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RE: Want a 3-week Steem Power boost? Think twice
To be honest I don't understand any of this can you explain this in dummy terms for someone who isnt econmic minded. Basically i'm a minnow and struggling, i really want to see some return for the effort i put in because i have no income and no savings therefore i have non f my own funds to put int steemit. I can see from being here after almost a month that steem power is vital to seeing any return. How do i borrow steem power? am i going to be able to afford the interest. Are ppl really going to vote me up more if i have that steem power, do i need to vote myself up, How much do i need to borrow?
Unfortunately there are no easy answers to your questions.
Steem power is vital for curation and it allows you to determine the flows of rewards on the platform. Yes, you can upvote yourself but it is not appreciated here. Discussion under my previous post has more info on how much you can make doing it.
To borrow stem power you need to find another user who is willing to lend it. A good way is to go to minnowbooster.net and borrow there. People are not going to vote you up just because you have SP.
This article answers a humble question which timeframe for a lease is more liquid. The answer is 4 weeks. For a newbie that means that it is easier to get a SP lease for 4 weeks in terms of wait and price given that you price your request correctly (at about 100 SP/Steem week now).
Thank u for thorough response, i think i get some of it. so they lease you the SP and take it back after 4 weeks plus u have to pay APR ontop of that, what happens when you dont have the funds to pay the APR or do we/they/i assume that by having the SP im going to earn enough to pay back the lease?
You pay the fee upfront. If you do not have enough steem you can not borrow.