It takes Steem to Make Steem

in #steem6 years ago

photo-1459257831348-f0cdd359235f.jpg
Source

Nine days ago I posted that I had crossed the threshold to become a minnow. The rough number of SP needed to get there is 500 SP. The actual number was a little lower, around 493, but that's not my actual point.

When I had enough Steem that I could power up and hit 500 exactly, I did just that.

image.png

I had noticed that once I got past a few hundred SP that the amount would grow. I was curious how fast it would grow, and couldn't think of a better way to observe it than by starting with exactly 500. Well, starting with 1,000,000 would have been better, but no one wanted to loan me 999,500 SP for the experiment.

Anyhow, I set an alarm on my phone for exactly 24 hours later and checked again. Here's what I found.

image.png

Not too shabby. I got 0.027 SP just from letting my Steem sit there in vested format. For the record, that's:

  • 0.027 per day
  • 0.189 per week
  • 0.81 per month
  • 9.855 per year

It's not exactly something that I'm going to get rich off, but you begin to see a bit more why the rich get richer. Like I said, "It takes Steem to make Steem."

Hopefully this motivates you to create more posts and network more, because the more you do, the more SP you get. And the more SP you get, the more SP your SP gets.

Quote of the Day

"If it takes money to make money, where does the money come from?"
-themanwithnoname

Ono Small.png
@themanwithnoname

Sort:  

I'm a long way from getting there from 53 Steem at this time. Nice goal to aim for, could get there a little faster if I might trade in my 150K of Dogecoins for Steem.

It all takes time. I spend a lot of time on here too, so that raises the odds that I'll make progress.

I did the quick math and it looks like your Dogecoin stake is worth around $400. That's almost 250 Steem if you decide to convert it. That's not investment advice though. You should do what you think is best after doing your own research.

A long shot play, all from faucets when they were really cheap so I never really sank a penny into it. It's just fun to have but it's not earning anything just sitting in my wallet.

Hey, good for you! If you can get it for free, why not? I didn't get involved with faucets as I couldn't figure out the math behind it so I figured I'd just let it pass on by. Ha ha. I'm glad to hear you got something out of it though!

I only need 485 steem to reach you my friend hhahahaha, do you think you reached them in the time that you proposed?

I didn't really know how long it would take to reach 500SP. I guess six months is around what I was expecting, but it still seems like it took a long time.

You're catching up! I have the advantage of not needing to cash out money, so it's easier to see mine accumulate. I hope you're able to get to a place where you can save the SP and keep growing.

I have been sidetracked in building up my SP. Now that this reminded me again, then that is where my focus will be. I'm still far away from 500 but I'm slowly getting there.

Congrats!

This comment was made from https://ulogs.org

I'm glad it helped you refocus on getting to 500. Remember, anything is progress and it's going to take a lot of little steps to get there. You can do it though!

I will, thanks!

Congratulations on becoming a minnow!!

And thank you for sharing the information about how fast an account can grow just by the interest. It is very motivating!

Thank you! It took me just shy of six months. I've been posting a lot, so take that into consideration in your mental calculations. Wow, say that ten times fast!

You're welcome. I'm glad it motivates you. Every little bit helps so if you're adding to the pile now, the interest will add on top and make growth even easier.

Very nice - I have been tempted to keep buying into STEEM with the prices so low. I bought about 100 SP when that was enough to give you a $0.03 upvote, but that was when prices where a lot higher, back to the grind to grow that SP.

Like you, I was tempted to get more. I was hoping that it would hit $1.00 and then people would freak out and sell at any price. I figured if it hit a buck that it would drop more and I could get it for like $0.75 or something. If that had happened, I was going to try to get a few hundred at least. Then when prices went back up, I'd have that much more ammo. Or I could sell some to get my money back, and keep the profits.

Oh, the grind!

Congratulations! Lots of familiar names crossing the 500 mark around the same time!

Thank you! And yes, there have been a number of people that have crossed the line recently. It's exciting to be making progress.

howdy @themanwithnoname! thanks for this post, I think it does a good job of encouraging everyone. except you, you don't need encouragement.

I'm glad it's an encouragement. I was hoping that it would make people want to work harder so they could see results as well.

Hey, I can use encouragement too. I was just taking a turn at doing the encouraging. :)

lol Blondie! what do you need encouragement with? having fun? lol!
too funny you funny bunny! silly willy!

I'm just saying that people can generally use encouragement.

I'm just saying that
People can generally
Use encouragement.

                 - themanwithnoname


I'm a bot. I detect haiku.

Source
Spam is discouraged by the community, including comment spam.

More Information:
The Art of Commenting
Comment Classifications

I agree sir.

That's a good achievement, keep going higher. I am coming after you

I look forward to seeing your progress!

I just recently became a minnow too. Thanks for the actual monetary figures, and the other info that's coming out in these comments. It helps make (a little) sense of things.

I don't quite get how delegation works though. If I delegate some of my SP to (who? a newbie initiative, an upvote bot?), I'll get paid weekly for that? But then would my upvote be worth nothing?

Congrats on your minnow status! It's nice to finally reach that point. I know what you mean about things only slowly starting to make sense. I think that's why they have you start at the bottom, so by the time you're at the top, you actually know what's going on. :P

Thanks for your comment, I'm glad that you're getting useful info to help you on your journey.

Delegation is assigning some of your stake to another account. They then get to use your voting power as their own. You can take your delegation back, but it takes seven days to reach your account.

I don't know about how you would get paid. There are some places you can delegate that get you paid, but it varies. I'm delegating to a community that I'm involved with, but that's different.

Your vote value would decrease to correspond with your new effective SP after subtracting out the amount you delegate. It is recommenced that you keep at least 50SP in your account so you don't have to worry about bandwidth issues for posting and making comments. Definitely keep at least 1 SP undelegated, or you won't be able to access your account at all. You would have to have someone delegate a small amount to you in order to recover your account.

None of this is investment advice. You should definitely do your own research. Be sure of what you're getting into before making the decision. Never invest or delegate more than you can afford to lose (as it could be everything in your account). Your decisions are your own.

(Long disclaimer because I'm not an expert and don't want you to feel encouraged to do something you're not informed about.)

Thanks for the response, @themanwithnoname. I appreciate all the little bits and pieces of information I pick up on the various posts I read. And I often find nuggets of gold in the comments, as people trade information back and forth.

Steem on! 🍌

You're welcome. I'm glad some of it was helpful. Like I said, I don't have experience with delegating to bid bots, but if that's the route you decide to go, I hope it works out well for you. Keep learning, the knowledge will help you as you move through life... well, some if it will. Ha ha.

OK we're officially steem friends now. I wasn't sure when tarazkp mentioned you, now I am. My friendship is by force BTW, you don't have a choice...lol

Sounds good! I like people who check in. There are so many things going on, that sometimes I miss people's posts and comments. It's nice when they follow up. Looking forward to our friendship. :)

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.039
BTC 69796.92
ETH 3521.66
USDT 1.00
SBD 4.70