How Does Steem Power Grow Over Time?
In one of @adil's posts, he mentions the incentive of powering-up: "Steem Power Grows in value as Steem Coin value Grows on the Market".
Can someone explain how this works exactly? I understand that Steem power is useful for increasing your vote influence, but aside from that, I still don't understand why it's better to lock-up your Steem into Steem Power, when there does not seem to be a posted interest rate?
Does Steem Power convert to more Steem over time? If so, then that would make sense.
Please enlighten me. Thanks.
SP = STEEM in value
but holding more SP gives you more rewards on your posts and curation rewards while upvoting other's contents
and to convert SP back to STEEM you need to wait for weeks through 'powering down'
Particularly, your value of SP increases with that of STEEM
Your answer is great! that's exactly what I want to say, one point to add is that people tends to follow Steemians with greater Steem Power just to get their votes, so it also means you probably get followers more easily and more exposure of your posts to the others, so why not powering up if you do feel confident in Steemit
@thomaskikansha and @htliao thanks!
imo, Steem Power = STEEM, which is a currency and it grows
@happychau123 that part I kinda understand, but what is the advantage of locking up your Steem into Steem Power? I was kinda hoping that it's the equivalent to investing in equity, which would grow larger than investing in money marets.
in my understanding, STEEM is nothing more then a currency
but Steem Power can increase your voting strength, so you get more control over your vote, more money from your vote etc....
PS, 1 STEEM = 1SP I guess
the value doesn't change
Okay thanks @happychau123 :)
Hope that helped :)
It does! Thanks
Assume that you possess Steem Power worth $500 USD now. In the event Steem increases in market value, your same amount of Steem Power is worth more. That's what I think anyway. I may stand corrected.
That makes sense. Thanks.
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Thanks!