You can not withdraw STEEM from your Steem Power as you thought
I'm risking another FUD downvote here. But let's that jerks with no life have their fun if that's only source of their fun these days. Their downvotes are having negative impact on their own wallets.
Why I wrote this title? Because I joined Steem almost a year ago and I had wrong impression how I can withdraw my STEEM from vesting shares. And I read about that subject multiple times. I was thinking that I can withdraw whole amount after 7 days after withdrawal initiation. But that's not the case.
Basically you issue withdrawal via steemconnect or cli wallet where you state amount which you want to withdraw and you get only 1/13th of that amount every seven days.
Here is my example. After I got gang raped by some immature "let's show who has bigger dick" whales, I wanted to buy some bot votes to restore my reputation because all my posts were hidden now. So I figured out I will buy votes for 5 STEEM just enough to restore reputation to 1. And I issued withdrawal of 5 STEEM from my STEEM POWER via steemconnect. But after 7 days I got only 5/13=0,385STEEM. I didn't have a clue, then I found this document explaining exact thing in the 4th paragraph: https://www.steem.center/index.php?title=STEEM_Power_(SP).
So, I needed 5STEEM, 5 times 13 is 65, then I issued withdrawal of 65STEEM. That means I will get 5STEEM every seven days for 13 weeks until this sum reach 65STEEM.
We can't talk about massadoption of Steem until we resolve this basic stuff. For a year I didn't know how this thing works. That's example of bad UX.
Lack of information was built-in from the beginning. This started with mining, since there were no clear instructions as to how to mine Steem, those that did manage to mine it had to be smart enough to figure it out.
There are benefits as well as draw backs to this. People mining had to be smart, but it did exclude some folks who simply passed up Steem to mine something else, and that hurt distribution.
When I power down, I power down the entire available amount and stop the power down when I have enough liquidity. Whatever I don't need, I power back up.
Good strategy. Also I see now that it's better to take 50-50 for author reward instead of 100% SP.
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Good point but take in consideration that the period was one, or two years (not sure) before they changed it to 13.
Yeah, 13 weeks is more fair than 2 years. :)
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I think one of the reasons why there is a slow adoption of steem is the poor definitions of the terms used and explanation of how things work here. For example, the definitions (or lack of it) provided for the various "keys" and "passwords" are so bad that, now and then I keep referring to the FAQ for answers.
Yeah. I didn't went into that area. I have no idea what for every key is and how they work.
Posted using Partiko Android
Unfair?
Depends how do you look at it. There should be mechanism to prevent withdrawing all the funds vested in exchange for power. But withdrawing in 13 installments looks too much.
Posted using Partiko Android