The 500 SP Challenge

We see the price of STEEM is way down along with most of the cryptoworld. To many, this is horrific. However, some are taking advantage of the opportunity to improve their holdings. Many of those are already Dolphins and Orcas. For this reason, let us put together a bit of a challenge for those who are holding less Steem Power.

According to the charts by @arcange, there are over 138,000 Planktons.

https://steempeak.com/statistics/@arcange/steem-statistics-20190716-en

With the present price of STEEM being roughly 24 cents, it requires around $120 to get 500 SP.

Here is my thinking:

I know a lot of people do not have excess financial means. We have many on here who are using STEEM to help pay for their basic needs. There are countries in the world where $120 is a month's wages.

However, out of 138,000 accounts, are there 1,000 who can afford $120 and believe in the potential of STEEM? We see many larger accounts putting their money in support of their beliefs. Here is a great opportunity for many smaller accounts to improve their stake.

In the United States, there are people who spend more than $120 a month at fast food restaurants. We see people dumping $4-$5 a day at Starbucks. Now I have no idea if Steemians do the same thing, only that I know people in the West can throw away money with the best of them.

Someone posted that Steemit Inc is dumping another 800K STEEM this month. I don't know if it is true but I have no reason to doubt it. That means we have the opportunity to shift that to smaller accounts.

The question is are there 1,000 Planktons who can swing roughly $120 to power up their accounts? This will push the total number of Minnows up over 10,000 with the active ones over 7,500.

Of course, Minnows can improve their stake significantly also. By adding 500 SP to their accounts, many of them will increase their stake by a high double digit percentage.

Here is someone who I know did a lot of research into what is taking place here and is highly optimistic.

This is from a post this morning by @exyle.

I just powered up another 4500STEEM. 'Only' a $1000 under current prices but over $18,000 a year and two months ago when this place was a lot less developed.

No brainer.

https://steempeak.com/exyle/@exyle/taking-and-saying-yes-to-every-opportunity-coming-my-way-4500-steem-powered-up

Obviously, this is a large account and he is in the position to swing $1,000. However, when you look at it, that purchased increased his account by 2%.

The key is his outlook on the purchase. In the spring of 2018, that would require $18,000 and, according to his metric, was investing in a place that was no where near as developed. Using that as a barometer, we are seeing the price of STEEM today buy a great deal more development compared to a year ago.

Ultimately, it comes down to believing in the platform. What do you think is going to happen to Steem over the next couple years? If you have no trust in the platform and feel it is going to fail or continue to lag behind, then it is best to avoid all of this. However, if you are one who believes all that is taking place will, ultimately pay off, then you have a reason to move forward.

Then the question becomes the issue of the finances.

Out of 138,000 active Planktons, I cannot believe there is not at least 1% who believe in Steem and have $120 to support that belief.

It would be nice to see the smaller accounts add more than 500K SP to their collective holdings (more than 1,000 MVests). Some of the larger accounts are purchasing at these levels. If you are able, are you willing to also?

As a disclosure, I bought $500 worth of SP last week and will be buying another batch once some money clears my account.

But what if the price goes down further?

That is certainly a possibility. I have no idea where the bottom is. In fact, I believe we will see sub 20 cents so it might be best to hold off for a bit. That is just my opinion which could be way off. However, even if the price does head down further after a purchase, in my mind it is a question of confidence in the platform over the next 3-4 years. What will this place look like at that time.

As an analogy, using Exyle's view, this is akin to a developer selling lots to land that is not even cleared yet. A year later, the land was cleared, utilities put in, roads paved, and a few houses were started. The difference is the price dropped by over 80% even though there was progress made.

This is how I view Steem also.

It is up to each person and this is not financial advice for anyone.

One thing I can say is that if we do see the price of STEEM return to the multi-dollar levels, there will be people on here at that time saying how "lucky" people were to be able to buy STEEM at under 25 cents.

My hope is that everyone reading these words falls into the "lucky" category down the road.

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