Why I Am Powering Down, But Plan to Cancel After One Payout
Today I hit the "Power Down" tab, not for the first time ever (the other times I canceled almost immediately after clicking it) but I think I'm going to let 1/13th of my Steem Power turn to Steem, then I will cancel.
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I have this new plan, I think. I'm happy being around 1,000 Steem (Steem Power) and so I did the math(s) and if I power down with 1,100 Steem Power I will receive about 84 Steem each week. Now, I think I'm going to Power down when I get to around 1,100 so that I stay between 1,000-1,100 Steem Power. I might decide to alter this and move the numbers up a bit each time,but I think that's what I am going to do. I think I'm going to use Blocktrades to go from Steem to Bitcoin and then buy physical silver with the Bitcoin using either JM Bullion or Provident Metals, as both companies currently accept Bitcoin as a form of payment.
This is just something that came to me today, so I might decide to change my mind in the future. I might decide to shoot for 1,500 Steem Power, then Power Down one week at a time hovering between 1,500 and 2,000, and move it up from there.
Have any of you guys thought to do this? You aren't really losing Steem Power long term doing this because you'd hover between fixed numbers. My thought is to put what I've earned from Steemit into real physical metals, which was always in the back of my mind. I just hadn't figured how I was going to do it until now.
On the one hand, I feel like I want to keep almost all of my Steem Power as Steem Power and just grow and grow and grow, to see how much I could have in say five years, but another part of me wants to do what I've mentioned here.
I feel like I'm writing this out in the hopes that someone can counsel me a little bit on what seems reasonable. I'm usually pretty sure of my decisions, but this one is tough.
I believe in Steemit, and in Steem, like I've been saying. I feel like Steem could head to $10 and to me, 1,000 Steem Power is a very solid base. On the other hand, I think silver could head to $100. Both have incredible potential and in my opinion are undervalued (silver being much more undervalued because it's been money for millennia.)
I guess I'd like to hear from the stacking community, but also from the crypto community. Have you thought about doing something like this? Have you done this already? Any constructive advice would be greatly appreciated.
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Sure, its not a big deal. Always diversify.... hmm they call me stackin, yes I love Silver and Gold also :)
Good to meet your acquaintance, Stackin! :)
You know what to do, "Keeeeep on Stackin" :)
Yessir I do!
If you are looking for some "counsel" on using your money from cryptos to buy silver, let me share a small part of my post from 6 weeks ago:
"I don't have to worry about my silver's batteries running out, or losing my crypto-wallet, or the bank cutting me off - BECAUSE I AM MY OWN BANK!!! And, here's the coolest thing about my own bank: I am ALWAYS, 300%, PRE-APPROVED to take out a loan, any time, for any reason.
So, why all of this fuss over STEEM, Ethereum, and BitCoin??? BECAUSE IT'S GOING TO BE REALLY GOOD FOR BUYING MORE SILVER!!!"
You have to understand what it means, right now, to buy physical metals: you are, "taking your money out of the game," and placing it into a more secure savings account. You are buying yourself some peace of mind, and some financial security. There is a lot to be said for both peace of mind & financial security. However, with your money just sitting there - waiting for SHTF - it's not doing a whole lot, other than having its' price supressed by the central banks - because they want everybody in the dollar, not REAL assets.
My strategy is essentially the same as yours: keep some money in cryptos, keep on "playing the game," so that I can take the profits from it and buy more silver.
One day, maybe soon - maybe not, precious metals will break free of the manipulation. On that day, everyone who's sitting on a stack is going to be VERY happy. You could do a whole lot worse and just go out and spend it all on junk that you don't need - but you seem smarter than that.
I hope that helps.
(curtesy of CageTheElephantVEVO - YouTube)
Very nice comment my friend. Yes, you're right, we will be sitting pretty one day!
It's ok we won't hold a power down against you.
Lol thanks.
If you need the money then go for it. Otherwise, if you believe in steemit, i would be powering UP as much as i could (i just did it...) so as to earn more, and to be able to give more!
You get what you give...it's easy ;)
Cheers!
Good advice. I think I'm going to try to do both!
I'm the worng person to give advice..I still don't understand it fully tho I've read about it alot. I did however take your advice and congrats my tiny bit of steem to steem power. Waiting a couple days now for that to see how it affects me. U dam right silvers undervalued. I read that world television production alone uses 10 million Oz's of ag. That's just one of its thousands of uses!
I'm still going to be doing both I think. I'm going to Power Up maybe half of the Steem I earn and Power down the other half. I want more Ag man, I'm an addict. And it's been too long now.
You really can't go wrong buying silver right now, ideally we would be powering up and buying the physical, but there is only so much fiat currency to go around!
You deserve a power down , just don't do all of it . I did it for the first time because I might need some extra money for my baby due next month. Every little bit helps so I thought for like 1 month I'd see what I can get but still working my way up everyday
Awww congrats :) That's a GREAT reason to power down lol
Thank you (:
Yeah, it's judicious to use power down at times for a week. But doing it on a regular basis will get you stuck at 1000-1500 steem power 😮. I think a better strategy will be do some power down on achieving the next milestone ....like once on 1000SP & then once on 2000SP and then once on 3000 SP or whatever though it all depends on one's individual needs also. 🤔 🤔 🤔 🤔 🤔
At the rate at which you are moving forward here, you can climb up very high in a short time. Powering down at that level on a regular basis would be more desirable, I think.🤔
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Good advice. Another thing I may do is just hold the Steem from my Powering Down until the price of Steem rises a good amount and then trade to BTC and then buy silver with it. :) Thanks for your comment.
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I did this when STEEM reached $2.50 with the intention of cashing out 10%
I saw a great post about 'raking' off 10% every time your stocks/crypto double in price. Then STEEM plummeted so I held back. When it hits $2.30 I'll consider making some manoeuvres.
I still think it's nice to keep some liquid for this reason, and in case of emergencies.
That's what I was thinking too :/ I kind of did it at the wrong time lol