). So I've bought STEEM Power at 58-60 cents.
Let's assume that I would have chosen 90 Days Steem Power Delegation option. So, I would have received much more Steem Power, let's say 2000 additional units of SP. What would happen to me or to my account if in 90 days the price of Steem drops by nearly half, namely to 30 cents?@jongolson, hello! Nice post. I've read it 3 times and now I am thinking about it.
Btw, I regret I couldn't interview you at the Steem Fest. Although I talked with you about it.
yeah man. i didn’t see ya after that second day. sorry about that.
yeah the delegation would have gotten you like 2000 sp. the only issue is that it’s only for 3 months and then they take it back.
but i’m thinking we could do so much with that delegation in those 90 days. it’s worth the investment even if it’s only for a few months.
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@jongolson, look, what I want to figure out. Let's assume that today I take from BlockTrades 2000 Steem Power for 90 days. The current price is 0,60 $, so, in total, it will be that I receive from BlockTrades Steem Power that has USD value of 1200 $ =0,60x2000. In 90 days BlockTrades will take back these 2000 Steem Power from me. But, what happens if the price of Steem Power at that moment is 0,30$. It means that I will return to BlockTrades 2000 Steem Power that will have USD value at that time of 600 $ =0,30x2000. Does it mean that I will have to pay back the difference of 300 USD to BlockTrades because of the depriciatioin of Steem after these 90 days?
well ya i mean it’s like a new contract after 90 days. so whatever the price is when the 90 days expires will be what you pay for the delegation.
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Thank you for the clarification.
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After the expiration of the date (90days) would blocktrades return the crypto (for instance etheruem) used to receive delegation?
pretty sure it just goes back to their pot. it’s a way for them to lend out steem power and make some profit in the process. kinda brilliant lol
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Okay, if I get it right. The delegation will be removed after 90days and the LTC used in purchasing it in your case will be returned as well?
nah. blocktrades gets the litecoin. you are buying a loan from them essentially
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It's altruism on the blockchain: Chaintruism.
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Nice nice! Chaintruism lol That’s gotta be a word now??
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lol dunno dunno! who knows? hahahaha
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We have entire economic models based on renting or credit. There is no fine print in Blocktrades delegation offer, it's simple: you get what you've paid for. And it's probably a pretty decent renting offer for delegation, I haven't looked into it. It could certainly be one engine to speed up growth in the ecosystem. Personally, I'm more of an owner type of guy.
oh absolutely. i agree. owning steem power is a much better idea long term. but for me i’ve had this change of opinion since steemfest where i wanna ‘give’ as much as possible.
using delegation from blocktrades allows me to give more of my steem power because i can recoup lost voting power even if it’s in 3 month chunks.
hopefully i do a good enough job at working with my followers and engaging with them so those 3 months can pay off for everyone including my steem power that i own.
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Yup, that seems like a sound plan, and I've seen others who use this approach so it must work.
Sorry about the previous comment, I forgot I was logged in with my SteemMonsters account.
ha ha ha ha i’m waiting for the day i start commenting with my gaming account lol
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and why don't you? :)
man. @pdggaming has taken a back seat to my steemfest love affair these past few weeks lol
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That's understandable!
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This is the first I have heard of this and it sounds very interesting idea.So many great ideas coming from your trip. My only question is with the price of steem being as low as it is are you better not just buying it ? As the price in the long run will go back up.
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oh no doubt. it’s a great deal right now for vested sp. but this little trick helps boost your account big time. even if it’s just for a few months. think of the sp you could earn from curation from it.
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