Where Does The Money Come From (Value and Rewards Pool)?
Where Does The Money on Steemit Come From?
Have you ever wondered where the money you earn on your Steemit posts and comments comes from? What even gives Steem any value? Today I will answer both of these questions in a video to help you understand the basic workings of Steemit. If you have any questions, please leave a comment below and I will try my best to answer them or point you in the right direction.
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That's it! It's also a great idea to go ahead and follow my channel so that you don't miss any upcoming posts. You can do that here: https://steemit.com/@brandonfrye
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I was asking myself that question about the number of steem that will be created.
As long we hold a lot of steem power and more steemians coming onboard, the value will skyrocket.
It is all good. Got to watch the rest of your videos.
Keep on steemin'
Exactly, power up now while Steemit is still young. With the growth of the platform, plus the SMTs coming out this year, Steem will only grow in value.
Thanks for the great content i just discovered you on you tube with your video on curation, so had to follow you and wanted to say hi!! Look forward to your upcoming posts
Hey @robmenzies, I appreciate the follow and saying hey. Glad to be connected here!
Thanks, and I appreciate the hard work you put in to deliver your content.
What I fail to understand that how does any cryptocurrency have some value? not just steem, I mean any.
Steemit and D.tube have soem sort of connection, so much like google and youtube, vimeo, and or/sphere, are unlikely to be able to compete.
Hey @brandonfrye, I was looking for videos about steemit on youtube today and the first video that caught my attention was yours :D
It was: "An In-Depth Steemit Review for Beginners".
I think in 1 week you understood way more than what I did in a month here. After that i had to find you here and follow. You are putting out some really helpful posts. Keep up the great work and thanks :)
Nice Video. This was my number one Question too.
Yeah it seems to be a popular one. Glad this helped!
Hi,
Nice insight as to where it comes from.
Have you heard of Sphere decentralized social network ?
they are similar to Steemit and will launch on 15th Feb, I wonder if they will work the same way ?
Hey @aidan-crypto, no I haven't heard of them yet. It will be hard to compete with Steem since they're launching their SMTs later this year. But I would actually like to see some competition in this area as it will improve all decentralized social platforms. Really makes you wonder what will happen to FB, Instagram, and Twitter.
FB is evil, I hope it goes down :)
Hi @brandonfrye see the link below for their pre-sales
https://sphere.social/?ref_code=5309-a38cd93b
Yes i had a guess at this and think Facebook , Insta & Twitter only have around 5 years max.
Competition is good for all .
You got a 25.21% upvote from @mercurybot courtesy of @brandonfrye!
How do you get higher % upvotes?
Thank you @brandonfrye for such a great post.
I found your videos on YouTube few days ago and then come up to steemit. I already watched some of your videos. I like your videos because it is easy to follow and to the point and I learn a lot from you in a couple of days.
Keep it up with your quality post.
Thank you so much, @mslifesteem. I appreciate the feedback and I'm happy to hear how my videos have helped. :)
My pleasure and looking forward for your upcoming quality content.
One thing is there that Quality post Compels the user to Upvote and comment.
Exactly, and I'll be covering that most likely in tomorrow's video. :)
Oh, That's great! keep it up!
See I'd love to understand how it works because I'm participating in it, and I'd like to know what I can expect from it in the future.
For example what is the assumption/theory that the price of steem will increase over time based on IF more and more steem will be generated at the same time? It seems like logical fallacy to me. I can't wrap my head around it.
On a practical level, I'm also just saying, all right, let's just enjoy the ride and see what happens... but it is irritating that it's so hard to grasp and predict its behavior.
I'm actually glad you enjoy understanding these things. I see a lot of people just doing their thing on Steemit without fully understanding it.. and that's fine. But seeing as we're given all the details is inspires me to learn more about the inner workings. And unfortunately I don't have the answer to your question about the logic they're using or what exact formula they're following to predict at what rate the inflation should decrease. But what's good is that if something were to happen, and their calculations were wrong, they could correct it with a change to the blockchain in the future.
It’s funny once we understand how money is actually created. Before blockchain, we could just watch the central banks print it, now we’re doing it ourselves essentially. I wonder whether eventually there will be a future with no money, kinda like Startrek :)