Yesterday I stumbled upon a post on Steemit platform having highly intrigued title which read "4 Years From Today You'll Have Over $150,000 US - Worst Case Scenario - If You Keep Posting, Commenting and Curating Daily".
Sounds like it's raining money!!!
At first glance, I thought it would be a clickbait but hell, I fell for it and clicked to read the full post. I found the article full of non-required marketing type of text but it had some strong claims to support. And the support was: you get " 0.6% interest for the Steem Power you were holding for 1 day".
Screenshot from the post
This was great! I never knew that holding STEEM Power was generating us some interest. But I was skeptical too. I couldn't believe it was so easy. So, I went to FAQ page to check if that was really the case.
Screenshot from the FAQ Page
WOAH!!!!! 😵😵😵 😲😲😲
I was shocked!😲 The interest thing did look like a real deal as it was mentioned in the official FAQs of the site. So I took the article very seriously. Ran the calculations in excel as per, so claimed, 0.6% compound interest on Steem Power.
Another shocker!!!! It showed that my 73.537 STEEM Power would be roughly half a million in around 4 years!!!!
That was too good to be true. And as they say in cryptocurrency world, if it is too good to be true then it might not!
If this was the case then people with thousands of SP would be rolling on STEEMs without doing anything. Not only that people with some money would purchase STEEM and hold it as STEEM Power on steemit site earning huge interest.
It needed some more digging
So, I scanned through all the comments and found that this was already discussed a year back! (Thanks to @cryptotem for posting the link in comment.)
@anonymint claimed "It’s so easy to become a millionaire with Steem" by accumulating compound interest
in his post https://steemit.com/steemit/@anonymint/it-s-so-easy-to-become-a-millionaire-with-steem which was rebutted by
@bacchist in his post https://steemit.com/interest/@bacchist/steem-power-interest-is-not-compound-interest
And for me the clarification given by @bacchist made more sense.
To make sure that whether I was receiving the so claimed 0.6% interest or not, I noted the SP on my account which was
73.537 at 7:35pm IST (24th July 2017)
I waited for a full 24 hours to see if I get roughly 0.441 added to my STEEM Power making it 73.978.
But I was disappointed!!!!
The Steem Power did increase but not at the rate of 0.6%. Instead of 0.441, it added only 0.004!
73.541 at 7:35pm IST (25th July 2017)
Hence, I came to conclusion that the Compound Interest on Steem Power is a real thing but the rate of interest is too low!
Sorry to disappoint you folks, but we are not going to be millionaires so easily! Let's keep working hard, let's share interesting stuff and earn more steems. That might make us a millionaire some day! 😎
P.S.: To understand why Steem Power is increasing a little, you can refer @bacchist's post https://steemit.com/interest/@bacchist/steem-power-interest-is-not-compound-interest.
It might give you some good explanation (which is making sense to me too).
Follow me ( @mittalpatel) for more updates about my thoughts on life, technology, cryptocurrency and photography.
You can also visit my blog.