I got $390 on steemit, how long till withdraw?

mtnsaa

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Quote from: Searing on July 21, 2016, 08:11:20 AM

Quote from: CoinHoarder on July 21, 2016, 02:32:19 AM

Quote from: Searing on July 21, 2016, 02:20:20 AM

sheesh...if true I call 'scam' as well or pyramid scheme is more apt...(new money drives price up because old money used and/or can't get spent)

Why would it be a scam just because of that?

As an investor, I like that feature. It creates more long term stakeholders. The more people that are vested in the success of the coin the better, and as you said... there is less downward pressure on the market which means it takes less new money to drive the price up. To me those are good things not bad things, but I do understand some people may not like being locked in for a year or more. That is how I invest in cryptocurrencies anyways... long term investments, so it doesn't bother me I guess.

Just saying this is how a pryamid scheme works. Once Money is in you can play with 1/2 say. But rest is locked in to be used to inflate and promote new money to come in. It all works quite well like cloud mining UNTIL new money is to little to pump this flywheel. Then both new and old money lose when all withdraw at one time when they realize this. It is classic if not a pump and dump a pump and crash.

This looks awful close to that

I'm very skeptic too, I have an account there and I've generated some Steem Power and SD but I haven't invested anything myself. I agree with you but you can't cash out your money all at once after 2 years, that would be like a bank run! I think you can withdraw it in 104 payments made weekly or something like that.

Anyway, I wouldn't invest into this really but I'll upvote and post something once in a while, who knows what it could be worth in 2 years really. It's definitely growing, I don't think it could take on Facebook or Reddit but there's a chance...I haven't seen so many women in crypto EVER.

And what it gets me is that, even in beta it seems really boring to use Reddit and Facebook now, I think many people will find it addicting...even if most users only make half a cent a day, it's definitely better than nothing...

generalizethis

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Facts are more efficient than fud

Quote from: Searing on July 21, 2016, 08:11:20 AM

Quote from: CoinHoarder on July 21, 2016, 02:32:19 AM

Quote from: Searing on July 21, 2016, 02:20:20 AM

sheesh...if true I call 'scam' as well or pyramid scheme is more apt...(new money drives price up because old money used and/or can't get spent)

Why would it be a scam just because of that?

As an investor, I like that feature. It creates more long term stakeholders. The more people that are vested in the success of the coin the better, and as you said... there is less downward pressure on the market which means it takes less new money to drive the price up. To me those are good things not bad things, but I do understand some people may not like being locked in for a year or more. That is how I invest in cryptocurrencies anyways... long term investments, so it doesn't bother me I guess.

Just saying this is how a pryamid scheme works. Once Money is in you can play with 1/2 say. But rest is locked in to be used to inflate and promote new money to come in. It all works quite well like cloud mining UNTIL new money is to little to pump this flywheel. Then both new and old money lose when all withdraw at one time when they realize this. It is classic if not a pump and dump a pump and crash.

This looks awful close to that

Could be, but it depends on if the business model works or not. If it works, everybody gets paid and it looks brilliant; but if it fails, every critic gets to say I told you so and a bunch of people feel duped. I'm playing with house money, so I'm not upset if it fails. Though it would be nice to see one crypto project break into the world of big business.

Can anyone tell me why I keep getting a "transaction broadcast error" every time I try to convert steem dollars to steem? It happens on the exchange and the convert box. Tried multiple times on different days with the same result--might try a different machine, but typing that mammoth password seems a chore ATM.

Searing

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Clueless!

Quote from: CoinHoarder on July 21, 2016, 02:32:19 AM

Quote from: Searing on July 21, 2016, 02:20:20 AM

sheesh...if true I call 'scam' as well or pyramid scheme is more apt...(new money drives price up because old money used and/or can't get spent)

Why would it be a scam just because of that?

As an investor, I like that feature. It creates more long term stakeholders. The more people that are vested in the success of the coin the better, and as you said... there is less downward pressure on the market which means it takes less new money to drive the price up. To me those are good things not bad things, but I do understand some people may not like being locked in for a year or more. That is how I invest in cryptocurrencies anyways... long term investments, so it doesn't bother me I guess.

Just saying this is how a pryamid scheme works. Once Money is in you can play with 1/2 say. But rest is locked in to be used to inflate and promote new money to come in. It all works quite well like cloud mining UNTIL new money is to little to pump this flywheel. Then both new and old money lose when all withdraw at one time when they realize this. It is classic if not a pump and dump a pump and crash.

This looks awful close to that

amiraja

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from where you get $ 390? can you tell me, I want to like you

CoinHoarder

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In Cryptocoins I Trust

Quote from: TeamCrypto on July 21, 2016, 03:09:00 AM

Okay so does that mean I can withdraw $300 worth of STEEM to poloniex in 6 hours?

No, but after 24 hours of your post you will be able to withdraw approximately half of your reward via SBD.

In the OP you said you got paid $390 for a post, so you will get approximately 50% of that which is $195 USD worth of SBD. You can withdrawal that immediately and sell on Polo.

The rest is paid in SP which is locked in until you "power it down". After it is powered down, it is paid in 104 equal weekly payments over the course of 2 years.

TeamCrypto

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Okay so does that mean I can withdraw $300 worth of STEEM to poloniex in 6 hours?

CoinHoarder

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In Cryptocoins I Trust

50% of incentives earned on site is paid in SP (which is locked in and can be withdrawn in 104 equal monthly payments over the course of 2 years)
The other 50% is paid in SBD (which is a fiat-like derivative) and that can be traded/withdrawn after 24 hours

Only SP is locked in, and you can only buy STEEM on exchanges. STEEM is mainly intended to transfer ownership from one long term owner to another. It doesn't become locked in unless it is "powered up" into SP. It is not a good idea to hold STEEM very long without doing something with it, as it is debased at 100% annually... SP is only debased at about 11.11% annually.

generalizethis

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Activity: 1750

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Facts are more efficient than fud

Quote from: CoinHoarder on July 21, 2016, 02:32:19 AM

Quote from: Searing on July 21, 2016, 02:20:20 AM

sheesh...if true I call 'scam' as well or pyramid scheme is more apt...(new money drives price up because old money used and/or can't get spent)

Why would it be a scam just because of that?

As an investor, I like that feature. It creates more long term stakeholders. The more people that are vested in the success of the coin the better, and as you said... there is less downward pressure on the market which means it takes less new money to drive the price up. To me those are good things not bad things, but I do understand some people may not like being locked in for a year or more. That is how I invest in cryptocurrencies anyways... long term investments, so it doesn't bother me I guess.

Does this apply only to steem earned on the site or to funds moved in from exchange sites also? I'm haven't really delved in the currency mechanisms--my earlier statement of convoluted applies still (should have a smoother solution).

CoinHoarder

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In Cryptocoins I Trust

Quote from: Searing on July 21, 2016, 02:20:20 AM

sheesh...if true I call 'scam' as well or pyramid scheme is more apt...(new money drives price up because old money used and/or can't get spent)

Why would it be a scam just because of that?

As an investor, I like that feature. It creates more long term stakeholders. The more people that are vested in the success of the coin the better, and as you said... there is less downward pressure on the market which means it takes less new money to drive the price up. To me those are good things not bad things, but I do understand some people may not like being locked in for a year or more. That is how I invest in cryptocurrencies anyways... long term investments, so it doesn't bother me I guess.

Searing

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Clueless!

Quote from: CoinHoarder on July 20, 2016, 10:08:13 AM

Quote from: TeamCrypto on July 20, 2016, 09:45:58 AM

I posted a few hours ago and got $390, how long until I can withdraw?

Cheers.

50% will be available in 24 hours via SBD
50% will be paid as SP, which is only withdrawable in 104 equal weekly payments over the course of two years.

er huh? I will willing to 'entertain' any crypto concept....but 50% will be paid as steem points and only withdraw in 104 payments in 2 years? wth?

ok I get it ....you just made that up right? (off to look into this more)

sheesh...if true I call 'scam' as well or pyramid scheme is more apt...(new money drives price up because old money used and/or can't get spent)

generalizethis

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Facts are more efficient than fud

Quote from: iamnotback on July 20, 2016, 08:50:10 PM

Quote from: generalizethis on July 20, 2016, 08:43:03 PM

Quote from: iamnotback on July 20, 2016, 08:24:58 PM

Quote from: TeamCrypto on July 20, 2016, 09:45:58 AM

I posted a few hours ago and got $390, how long until I can withdraw?

Cheers.

If less than 100 SP total, then I don't think you can ever withdraw the other 50%.

Can anyone correct me? At what level of total STEEM balance can power down start?

The token system is a little convoluted.

I get leveraging your coins for a bigger future payout by powering them up.

I get cashing them out.

I don't get why I'm exchanging them for other steem brand coins to do these things? Seems there should be a more elegant way to do the same thing without burdening the user with excessive "what should I do? What is this? How do I do that?"

They can't allow you to power down with your free signup 10 STEEM POWER tokens, else you could go buy Facebook accounts for $1 and make ~$39 profit. This is also why you can't be allowed to send SP tokens to another user, because then the attacker could combine free signup balances to meet the minimum threshold to start powering down.

Got it--probably should repackage it so it's more noob friendly

DecentralizeEconomics

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White Male Libertarian Bro

iamnotback

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Quote from: generalizethis on July 20, 2016, 08:43:03 PM

Quote from: iamnotback on July 20, 2016, 08:24:58 PM

Quote from: TeamCrypto on July 20, 2016, 09:45:58 AM

I posted a few hours ago and got $390, how long until I can withdraw?

Cheers.

If less than 100 SP total, then I don't think you can ever withdraw the other 50%.

Can anyone correct me? At what level of total STEEM balance can power down start?

The token system is a little convoluted.

I get leveraging your coins for a bigger future payout by powering them up.

I get cashing them out.

I don't get why I'm exchanging them for other steem brand coins to do these things? Seems there should be a more elegant way to do the same thing without burdening the user with excessive "what should I do? What is this? How do I do that?"

They can't allow you to power down with your free signup 10 STEEM POWER tokens, else you could go buy Facebook accounts for $1 and make ~$39 profit. This is also why you can't be allowed to send SP tokens to another user, because then the attacker could combine free signup balances to meet the minimum threshold to start powering down.

generalizethis

legendary

Activity: 1750

Merit: 1036

Facts are more efficient than fud

Quote from: iamnotback on July 20, 2016, 08:24:58 PM

Quote from: TeamCrypto on July 20, 2016, 09:45:58 AM

I posted a few hours ago and got $390, how long until I can withdraw?

Cheers.

If less than 100 SP total, then I don't think you can ever withdraw the other 50%.

Can anyone correct me? At what level of total STEEM balance can power down start?

The token system is a little convoluted.

I get leveraging your coins for a bigger future payout by powering them up.

I get cashing them out.

I don't get why I'm exchanging them for other steem brand coins to do these things? Seems there should be a more elegant way to do the same thing without burdening the user with excessive "what should I do? What is this? How do I do that?"

iamnotback

sr. member

Activity: 336

Merit: 265

Quote from: TeamCrypto on July 20, 2016, 09:45:58 AM

I posted a few hours ago and got $390, how long until I can withdraw?

Cheers.

If less than 100 SP total, then I don't think you can ever withdraw the other 50%.

Can anyone correct me? At what level of total STEEM balance can power down start?

robelneo

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Activity: 3416

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Enjoy 500% bonus + 70 FS

Check your steemit wallet if it is available to transfer if it is you can send it to Bitrex so you can convert it to bitcoin anytime,have done it myself in just 10 minutes ,you are lucky to have earn that amount,now I am getting few cents from my new post..

dwgscale11

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