๐ My Transformation from a Minnow to a Dolphin!๐ฌ STEEM price drop as opportunity ๐ฐ
Hello Steemit friends,
that was faster as i expected! As i wrote in my last post i'll power-up ๐ช further but thought not today. But i saw the price drop of STEEM to $1.18 from a few days ago of $1.50 so decided to do it now.. and transformed into a dolphin ๐ฌ.
How it feels?.. hmm, nothing changed physically. ๐ But wait a minute let's look what i'd done and what's the impact in Steemit beside the lacking emotional change.
If we look back til June 17 i bought in at a mid low level of $1.20. Someone now can say "Hey, we were under $1.00, why you don't wait a bit longer?!". My answer to that would be like that "I have no crystal ball and my outlook is in the $5 range mid term, so it doesn't matter much i get $0.10 or $0.20 less.."
chart coinmarketcap.com
buying price coinmarketcap.com
Currently the price is at $1.23
current price level coinmarketcap.com
My steps for buying Steem Power (SP)
Important Notes! Please read!
You do the following steps at your own risk. I'll simply show you my steps, it's no financial advice. A few rules i can give to new users in crypto space:
- use two-factor authentification 2FA wherever possible or available (normally you must activate that manually)
- use secure (long random strings) passwords ๐
- secure your (random) passwords ๐ in a password manager and think about a backup on paper (paper wallet)
- for a first transaction somewhere it can be good to check with a small amount (test transaction) before send larger amounts
- double-check each step before you transfer huge amounts of money (receiving adress, username Steemit, amount, ..) - a false step can lead to loosing your money (i'd that luckily just with very small amounts.. but it teached me)
- never ever show your private keys to someone ๐ฑ. Sometimes you need a private key in Steemit to use services like Streemian but watch out to do that just if there is no other way or you can ensure that's a save way.
1. bought Bitcoin at Bitpanda with instant bank transfer of Euro
I personally use Bitpanda in Germany. The standard fee for exchange of fiat money to cryptocurrencies is about 2%. In my point of view that's high but on the other side the service is very trustworthy, convenient and fast from my experience. Maybe competition will reduce fees in the future but currently it's my choice for buying into cryptocurrencies without hassle. I'd invested 2,100 Euro at a dollar exchange rate of 1.17 which equals 2,457 USD ๐ฒ. I currently use direct bank transfer.
german buying UI Bitpanda
2. generated receiving adress for blocktrades.us
I mentioned blocktrades.us already in my last post about power-up on Steemit. When i came here to Steemit i didn't know the service and wondered how i should get STEEM or Steem Power. If you try other exchanges like Poloniex and buy STEEM you have high risk of freezed deposits for days or even weeks. With blocktrades.us everything works smooth as creme. I love the integration with the Steemit wallet and the memo field! Yes it's no green button, but we'll see all the nice things in the future, i'm sure!
After checking the rate and typed in your username (check correct string) of Steemit hit Get Deposit Adress
checking the exchange rate between Bitcoin and Steem Power
You just copy the generated adress and go back to your exchange site.
Important note!
Please do not send Bitcoin to the adress in the picture below because then it's mine ๐ You must generate a adress for yourself with your Steemit account name!
generated receiving adress for Bitcoin
3. sent Bitcoin to the receiving adress and waited until SP are in my account
after hitting the send button you'll see a dialog
where you put in your copied adress from blocktrades.us. In the next step i'd choosen all my Bitcoin in the wallet for transfer. check, good.
Now you get a confirmation email.
open the email and confirm the withdrawal
Check your wallet to see if the Bitcoins are gone out of the wallet. You can also check the transaction in a blockchain explorer for Bitcoin if you want. I didn't do that today, but if you're not sure you can take a look.
4. Checking the effect on your Steemit account
Well, after a while, normally 10 minutes i think you should see your SP in your Steemit account..
and now i'm very excited to mention a fantastic new app on Steemit, thanks to @xervantes who caught my attention for it and the developer @steemchiller!!!.. it's called
rendered by author
You can visit the website under https://steemworld.org and click Switch account upper right in the second tab under the cool voting value pie chart.
Below you see my stats before the power-up.
The next screen shows the effect after power-up
If you look at SP, it changed from about 3,180 SP to 5,115 SP. That is a 60% increase in Steem Power. But the important number is the Voting Value or also called Voting Weight (see steemd.com). With a full upvote i can now give about $0.58, before it was about $0.38 at my current Voting Power of about 80%. That's about 52% increase of value for my upvotes. That means also if i wanna do $0.10 upvotes i can now distribute to 6 authors with one full upvote (1/6th), before it were just 4 authors (1/4th). That means 50% more freedom to distribute to valuable posts and that's what i'm lookin' for. I wanna do curation as i like not too limited by my SP or Voting Value. The second thing i believe is we'll see maybe already in 2018 an increase in STEEM up to $5. But that's just looking into a crystal ball but i believe in the long term success of Steemit!
Now we take a final look at the steemitboard page
create at https://3dthis.com/morph.htm
When reaching the 10 million VESTS (you can think of VESTS like a share in the company Steemit) you belong to the dolphins. That was my first of the big goals i'd reached now. But there are also Orcas and Whales in the basin.. which are very important to maintain the ecosystem of Steemit i think.
What do you think, how should i celebrate my dolphin level? ๐บ ๐ ๐จ ๐ญ ๐ ๐ฐ ๐
If you have any questions regarding the topic, don't hesitate.
I'm always happy to get some hints from more experienced Steemians than i'm, thank you!
๐ If you like the read please follow me, vote me up and resteem! ๐ Thank you !๐
see also my other posts
๐ช Why i will further power-up on Steemit ๐ช The social platform that pays you for value! ๐ฐ
๐ My little 3D Animation for signature of postings - Steemit Earth ๐
Steemit with huge growth potential - a look at monthly active users ๐ฑ๐ธ๐ด๐ณ๐ง๐น๐ท๐ต๐จ๐ฒ๐ฉ
๐ EXPONENTIAL GROWTH OF STEEM IS OVER.. AT LEAST FOR NOW! - LET'S LOOK FURTHER ๐ญ
ODD CATEGORIES IN STEEMIT - WHAT THEY MEAN AND WHAT'S THEIR IMPACT OVERALL IN CURRENT STATS?
๐ COLOR CHALLENGE BLUE ๐ ON A CLOUDY SUNDAY ๐ท
Exciting times ahead steemit friends!
rendered animation by author
Please click my referral link to Steemfollower
Thank you!
Don't forget to vote for up to 30 witnesses to maintain the greatest social platform STEEMIT!
unmarked pictures/animation from giphy.com, pixabay.com
Congratulations ! Great post and cheers to hitting 10,000. Next !! I was a dolphin until I had to power some down when I was laid off in February , but im slowly building back up again !! Steeming on !! Upped and resteemed๐๐๐๐๐
Thank you for the kind words and resteeming, my little support for power-up! Wish you great times again. Cheers!
your welcome!
@onetin84 Congratulations on the promotion to dolphin. I am taking a clever "dollar cost averaging" approach to buying Steemit by selling $25 Bitcoin per month for Steem, and then challenging myself to match or beat that in earnings from my activity on Steemit. I make $50 BTC from one of my clients, and decided to take the long-term, conservative approach to BOTH increase motivation on Steemit AND also continue to build my Bitcoin wealth with the remaining $25/month. I think this is a sound strategy, which is within my means right now I've upped your post. Keep it up...
Hey, DCA is always a good no-brainer. You have a clear goal, that's always motivating. Thanks for the reminder because i'm here for the long term, but all the opportunities and experiences in the few days i'm here are distracting me sometimes or i need just a bit more time to understand the whole ecosystem and my place in here. Thank you!
Yestderday i looked into SteemWorld and saw in the summary about $200 SBD combined value SBD+SP earned (the value is volatile dependend on STEEM price). That was surprising for 2,5 months, because my only goal was to build a quality blog as fast as possible. Somebody may say "Hey i get $200 in one day!".. yeah fantastic, congrats! but i'm also happy if each of my posts gets at least a dollar and sums up over time. There was great line by a recognized Steemian like "I'm not trying to post just one $15,000 @dollarvigilante post, but to write daily and get constantly a few dollars". I think that's a sound strategy for me to stay here, be persistent and deliver quality posts. STEEM ON my friend!
congratsulations. .. u are Mr. Dolphin ๐ฌ now hehe... CELEBRATION NOW COME ON !!! ๐ต๐ถ๐ผ heheh ๐
Thanks! Great idea, let's dance!
hehhe.. enjoy being ๐ฌ Dolphin... Soon u will be a ๐ณ Whale...
I'll let here a bookmark to come back and read word by word! I'm very interested in this subject!
Thank you very much๐!
Enjoy @nature.art, my kind of Art!๐ฟ
Come back whenever you want and let's celebrate Steemit with much fun. I'm already following you, great work in your blog!
Nice! I as well invested my way in, after reading someone talk about it. Also I bought in around twice the current price, just like most of my crypto trading. :) But I'm not getting out any time soon; I believe in the platform, and I'm enjoying creating content as well.
I blog about gardening, art, and concussions (I'm recovering from multiple). Used to write software, was great at automation, but those days are sadly over (hopefully, only temporarily) while I'm recovering.
[Edit: oh and thanks for the https://steemworld.org/@libertyteeth link! Really neat, bookmarked!]
Wish you fast recovering and power-up. For long term the price is always secondary, it's nice to buy at the lowest but like @transcript-junky wrote, also a simple DCA strategy works out great over long term and even if you bought at alltime highs, i'm optimistic. I think Steemit need more
Agreed. Today's UI update was not without its hiccups, either -- I think they need staging servers, as well...
[Edit: for instance, I'm unable to vote you up! Grr...] [Edit2: there we go, had to open it in a new tab, the "full context" link...]
Thank you, staging servers, for testing purposes?
Yes, exactly. Apparently there was a DDoS attack as well, so not necessarily all the disruption I saw was caused by the update...
Congratulations ! Hm by the logik you have to do a pool party or something :)
Hehe, yes but first i must get to a new mental state to begin swim like dolphin. But maybe i should visit a indoor pool to swim some lanes ๐ good idea! Thanks!
Any man who invest that much must really believe in the future. I have bought in for a few hundred but I will work my way higher.
Yes i believe in the future of Steemit and the whole crypto space. Steemit is one of the rare occasions where a complex system is already working product in the blockchain with hundreds of thousands accounts and about 30,000 active users currently i guess. From my point of view that has huge potential to grow. Thank you!
I think that we are at the start of something huge. Even if it is not steemit, the potential for people to benifit from the time and content that they produce is massive. Compare that to one of the main social media sites facebook youtube or instagram where a few hundred people get massively rich of the backs of millions. This is the future.
Yes, i agree, it makes no sense to pile up billions of $ on one person and then thinking that's the best solution. A network of value for value with many people is much more effective in my point of view and can create much more value overall! I can just encourage people to use the opportunity, the freedom of choice!
Absolutely. The fact that so few people have so much of the wealth in the world makes no sense. If there was more of a spread throughout the population so much more could be achieved. I can only hope that the blockchain is the start of a better distribution away from the 1 percent.
Interesting post @onetin84 brother I would also like to come to invest in steem but all the savings are gone :(
Build your blog, comment, vote others, contribute some value each day and it will come back to you over time.. slowly but constantly. Build your savings with post and curation rewards. Steemit provides the opportunity. Track your achievements with a tool
steemworld.org
steemwhales.com
But the very first thing is, you must believe in yourself, you can do that! Because you're what you think, most of the time! And maybe on the way you can put in also a bit of your new build savings from somewhere else to power-up even faster.
That's no financial advice! You decide what you do, but that's what i think one should do if he wanna grow on Steemit with long term goals.
Thanks brother you are really supporting and directing the new users very well through your post and useful comments!
Congratulations. I choose my way to get the rewards from my posts and comments, but I appreciate also your decision. I hope you enjoy your dolphin status and keep it always steemit ๐
Thank you! Keep it up! ๐ i think it's just a matter of time until post earnings rise. That can be a long time, but some apps like i mentioned can help to have a clear and motivating view on the whole development. I have no plans to power-down.. it would be to sad to go back to minnow level ๐
Thanks for putting this together. Still researching the metrics and the risks associated for myself in regards to Steem - appreciate you taking the time
That's good, thinking for yourself is the best thing you can do from my point of view. Everybody is in another situation with other risk awareness. Thank you!