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I've put down a few thousand dollars, this is my journey to becoming a Steem Whale

Discussion in 'CryptoCurrency' started by avilux, May 29, 2017.

  1. avilux

    avilux Power Member

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    As of this morning, this is what my account looked like:
    [​IMG]

    Steemit is a new social media platform that basically runs like Reddit, although it's integrated with Steem and Steem $ which are cryptocurrencies. For every upvote you give out, you have a chance of gaining some value of Steem / Steem Power. Same thing when you post content, although you have 100x higher probability of making good money by being an author. So Steemit rewards users basically for creating content, curating content, investing into the site with both their time and money and on top of that if the price ever goes up like crazy (which is highly probable long-term) then there's some serious money to be made.

    The price currently of Steem Dollars is a little bit inflated, as can be seen here:
    http://www.steemdollar.com/

    The estimated account value is only an ESTIMATE. The real account value can be checked by plugging in Steem into Poloniex (or whatever other exchange you use) and seeing how much you could sell the Steem for. If I ever was to power down, I'd take my Steem and try to sell it at a peak for BTC and then on top of that I'd probably either sell the BTC fully for 15-25% extra to my clients, or loan out the BTC for 10-30% annual returns before selling it for more.

    The estimated account value is basically an average of the past 7 days of Steem's price so it's not the most reliable tool, as it can fluctuate up to like 25% in a given day. But hey, that's the world we're in. Welcome to Crypto, where prices are like a madman fueled by cocaine!

    So what am I going for? I'd like to become a whale on Steemit. I'm transferring all my Steem into Steem Power, which is basically like investing your Steem for the long-hold. It shows Steemit you're a serious investor and the more Steem Power you have, the more you'll get in curation and content posting rewards. It's not much, but the 5 or 4 penny rewards I'm currently getting do add up after a while. Maybe one day I'll be able to give myself $20 reward averages for every single comment I post.

    Basically if you're a whale, not only do you give yourself a good amount of money, but if others see high rewards and the fact that you're a whale, they'll upvote your stuff as well to try and get on your good side. If someone upvotes your content and they have a decent sized value, you make some money as well. So the whole point of Steemit is to try to make as best of an account as you can. QUALITY matters though, so spammers won't be welcome to Steemit. Some people have made up to even $10,000 per post. Currently I think the most I made from a post was like $30 or $40.

    Every reward I get goes immediately into Steem Power, I don't take anything out. In addition to this, I think any BTC affiliate awards I'll get (usually $30 per month or so) I'll either immediately deposit into Steemit or I'll resell and deposit that, so I'll always have some more cash flow coming in. I also want to keep buying up more Steem as it's cheap right now. I want to hoard it :)

    Alright, so I'll keep you guys posted most likely every day here on the account value. In general, it will fluctuate but pretty much every week I'll be going up in value. If the price of Steem ever goes up x10, I'll be rich. If it flops, whatever. I'll invest into other cryptos (as I currently am). In addition to Steemit, I'm also working on YouTube, Livestreaming, Selling Bitcoins, Trading altcoins and will be lending BTC in the future. To become a Steemit whale, you don't need this much Steem Power, but I decided to make it a goal. Currently I'm approaching 5,000 Power. I'll make my goal 1,000,000. The further we go into this journey, the easier it'll be to make more and more. The rich get richer ;)
     
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  2. davids355

    davids355 Jr. VIP Jr. VIP

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    Sounds interesting. Good luck.
     
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  3. MaFiaStyle

    MaFiaStyle Regular Member

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    This seems like MLM ponzi scheme to me. How many people can become wales just by investing this money? There is an infinite amount of people that can become wales based upon the whole concept. What brings in the revenue for steamit? Content? Who is the market player to support support and demand?
     
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  4. blommas

    blommas Senior Member

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    Just looked at the website.. Looks a bit strange, and I don't really understand how Steem make money?
     
  5. avilux

    avilux Power Member

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    There's tens of thousands of users, and this is the normal reaction for a normal person who just hears of this concept. I think these links will do a better job of sharing info than I could: https:[email protected]..ke-me-everything-you-need-know-to-get-started

    https:[email protected]/steem-where-does-the-money-come-from

    Not everything out there is a ponzi scheme lol.. please do some research before screaming and panicking :) It's all about the cryptos moving around and getting more and more people interested. The higher the demand for a coin, the more it goes up in price. The more in circulation, the more opportunities to make money.
     
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  6. avilux

    avilux Power Member

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    Linked a few good posts up in the first response, but here's some more: https:[email protected]/steemit-where-does-the-money-come-from

    "Keeping it simple"

    "
    Answer: Money is created in Steemit when people vote on valuable content from their peers.

    Explaining the reward pool, inflation rate, and any other of the finer details is akin to showing how the Federal Reserve works. The question is not a how, what, or why question, it is a where question. Thus, the answer we give is founded on what products and services are exchanging hands in Steemit."
     
  7. darulez

    darulez Jr. VIP Jr. VIP

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    Oh. I feel so great now looking at my sp500 ... MSCI world and MSCI EM
     
  8. blommas

    blommas Senior Member

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    Thanks. I still don't understand it, though :D
    Waiting for them to approve my account now..
     
  9. asastanislaw

    asastanislaw Newbie

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    Good luck with it Op
     
  10. MaFiaStyle

    MaFiaStyle Regular Member

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    Not trying to accuse anyone of Ponzi scheme here but this is my impression of this whole setup. As it depends alot on user bringing other users in and putting in moneyto become wales (no doubt some will say that you can choose not to invest but then again your earning will not be acceptable). This portion look like ponzi scheme to me.

    Questions:
    1) Who is supporting Steamit as a cryptocurrency? In BTC case I know that the underground market is using it as money laundering. And also legitimate institution investors who have invested and providing liquidity. Again, I am respecting you for your knowledge and genuinely asking these questions as a student and not trying to be sarcastic,etc. Please do not misunderstand.

    2) What drives revenue for steamit? Advertising revenue? Since contents are being posted by users. How much working capital does Steamit has on hand to sustain the day to day expenses of running the site? I believe some users will be involved with mining while some are more into posting contents. So who will be paying for hosting and salary of the people who manages the site?

    In China (and Malaysia) there is a very similar scam that was cracked down recently and their members have been brainwashed to shave their heads (both males and females). And it resembles a lot like steamit. So the owner of the cryptocurrency starts converting to BTC whenever there is a raise in price for the cyrptocurrency. Eventually they manage to cash out more than $200million and there is nothing the authority can do about it since the fraud is not a cash case. And there is no firm law governing cryptocurrency fraud
     
  11. CenTex Hosting

    CenTex Hosting Jr. VIP Jr. VIP

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    best of luck with it. Not sure that would have been something that I would have put 4k into. But then again who am I to say anything about it. Best of luck and I hope it works out.
     
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  12. avilux

    avilux Power Member

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    Can you link to the exact scam that you're talking about? Steem is one of the larger cryptocurrencies out there with a market cap valuation currently placing it at position #18 with over $236.8M. Steem certainly is going through a little bit of a rougher phase right now, as it fell from I believe the 10th spot, however this is 100% normal for cryptos to move around like this. All the cryptos over the past 2 weeks have been doing interesting (for example, take a look at Ripple's downfall).

    Steemit is the site, while Steem and Steem Dollars are the currency. Steemit is approaching 80,000 tracked members (through SteemWhales) while there's plenty more lurkers. I'm not sure of who the main supporters of Steemit are, but there are a handful of investors who have put down millions of dollars into this, while large exchanges also are either invested in it or will add the coin in the near future. BTCC nearly added it, I believe ETC won while Steem was in second place after beating out a few others. Steem crashed after the initial excitement faded when the platform was first announced last year, but if you look at the history of BTC or LTC or Ethereum or any of the big guys, you'll see the same charts pretty much. First there's hype, then people pump it to the moon, then it crashes for a long period of time before it all starts back up again but this time the media catches onto it and the public eye gets opened up to it.

    Even if Steem fails as a coin, if I had 10,000 followers on Steemit chances are PRETTY darn good I'd be making $100-500 per day. While with 14,300+ subscribers I'm making $100 per month with YouTube. With 10,000 followers on YouNow I'd probably max be able to make $200 on a very, very good day (and that's only after I'd be partnered) while most days would probably be $25-50. So long term even if my posts currently only make a few pennies or a few bucks, I'm really investing in the long run here. So far over the past month, even if you subtract my investment capital, I basically earned a few hundred bucks through all the streams which isn't bad.

    There are no ads on Steemit. Ads might be considered but before that happens, it's going to be a long time. Turning Steemit into a not-for-profit also could just as well happen so lol..

    The primary reason content creators make money or investors earn from Steem power is you have to think about Steemit like a company with a lot of shares. The shareholders get rewarded for purchasing or earning shares. The more people who want the shares, the more the price of the shares goes up. The main price influencers (whales) get the largest rewards. Steemit and its founders have tens of millions of dollars worth of shares to work with, so honestly upkeep won't be a problem. I think the main thing people should look at here is the fact that Steemit could quite easily hit a few million users in no time, and when that happens.. well, hey, you've got yourself a lot of money :)
     
  13. avilux

    avilux Power Member

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    [​IMG]

    We are slowly climbing up to 5,000 Steem Power which is the most important thing to look at here. Nevermind the estimation or anything else :)

    The more Steem Power I get, the more content and curation rewards go up. Here's a little chart of my past:
    [​IMG]
    [​IMG]

    The major things to also care about are followers and how many engaged fans you have. Currently I just passed 200 followers and the past 2 posts have been doing a little bit better than usual! One's approaching $20 (of which anywhere from 75-90% will go to me) and the other one might hit $10. Oh yeah, I forgot to mention that 25% or less of the post's earnings gets split up by the content curators, but hey, that's still good money. Also encourages you to curate other people's posts. The people who hit upvote first earn the most from curating.

    If you had 10,000 followers on here and posted quality content consistently on the daily here.. man. You'd get a good amount of cash. I think anywhere from $100-200 per post no doubt. I'm not sure which account has the most, but I've seen a few with a couple thousand followers so I'm sure the maximum right now probably is 5,000.
     
  14. johnmuts

    johnmuts Junior Member

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    I've been on Steemit since before the "big rise" and I can tell you you're nowhere close to being a whale. Steemit is dominated by a few megawhales with millions of dollars in Steem. If you happen to post something that offends one of them, they flag all your posts so they become invisible. And it's easy to offend them... Sell your Steem while it's still worth something.
     
  15. blommas

    blommas Senior Member

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    How long did it take for you to get accepted?
     
  16. avilux

    avilux Power Member

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    That's why this is a journey thread. I'm not even a dolphin yet, but I have high hopes for the future. I realize that Steemit can have some whale abuse, but as my account continues to grow it should have no problem getting up through the ranks. Also if Steem would fall really below price, I might just buy more in. And really, if I have to refrain from calling out some people or getting angry, then I get that and I'll respect that. I'm trying to be on everybody's good side while still being honest in my content.
     
  17. avilux

    avilux Power Member

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    It was instant but that's because I applied right before more members started piling on. I made 2 accounts (one as a backup).
     
  18. johnmuts

    johnmuts Junior Member

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    And hey, I believe that and I wish you all the best. Once you get to know the people (it's a very small community), you'll see for yourself where you fit in (or not). Good luck!
    I think I made about €5k on Steemit in total, most of which thanks to 1 popular post in the glory days. Sold all Steem tho, when it was still semi-high, so can't complain.
     
  19. avilux

    avilux Power Member

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    Yeah that's the thing about being one of the first investors in a new platform or project. At first the hype is all real and everybody wants to get on board, but as soon as the initial momentum dies down a bit it may crash for a while. Some panicked and sold when they should've at least kept it. But hey, you made good money and got out and that's what matters most :) I think the thing that excites me the most is that no matter whether I win or lose, I still get 15-20% after I convert to BTC. Maybe even more if I find the right clients willing to purchase my BTC. There is a little bit of risk selling, but I only sell to people who have been following my channel for a little while so it seems like they're a bit more trustworthy. I know it may not last forever (some guy tried scamming me for a measly $25, of which I got another company involved in and won the claim of course + made an additional $8 on top, but that was a warning) however there's definitely good money to be made that can cover such expenses.
     
  20. MaFiaStyle

    MaFiaStyle Regular Member

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    Maybe investing into a miner for alt cryptocurrency will be much easier and profitable. I have seen friends who setup network of miner rigs and making good money selling the coins mined on a daily basis. Usually they target the lesser known and easier to mine cryptocurrency. And based their operation in third world country whereby they can get cheap electricity and stable internet.