Credit: s20.postimg.org
Today I had 5.027 steem in my wallet and was unable to understand that what to do with that steem. Then I decided to power up and started to gather information of the benefit of having huge steem power before powering up. In search I found this application http://www.steemdollar.com/vests.php which helps you calculate steem power. It is also called vests. What I found from that tool is 1 steem equals to 2770.6874 vests. I was surprised to see the figure. I was still looking for more information regarding steem power to clarify the calculation, but collected almost same information from many articles.
Credit: i.imgur.com
Finally I did power up only 1 steem to verify whether the amount went up exactly what I got after calculation. But I was shocked to see the output, it increases only 1 steem power on the investment of 1 steem. Result was not matching with the output of steemdollar.com. I got tensed and was not able to understand its calculation.
I decided to take help from some other users. I did first ping @gonzo and asked him about steem power. Here goes the conversation:
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matthew.gibson3:53 PM
Hi
I need to understand one thing
gonzo3:53 PM
sure
matthew.gibson3:53 PM
What is steem power?
its another name is vest
gonzo3:56 PM
I have not heard of the term vest, but steep power is Steem that was handed over to steemit.com to increase your voting power, you can "power down" which will release it to you in small weekly payments for 2 years
It takes about 2 years until it is fully paid out, but I heard that the majority will be released within one year so I am not to familiar with the equation they are using for it
matthew.gibson3:59 PM
Ok check this one: http://www.steemdollar.com/vests.php
www.steemdollar.com
STEEM DOLLAR TICKER
Steem Dollar Ticker; For the latest USD exchange rate price on your hard earned Steem Dollars.
you one steem get 1 steem power
gonzo4:02 PM
To be honest I am not very technical so I might be the worst person to ask about this, when others wake up in steemprentice they might be able answer better than me
matthew.gibson4:02 PM
ok no matter
In lack of technical knowledge, gonzo was unable to give answer. Then after, I pinged @ausbitbank
Credit: imgur.com
matthew.gibson4:06 PM
hi
I need a help
ausbitbank4:07 PM
whats up
matthew.gibson4:08 PM
If I invest 1 steem then how much steem power will I get?
I mean to power up
ausbitbank4:08 PM
http://www.steemdollar.com/vests.php
www.steemdollar.com
STEEM DOLLAR TICKER
Steem Dollar Ticker; For the latest USD exchange rate price on your hard earned Steem Dollars.
the steemit site shows "steem power" in terms of steem anyway, so right now 1 steem invested would show as 1 steem power
but behind the scenes whats really happening is your converting STEEM to "VESTS"
that site lets you convert 🙂
matthew.gibson4:10 PM
exactly
when I check http://www.steemdollar.com/vests.php
www.steemdollar.com
STEEM DOLLAR TICKER
Steem Dollar Ticker; For the latest USD exchange rate price on your hard earned Steem Dollars.
I got 2776 vest
I thought it is steem power
I did power up 1 steem
It increases 42 to 43 steem power only
that's why I am asking
ausbitbank4:11 PM
yeah I worked it out to roughly 2774 just then
its confusing ... they tried to simplify it but just calling it steem power but that just confuses things more once people find out about vests later
matthew.gibson4:12 PM
right
thank you for information
ausbitbank4:13 PM
no worries
After the above conversation I came to know that 1 steem equals to 1 steem power.
Please follow me: @mgibson
