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RE: The #bitcoinpizza Challenge Winners
damn, can't believe i missed this.
anyway here are my too-late to be eligible entries
https://steemit.com/economics/@chiefjay/where-does-the-money-come-from-part-2-of-my-steem-economic-model#@sigmajin/re-chiefjay-where-does-the-money-come-from-part-2-of-my-steem-economic-model-20160730t010755511z
https://steemit.com/interest/@sigmajin/understanding-the-steem-economic-system-vests-sbd-steem-dilution-interest-and-all-those-crazy-things
Excellent posts, @sigmajin! I'm sorry I didn't do a better job of promoting the contest. I didn't even know I had been mentioned in your post! Hopefully notifications and follow lists will be implemented soon. I upvoted and commented on both of your posts. Thank you so much for sharing them here.
nah it was all me... the past couple days have been an insane hassle, and i really havent been on steemit that much to notice... Hope everyone will take a look, especially at the second and third one (im writing the third one now), because understanding the concept of the vault is really key to understanding how steem works.
It's some super complicated stuff though... Your second post goes into a lot of detail and I'm afraid many people will get lost after the third mention of joe, bro, flo, and moe. So many moving pieces. It's not easy to understand. That said, neither is the Federal Reserve, so hey, at least this one is open to audit. :)
Dude, i have pictures and arrows and everything... thats supposed to make it simple.
TBH, if youve already read it, just think about the notion of the vault... thats what broke it open for me. Because the vault basically controls everything.
Understanding the vault and captive steem is step one
Once you understand the vault,
you can understand how mining works, and the 9-1 number that everyone uses but no one really gets.
Once you understand mining, you can understand how bloggers and other contributors get paid.
Once you understand the 9-1 ratio, what it really means, you can understand SP "interest" and why dan's balance is increasing by 700K a day.
And, btw, if the steem economy is the US economy, the vault is exactly the federal reserve...
Its really really elegant