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RE: Why are Digital Currency Prices Dropping? Time to Buy Steem!
Hey guys. I'll try to help.
- Steem Power is just steem locked up in a way to affect your voting power / payouts. The more you have in SP (steem power), the more you get from upvotes and also the more your are able to give out VIA an upvote. It is your POWER on the site. If you put Steem into SP, it takes 13 weeks of equal payments to exit SP back into regular Steem that you can sell on an exchange. Most people put everything into SP if they are long on the platform (like me).
- SBD are "Steem backed dollars" used to help assist with the economics of steem, it creates liquidity and also helps stabilize Steem value. People on here use SBD to pay for services like @randowhale and to tip people above and beyond an upvote for great content or great service to the Steem community.
- Steem is just steem. If you have STEEM, you have the actual blockchain asset this entire network is based upon. It's like owning a share in Steem's future.
Any questions, hit me up and I'll try to clarify!
Wow that was extremely helpful. I'm pretty new to the site and haven't had a chance to dig in. That cleared up plenty for me as well. :)
A CHAINED BIKE NEVER GET STOLENNNNNNNN!!!
haha
#CHAINGANGWASHERE
We the most gangsterist price raising crypto thugs in this bitcoin recession ghetto!
Come hold your coins with us and we'll make sure they never get stolen by whales or Babylon corporate reptilian army's for you!!
LINK UPP
#ADVANCEDHODLTECHNOLOGY !!!!!
#AWARENESS
#CHAINGANGSTRIKESAGAIN
JOINTHEGANG
WEGOTYOURBACK
-we the people
What? CHC is a dead coin taken over by a pump and "hodl" group. That in and of itself makes absolutely no sense. If you just HODL forever, then what difference does the price make? Are you going to hodl your MN earnings too?
And whales never "steal" your coins . . . people voluntarily sell them in a panic. If you watched btc today, we are not in a recession.
Which of the forms earns dividends/Interest? what for is the interest paid in?
You can check my other posts on @lovelyday
and also follow and upvote me.
Thanks to all friends.
SSSOOOOOOO HELPFUL! Thank you for the clarification! Haha
thank you. that explains it really well.
Great response. The only correction I'd make is that Steem Power has nothing to do with how much you get from the upvotes of other people. That is entirely dependent on their Steem Power, not yours.
I tend to think of Steem Power as being like owning a share in Steem's future because it gives you your voting rights and influence. Steem should really only be held if a person wants the liquidity to sell or trade it.
WE THE ONES WHO JUMPED SEGWIT!!!
Quit spamming your CHC memes all over the platform. Thank you.
This was very helpful @abstractart - thank you. I have a question about what "Redeem Rewards (Transfer to Balance) means and what that does. Is it better to hit that button or let it sit in the part of the wallet that is highlighted in light green? Can you tell me what that is all about? Thanks.
The "Redeem Rewards" function is a fairly recent change to Steemit. Previously rewards were paid directly into your account balances and this step did not need to be done. The change was made simply to help the blockchain run more efficiently, as it reduced the number of transfers/transactions happening since not every little .001 Steem was being sent, instead being accounted for in this ledger type balance.
Click it whenever you think about it, there's no harm in claiming often and in fact there is no benefit to just letting it sit there unclaimed. The sooner it is in your actual account balance the sooner it is earning interest for you or making your votes more powerful (if it is Steem Power.)
That was a helpful explanation thanks
Thank you @bryan-imhoff! I appreciate you taking the time to answer my question.
I agree also very helpful! It is a complicated system to grasp.
This is the best explanation i have seen on this thus far. Thanks abstract! Will upvote you and follow!!
Thanks for clearing this up, I kinda felt it was wise to put my earnings into SP, glad to know now!
You and Jerry have been most helpful!
I follow you in youtube and thanks to you I got to know steemit. Never heard of it before. What I really don't understand is when to sell. You always make comments on don't buy high/sell low (like a lot of people do), so, the next question would be, When Should I Buy/When Should I Sell any cryptocurrency? Im in it for the long haul but when is it the best time. You never know what's going to happen in this market. Thanks and best regards from Mexico.
Thank you so much for explaining this. I'm new to steemit and I was really confused about SP,SBD and STEEM. You made it super easy to understand. I think anyone new should read this post.