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RE: Be Aware of the fine print before investing into Steem Power, know the risks
You buy in at the worst possible time and then blame your losses on inflation? There is less than 1% inflation per month here.
Like you, I also got super excited for crypto when Bitcoin hit 20K. Unlike you, I knew it was going to crash into the dirt. I've been swing trading in a bear market for months.
It's not fun but you've literally been here 3 months. Make this post after a full year has passed. You won't be able to because it's going to swing back up again; likely in the summer time and then again in Dec/Jan
EVERY cryptocurrency did the same thing. There was no safe space except to keep your money in fiat.
I've been swing trading my other cryptocurrencies in this bear market as well with some success, which you cannot do here when your money is locked up in Steem Power. The point of this is to educate people on the risks of locking your money in Steem Power on Steemit which a lot of people that aren't into the minutia do not realize. If it recovers later in the year then great, it's not like I can easily take my money out anyway so I plan to let it sit. But I'd hate to see others lock their money up here thinking it's a quick money program because it's not and you have to be extremely active to see any benefits from it at all.
You don't have to be active at all. Sell your votes to a bid bot and the bot will pay you.
It's true there are a wide variety of risks and it's good that you're trying to spread the word about them. I just think you're going a little overboard because you personally got burned.
Personally I think Vested Steem Power is one of the best things about Steem. It's nearly impossible to steal because of the account recovery program and it evens out the market and makes proof-of-stake a reality.
Again, the point is to educate the average user. I'm sharing the information and experiences that it's taken me 3 months of being on the platform to realize. Are you getting offended because I pointed out the fact that having your money locked up is a comparable feature to a Ponzi scheme? Had I of omitted that would you have had the same reaction? It seems that you're taking something I said personally so what part exactly is it? If it's that offensive to you I will remove it, in all seriousness.
It's not offensive at all, but if I were going to explain this platform to new people I'd be stressing other things like Proof-Of-Stake. Telling people that this platform is proof-of-brain is ludicrous and makes people super angry when they find out it's not. Users will get out of this platform what they put in, and most users expect to put in very little and get out a lot.
This can't be a platform you just randomly sign up for after listening to someone like Jerry Banfield pump it on his various channels thinking you're going to make all kinds of money. You have to truly understand it and how it works.
The full article talks about combining the effects of market declines with the effects of dilution. Dilution is the main focal point because it's the piece of this equation that is the least known. Everyone knows the markets are down but not everyone realizes that their also losing money to inflation too at the same time.