Q3 2018 Review of My STEEM Experience
In the future, when I look back at my journey in the #STEEM ecosystem, I am sure that this quarter will prove to have been a pivotal point to my experience. I made a number of key changes and adjustments which have proven to be beneficial to the growth of my account over the last three months. While the market and price of STEEM has been nothing to celebrate, I have taken the opportunity to leverage this weakness to improve my position on the ecosystem with added Steem Power and earnings.
The most significant event this quarter was my participation in the #minnowuprising initiative in July 2018 which provided me the insight of what it feels like to engage on the platform on a daily basis as I posted once a day during the complete month. After analyzing the results after my participation, I quickly realized the advantages of posting every day and seeing how it helped my account grow. It also helped me learn how to actively engage with the community which also led me to some great communities that improved my experience this quarter.
Given the learnings from the #minnowuprising initiative in addition to my commitment to engage with different communities from last quarter, I started to join Steem communities on their Discord channels which helped me find some great feedback and also pointed me to some curation communities in the ecosystem to help me leverage my Steem Power by participating in their communities and programs. Curation rewards was another factor that helped me realize the importance of supporting others and engaging actively.
I now spend most of my days searching for great content and curating along side a great community of curators. During the quarter, I joined a total of four communities by delegating Steem Power to them in order to leverage their programs and help me grow my account. The following communities have been great to be a part of and each has provided great insight as to how to grow within the ecosystem using different approaches:
These communities provide not only upvotes to its members, but also the ability to actively engage in their Discord servers. The activity on Discord was somewhat overwhelming as it was my first time on the platform. However, most members are very welcoming and have also setup great on boarding techniques such as Read-Me and FAQ posts that help you navigate them. Some also have post-promotion sections and while I have not leveraged their use as much, I think they also provide great opportunities for members to share their content. I believe the addition to these communities have provided me with great returns on both the resources committed and the engagement seen from participating in them. They have also provided me with an incentive to remaining active on a daily basis as not posting has an opportunity cost by way of missing valuable upvotes.
These changes have clearly improved my ability to earn rewards through posting and curating every day! This also helped me experience better rewards from my posts whereas in the past I was getting most of my rewards from my comments. This has incentivized me to continue creating content. As part of my learnings from the communities, I have broadened my content to expand past only cryptocurrency thoughts. While that remains my main focus, I have also started to post about personal life experiences, curation posts for #introduceyourself posts, engaging within the Steem ecosystem via great projects like @actifit and @steemmonsters. This has diversified my income from the platform.
Regarding my earnings here, the quarter was clearly lower than previous quarters as the price of STEEM decreased to new lows for the year. However, the fact that I am earning for my content and engagement continues to motivate me given the potential of the ecosystem in the future! As I like to say, this is still 100% more than I have ever received from Facebook, Twitter or any other social media platform or forum I have ever participated in!
An interesting change this quarter was getting accustomed to receiving STEEM instead of SBD for rewards as the debt ratio past the set threshold before changing again after the latest Hard Fork. This provided me with the liquid STEEM to register into some of the communities above mentioned in addition to powering up for increased Steem Power. My Steem Power has now grown past my short term goals of 5k thanks to these efforts and my purchases.
While my goal was achieved, it was clearly due to my purchases rather than the growth of my earnings. However, this is more to the fact of the opportunities provided by a low STEEM price and my continued Dollar Cost Averaging strategy in the purchases. This will be a focus of the last quarter of 2018 as I focused on improving my Steem Power via earnings instead of purchases. However, I will continue to deploy capital into the ecosystem given the long term potential I see for STEEM.
The power of Dollar Cost Averaging is seen here as despite deploying a similar amount of capital, I was able to accumulate almost three times as much STEEM than the previous quarter. The average STEEM price of my purchases was $1.01 which lowered my overall cost basis of purchased STEEM to $1.56. Having a position in STEEM for that average cost is definitely a great long term investment in my personal opinion. Seeing STEEM below $1 still entices me to add more so I will definitely update my Steem Power goal in the coming weeks.
Screenshot from SteemWorld.org
In continue to be encouraged with some of these metrics! I would have never thought that I would have achieved over 600 followers in just nine months! Also, my reputation has reached 56 in the same time! Also, over 3,000 posts is incredible but demonstrates how much engagement I have focused on. The figures continue to show my commitment to engagement around the platform. Proud to be a Dolphin as well!
It has been a great experience on this platform thus far. It has been a very fulfilling time given the great content creators on the platform and the various way to engage now being provided. I hope the sense of community continues so that we can continue to leverage its flexibility and ability to improve oneself and help others. In that sense, I would love to hear thoughts from the community on some of the information I have provided here.
What are areas of opportunities for me on this platform? Where can I improve and/or adjust? Are there things I can stop doing? What questions do you have for me on learning about the platform? Is there anything I can do to help the community?
Follow me on Twitter: @NAICrypto
If you are like me and interested in continued personal growth, invest in yourself and lets help each other out by leveraging the resources they provide by using my referral link:
https://www.minnowbooster.com/referral/530636
Start your collection of Steem Monsters today at my referral link:
https://steemmonsters.com/?ref=newageinv
DISCLAIMER: The information discussed here is intended to enable the community to know my opinions and discuss them. It is not intended as and does not constitute investment advice or legal or tax advice or an offer to sell any asset to any person or a solicitation of any person of any offer to purchase any asset. The information here should not be construed as any endorsement, recommendation or sponsorship of any company or asset by me. There are inherent risks in relying on, using or retrieving any information found here, and I urge you to make sure you understand these risks before relying on, using or retrieving any information here. You should evaluate the information made available here, and you should seek the advice of professionals, as appropriate, to evaluate any opinion, advice, product, service or other information; I do not guarantee the suitability or potential value of any particular investment or information source. I may invest or otherwise hold an interest in these assets that may be discussed here.
This is great progress! Your return on the Steem bought looks interesting and considering you‘ve only started is great! Awesome to see success stories.
Posted using Partiko iOS
Thanks! I need to start actually calculating that for the next quarter!
Good evening @newageinv. Browsing through your posts and picked this one to read. Glad I did!
Nice to see the progress you've made over time and your consistency at just keeping at it. I'm doing the same thing and, although not quite the success level, still content.
Keep up the great work! 👍
Thanks for the feedback! I hope you find the information valuable and please let me know if you have any questions!
Well @newageinv, now that you mention it ... 😉
... I was looking at the relative pricing this evening between STEEM and SP. Do you have a preferred source of info for getting the best pricing info on the 3 Steem "cryptos?"
The reason for my question? My "back of the envelope" calc tells me that we can buy STEEM right now for about a 5 - 6% discount over SP. But if we then have the STEEM in our wallet, we can trade "straight across" by powering up to SP. Getting it at a discount ...
I imagine you have much better investing skills and knowledge than I do. How do you look at it, i.e. your "strategy" in how you buy these? And with what source of pricing data?
Thanks in advance for your input!
I believe that STEEM = SP so pricing should the same no matter the source. What is showing a difference is the SBD and STEEM prices. SBD was trading above $1 today while STEEM was around $0.80 last time I checked. I use @coingecko for market prices for a sense of where they are at. However, if I want to transact I would go to the exchange detail on those website as exchanges have different prices. However, I have always used @blocktrades for my STEEM purchases unless buying with SBD. If buying with SBD, I would go to the internal market on Steemit and trade or if SBD is below $1, I would consider using the covert feature on SteemWorld.org. I have not used the convert feature but heard that it converts to STEEM as if SBD was $1 based on a median price of STEEM over the last three days. It all quite convoluted but worth the effort if you ask me as some of the discounts are great to have at these prices.
Thanks for this detailed feedback @newageinv.
The way I came up with my numbers is I get my pricing through an API connection, in my spreadsheet, to the CoinMarketCap website. It has pricing for STEEM and SBD.
From there, I know the total amount of "coin" I have in each of the three and the total value shown in my SteemIt wallet. I have to "reverse engineer" the pricing of SP, as that is the only unknown.
On this basis, I came up with the price differential between STEEM and SP, as if they are the same, the numbers don't reconcile.
I will check into your source and see if that gives me a different result.
Thanks again!
Note that the value of your wallet is determined by assuming SBD is worth $1 no matter what the market price and an average or medium (not sure) of the last 3 or 5 days STEEM price according to the witnesses feeds.
OK, thanks for this insight @newageinv. I was unaware of these details.
I just know, in my brief time "in here," you can read various posts that give the impression there is some "strategy" to buying these "coins," but they never clearly state exactly what it is.
As an investor first, myself, someday I hope to find out.
I will remain on the lookout for these details and let you know if the details when I gather them...
P.S. If we have the means to do so, seems like buying on these "dips" like we have at the moment, is a good idea ...
Incredibly useful analysis. I hope new people will see it. In fact, I'll resteem it.
It is true that the extraordinary growth of your account has a lot to do with your dollar cost averaging, and not everyone can do that. But you've also leveraged communities really well. And note that you don't have to delegate to steem-ua to their upvotes, just to get them regularly. They also find and upvote quality content of anyone. Being in the discord probably makes it more likely you'll be noticed though.
Posting in the post-promotion channels may not be as useful an investment of time for you as for some. You have been able to do things that cost STEEM, and those have a higher return. But for those starting with no money they can invest at all, then it really is a good approach. I used to do it and I got some big upvotes occasionally that way. I still go there a couple times a week to find posts of others to upvote. (It's less drudgery than introduce-yourself reading IMHO, though still really hit or miss.)
Thanks for the resteem! It has been great to continue this journey with some trial and error as well as some great content and feedbacks from community members. I am still a rookie on discord and sometimes still gets intimidated as I don’t want to be the person asking a dumb question but little by little I feel Inam adding value and hope that others can leverage from it. That is why I make this post every quarter to keep me focus on the journey! Thanks for the feedback!
Loved your dedication and consistency. One simple advice- if you can manage strong follower base (people with large SP holding and reputation), you can get a decent vote from busy.pay daily by posting in busy and using the tag #busy.
Good luck with your next phase of journey.
I continue to hear about that but have not had the chance to research. Is there a post or kink I could refer to? Seems interesting and worth the effort! Thanks for sharing!
https://steemit.com/busy/@fullcoverbetting/how-to-get-upvotes-from-the-busy-org-and-busy-pay-bots
Thanks!
Congrats with the dolphin status! Orca is the next step!
Cheers,
Peter
Thanks! A long way to Orca but anything is possible!
Hi @newageinv!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 2.801 which ranks you at #12019 across all Steem accounts.
Your rank has improved 104 places in the last three days (old rank 12123).
In our last Algorithmic Curation Round, consisting of 285 contributions, your post is ranked at #74.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server