Keeping Steem and SBD Under Your Mattress
As I've posted earlier, I'm part of the Make 250 Minnows in a Month team and we are working on helping users get to minnowhood.
Usually I'm minding my own business and not checking other users unless I have to. I got a long list from @paulag with users and my task was to check each and every user to see if they hold SP between 400 - 500. What I saw made me thinking. Many users are holding hundreds of Steem or/and SBD in their wallets.
Don't get me wrong, each user has the right and freedom to do whatever he/she wants with his/her Steem and SBD. I just think many of them don't understand this game.
Keeping Steem and SBD in your wallet is a waste of resources unless you want to cash out or you need the funds for a contest or something. Keeping Steem and SBD in your wallet is similar to keeping money under your mattress. Powering up would give you more advantages.
The more Steem Power you hold, the more powerful your vote and the more you can earn by curating other users post. Many of these users could be a minnow easily, they just have to power up.
Being a minnow on Steemit will give you a slider you can use to adjust your voting amount, which is a huge advantage. You can adjust your voting power as you please and you can vote more posts.
There's another matter you should take into consideration in case you're holding large amounts of Steem or/and SBD. In case your account gets hacked, you can say goodbye to your liquid Steem or/and SBD. How many cases have I seen so far! That's the first thing hackers do, they take all your Steem and SBD in a split second and you can't get them back even if you start account recovery. Those funds will be lost forever.
If you're here to stay and thinking long term, I'd say the best thing to do is power up.
If you want to become a minnow and need a little bit of help, please read these posts and feel free to contact me.
- Announcing STEEMS biggest push yet to Grow a Middle Class - Let's Make 250 New Minnows in a Month
- Making 250 new Minnows in a Month - Massive shout out to Power UP league Members
- Ten thousand minnows: Baby steps
- Calling All Community Leaders – We are taking Nominations for 250 New Minnows in a Month
There is an intrinsic optionality to holding liquid funds. Optionality means that you have choices about what to do with the money. Trading movements between SBD and STEEM, conversions, vote-buying, drugwars, gambling games, steemmonsters cards, SBI sponsoring, powering up, and probably lots of other choices I don't know about. Each of these have pros and cons and unique value that makes their relative advantages and profitability constantly shift. Optionality lets you continually incorporate new information, revisit your strategies, and flexibly shift between them.
Once you power up, your choices become much more limited. If you don't have a plan for how to get value from powered up SP (delegation, active curation for network, passive curation through a trail in exchange for votes from that trail, self voting, vote swapping with existing programs that include that in their design) then keeping your funds liquid until you do could actually be more valuable.
On the other hand, most newer Steemians do not have the level of blockchain knowledge they would need to fully benefit from the described optionality, and could be better off powering up.
Yes, you're right and I agree with you but to do what you've listed here, you have to know your way around. These users I was talking about are not even minnow, and I think the best solution would be to power up and era more, then they can do all that you've said.
Some of them could double or even triple their VP by power up.
Anyway, that's up to them, no one can tell them what to do, we advise people but the final decision is theirs.
Thank you!
Definitely good advice. We also earn a little interest on our SP.
Thank you @steevc, looks like my post wasn't a waste of time, a friend of mine has just powered up :)
followed your advice :)
Aww, unbelievable! You have powered up! 😀
I'm so glad you did, that will make a difference, you'll see 😉
Well said Erika!!! I will help to promote this message 😊
Thank you so much dear Lena! I was just looking for your post to let you know that you've been added to the program and will be getting support, so happy posting 😀
Good advice @erikah
But I think the case usually is, people are waiting for when they're going to cash them all out. They don't want to power up so when its cash out time they'll only take their tokens out in bits.
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Yes, you're right, that's a possibility, although it's risky to keep so much steem in your wallet.
Yea, it is.
👍🏼
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There is only one way that I would advise someone to hold sbd, which is if he or she thinks the STEEM price will drop, hodling sbd would increase the amount of STEEM that steemian would be able to power up.
This would have been something to do like 1 year ago, atm it's not worth it and the best option is to, just like you said, powerup. I've started using 100% power up on my posts.
You're right and I agree, power up is the best option, especially if you're planning long term. Thanks for dropping by, have a nice day :)
Saw you getting on board which is great. I also agree with you on the fact that they aren't making the most of their steem. They should be maximising their steem especially when the price is so low. I would hate to sell below $5 at a minimum which is a long way off so why not power up and increase it.
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Thank you @niallon11. Some are holding Steem to cash out, others are waiting for an opportunity, but unfortunately many have no idea about the benefits of powering up.
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Yes I have, each week, every week.
Thanx for the advice, Its true though, I literally had no idea what I was supposed to do until someone explained this to me and now I power up whatever comes in. Steem is a crazy intricate place.
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Unfortunately many users don't have any idea. We need to post more about these things to help those who are new and need some guidance. Powering up everything you have is the most important thing if you're planning to stay and build a strong account.