11 Reasons to Power UP STEEM and SBD
I have been working on the 250 New Minnows in a Month Event for over a week now and it’s been an eye opener for me in so many ways. One of the things that has stood out to me a lot is the accounts holding liquid STEEM/SBD. From talking with some of these accounts, one of the reasons for holding liquid is not knowing the benefits of Powering up
With that in mind I have put this quick post together to out line 11 Reasons to Power UP
11 Reasons to Power UP
- Accounts with 500STEEM POWER or more make up only 1% of all STEEM wallets. If you power up to 500 or more STEEM POWER, it will put you in the top 1% of STEEM POWER holders
- If only 300,000 people held 1000 STEEM POWER each, under the current supply, there would be almost no liquid STEEM available. Having 500 STEEM POWER puts you half way there.
- Becoming a minnow gives you a voting slider on Steemit.com.
- Becoming a minnow is a personal achievement and milestone for many.
- Powering up increases the value of your vote.
- Powering up increases the stake you hold in witness voting.
- Locking liquid STEEM into STEEM Power makes STEEM a scarcer resource and in turn should help the price as long (as there is demand.)
- Powering up shows other STEEM users that you have long term intent and confidence in STEEM
- Powering up gives the STEEM ecosystem time to grow and flourish. Remember, STEEM is rather new in the general terms of things.
- Powering up is investing in your future.
- Part of the newly created STEEM each day is shared with STEEM Power Holders. Powering up STEEM now will return you with more STEEM in the future.
Have you more reasons you can add? Please do comment below and share them with us.
Looking for some motivation to Power UP
If you have STEEM Power of less than 500 you can join the Redfish Power Up League
If you have STEEM power of more than 500 you can join the Minnow Power Up League
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I've been on this platform for just over a year and it's good to know about the actual benefits of powering up. I knew it meant a bigger reward on voting others, which is what I want to do but the other 10 things you mentioned I didn't have a Scooby about!
One question I do have is that I have a bit of SBD, I've been told to hold on to it by some, others say power up... can you shed some light on the benefits of doing either? What if I held SBD?
to hold or not to hold, thats a shitty question to ask me. Okay so SBD is supposed to be pegged to the us$, if that peg were to stay in place, holding for speculative reasons is not worth it. However, the peg tends not to hold and the price does go up and down.
I use SBD to pay for some stuff, like my steemsql subscription so I like to hold some for that reason. but what I have spare, I like to power up. And now for every SBD you get just over 2 steem.
It's not that shitty of a question is it? Always good to get an opinion from someone who knows more than you do about it haha
Thanks for answering, I had a feeling there wasn't much point in holding SBD because you can just trade it to get more STEEM whilst prices are down. I powered up all the SBD I had left as it seemed to make sense.
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Hi Paula,
I think you might have forgotten the most important reason for powering up. By powering up, it increases your voting power in the Steem blockchain... which means you can support your friends and family and the content that you like... and obviously there is often a very strong correlation between people who have a strong vote also recieving a lot more votes.
I'm sure there's no quicker way to get popular on the platform than having a strong vote.
It also gives you better curation rewards.
very true, I totally forgot about this one :-)
point 5 kinda touches on this, but yes you are correct, this is for sure a benefit
Powering up Steem allows you to delegate to projects and earn passive income through SMTs or Steem from a part of the share in profits.
For example I get Magic Tokens by delegating to Magic Dice and earn Steem passively each day. I am hopeful that if I want a quick return one day I can sell my Magic Tokens to someone else looking to earn passive income through the site.
another awesome point I never thought of - it gives you the ability to delegate to other projects
I would like to also add that you get interest on your Steem Power, but not your STEEM or SBD. I believe the interest rate is around 2 % per year. Here's a nice post about it: https://busy.org/@preparedwombat/how-much-interest-does-your-steem-power-earn-i-finally-figure-it-out
yep I have that covered in point 11. Some of the newly generated steem each day is shared with steem power holders
Ah, I kind of missed that point. Ops!
I completely agree about powering up - but these are not really valid reasons.
Accounts with 500STEEM POWER or more make up only 1% of all STEEM wallets. If you power up to 500 or more STEEM POWER, it will put you in the top 1% of STEEM POWER holders.
I guess this is probably a motivation for some - but it just shows how little we value our platform - and that the distribution of stake is pretty much delta function. :)
If only 300,000 people held 1000 STEEM POWER each, under the current supply, there would be almost no liquid STEEM available. Having 500 STEEM POWER puts you half way there. (Ifs and weres - have no argument against it- but I guess everyone is waiting to sell steem as soon as the price jumps) - which is okay :)
Becoming a minnow gives you a voting slider on Steemit.com. - there is just too many effort letting people know that there are other platforms than steemit, and most of them have built in slider independent of Steem power.
Becoming a minnow is a personal achievement and milestone for many. ===
Powering up increases the value of your vote. - true that
Powering up increases the stake you hold in witness voting. - :) distribution, distribution.
Locking liquid STEEM into STEEM Power makes STEEM a scarcer resource and in turn should help the price as long (as there is demand.)
Powering up shows other STEEM users that you have long term intent and confidence in STEEM
Powering up gives the STEEM ecosystem time to grow and flourish. Remember, STEEM is rather new in the general terms of things.
Powering up is investing in your future.
Part of the newly created STEEM each day is shared with STEEM Power Holders. Powering up STEEM now will return you with more STEEM in the future.
Once again - this is not an attempt to persuade people not to power up ) but just some thoughts on the things you pointed.
Cheers, and power up! :) I know I will :)
Thanks for your interesting insights in addition to the original post. I did just power up my account as I do want to be able to give rewards to quality content (or what I believe is quality content) when I see it.
So for me, the motivation is to build my account up to reward others - long road haha!
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You have to keep educating people over and over. The learning curve here is high. We must not forget this along with that new members have little experance here. Scams will be the next issue as steem price increase.
We have to keep repeating the same lessons over and over. Its a necessity.
Noted! Thanx for sharing. Ive been powering up whatever I can, not really even knowing why or what I was doing 🤣
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Wow it's a good presentation of reason for why to buy and power up steem / Steem power.
thanks
This post has been included in the latest edition of SoS Daily News - a digest of all the latest news on the Steem blockchain.
I think we forget sometimes how the 'basic' idea that everyone needs to power up is not automatically transferred to Plankton just because they signed up for this platform :')
It would help if we could all keep this in mind when we're in touch with Plankton - to not assume 'they should know' :-) Thanks for putting attention to this!
well thats just it, many people dont know and we need to help them :-)