Are we talking about a realistic answer or a wishful thinking type of response?
If I were to have five million SP, given my current circumstances, I would support projects. When there are meaningful operations for people to come to on the blockchain, the price can only go up. Mining and stacking coins only function as cut loss tools when faced with the bear.
I won't name the projects that I would support with such large stake. It is noteworthy to say that five million SP could support many projects and initiatives. Also, it gives you control over who the top 20 Witnesses would be. We are talking about some serious game changing amount of Steem Power here.
Of course, everyone has dreams about how they'd be altruistic and helpful to the community. The truth is, human nature and its track record tells me otherwise.
If you actually worked for those five million SP, it is possible you would use it in a community-minded way.
If you happen to already have that accumulated wealth to begin with, I doubt it.
Take a look at @freedom. Take a look at the account's wallet. There is no way most people would want to spend the time and effort to build the platform when it's easier to be passive. Why bother spending time doing anything when others can do it for you?
This is the same concept with, say, a sizable stock portfolio. Five million SP is around $4 million in USD at the time of this post. If I had the same amount of money in the stock market, I could earn $100-200K a year through dividends alone. I could lose 50% to taxes and it would still be more than enough to cover all my expenses for the year.
I wouldn't even have to work! All I have to do is make sure I am allocating enough of that income to other investments and keep up with inflation.
The truth is, I doubt anyone would care too much about what's around them if they had millions of SP by default. You could go full self-voting on a script and check back every now and then. There is a very good chance no one can zero you out.
In short, if I were to have millions of SP right now, I would cash out a portion for my own needs and investments. Then, I would focus on projects I want to build and support.
If I started off with that much SP, I most likely won't care about what is happening on the blockchain. In fact, I would be here for passive income.
Wow! 5 million steem power is a lot! Imagine the amazing things our DApps are getting done with just a quarter of this SP. IF I had five million SP I'll try to use it just as meticulously and efficiently.
First thing I'll do is DELEGATE, to nice projects and initiatives. The top of which is the @curie guild. In case you don't know curie is a curation effort on the blockchain that discovers new and unrewarded authors and reward them with something close to a whale size upvote.
The only problem is that recently curie lost a lot of her delegations and due to the low price of steem and higher cost of running and maintaining their activities they had to power down and now they are not working with as much effective Sp as they were before.
And due to the fact that steemit inc. is more occupied and interested in delegating to Dapps that have huge potential and capability of onboarding more users into steemit, curation initiatives like curie are largely ignored. Of course there's nothing wrong with supporting DApps. We all benefit from that too obviously.
Bht you'd agree with me that as important as it is to bring more users on to steemit and get them to use as many DApps as possible, it is also perhaps equally important to get them to use steemit as a social media platform; as a blogging platform where they can share and express their creativity.
Now to my knowledge steemit inc. has no provision for any curation initiative of this sort, except the ones started by individuals and collectives who used their initiavtives. Now if I was a whale with five million sp the first thing I'd do is delegate about half of it to as many curation initiatives as possible.
I might start with curie but I definitely wouldn't stop there. There are A LOT of amazing start up curation projects on the blockchain that each focus on their niches and categories. There's c-squared and c-cubed who aim to be a collective curation initiative for all other curation groups, there's CELF magazine who curate art and literature, there's also msp who supports minnows as much as they can and i personally have enjoyed some support from their poetry curation effort.
So the first thing I'd do is try to support and give back to these guys as much as I can.
2. The second thing I'd do with five million sp is to try to curate by myself as much as possible. Not just because I love it immensely--and I do, and not just to earn vuration rewards, and obviously I would of course love to have that also, seeing as the steem power is also an investment, but for the MAIN reason of supporting others and encouraging them to continue sharing their works.
It's definitely not an easy thing to come onto an open blockchain where you know that your stuffs will be forever and share your art and your creative exploits for people to seeand judge and criticize you. Of course again without proper rewards--possibly in terms of engagement or money--one might easily get discouraged and leave.
And then not to to talk of the fact that most artists and creatives in general really do need this money and encouragement to continue making their art, which as we all know can be remarkably therapeutic for both the artist and the audience.
And since steemit is sold as a platform where we get rewarded for the creative works brain does, the least I could do with five million sp is make sure the statement is not just a bluff.
Another thing I'd do with 5 million sp is follow some people's vote trail. People whom I know are highly engaging and active in the community. Ordinary users shose votes can go farther than my efforts alone can.
Also obviously with five million sp i'd like to make as much return on investment as possible because let's face it no one with such a huge amount of money will want to have it sitting somewhere on a blockhain without wanting go get at least a tangible profit off their investment.
And yes I know this is where most of the conflict comes In, how to curate and help others and make profit at the same time. And the conclusion usually is that they're almost mutually exclusive, and you can't make enough off curation rewards, at least not as much as you make by delegating to bid bots.
But I remain an avid believer in curating other people's excellent work. So yes I wont be going for the max return here, but the most efficient one that makes sure that while I earn I also help a LOT Of people.
And of course I know a lot of whales with more than a million sp doing this already. @hendrikdegrote is a prime example of this, alongside a lot more who may not have as much as a million.
So yes basically the bulk of my agenda is curation and reasonable profit. And obviously I'd definitely be supporting musing.io too just because they're awesome and have also helped a lot of steemians find a home on the steem blockchain.
So there you have it--my life as a huge whale on the platform (which is probably never going to happen LOL---but there's no embargo on dreaming right?).
CHEERS AND HAVE A NICE DAY!
If you really look at it , 5 million steem power is a good start to get more people onto this amazing blockchain and I would do exactly as what I am doing now :-
1. Promote steem more and with the use of delegation to incentivise those who are able to influence a larger audience of people to join in the blockchain . The key of success of any social media today is to have influencers to get on board and bring their followers in. Most influencers are reluctant as they are already in their comfort zone and afraid they will not be able to reach the same authority as they have build so hard in Youtube or Instagram or even Facebook.
source : https://www.ipay88.com/image/expand_further_gain_and_benefit_more_with_iPay88_Campaigns_Promotions.png
2. Run more events and fund individuals to speak at blockchain events and talk about steem. A few months back we created our own event and managed to get into the Local Daily Newspaper which created a lot more curiosity and making aware that STEEM is here to stay
3. Invite developers to come and create more dapps based on STEEM blockchain. DAPPS like Musing, DTube and even DSound are made from developers who wants to contribute to the community to make STEEM adaptable for almost everyone. With huge delegations like 5 Million SP , we are able to not only fund hackathons however we are also able to create more hype for developers to actually get interested in creating more dapps on the steem blockchain
4. Support more initiatives which focus on retention. Recently there have been a huge number of vloggers who started their vlogging journey with the rise of a special interest project by @dcorporation where it gets everyone an opportunity to get their video upvoted. This alone is an excellent method of getting more people interested in STEEM once more.
5. Invite more businesses to embrace this amazing platform. This would encourage magazines , digital news, agencies to see that advertising is not the only source of income. With the blockchain, the possibilities are endless. What @oracle-d is doing is truly a step ahead as they are actively approaching businesses to make full use of the communities in STEEM to generate content. Imagine once we hit critical mass of 1 billion users ! That would indeed be an eye opener for everyone !
These are just 5 of the many things which I would do with 5 million Steempower ! Its all about growing the ecosystem, If I had that much of SP, it would meant that I would be a large stakeholder of STEEM, of course I would want to see this ecosystem grow instead of just milking it dry.
I've somewhat written a blog post about this 4 months ago but it was only for 1 million Steem Power, to which you can read here: What would I do with 1 Million Steem Power?
Back then I was still pretty innocent on how the Steem platform works and my approach would be to delegate over half of it to some people who are good in curating contents in order to increase the number of accounts who can give a decent vote on this platform.
In terms of profit and sociability, I think that was honestly a good idea as when you delegate to someone, they tend to upvote you back as a way of saying "thanks". Over time, due to the curation rewards they will get, they will accumulate more SP and their upvote to me would increase.
However months after, I came into the realization that even if one holds this "selfless" attitude on Steem, sooner or later they will succumbed to circle jerking and upvoting only the people who helps them in return.
That is why I would now change my approach. If I am given 5 million Steem Power I will create two accounts each of which have 1 million Steem Power to curate ALL (most if not all) posts under the tag "Anime" and "Gaming".
For months now I have been planning to create an account that focuses on content creators that are constantly posting Anime-related topics and gaming-reviews (not live streams).
According to SteemNow.com, a 5% upvote from a 1 Million SP accounts gives around $2.39. That's 80 upvotes daily!!! I want more Anime-related content and Gaming (again not live streams) posted on Steem. XD
As for the remaining 3 million SP. 1 million will be for my personal use and probably 1 million will be split to some good curators that I know of personally. The remainig 1 million SP will probably be delegated to a bidbot! All the liquid SBD/Steem profited by it will be given as a prize money for my contests and competitions focusing on Anime and Games. XD
I'd power up the abuse fighting community to the point that they could collectively control the abuse.
Honestly, I'm glad I don't have to make the choice because what is best for steem is for any accounts over 800mv to stop voting.
That's only 47 active accounts.
If that happened the n2 could come back making every subsequent vote you get worth more than linear gives.
The problem on steem is the same as speeding through traffic, it's less the speed than the speed difference that is the problem.
If everybody was going 80 the danger in relation to each other is less than one going 80 and everybody else going 8.
So, I guess I'd have to let the majority of it sit idle in hopes that more rewards going out to more people raises the price.
Right now abuse is driving down the price and the biggest abusers have more than 800mv.
That needs to be countered.
Well five million steem power is much and well if you ask me it's a whole lot of responsibility to hold, first if this steempower is owned to me as a result of delegations then it may be difficult to do much because delegated steem power is very limited and the best way will to manually engage in manual curating,
However if I owned this money as a result of either earning it or buying it, then communities will definitely be my first priorities, the reason is that functional communities helps foster growth to accounts who do well to churn out amazing contents, steemit is decentralized and when I delegate to communities like @ocd and @girlsfoundation they will further foster a better and chance of reaching more people, expecially @girlsfoundation and @adollarday that even go way ahead to create an offline purpose where people are further helped, I believe in total making of people empowered.
And as a result I'll delegations like ten thousand steem power each to fifty steemian who value engagement and total support to people that needs it and not just staying within their friendship barrier which is what happens to steemit these days.
I'm not a fan of auto votes, so I'll definitely not do auto votes, I'll delegate to bid-bots and use the rewards to buy more power and delegate more till I reach a delegation level of one thousands people.
Dapps like dtube and busy.org will get 50,0000steempower each from me because I believe the dapps is the future of steemit and will bring in more audience in the future who are professionals.
I wish I had 5Million SP and if I did have it then I would love to explore some of the things listed below:-
1. Support Projects that is really helping to build the Steem ecosystem - some of my favorites projects are minnowsupport, musing, steem-ua and many others. The best part of supporting the projects you like is that you want them to succeed for the great cause they are into. I, remember my initial days on the steemit and various dApp platform and it was very hard for a minnow to earn or get upvotes. And as I explored came to know about the listed projects such as minnowsupport - who does provide an upvote to minnows for their quality content - which is a motivation to stick around. The other project is musing itself - I started using it recently and based on my experience it did help me earn that rewards that I could power up my steem. In simple words with just questioning and answering you get rewards and the beauty is that it all depends upon the user what he wants to answer any questions and it doesn't at all mean that if one has answered you cannot answer or you will not earn from it - Its' totally a fair game here on musing and very simple and easy to use the platform. So ultimately I did like to support these kinds of projects - which overall benefits the minnows i.e. the new users and who are going that extra mile for the community to build overall as well by their valuable contributions.
2. Start a new project - I did like to start a new project as well if I had that 5Million SP. In a nutshell that project would be all about new users and helping them to grow here. So the project would be like have various competitions, people who are interested joins contribute and ultimately are rewarded and by reward I really mean a good number around 1k SP or so. Also, the competitions would be compelling and that should be leading to solving a real problem.
3. After the giving aways - focus on multiplying - if you need to survive in the market and continue to support the society you need to grow as well. So, I did like to grow this fortunate SP that I get so that I continue to help and support and ultimately lead a happy life wherein your money is growing itself even if you are sleeping.
It may sound ironic but to be honest, I can actually just lived by the curation rewards I get. As much as possible, I want to put it in good use. As a social media blogging platform that gives the power to the people,
"Be a fountain, not a drain"
It could inspire and transform many lives of users in the platform. It could surely be of help to the people in the platform.
- Upvoting good content
Quality content is what powers the engine of Steemit. As a content-based platform, everyone should know the quality of it being the focus. Incentivizing those quality ones will help the platform become better and better.
- Supporting contests
Contests are the one that adds spice to this platform. I've been involved in many occasions where I participated in contest and actually won. Its an amazing experience and the best thing is that I am rewarded. Supporting people who host contests are what I also wanted to support.
- Charitable and Humanitarian Efforts
These kind of people and post are one of the main focus of my influence in the platform. It brings hope to humanity and world-changing experience. I would love to shower my stake to these kind of posts.
- Development / Innovation / Software / Applications
There are lots of developers and programmers in the platform that are less rewarded. They are actually the ones who makes our experience in the platform great. From the amazing decentralized applications built on top of the Steem blockchain and helping those develop for a better user experience, they surely needs to be supported. They'll get a support from me.
As long as I use it to reward people, I'm good with the curation rewards I get :). As I learned, "Be a fountain, not a drain".
If I had 5 million steem power is to take out half of that and convert to bitcoins and cash it out and buy a shop lot and operate a warehouse style business. The other 2.5 million I would just leave it here and buy steem power. If i had that much steem power, i would concentrate on aspects of my life in reading and learning and do constantly learn a new skill so I would be able to better advance myself.
Some bits of it later that I would earn will be donated to charity and I would set up a school in order to educate the newer generations on the importances of financials.
This is really lacking in our society at the moment. There is unlimited ways to use that much steem power. The possibilities are endless.
5 Million SP? That is more than 10 thousand times bigger than my SP now. :-)
Anyway, If I have it then I will probably share what I have to many.
First, I will delegate about 60% on accounts who owns/support different Steem Platforms/ DApps like ulogs.org, steenmgigs.org, esteem app, steemhunt, actifit, fundition, dlike, musing, steemauto, dtube and busy.org
Another 10% will be delegated to small groups/communities' account in order for them to support their members, on that way they can easily invite more Steemians on their group to be more active in Steeming.
10% of my SP will be invested to some bidbots/investment platform, and all earnings will be use to powerup to increase my SP.
10% of my SP will be delegated to our brother @surpassinggoogle. Why? I've known him since I was a newbie here in Steemit. He's a supporter of hundreds of minnows. He always try to motivate others to stay active here in Steemit.
And lastly the remaining 10% will stays on my account, I will use it for manual curation, giving votes to post I want. Also I will follow some curation trails who curates good contents and those helping others to grow.
I'm a fan of the popular line:
> It is better to give than to receive
So if I have 5 Million SP. Those are not just for me. :-)
% million SP would be quite a bit and one could do plenty with it.
Personally I think I would build a Dapp for the community that they could benefit from. This would help everyone grow and hopefully get a middle class going. A community that has a middle class is a community that has a balance.
Steemit at the moment has tons of small accounts and very few in the middle. The balance of power is with the whales and investors. I would aim to try and make it a more even playing field and build the smaller accounts up. Having a strong community would be fantastic for Steemit.
I would also create a non profit bot that users could use to help them grow and this would help retain users. Using your SP in this way would not change the platform but would make a positive difference.
Well, I'm a philanthropist by nature and personally love to help people no matter how little I can.
If I were to have five million steem in my account, I wouldn't share it out because that would be a waste of resources. What I'll do with it since I'd obviously be a whale is to create a steem Application like musing that would allow users use their steem accounts to perform tasks and get upvotes which would be reflected in their steem account.
The steem block chain application would be based on photography, and article writing and reviews. Writers and posters articles and posts would be curated by my account manually according to the perceived worth of the post just like the musing platform and I'd add additional features like plagiarism detector and spam detector etc.
The platform would create more chances for people who are creative to be able to earn more on the Steem platform just like the way Musing.io is enabling us earn more by curating intelligent questions and answers.
In addition to that I'd someway enable my platform to allow for steem registration without going directly to the Steem it platform. The platform would of course be connected by the secure steemconnect.
I think that's the best I can do to properly utilize my massive steem power and help others while doing that.
I would most definitely start a curation program, select people with high quality content and delegate. Pretty simple.
If I have 5 million Steem Power, I would delegate a whole lot to dapps and people that I like and respect.
Besides that, I would set up some automatic upvoting on good curation trails, and I would spend a lot of time upvoting new talent that is coming on to the Steem-o-sphere, because otherwise they could get easily demotivated, as is often happening right now.
And actually, I WANT a lot of Steem Power, because these are the things that I already try to do. Unfortunately, I'm very limited at it right now, due to having only 220 Steem Power (of which I've already delegated 55!). To overcome this limit, I've set up a node, and I am now a Witness!!! Hoping to contribute more and more to tis wonderful community!
If I won big in a lottery or something, I might buy 5 million Steem Power, currently worth $4 million. Of course, I would only invest a fraction of my winnings. Being a such a massive investor, my primary concern would not be how much I could extract from Steem but what would benefit the entire network and cause the price of STEEM to go up. I'd do that to protect my capital and to maximize the chances of great ROI in the long term. What I would do is the following:
- Get to know the top witnesses and some of the lesser witnesses well to decide who to vote. With 5 million SP, you can make or break somebody's career as a witness. Having 5 million SP would almost make me like a boss to them particularly if I were someone's only major supporter.
- Delegate millions of SP to a few apps I'd consider to be the most likely ones to break into to the mainstream.
- I'd blog about my activities and self-upvote enough to pay my bills so as to be able to dedicate all my time to Steem.
Ill flag all memes i found. And all trash content. No mercy for vandalls.
I would set up a bot which would counter major bid bots by down-voting content they up-vote. 5% interest rate of Steem Power is enough for me. Then people would be "forced" to engage in "good" curation process. That would level the play field at least a bit.
I would downvote ned
Begin to change the world. I would use the rewards it can provide to begin industries on the physical world which can then in turn be used by the currency and reinvest into the platform.
It is a integrated project with many moving parts. Ultimately, You end with a block chain owned company/foundation.
5m SP!!! its a large amount
what will i do with this?
i will power down all and sell all
i will get around 3.5m of usd and just be a millionaire in real world