Yesterday I wrote an article focusing upon how the Whale's and Orca's percentage of MVests dropped 2% in the last 90 days. While many felt this was not at a fast enough pace, we need to consider the fact this happened with a rather slow growth rate. There are still less than 700K total user accounts with between 50K-60K active daily. I expect these numbers will accelerate once people start joining at a faster pace.
That said, it seems a lot of newer people still fail to understand how building wealth works. STEEM is the ultimate wealth building system. There are many ways to grow your account. The best approach, in my opinion, is to use as many as possible.
Too many seem to think this is a great rich scheme. Well, I will tell you, it is. I know that baffles some of my regular readers but here is what I am saying. STEEM offers the opportunity to gain riches in a much faster period of time than any other medium I found (other than winning the lottery which we know how rare that is). The major point to keep in mind is that it is not going to happen in 30 or 60 days.
STEEM is a compounding system meaning that everything you do builds upon what went before. When you power up, the amount of SP you have grows. This increases your voting power which means your can now earn more SP off the same activity. While it is not a huge amount, it still is an increase.
Here is one key: do not compare your account to others!!!
It is easy to look at a someone with hundreds of thousands of SP and say, this is a scam. If you do that, you will certainly fail.
There is a time element to STEEM. It is true the path to success is shortened if one is in a position to buy STEEM. As an investment, I think STEEM is one of the best you can make. To start, the ROI is increased since you can use said STEEM to increase your voting power. Hence, you are paying yourself a larger return on each vote.
If one cannot buy STEEM, there are still lots of ways to increase your SP. As I repeatedly suggest, commenting is one of the best ways. Since I upvote most every comment made in my posts, I have regulars who get 12-14 votes a week from me. I am starting to notice that some who joined in the last month are starting to see their SP increase. They are at 200, 300, even 500 SP. That is a significant jump in a month.
While that might not seem like much compared to the Whales and Orcas, at almost $6 a token, that is $1,200-$3,000 that these people were able to make for participating on a social media site. Are you kidding me? And people still complain? How many people are making that type of money of FB or Reddit?
Another secret is that there accounts, if they remain active, will only continue to grow. This is the compounding effect.
At this point, their voting power is higher now than it was since the SP went up. Also, they have more followers which also means more votes for their posts. When their followers reaches a significant point, it makes sense to start posting articles on a more frequent basis. By upvoting those who regularly follow you, over time, their VP should increase which will grow the rewards they give you. This is the magical circle of STEEM.
The other factor to consider is your contribution to the growth of STEEM. All activity on this blockchain is recorded. That helps with the Alexa ratings for the particular apps like Steemit and D.tube. We also see the amount of daily transactions increasing which is picked up by a site like blocktivity.info. The longer that STEEM is the leader in number of transactions on a daily basis, the greater the likelihood that it garners the attention of the buying public.
Which brings up the final piece of the puzzle: the price of STEEM. We all know that price action is not reflective of what is taking place. However, at some point, a leading blockchain like STEEM will get the recognition that moves the price up. So far, I have to say it did rather well in this department moving from $.85 to the present $6.
Time is one of the key elements in creating wealth. If you want a large STEEM account, you need to give it the time to grow. As I just noted, there are a number of activities you can undertake which will increase the pace this happens. Nevertheless, understand that everything you do on here has an impact.
One of the way people sabotage themselves is by getting discouraged in a compounding situation. If you look at the retirement charts that are put out which refer to the growth rate of accounts, it is obvious the smallest return (in total dollars) is at the beginning. Of course, if you go out 40 years, the return is much greater since the account is operating off a larger base.
The same holds true on STEEM. If you are curating with an account of 100K, the 25% off your vote is going to be greater than one who has a vote of 4 cents. The percentage is still the same yet the amount is different. That is what everyone focuses upon: the total dollars. I suggest you look at the percentage return you are getting on a weekly or monthly basis for your activity.
Here is a quick calculation I did: If you have 50 SP right now, and you increase your account 10% each week (which is a small percentage when talking about accounts below 500), after a year, you will have over 7,100 SP.
At $6 per token, that is $42,000. If however, my view that we will see $100 STEEM a year from now, that is $710,000, a number that most would put in the "rich" category.
Is a year quick enough to "get rich"?
That is the power of compounding and STEEM is the ultimate compounding system. Warren Buffet would be in awe of this if he understood technology. This makes his returns look paltry in comparison.
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