STEEM POWER Leases Established for May
The great news for members is that courtesy of our May Membership Contributions and a bumper result from the Fundraising Raffle (thanks to @raybrockman and @thedamus) we have been able to renew all of our STEEM POWER Leases for May. This means that our current SP of about 105,243 should be pretty stable and sustainable for the rest of the month of May. Congratulations and thanks must go to everyone who helped make this possible. It has been another exceptional team effort!
For May we have 8 separate leases via the MinnowBooster lease market with fully paid renewals plus 2 off-market lease arrangements that will require a couple more payments as the month progresses, but those are payments that are within our budget. The liquid income for @ssg-community to meet our SP Lease payment obligations through the month is primarily going to come from SBD Post Rewards plus an ongoing Power Down that we are using to convert our Curation Rewards into Liquid STEEM. We will need to be posting from this account around 7 times a week and self-voting them to get those Post Rewards up high enough to pay the bills, though we do still intend to scale back the self-voting once it is no longer required. We do sincerely appreciate all those extra upvotes on this @ssg-community account because every little bit helps.
Those who have read our Governance document would know that there was a set Power Down Threshold which was designed to prevent wealth accumulation in the @ssg-community account. It was set at 700 SP but we are currently growing so fast that it is possible we will break that amount in a couple of weeks and not be able to Power Down fast enough to keep the account under 700 SP. It’s a good problem to have but in anticipation of this Power Down Threshold being hit and the fact that we need to free up some liquid funds to maintain our existing SP Leases this has led us to initiate Power Downs a bit earlier. At the moment we are initiating a new Power Down each week to free up funds and this will probably continue as long as our native SP keeps growing and/or goes beyond 700 SP.
All up things are going according to plan. Our Voting Power is fluctuating around the mid 60% mark, which is a bit low and now that we have confirmed renewal and payment of our SP Leases that is the next thing that we will address. As a result please expect a slight winding back of all of our Members Voting Weights in coming days so that we can head back toward our Target Voting Power of 80%. More information about that soon.
Great problems to have indeed — thanks for all your hard work! And thanks too for mention, but let’s be clear, it was good ol’ Ray-Ray AGAIN who really made this raffle such a huge success!
Cheers friends! And special shout out and high-fives to the gran-daddy of ssg! Mr. @raybrockman
Thanks for the update!
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Thank You for the Fantastic UPdate. #steemsilvergold is the Place to Be............@ssg-community
Sorry everyone, I screwed up with a couple of manual votes from @ssg-community instead of my own account. I've paid for a couple of big upvotes from davidding and xeldal to compensate. This will reduce our need to self-vote for a few days. Edit - We can drop the self-vote back to 50% for the next 4 posts.
Thanks to all! Feel free to do whatever is required to get the vote power up to 80% or even higher.
You could have 48 hour no vote period a month such as the 1st and 2nd of every month to regenerate so everybody knows if they post on them days they dont get a bot vote.
Pleased to be a part of and contributor to this community!!
Great work guys :)
Thanks for the Great News.