This is a question that's hard to answer for some and easier for others. Those of us who are well vested as stakeholders on the platform find it a great way to not just stay invested in a project that we believe in as well as hold tokens that we can earn a passive income from-aka curation rewards.
For most crypto traders that's not very enticing enough. So I thought it would be a good idea to have this discussion with the community and find out why you like to buy/trade/hodl/power-up your Steem. But, most importantly, why you don't buy Steem and power up with the sbds you earn or in general Steem isn't a major portion of your portfolio!
I've been buying into Steem on it's way down during the time when the whales massively dumped during the period of hyper-inflation. I'm still buying regularly and powering up some of it as I use the rest for trading.
However, some users tell me they don't buy Steem because the market cap is high, some anarchists feel Steemit Inc is holding a lot of stake, others feels the crypto is quite highly valued and they expect a strong correction. Some feel they have missed the boat. But I personally feel in terms of upside, the sky is the limit.
Steemit and the Steem blockchain are growing in popularity very quickly and if you observe some of my recent posts you'll see some data to this effect.
You can read some stats and data by @vlemon here!
So Let's Talk,
Tell me why you don't like buying and hodling Steem cryptocurrency! Maybe this will allow us to find out solutions to increasing mass adoption. It will also help understand how I can tackle questions to this effect in my future meetups!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- My Past Year On Steemit—Quick Recap of 2017!
- 4 Tips For Steemit Account Recovery & Wallet Security!
- Steemit.Chat Contest #12 + Contest #11 Winners Announcement!
I think most investors was not aware steem inflation rate is no longer 100% but 10% per year compared to an adoption rate > x10.
Most people probably don't follow the evolution of steemit adoption rate statistics, they are too busy finding the next quick PnD on the market.
They don't take the time to study steemit ecosystem.
Steemit is one of the few crypto project with real and quantifiable value, no hype but fundamentals.
Crypto pumpers like the contrary 90%+ hype and expectation and low fundamentals because they are selling dreams to non educated investors.
They also like to control the supply to be able to easily manipulate and inflate the price.
They can't do that with steem.
A lot of new investors will be burn on these Pnd Scheme and will finally understand the need to invest in strong fundamentals projects.
As investor (not user) this is the reason why i buy steem and power up and hold, i know what i buy and how fundamentals evolve.
I have visibility, i am not gambling.
@damarth @firepower That I agree whole-heartedly. I have just joined this platform 10 days ago and have studied how the ecosystem work between STEEM, SP and SBD and am amazed by the ingenuity of it. It's really unlike a lot of PnD scheme out there.
The issue for me right now is getting myself noticed. I have just posted my first blog post https://steemit.com/crytocurrency/@rksleung/price-target-take-it-with-a-grain-of-salt and I really took a lot of efforts explaining how people need to not take really a short term view on STEEM. And frankly comparing my post to someone else who just post a picture of what they ate last night and receiving 10-20SBD, it's quite a bit frustrating.
Of course, I would like to power up and have in fact invested in some SP and tried to lease some SP but to no avail yet.
Giving CASH FLOW is what I really like about STEEM and that's what distinguishes it from others.
You are absolutely right about these points and the point about investors not being aware of steem inflation going down from 100 to 10 is something that I have noticed on several occasions. It pains me to see how some people still don't know about it!
I saw that and it only encouraged me to power up. I'd rather build a stash over a few years that I can draw down as needed. Not speculating. Network effect will naturally drive up the price as long as inflation stays low. At least, that's how it plays out in the real world.
I am still buying and powering up. I believe the platform will be huge in just a few short years.
It also feels that by contributing to the platform we have some responsibility/stake in that future, as opposed to regular crypto trading, where people simply speculate on a market they are not directly involved in other than as investors.
This is by far one of my favorite attributes of the Steemit ecosystem, which is that we can actually use our cryptocurrency for a purpose, a purpose that helps us and others thrive to boot! 🐳
I know its kinda blowing my mind. I have "invested" in so many social media platforms over the years and ultimately just contributed to their stock price. I am happy to be more of an active participant in this game!
Same here, I owned a 1,000 shares of Facebook at one point, and at the same-time, I hated the fucking ads on Facebook with a passion!
Made me feel as if I was supporting something I hated.
Yes I agree, you can't beat a working platform that actually pays you a salary.
No you can't, and the more we spread the word, the better the content and participants will become... well for the most part anyway.
Theres no doubt about it that steemit will continue to thrive and it is the ones who believe in steemit and support the platform that will ultimately take the largest gains. Long live steemit !
Why am I not buying and powering up Steem? Simple. It is far more profitable for me to invest my Steemit earnings into other crypto.
The staking in Steemit at this point in time is incredibly unbalanced and increasingly abused by those who have their whale stakes. I am now even seeing some of these people, who are aspiring witnesses now selling their vote weight, which stems from their Steem Power (staking) to profit further purely for themselves, yet all the while yelling that they are in Steemit for the community.
The numbers and blockchain don't lie. This is fact.
These people have their own Steemit business model. I have mine.
For me it is because I am stupid and new, I don't really understand how my wallet works or the consequences of different actions with buying or trading the steem and the steem dollars and steem and steem power. Like how do I increase my steem power, should I do that? Does the steem power get used up over time? Is there an advantage to not using the steem power, can you turn steem power into money? I don't really want to do anything until I figure this shit out.
I feel similarly. I'm new and naive. I don't know the benefits or consequences of various wallet actions. I'm inspired to take responsibility for learning and experimenting. Making more time to spend on steemit has proven difficult, as making time for any new hobby or interest can be. Reading the responses to this blog is a good start on learning various possibilities.
I did a couple of transactions of turning SBD into STEEM and into Steem power, its pretty cool because the SBD or whatever is undervalued in the system, so when you exchange it for steem power you actually have an increase in your wallet.
Interesting, good to know. Thanks!
Do you typically use all or most of your steem power each day? I haven't spent a lot of time here, yet. I plan to make more time for steeming :) I'm wondering what you think the benefit of more steem power is. I know that's probably obvious, yet I haven't depleted mine yet so I'm wondering... I finally posted another blog. You can see in my wallet I have more steem power than I've used today.
https://steemit.com/sustainability/@mininthecity/instagram-instafame-no-vehicle-required
steem power is not depleted by posting, bandwidth is. Bandwidth varies throughout the day and each user gets a proportion relative to their amount of steem power, most of the time it does not matter but at times of peak use I get so little bandwith because i have so little steem power that I run out and then cannot do any posting
Got it. I was thinking about how much SP is used for upvoting and resteeming as well. I guess the only way to find out is to be more active and learn from experience. Thanks again.
your SP determines how much your vote is worth, your vote power gets depleted but your SP stays the same.
Because I don't buy into the idea that owning more Steem makes someone's content any better.
While holding a buttloadof Steem can attract the attention of people willing to upvote shitposts about cryptocurrency prices or a glossy, professional looking review of a resort somewhere, that's not my definition of quality.
The start of 2018 has been especially promising for steem. The breakout above the 2016 highs over $4 sets it off on a foundation of momentum in favor of the bulls. I recently wrote about this on my personal blog.
I think many are simply unaware of steem in the broader crypto space. Very few traders on Twitter talk about it from a price action or technical analysis standpoint. Just search the relevant cashtags such as $steem.x and you'll see what I mean.
From a marketing standpoint, the steem blockchain is by default associated with steemit as the platform that is its main proof of concept. That may change with the roll out of smart media tokens later this year but there is not much media coverage of what that will exactly entail.
For users of the interface, there is the steep learning curve that comes with simply adjusting to navigating the steemit platform. To illustrate my point, I have had an account since the summer and I just found out about SP delegation recently.
Building on the topic of SP and SP delegation, I would liken it to the forthcoming proof of stake roll out with ethereum. There is an opportunity presented in this feature to collect a passive cash flow from one's idle voting power by delegating it out to others that would more actively utilize it. That is simply incredible.
Furthermore, there is a competitive market whereby users compete for SP delegation. It is an economy within the broader steem ecosystem that is truly fascinating yet it is not really emphasized as a benefit of the blockchain from a marketing standpoint. Steemit Inc could better compel mass adoption by realigning its marketing of the blockchain to emphasize such lesser known features that may be appealing to a wider audience within the crypto and online publishing worlds.
Ha ha, I would delegate some of mine, but I use it all up on my own everyday. 🐳
And that is what is especially unique about steem and SP - for those that can't blog or read the platform and curate every day because of other obligations, SP delegation allows them to potentially earn a passive cash flow on their otherwise idle voting power. And even better, users compete for the privilege - it is a free market in and of itself! Investors in stocks would liken this to dividend payments, though the underlying mechanics are obviously different.
This is something I definitely have to look into, especially if I'm like going on vacation for awhile or something like that.
Definitely. I just followed you by the way. I appreciate insightful discussions here. You can learn more about SP delegation by reading the following guide.
Hey thanks, I've checked you out, and I think I'll follow you too. I try to stay away from prices though, as a devout long-term holder, they don't mean too much to me in the short-term, but I will follow anyways.
No problem! And yes while I post about price action analysis, I am not a day trader and focus on more longer term time frames. The big picture is what I strive to understand as an investor and market enthusiast.
I'm going to follow your blog to try to figure out how to participate more. I joined in December and so far have not been making time to blog or browse daily. Perhaps delegating some of my SP would be worthwhile. Thanks for sharing well-written information.
Many people are not happy because even after producing quality content, the post does not generate the amount it was expected from it , however on the otherside even low quality posts are generating hundreds of dollars just because they are friends of steem stakeholders ... we need better curation mechanism that should only upvote the best posts not just friends or followers post. we must all at-least give 10 votes to the best quality content daily to the members outside your followers/following... I guess this will attract new Steemians and will definitely boost the price of Steem in long term.
I feel the same way you do, but everyday I task myself to reach out and find good content to consume and up-vote, no matter where it is, and hopefully this will become a habit for many others going forward. 🐳
Very true, create nearly all of the steem in a small amount of time before anyone has a chance to discover the site, and then limit it to 9.5% growth down to 0.5% yearly. And then have all future posts' payout be determined by who owns the most steem in the past. That will surely prevent many from ever approaching the site in a serious manner as they see their efforts are ignored.
What strikes me most these days is the fact that many people rely on the economic mechanisms in every area of life, and abandon the ethical element to life. This creates all sorts of social pathologies, and we as humans let some stupid, selfish social mechanisms rule over our everyday life without referring to any ethical code. Most caring professions do have some form of an ethical code because most people think that this is the area (health and care services) where the ethical code is necessary. Apart from this, oh let's just be liberal. A POS post from a friend is so much more valuable than a good quality content from somebody we don't know. Well, we tend to forget that our Western civilisation was built on ethics whether we like it or not. But these days, people don't get ostracised for being greedy and unfair because they are greedy and unfair. Oh, its just fine - we must let the economy and the free market rule. And it is no surprise to me that, at the end of the day, we wake up in the same crap we earlier had decided to fight against. Do we at all consider the respect of others valuable these days? Perhaps somebody will come up with an idea to monetise respect? How about FairCoin?
Here comes one of the culprit 😒 @steemflow
I took advice but hv not not done yet. Thete r 2 concern m confused into
2 . The current rate of steem and sbd are approx ( 6 & 6.94 ) same. If we follow the blocktrade path, then we hardly get same steem as my sbd. Is it ok to trade now or it is ok to trade wen thete is diffetence.
@firepower getting invested is the best, your more insight needed the best time to do. As per your earlier post i knw getting power up with sbd is the best way....however lack of support and understanding just kip pulling me back . If i chose the 3 way route how does it benefit me more ?
Have you tried selling SBDs for Steem here: http://steemit.com/market
Not yet..only heard of blocktrade n bitrex as of now...will surely check now thos steemit market....on my mark👍
I feel Steem is currently quite high and there is more risk to the downside than opportunity. We are trying to broaden our appeal and entice popular content creators in, but they are likely to cash out earnings, putting downward pressure on Steem.
Additionally, it looks as though SBD may increase in value more than Steem, so I am holding SBD and will swap for Steem and power up if this happens!
I would also be selling btc to fund any purchase of Steem and that is not appealing at the moment due to drop in btc and run up in Steem!
I still believe in Steem and will buy in more but I am biding my time at present!
It seems strange to me that people would be powering down so much. They're sacrificing the potential for a continued income stream for a little bit of cheese today. Yes, it's nice to be able to take money out, but when that costs you in the form of less ability to make Steem great, less ability to make your opinion count, and less payout for the work you're doing, how does that makes sense?
For example, it's like telling your boss that you want an extra $100 now, but he can take $0.50/hr off your wage. For that $100, you paid $1,040 over the course of the year!
The main reasons for doing this are:
I'm planning on continuing to power up, but everyone is different. What do you all think?
I for one is new to investing be it be stocks or even crypto. So its a bit of learning period to understand this whole trading works. How to invest & when to invest, do's and don'ts. After all when you are putting your money , one wants to do it right. Right now all the learning materials are all on different posts / external blogs-videos. Content discovery is not easy specially being there are multiple post on same topics from different people and also its not comprehensive. Some of them may not even be relevant since its old posts. So if we had a central repository / page where there is "Guide for dummies into Steem/Crypto investment" , it will really helpful for most people to learn fast and make a decision. This page could be linked in the Steemit menu or anywhere on site easy to find. Hosting it as a separate page will also help to keep it upto date as time passes. May be a group of crypto experts here can help draft this page ? Obviously this is the first step which help will every one new to get onboard to investment fast. Whether to invest or not the individual has to make a decision. That being said I plan to invest on steem for sure and other cryptos. Current problems I am having is the accounts I created if different markets mostly allowing only 250 CAD per week transaction , minor logistics but need to figure out a way to buy using bank accounts where in there may not be a low weekly limit. Otherwise all SBD earnings as of now is used to powerup! Totally echo your thoughts - Sky is the limit !
I power up everything. I do it because it matters to me who I recognize, who I encourage and who I learn from. I joined Steemit because I decided that for the first time there was a social media platform that I felt comfortable with. The whole steem thing was a pleasant aside. Now it seems to have become the focus. There is still a ton to learn from and be entertained and moved by in genuine content. Just have to work a little harder to find it and be quick about it. Thanks for thoughtful post, hope it generates conversation.
That is a great question. I personally always buy steem with sbds earned. Steem is my first venture into the world of cryptos, a personal experiment. I do not need the earnings, meager as they are, to live. My thinking is this, if I can grow the amount of Steem, perhaps someday it can provide another source of income. If Steem crashes tomorrow, it doesn't really matter because I have enjoyed my time sharing thoughts and ideas with everyone here. If on the other hand 5-10 years from now, all the early adopters are sitting back on a small fortune because the steemit platform has replaced Facebook, Youtube and Ebay, then huge bonus for those who continue to power up.
Well you are right!, although I don't have a whole lot of time and money to put into steem, I am doing my best to spread the word and buy in and power up when I can, going to try to do some posting today, Saturdays and Sundays usually a day I can sit and read, think and write if possible.
But I totally agree in that NOBODY has missed the boat, its still so early, STEEM is going to go much higher, I may be just a small fry in the pond, but I see a good thing here and people that can put more in, do it, I personally have put a little in everything I believe in, to diversify and not have all my eggs in one basket.
Steem is just beginning, and 100.00 plus isn't that far stretched soon.
Really you have share here a basic idea why we do not buy steem which give us passive income that's really point of the topics, Here i can mention separately two opinion,
But
I think maybe for a lot of newbies like me it's a lack of understanding of what steempower is. So although I can't really answer your question, your post has encouraged me to go and convert some of my bitshares to steempower! Thanks.
Plenty of articles here on Steemit to learn from as well friend, so do some research if you got the time.
As a marketer whose job is to connect people with products, and looking back at my own experience (2 weeks) with Steemit, it would help a lot if there was a 30-90 seconds explainer video that is accessible (enough) that I would always remember where to find it. I love Steemit and believe in the platform so much that I want to / will invest more of time into contributing to the platform. Curating content I'm interested in, creating new content, making new friends on here. I'm still new and have 0 Steem Dolalrs, but as soon as that changes I'll power up and can also see myself buying more Steem. As a newbie my question is how much this would help me to grow my status on here, to reach more people. Like so many others I noticed that while Steemit can be incredibly encouraging for some people, the low engagement others get can be incredibly discouraging. Here's my hypothesis ... After I went through the first phase of familiarizing myself with the platform, and understand the basics of the mechanics with Steem Power, etc., I'd like to know how long it would take me and what I would have to do to grow my account. No one wants to keep posting every day for months without getting followers, comments, Steem Dollars, ... The more successful Steemers share their stories, the more newbies feel inspired and motivated to follow the same path. If these stories involve holding Steem Power and not selling it, powering up and buying more Steem, than that is probably what most of these people will end up doing. I know the YouTube ecosystem pretty well and there's a reason for why YouTube has a really popular Creator Playbook. It's because not only does onboarding need to be simple, it requires connecting new users with the best compilation of best practices to follow so that they are motivated enough to get in there and to keep going after weeks and months of not seeing crazy engagement. Steemit needs success stories, best practices, maybe a playbook ... (I might actually write a post about this). And if there's already so much out there about this topic, then it needs to be easier to access it. Do you guys agree/disagree?
People literally do this on every other platform, and please understand, that not everyone can be successful at something.
Good post, I'm working at getting my reputation up and putting out some decent content. It can be discouraging when you work long and hard on a post and it gets no views. However I do quite enjoy blogging so I'm just going to keep going and see what happens. Hope things go well for you on here dude.
Yeah exactly. That's one of the biggest reasons why people don't post more often, stop posting at all, or completely leave a platform. I agree with Gary V, who keeps saying that the most important thing is to keep posting even when you don't see engagement. Thanks good luck to you too buddy.
Thanks dude. That's just what I did. Traded some Eth for Steem and powered up. I really like the way Steemit works. Really encourages you to post frequently and participate in the community.
That's the idea, and good luck! 😀
I have been buying and powering up Steem since I joined the platform last summer. I believe these prices are just the start, when SMT's launch later this year I think everything will change.
I have however diversified some of my income into other cryptocurrency projects I believe in like Bitshares & EOS. But I have been able to buy back all the Steem I have sold with profits I have made from doing the diversification.
I plan to keep accumulating more Steempower going forward ^_^
Steem is my largest holding out of all cryptos I own. The reason I do this is similar to yours. I am constantly on steemit. Curation, reputation, and spreading the word of my existence lol. Other cryptos may have a bigger evaluation down the road, but Steem is one of the easier crypto to utilize. I have no knowledge of programming and very little with blockchain but still understand how to use steem on steemit. Investing and using crypto is ideally what I like about Steem. Thanks.
4 months on here, about 1300 powered up at the moment and will keep adding more with my day trading profits. Love this concept and when it gets fully embraced by the World, 1 steem = $100 will be a bargain.
The real opportunity with Steem and other emerging blockchains in which everyone will eventually use is getting in the door early, simply because limited supply with growing demand will eventually sling shot the price of that blockchain's token up. $100 now buys about 20 $STEEM, when it is $100 = 1 $STEEM, people will only be able to 5% of the influence as we have now per $STEEM.
Those massive % gains are only possible through early adoption, as eventually things will reach an equilibrium.
I’m not a trader so have no interest in holding liquid Steem, but Steem Power is another matter. Almost every day, I use the internal market to convert SBD into SP. And several times a month convert some LTC or BTC into Steem Power. Slow but sure, I am accruing Steem Power for the long haul.
I like to make various manipulations with this crypto currency.Steem dollar is my main working crypto currency, bringing in a good income!
The fact that it has purpose is one of my favorite things about Steem, and the fact that it's so easy to work with!
I have started following you thanks.i will like to chat with you if you don't mine
I also had lack of proper understanding about steempower and it's effect on any post but slowly I've realized this I converted my SBDs into steempower almost a month back. I was initially hesitant to invest on cryptocurrencies but when I saw the potential of the cryptos I invested the amount I could afford to lose in the worst scenario. Now I see the positive result in no time. I am earning SBD's inch by inch and most part of it I am converting back to SP
I just started buying and powering up a week ago when I noticed the incredible amount of growth this platform has had. A bit disappointed with the large amount of low quality posts though. It's kind of hard to sift through it and find quality.
Powering up every day in order to help the community in the future :)
I personally use my Steemit account to not only blog, learn, and share, but also as a cryptocurrency savings account.
My goal from the beginning on here was to buy Steem until I acquired 1,000 respectively, and now that I have... my goal is to just earn and save Steem from here on out. 🐳
The only reason why I´m not buying more STEEM is that it automatically has to be a long term investment the moment I´m powering up. I´m doing that (again powered up today) and plan to do it in the future too, but only in small portions because of cash flow issues. I want (like everyone else) to make money with crypto fast and STEEM is a long term investment (time- and money-wise) per se.
umm great post dude i will powering up :)
Im just starting to grasp the potential of this aspect of the platform. Both as an investor and as a content-creator. Can I ask, as the platform scales, how is this going to work? If anyone can PowerUp with thousands of dollars of influence - how will we separate the wheat from the chaff as readers?
Only time will tell, but my guess is, is that only the best content will prevail.
awesome post regarding contest please share this type of information.
I did buy 500 steem when I started 6 months ago but it took few months to understand steemit.
I have read your post.The post is very essential for us.I also read your 4 Tips For Steemit Account Recovery & Wallet Security!.Your post makes me more serious about password secure.Thanks for your valuable post.Actually I am new here.Just join few month ago.I try my best doing work here.Some time I don't understand something .your post most helpful post for me.
@firepower, isn't that the whole point of Steem! Grow as a community and create prosperity! Everyone has the opportunity to a passive income. It's a beautiful concept that allows individuals to pursue their passions while maintaining an income. Steem is a beautiful outlet, content enthusing platform, reward system, and overall a phenomenal way to invest your money.
If you're here to grow Steem and make it better, invest in what you do. Invest in what you believe in. Why use Steem and not invest? I didn't have money, Steem gave me money. So, I feed money back into this system because it deserves it. This is a project that will make it through the crypto hype and becomes something we will all be grateful for establishing in our life.
Keep Steeming!
The simple answer is that I don't know how to yet. I'm sure I could work it out but it's not as easy as doing something like a paypal purchase. You have to set up a coin account, buy bitcoin, then buy steem, then power up. At least that's my understanding.
I think you're right on Steem though, it will go up in the longer term but not before a significant correction that will occur in sympathy with a bitcoin crash. Steem is one of the crypto's with utility other than just pure currency so I see it doing well in the long term.
Most likely the days of STEEM at around $1.00 are gone. Many of us who had bought at around that level - especially during the time of Bitcoin's rise blasting the alts in mid September - deserve a pat on the back.
I'm following this basic strategy when it comes to buying STEEM - whenever there's a significant pullback (like earlier this week), just buy some. If there's a sudden spike (like yesterday), I'd take some profit. If it remains relatively steady, I'm sending some to power up.
I'm guessing most of the users are students and the like who're living on a modest income. So it's tough to segregate money for investing into Steem.
I'm in a similar situation. I want to earn Steem Power by posting and creating quality content itself.
I understand this requires dedication and patience. But many of the new users who post for a couple of weeks and then quit seeing no progress don't fully tend to take this path. Maybe that's what they could be taught.
Those are my thoughts, thank you for reading!
Steem on~
I really do believe in Steem, but just like everyone living in a third world country, it's difficult to get funds for investment. But I try to Power Up my post earnings, I powered up about 200 Steem this morning, it may look small but means a lot to me. Steem has a great potential.
Nice info......guys
Thank you, I powered up, will do on a regular basis
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hm blog vote earn.....@criptobox
I'm new
I read your post daily
They provide useful information
https://steemit.com/contest/@manojm/contest-3-win-free-1-steem-by-defining-what-is-success
Rated this blog and tell your opinion
its very helpfull thanks @firepower for shareing importance information
bcz i dont know how to powering up
Go to your wallet page and use your active key to power up. If you dont know how to create your keys and secure your account then use my guide here: https://steemit.com/steemit/@firepower/dummies-guide-to-basic-steemit-account-security-account-recovery-guide-must-read-for-steemit-users
thanks for sharing ur important post and guiding me
The main reason is the price of it's currency is high enough. it's hard to afford for a student.@firepower
Buying a steem power is profitable. Price of steem is also very high in future. So it is good to invest in steem power
I follow & upvote yes friend & thanks tips information @firepower
may be i reasteam your post sir because i liked in your all post sir
I think I bought STEEM on about 15 occasions last year, and have only recently sold some SBD earnings to provide some funds to live off.
Will continue to sell a bit (when needed) and power the rest up.
0 Power-downs so far and no plans to at all for the next x years!
Oh, and SP is about 80% of my crypto portfolio :D
its good answar we actually very beneficial will hopefully😍