STEEM Explained: STEEM, STEEM Power and SBD
STEEM is shooting for the stars, with a 122% increase in value over that past 24 hours. Currently it's sitting at an astonishing $1.20 per STEEM. This post is for all the new users who have discovered STEEM whilst trading and I'll cover the basics of STEEM, STEEM Power and SBD (Steam Back Dollar).
Video Explaination:
STEEM Power VS STEEM
Steem power is like karma - it is rewarded for making good posts and for upvoting other people's posts (known as curation). Steem power is normally kept in your account and cannot be traded. The more STEEM power you have, the more influencial you are on STEEM - your articles and votes will be worth more. If at any point you want to start trading the power for fiat money (eg, USD), you have to power down your account. Power downs take 13 weeks (Thanks @craig-grant) to complete. What you get is a tradable form of STEEM Power, called STEEM. This can now be exchanged on Poloniex or any other exchange that supports it.
I hope you guys can support me and upvote this post so new users can see it! I'll also be powering up 100%, YAY STEEM!
Great Video! STEEM IS THE DA KING! I was shocked but i'm not surprised. I remember it being 3 Dollars... it should nicely settle at 0.70-1.2$$!
That would be awesome. It would mean some good payouts for articles and some new publicity for the platform! thanks for watching the video.
Big Fan of your Videos! Keep it up please. Followed on Youtube & Steemit! @mycryptomark @ethbull another good Crypto Blogger/Vlog
oh nice! Following both the accounts :D thanks for the suggestions. If there is anything you want me to talk about, tell me :D
If I have 100 steem power and I power down, how many Steem tokens will reflect in my account and in exactly how much time?
During every power down (every 7 days), you'll get 7.69 STEEM and lose 7.69 STEEM POWER. (net total is still 100 STEEM).
It takes 13 power down cycles to completely convert your STEEM power to STEEM
Thank you. Thats quite a task. OK also tell me the price at which the power down happens. Suppose I hit the Power Down button today at $1.00 Steem Price. Does all power downs take place at this price? where I began the power down...OR at the respective market prices every week?
Also do I need to press Power down, Manually every week or it happens automatically?
Once you press power down it automatically happens every week.
Thank you. But at what price?
Just now getting into steemit. Thanks for this video!
When i first started I posted an introduction and made a few friends on the platform. That's really the best way to start!
Wow! Thanks a lot. This is very useful for the newbie like me :)
If there are any questions you want answered, tell me! I would love to make a video for you :D
Definitely!
upvoted and following you thank you for the update - your channel has my full support.
Thanks so much @thejohalfiles ! Following you too :D
Very interesting indeed - tons of people write about you seem to know your work @boxmining - thanks @thejohalfiles for leading me to that profile
Thanks for the post. The text explanation is straightforward and clear. FYI... I tried clicking on the video from both Safari & Chrome and in both cases got the message : "This video is unavailable"
excellent! i follow you!
Awesome! following you too! :D
Very different but seems pretty cool. Steem is starting to be chased after more than real cash. Cash is trash anyways.
thank you
Thanks @boxmining! That's really helpful!