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RE: Nearing the end of our 250 minnows in a month challenge
People who power down, what are they going to spend it on? I can understand some use the reward as income as it can go far in some parts of the world.
But even holding onto a few hundred dollars of STEEM could drastically change someone's life.
If Bitcoin (as many are expecting), does another 10x from its last peak, we are talking $200,000 bitcoin. What do you think the steem price would be?
Let's assume steem just keeps up, 10x from last peak of $8, is $80.
A minnow account would be worth $40,000. That's a deposit on a house or college fees.
So I am holding on and I am pleased to see 251 people power up to minnow level.
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There's a lot of uncertainty around crypto and some people cannot afford the risk even if it may seem like small change to others. I just hope that it can help many who struggle to earn a living otherwise.
Having watched many come and go while I've been here for my first year, I've noticed people making some good income. It won't be long before their friends and family notice and want a bit of the action.
Price volatility is scary, but mostly on the way down. I can imagine more people holding on if they start seeing some serious upwards price action.
I share the same hope as you. It would be great if steem can be a vehicle to create community and have the price of STEEM reflect it's growth and popularity.
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We have a good basis for something big, but we have to help it take the next step by building the community.
On the bright side, steem has doubled in value compared to its recent lows. So we now have twice the financial incentive for users to join and stay involved.
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That's very true. We just have to watch that people do not increase abuse of the system.
I live off of steem and steem-related money and power down weekly. I am not alone doing this in the third world. A guy in Indonesia already bought a house with steem (not a deposit - the whole house) and inspired another man there to renovate a wreck into a place his family can live in.
My rent is 85 usd a month. My sp still grows because I work hard here blogging, commenting, chasing bounties, helping other people with their blogs. If I could not take the cash out, I could not afford to be here.
I have been taking the money since Oct 2017 and living on it for 90% of my needs since Dec 2017. The huge price jump last spring meant I was able to survive well into August last year and take less out at that time. When the price is low, I make do.
More people than you can imagine can eat for $5 a week.
I totally get that. But I wonder how many will regret selling when steem hits it's next all time high?
For me, I will release around 10% of my personal holdings at $50/steem and a little more at $100/steem.
If things go well, I hope I can get passive income from just curation.
It's great to hear about the guy who bought a house, is there a post about it? Would love to share that on twitter. Many crypto doubters there
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That’s great to hear from you @fitinfun ! Early adopters should benefit definitely out of it! And of course longer you keep investing your time in the platform that’s very important as well! Great work from your side again!
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Same here my friend @kabir88 we gonna see steem at $80 at the end of 2020 pretty positive about that!
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