Steemit Goals | Investing in Steem Power
It’s been quite some time since any of you heard from me here. Well, man’s got a very very busy life offline but I try my best to work behind the scenes for this community.
The Campus Connect team is really working to see that this community gets to really high highs. The Campus games are just in their early stage but we’ve seen some encouraging engagements. Thank you everyone!
Today I want to talk about something really important. I’ve noticed that people don’t really know the importance of Investing in their Steem power. For a while I wasn’t even sure what Steem power was but it’s clear to me now. To sensitize, I want to start with this not-so-small post.
My development and goals
I started steemit back in December 2020 with clear money goals. Back then, I just wanted to escape some hard situations but as I got deeper in the blockchain, I started to think long term. I started to make posts about my progress here, here, and here but I stopped to review my goals a bit.
I started to expand my crypto portfolio with steem and SBD but I never powered down. Once I got SBD, I converted it to Steem thinking it was the right thing. After building a satisfying portfolio, I went back to my SP investment. I noticed that I was actually wasting my SBD. I was not converting at the highest possible exchange rate.
I did some rough calculations and found out that 1 SBD should be equal to about 14.3 Steem before converting. The figures are just my base. Recently I converted at 15.2 steem/SBD but I don’t base it high to avoid greed. You know how it is...
So with this, I made better goals:
No more cash goals for me. Focusing on fiat conversions can be depressing in this crypto business. My new SP high for the year is 15k SP. I will definitely review this as the year goes by.
My current unimpressive SP
I’m kind of ashamed of the figure in the picture. My SP would have been really high if not for my other ambitions. I want to focus more my SP for the rest of the year for some reasons.
Bringing us to what I want to talk about...
Why Invest in your SP?
1. Voting Power: Getting the obvious out of the way, more SP means more Voting power basically. Your votes will be worth more with higher SP. The whole concept of voting power has other significances which I will mention in some point below.
2. Bigger rewards: This goes without saying. Curators normally get 50% of what their votes are worth. It’s kind of like staking. Imagine your votes are worth $0.02. You’re clearly not making a living. Now, if your votes were worth $0.5 you’ll be making about $5 per day if you voted just 20 posts a day. Your votes will be worth a lot more when steem rises and still be reasonable when steem falls.
My calculations might not accurate but you get the picture.
3. Encourages Saving: Steem is supposed to be an investment. A long term type of asset. Considering the increasing popularity of steemit and engagement on the platform, we can speculate that steem will be worth a lot in the long term. Now, SP takes 1 month to power down with 25% powered down every week. That kind of process discourages quick spending.
4. Independence: The best part of building your SP is the feeling of true independence. You will not have to depend on the major curators to earn on the steemit blockchain. You’ll get to know the true feeling of a decentralized system like Steemit.
In Conclusion, powering up in a Blockchain is essential for a bigger stake. Incorporating this system was a smart move by Steemit.
I don’t know much about how reputation increases. I need to do some calculations in order to have clear reputation goals on steemit. As for SP, I already have some steem hidden away somewhere. I’m just waiting for Spud4steem to do the needful.
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