RE: I'd rather have Steem Power then Steem Dollars, anyone else feel this way?
I've been using SteemIt for about a month and I still don't feel like I understand how it all works well enough to choose wisely, but I am leaning towards holding steam power because steem is still very new and if I had gotten into Bitcoins this early then I would be a millionaire by now.
Some things that I have learned about how it works though:
Steem Power has a 100% interest rate (your SP doubles every year)
Steem itself is designed to go down in value with the inflation of SP
Steem Dollars are always roughly 1 US Dollar
Technically your Steem Power doesn't go up in value from the 100% interest (because that's inflation, and Steem itself goes down in value along with that inflation), but it does go up in value over-all when more people start using Steem and investing in their own Steem Power (because of supply and demand). Basically, right now Steem is where Bitcoins where in 2009.
I withdrew my Steem Dollars once, just to prove that I could, but then I put it back into Steem Power because there are even more benefits to holding SP, like how having more Steem Power also increases the curation rewards from upvoting ;)
I had no idea that SP doubles in a year, but I do also like how the curation rewards increase when upvoting. There's so many tricks that we need to really find out. Cheers!
Thanks for the info. I upvoted.
I just bought my first steempower, and it seemed like it doubled from steem to s.p.
I like steemit and smp. I am in for the long haul. I hope it is successful. I know it is in beta but I think it will be a successful platform. Just my humble opinion.
Nice input, I just have a quick correction, "your" Sp doesn't double every year, SP doubles every year, yours gets a 90% gain in the year, so if you don't earn 10% of the SP you earn in total from comments, posts, and curating, you'll actually lose stake in the platform through inflation.
You'll still gain SP every year but others will be gaining a slightly bigger stake while you'll be losing a little if that makes sense. You hit the nail on the head at the end with the price of steem though.
Thank you, I didn't know that.
Thank you for clarifying.
Glad to help. :-)