A Steem A Week and My Path of Egress
I created the image above with Nightcafe. I replaced the BTC logo with STEEM. Yes, I have six fingers.
Now for the post:
I find the curation reward report fascinating. I have 673 STEEM POWER. The curation reward report says that I earned 1.073 SP curation rewards last week!
This is exciting because I had been hoping that I might someday start receiving a financial benefit from my effort on SteemIt. It is possible that I reached my goal!
My greedy little plan is to start powering down one STEEM a week each Monday.
On Monday, I will look at my curation report. If it is still above 1 SP, I will withdraw the STEEM.
That means I know have an actual real-life income of one STEEM a week!!!!! Hooray!!!
Since I only withdraw the STEEM when my earnings are over 1. My account should continue to grow.
I will continue to power up any author rewards that I receive. So, if anyone upvotes my content, I will continue to keep that in staked form.
My Path of Egress
The main reason for this post is that I am trying to determine the best path of egress for my account. I live in the United States. I was planning on using Bittrex.US. Bittrex US went poof after government regulations.
I am currently thinking of using CoinBase . Sadly, Coinbase does not directly accept STEEM.
My current plan is to send my 1 STEEM to HIVE-Engine through @graphene-swap. I will then buy either SWAP.LTC or SWAP.DOGE and transfer it to Coinbase. I hope to find a way to sell the coins on CB and then transfer to my account.
I've been planning this transaction for several months.
I happen to have 6K HIVE and have been earning 10 HIVE a week which is worth about $2. I think that I am earning enough from my SteemIt/HIVE empire to start withdrawing coins.
On July 12 I sent 18 DOGE to Coinbase and received 16.865 DOGE. This is worth $2.10. This was 6% lost in the transaction.
On July 18 I sent 1 LTC to Coinbase and received 0.0992334 LTC. This has a reported value of $7.28. It looks like the interest rate on LTC was lower than DOGE. I don't know if that is due to the size of the transaction.
The next challenge is figuring out how to sell my assets on Coinbase for the lowest fee and then I can transfer it to a bank account.
Conclusion
I am receiving one STEEM a week and 10 HIVE a week in curation rewards. This is worth just a little under $3 a week. I am hoping to start depositing $10 a month for my efforts on SteemIt and HIVE.
I will continue to stake 100% of my author rewards.
My formula is to simply power down a STEEM a week. If the curation report shows that I earned more than 1 STEEM, I will transfer the money out of the account through Hive-Engine. I will then export some money to Coinbase.
If ever my weekly income rises to 2 STEEM a week, I will raise my withdraw amount. I doubt that I will ever achieve the 2 STEEM goal.
It will be fun start experiencing benefits from my time spent on STEEM. I have all six of my fingers crossed hoping that my curation reward value will continue to be above 1 STEEM a week.
I wrote this post because I think every STEEMian should have a path of egress. The recent dip in the market reminded me that is is possible for the crypto market to go South in which case we will all be running toward the exit doors.