Let's Get the Steeming Facts Right!
Somebody needs to broadcast the truth. Loud and clear. I've just turned my Smart TV on to YouTube and the Crypto Daily came on. It had been published on 4th August. It was good to see steem listed on the Top Five cryptos to buy, BUT there were two glaring errors highlighted in the videos reasoning.
The first... That investers got 10% interest on SBD. The second, that it took two full years to power down and sell out steem.
I'm sure that most of us like the usual transparency of Steemit, but I'm also sure that I wasn't the only one whose initial research of the platform confirmed those two facts. Along with the continual advice in posts to power up, they encouraged me to exchange BTC for Steem. These two facts give people the confidence to take the plunge ... make the leap of faith ... to commit themselves as fully as possible to their new passion. In the event that financial rewards weren't forthcoming from blogging then it seemed as if steem was going to be around for a couple of years at least, and the interest on SBD would help ensure that any investment would be as secure as can be expected from any crptocurrency.
But of course, as at least seasoned readers will know, there is currently no interest paid on SBD and it now need take only 12 weeks (I think) for any of us, including the whales who hold much of Steemit's future security in their hands, to completely power down and bale out.
Having invested as much as I could, and probably more than was sensible, less than two months ago, I quickly realised that I was going to have my work cut out to maintain the value that I'd invested, let alone make a profit. But I believe in perserverence and commitment... So if I should be here at all then that time will come.
Back to the point. Steemit has a lot going for it, but I do feel that the lack of updates to crucial information is damaging to it. I consider myself to be a very forgiving and tolerant person, but I did feel somewhat misled by information that I read, and I consider that financial matters, more than others, need to be kept up to date. Permanency isn't always a good thing. Lack of editing facilities can mean that helpful advice, apparently written by an expert, can become gross misinformation just 8 days after publication. But surely the basic principles of Steemit itself should be current, accurate and easily available to all, preferably before they commit to it in educated ignorance?
So... Witnesses, whales and seasoned Steemians, please, please, check out for yourselves not just how easy it is to be misled, but also how hard it is to discover the truth. Then, between you, make the posts and vidoeos that will ensure minnows don't join the shoal for the wrong reasons, and then feel cheated and disillusioned.
If you feel as I do, your comments, upvotes and resteems would be greatly appreciated to help ensure the right people see this post!
Thank you for highlighting these problems. I soon found not to believe what I read too. Even on Steemit some advice posts give the wrong information.
Yes... Seems to be more that's out of date than not. And newcomers see steemit posts getting high rewards so they write new ones based on old information, like the video I saw which was only 3 weeks old. Thanks for the upvote and resteem. Nice to see you on FB by the way. 😀 I've been behind with reading lately. Sheep and chicks demanding a lot of attention.
Yes, I'm an admin for a fb game. There's always plenty to do :)
I think it is great you pointing this out and completely agree with what you posted. With regards to the powering down i was also under the false impression it would take a year to power down completely.
Thanks for clearing this up!
Thanks for your support and glad you found it helpful. I'd hoped someone with the benefit of experience and first hand knowledge would pick up and improve on my effort, but its hard to get to them.
Yes, exactly the problems I encountered, misinfo.
It is indeed now 12 weeks.
There is now not 100% inflation anynomee on steem currency.
but only around 10%, by powering up you will have a little less inflation, however steem could now be an investment too if u don't want to hikd on to steem to long and are less interested in participating in Steemit.
Nevertheless the most gains u will make out of powering up and participating.
I still think Steemit could be one of the best longterm investments, but what I would like to know if those whales are actually gaining more and more steem power. As so much steem power is held by the top few, I have a feeling they will just accrue more and more as the reward system just ends up going to the higher levels mainly. Which will mean that the gap between poor and rich will just grow and grow.
I will try to figure out the maths behind it when I have more time,
Yes... You do the maths and figuring out Oodles. Thats one of your strong points. I'm off to try and shear my goats. If they decide to let me live I'll see if I can't post tonight, but its a busy time of year... On reflection, and knowing how far and hopelessly lost I can get in 10 minutes, I do hope a keen sense of direction is also one of your strong points....