Well, it is really an apt question for me to answer as I have made a good decision today by powering up my account to over 1200SPs. With the diminishing prices of steem and kind of all such cryptos it turned out that procuring good amount of cryptos has become a cheap process. Making the most use of this precious opportunity seems to me to be really great idea!
When I entered steemit, the price of steem was so high that I couldn't even think of buying even 100 steems. That said, on the other hand, I had cashed out well over 100 steems and made a good amount of money. I always refrained from Investing on steem as I knew that inorder to have a good influence with SPs I must have over 1000 or more than that with me. So I focused on content creation and accumulated every possible steems I can alongside powering down a good chunk of them down.
As of today, the amount of SPs I have earned so far with my hard work of over 11 months, is less than 200. Whereas, what I have powered up in a day amounts to 5 times this value.
The decision of powering up or down varies with individuals. I know of many who accumulated steem power when it was little over 1USD. They all were of the thought that steem can never go down from that level. That notion now has been proven wrong!
Steem as well as any cryptos for that matter are highly volatile. Unless you play a long term game, most probably you will end up losing a lot!
A wise decion as of me would be to power up during bear market such as one which is ongoing and sell only when you see them really profitable. In case of steem, it is a social media platform which you must not forget before starting powering down.
This blockchain techonlogy has a lot to do. I'm really proud to be a part of it!
Image source- Pixabay
I would love to power up some steem during this time but only if I made some small power downs before to save up whenever steem hits the bottom pit this year; but, I have failed to do so. Most of my power downs before went thru paying bills and investments to other cryptocurrencies. But I won't think on regretting those, it happens and what we have today is a great opportunity for everyone who hasn't been involved in steem or other cryptocurrencies. And as of now, I am still saving more and more for steem and for the cryptocurrency world.
I'm not afraid of Steem going under any longer. The cost of running a Steem full node is going to come down and that is when apps will be able to run full nodes of their own. It is then that we will have a fully decentralized ecosystem. We're already seeing a lot of development taking place that is not by Steemit Inc. @fulltimegeek is working on the VaporChain protocol which allows anyone to run their own blockchains with tokens of their own on top of the Steem blockchain. Blocktrades offered to implement the migration from Chainbase to RockDB on behalf of Steemit Inc. There is a lot of talent focused on development in the Steem ecosystem. I don't think it's going anywhere. Despite the current low price, Steem is still worth about $70 million.
The way I see it, what we're in the middle of is something like the dotcom bust, which doesn't mean the end - only the end of a speculative frenzy. It's back to basics but there will be a lot of growth ahead.
It actually depends on what you want. If you wish to gain more influence on the platform it is recommended you power up your steem power but if you are broke and you need money there is nothing bad in powering down your steem.
As for me I had powered down my steem power which resulted in 100 steem for me at the present moment. I decided to stop the powering down today because I had already powered down 100 steem at stake. My intention of powering down is to trade my 100 steem for cash so that I can enjoy myself for Christmas and New year not knowing it will be a great loss for me at this moment 😑. I will be left with no choice than to just wait for some few days to trade before Christmas so that I can enjoy myself even though I am not happy with the present market condition in the crypto space 😥.
I also realized that the best time to earn more steem power is bt utilizing this period since the price of steem is very low. I converted part of my SBD into steem and it was just so very cheap and affordable. I even decided to change my payout option to 100% power up because this is the only opportunity for me to earn more steem power and this will enable me to gain more influence on the platform by investing more in steem.
In conclusion, it actually depends on what you want. If you need money maybe because you are damn broke, there is nothing bad in powering down your steem power to earn more steem and trade for cash. If you are financially okay for now, I don't think it is necessary for you to power down your steem I prefer you power up your steem because this is one of the best chance for you to do that and you it will surely earn you more influence on the platform.
Thanks for reading and I hope this helps.
At this moment of time, I have been constantly powering up. Half of it is withdrawn to my blockchain wallet. I think it's still worthwhile to do that. Well, we won't really know the future much. My best bet is just to keep powering up and maybe withdraw a bit.
This is a strategy that I use to let you feel less pain if indeed any collapse happen and it is not recoverable. If however, the opposite happens and the prices do shoot up and above into the sky. Then to power back up would be a long journey a head.
Well, doing anything has it's risk. Even when we're walking outside there is a slight risk of injury. Powering up definitely has some people thinking, what if everything just disappears. Well, there is hope and hope is what everyone needs to make sure everything is running smoothly and well in the entire universe and world. We came to earth with nothing and the time spent on earth is just a kind of journey everyone would go to and one day we will leave like that. So, I think its good to take the risk while we're still young.
I am sure mining would be something that would be easy to do in the future. Blockchain is here to stay, the only question is how long does it take before it is integrated into the community. I don't think steem is going to collapse that easily. Facebook was just an idea when it was made. Imagine if we could actually buy facebook tokens at that moment of time before FB was publicly listed, that amount of money would now lead us to so much wealth, i guess when we sleep we could also keep laughing.
My take is just to be prepared in all situations and power up if we can. This is the only chance, when things are bad, everything is actually good. When things are good, and some day steem climbs up again, it would be too expensive to venture in back again.
I would not power down, however I am not sure if I would power up and invest either, because I am still very confused about cryptos, the cryptomarket and steemit. I would love to believe that the price of steem might increase, but currently I do not have the funds to throw down the drain either and this could happen as well. There is no guarantee that steemit will exist in 1 or 2 years or even steem as such. If I would have the money lying around somewhere however, I would risk it.
At these prices you are better of powering up. Firstly Steem is easier to earn now than ever before which is a fact.
When Steem is at $4 or $5 there are far more users on the platform. Having your post noticed is difficult and so many go through unvoted or even read. At the current levels of engagement your post will be spotted and mostly receive extra upvotes.
A post when Steem was at $5 is still getting the same amount of Steem when it is at 20 c. The rewards are way less but the Steem and SP is still the same number. Users who leave forget this and in my mind is short sighted.
Power up as much as you can and grow. When the markets turn and they will at some point you will be in a very healthy position to take full advantage.
I'm powering up as much as I feasibly can. I see the dip as an opportunity to gain Steem, and many others see it this way as well.
I wouldn't suggest powering down to be a bad thing, this would be dependent upon your goals, and what direction you feel Steem is headed in.
I joined the Steem blockchain with the mindset of longterm, so for me it's an easy choice.
I wish you the best with whichever decision you choose.
I would really love to and actually I've been doing a lot of stuff now in Steemit. For me, now is the perfect time to be active. Though its a little bit segway to your question above, my answer is that this is the perfect time for users to power up. Its more than a shopping period for Steem users.
The things that I believed that caused Steem to go a very dip price like this is for the fact that bitcoin's price generally from an all-time high (approx $20,000) to $3,300 as of the moment. This is the reason why Steem also had dramatically decreased its value as a token.
Most of my earnings from Steemit went it went crazy last December 2017 was to store it via physical assets. Right now, I am selling some of it and will look forward to buying more Steem when those assets will be sold.
But right now, I think my activity in the Steem blockchain has been doing very great which lets me earn good amounts of Steem to power up.
SInce the daPoey I joined steemit, which was Apr 2018, I have only ever powered up. And my decision making has been quite independent of steem price. However, now things have become increasingly interesting in bear markets.
Activity level is surely down as low payouts have driven away a lot of the spam and people aren't earning as much as they used to. That means more rewards for those who believe in the platform and have stayed consistent with respect to their content. There couldn't have been a better time to earn more steem and power up for the bull run.
If you look at the Steem/SBD ratio, its hovering somewhere arou. I have never seen those levels. So I am converting all tiny sbd i earn to steem as well as I believe in the law of average and believe the ratio will be back to 1 as prices change trend.
There may be many of the opinion who would be powering down trying to time the market and be ready to sell. I do not see anything wrong in that. However, its all about personal perpective. Timing the bottom is extremely tough, specially for me. I am collecting steem for the long run, as I think the blockchain is phenomenal and here to stay. The dApps being built on it are great, with great talent. In fact, I am simply collecting steem, powering up and delegating to steemit dApps to collect those tokens. By doing that, not only will I benefit from upside in price of steem but also dApp tokens, when SMTs are released and tradable or if they are swapped for ERC20 tokens to begin with for listing and trading.
Powering UP. that is my answer.
The current value of cryptocurrencies is creating FUD especially for those newbies. Steem is not an exception, and many members are worrying about the current price of Steem. Of course, I had some worries about the current value. But I still believe in Steem. That doesn't mean I am going to power up though because as most cryptocurrencies are down, I can't find money to buy some Steem. I am just relying on the current earnings that will add up on my Steem Power. I recently powered down as I might use it. But I won't go below the amount I set.
current steem prices are very low. but I prefer to increase Steem's strength rather than power down. the reason is, for the first time, I'm sure the price of steem will increase in early 2019. the second reason, because this is an opportunity to be able to increase power. the first time I joined the Steemit platform in early 2018, I remember at that time, I wanted to increase Steem's strength. and I always complain it's very difficult to increase steem's strength. that is certain, because the price of steem was very high at that time. although it is exchanged with SBD, the steem is very little. and steem prices are now very low. even lower than the sbd price. now an opportunity to increase steem's strength.
I'm not going to power down, no matter what Steem price is. I'm here to satay, I'm thinking long term and I'm powering up everything I earn here. I think this is the best time to earn as much as you can and buy Steem at this low price.
Powering down it's an option or course, although I don't think it would be smart. I would regret it later, I'm pretty sure of that. This is just the beginning of the road and it's a bit bumpy, sometimes it looks like a roller coaster ride but I'm sure better times are yet to come.
Always powering up. The more I have stored the more I can mke off of curation.
I believe steem prices will rise again in the future. So I won't power down. I will continue to power up. Many whales do power up. This is a good strategy for making transactions in the crypto world. Sell at the highest price and buy steem at the lowest price.
If I have a lot of cash power up is profitable because the price is low now. Steem ecosystem is quite strong so the value of steem will increase soon. Bitcoin price will be at low trend and other potential coins will increase. Steem is very potential coin.
I Would love to power up instead of powering down. I think it's the right moment to help this platform. Your power up not only increase your power but it encourages other user to do so. Bloodbath in crypto market more positivity more rays of hope more self-belief which can be easily rised by powering up. Whatever I am getting these I am powering up. I would like to request all my fellow steemians do the same this will definitely send positive message to follow users.