My largest Power Up

10 months ago
(edited)
3 Min Read
565 Words

I've been resisting but i finally gave in and bought then powered up 5K Steem yesterday.

Screenshot 20191210 at 17.49.46.png

I'm not exactly rolling in it ATM, but I took advantage of a 3.4% money transfer offer for 2 years from Barclaycard and transferred £1000 to my bank account.

I shoved £500 to purchase Steem - and yes, Steem is pretty much bang on 10 pence ATM, and then another £500 in my ISA.

It seemed silly not to max out my credit card when I get a larger return on my cash savings - as long as I pay off exactly on the month it's due, I make money.

I was going to power Up to 30K Steem, but I had to wait over the weekend for the money to come through and caution got the better of me!

Why>?

Firstly I guess I've sort of missed this place since I've been writing less and want to get back into it.

Secondly I'm most inspired by the eco-village thing, championed by @orlev and @eco-alex going on, a project which ticks all of my boxes, and so I feel like writing around this topic from a kind of a 'lifenomics' (my word!) perspective, so I will probably be writing more in the coming months.

Thirdly, I still see Steem as a content creation and sharing platform and if it's gonna work as thus it needs people like me to have some decent Steem power - I've noticed a lot of my Steem friends powering up hugely over the last months - @slobberchops, @goblinknackers, @bubke and now I see @abh12345 is on a march - I'm probably not gonna keep pace with these guys, but it seems rude not to at least be in the same ballpark when I can (just about) afford it.

Fourthly, it's a basic defence against being flagged, and I do use my downvote, so I am a target.

This is definitely irrational

Yet it still feels like the right thing to have done. Maybe that's just 'cos its winter and everything else in Hereford is just a bit damp and boring ATM - perhaps I just did this because it was something positive to do, and a large number involved?

Concerns?

Well the worst that can happen is that the £500 goes to 0 and the Steem network collapses. I think I'd miss the network a lot more than the £500, and given that buying Steem is basically the only thing that's going to stop the network collapsing then it's the right move, I guess.

As an investment, I am concerned about what people's out points are - given that so much Steem has been bought at these low low prices - there's going to be a lot of sell pressure if the price starts to rise: I mean if the Steem price goes up to $0.25 I could sell a couple of thousand (currently one easy powerdown) and pretty much cover the cost of this recent purchase. I can't be the only one thinking like this. Or maybe that's a good thing as it could ease the price increase?

At the end of the day it's only £500 - 10 days living costs ATM, or 1 months if I could get into a proper frugal set up, so in the grand scheme of things... no big deal.