I've been on Steemit since the end of June. I have read as much as I can on this project.
But sometimes you need to learn things by doing.
And what I want to learn about is Powering Down. I've seen more questions than answers about Powering Down.
I know that people always say here to Power Up.
That's the mantra--"Power Up!!"
But I need cash now.
Here's what I know. I began the Power Down on Friday July 15. I got my first Steem from a power down, tonight July 22.
When I Powered Down on July 15, I had approximately 3500 Steem Power. I don't know the exact number. I didn't write it down. (Note to self. Do that in the future.)
So today I received 35.897 Steem.
But since I began the Power Down my Steem Power as gone up. I am now sitting at 4245 Steem Power. My Steem Power has gone up 700 in seven days.
By just continuing to post and comment I continued to earn Steem Power. And Steem Power itself earns an interest rate. With my current amount of Steem Power, I am earning about 30-35 Steem Power A DAY by doing nothing.
(And if I get lucky, I could earn 35 Steem Power just on this post alone. Wink. Wink. Nudge. Nudge.)
I transfered the Steem to Bittrex and then sold it for Bitcoin and got 0.18266393 of a Bitcoin.
Coinbank says it is worth $119.76
To test out my Steem Power I clicked on a new post under the photography tag. A post that had no money to it. When I clicked on it, the post got 9 cents. (You're welcome. Whoever got that 9 cents. Try not to spend it all in one place.)
So, I still have some voting power, all while depositing $119 into my checking account.
Thoughts about Powering Down
I completely understand that one should probably hold Steem Power and let grow. I understand the compounding interest concept behind this.
But, I can earn more Steem Power by posting, commenting, and upvoting. If I need the money in US cash, then it is beneficial for me to take it.
I know that in the future, if Steemit really does take off, as we all hope it does, I may regret this.
But in many ways I appreciate the $100 NOW. I have no idea if in the future this thing will continue to exist or produce money at this rate. I still feel like I am playing with Monopoly money, and this thing could end at anytime.
At which point cash in the bank is better than, the possibility of being a millionaire that never turns out.
What I know about Powering Down
1. It is take in 104 weekly payments
2. I can stop it at anytime and keep Steem Power
Questions I still have about Powering Down.
1. When I powered down, the transaction said I was powering down a certain number of vests, and that number was equivelent to around 3500, so will I receive the same amount of Steem next week? Or is it based on my new number of 4245?
2. If I stop Powering Down, in say three weeks, or with 101 payments left. And then a month later start up again, do I go back to 104 payments, or does it begin again at 101?
If you happen to know the answers to any of these questions, please leave an answer in the comments.
I will do a follow up post next week with what I learn from the next Power Down.
[Update: When I posted this I got $0.09 for my own upvote. I still have some voting power.]
[Update #2: In less than 24 hours after I posted this earn have already earned back the Steem I Powered Down. I had Powered Down 35 Steem bringing me 4,245 Steem, due to posting, commenting, Upvoting, and just the interest rate in Steem Power I am now at 4,284.
I've gained 39 Steem in Steem Power in less than 24 hours, which is more than what I powered down. I am going to blog about this again next Friday, but this has me very excited about the power of Powering Down.]