Vlog #19: Steempower is protecting many Steemians from emotional selling and hacks.
Crypto can change so much in a week and this week has not been an exception.
Last week the market crashed and the Steem price went from $1.30 to $0.68. I can imagine this would make many users new to crypto very nervous. It creates a feeling that you should sell before it goes even lower!
But selling (without buying back cheaper) last week would have been a huge mistake because one week later the price is back to $1.30.
I believe Steempower is preventing many users from emotional selling into a crash.
Just another feature that is so useful about it.
Protection against hacks.
Another good feature is security.
Liquid STEEM can be sent to an exchange instantly in case someone acquires your 'active' key. Steempower is liquid STEEM that is locked up. It takes time to turn this back into liquid STEEM.
In the case of a hack, you, therefore, have a lot of time to change your 'active' key and lock out the hacker.
You can change you 'active key' by using your 'owner' key (that you should never ever ever ever use to login to Steemit under normal circumstances).
Others reasons why Steempower is nice but most users know already.
- More influence on the platform. (more voting power)
- Better curation rewards.
- A small interest on your Steempower.
If you have any questions about Steempower I'll try my best to answer them for you.
Follow Me @exyle
Yes, my bro!
Perfect article (and tutorial to the different login options) as I must admit even I didn't know until your extremely useful explanation! Thank you!
You are so right about the advantages of storing your precious steem in steempower. In essence, a savings account where your funds are locked up nicely. Of course, you have the powerdown period but seven days is a long time to receive one payment and you need 13 of those for the entire account. Plenty of time to change your mind about the powerdown or change your "password" should a hacker break into your wallet.
An ingenious little system that I love and works flawlessly. Also, let me add that your vlogs simply keep going from strength to strength to the point now where I look forward to each one every day. They're great and you're doing an amazing job, man!
Again, fantastic post as always. Steem on, my brother!
Man thank you so much for another awesome reply. I know I keep saying this everytime but it's 100% true. The whole Steempower system is indeed so well thought out. It's genius in more way than one.
Panic selling at the bottom is the worst pitfall for newbie traders. Steem Power provides a kind of safety net, in that regard.
Today's steem price is basically meaningless if we are committed to seeing this platform go mainstream!
Yes, I completely agree. I like the use of the word safety net!
much volatility
Great Idea... I just turned everything from Steem into $576 Steem Power... I am new to the platform and the future looks promising!
Welcome to Steemit! And congrats on your first powerup!
Steem Power is a great feature, it's really helpful to not have direct access to money. For me it keeps me more from impulse spending than anything.
lol, I forgot about impulse spending! :)
True.. steem is forcing us to learn the market of crypto works and how not to panic when price falls by locking it in steem power.
Panicking is never the answer in big swings. I have made mistakes in the past doing that. I'm glad that with Steempower more users are prevented from this.
Good to know ..I was confused about these diff keys until I watched this video .. thumbs up , and will follow 👍🏼
Thanks for your nice reply! I'm glad it could help.
Can you tell me what's the private key? Beside the post key ( show private key) when you click you find another key ) same with Active and memo keys. Thanks for your help :)
To keep it simple. To identify you as you on the steem blockchain there are 2 keys. Public keys and Private keys. The public key under your account is visible for everyone....but there is only one private key that can 'communicate' with this public key. That's you. that's why when you post something I know it comes from you.
woah, I didn't think about the security measure, that's cool.
It's super cool because it gives peace of mind!
Steem power is i think the best investment at this moment. Besides Giving money on the long term as steem must go up, you get power and are able to create money, and more power with this money earned. I Also stopped being worried as if you trust in crypto you will be sure all Goes up! Only thing i do if coins come down is buy more!
There is no worries about selling Steem, Steem in a future gonna cost loads of money. Thanks for good video and great explanation @exyle
Thank you man!
Hi @exyle I am new here and really appreciate the great ,helpful information and love that you also added a video to it . Thank you so much :) I am following you :)
Thank you so much for your kind reply and welcome to Steemit!
Thank you :)