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RE: Steem-Engine Helping To Create Niche Based Social Platforms
I'm glad to see that you're growing so fast @ketcom :)
My understanding of how the Steem-Engine DEX works is that the Steem you exchange remains in the Steem blockchain, It is not a situation that you sold Steem for Bitcoin, Litecoin or other altcoin.
It doesn't really make any sense to me. I cannot see how all steem-engine tokens prices would be gowing up/down (Depending on demand and supply) and it wouldn't affect price of STEEM.
But perhaps I'm wrong.
Cheers
Piotr
Thanks @crypto.piotr
I think the best way I can explain it is using an exchange for instance with bitcoin as the base crypto. People convert fiat to buy bitcoin and the use the bitcoin to exchange for altcoins. Now those altcoins are traded on the exchange, when sold they are converted to bitcoin and when they are bought bitcoin is converted to alcoins.
The key point is the the fiat remains in cryptocurrency.
In like manner, when users want tokens of the tribes a lot of them buy Steem, when they are traded on the Steem-Engine DEX Steem is the base crypto. The money isn't been converted to other cryptos outside of steem. And the more people want to grow on any of the Tribes the more they buy Steem which is converted to any of the tribes.
So in this case the fiat converted remains in the Steem blockchain.
It surely is confusing @ketcom :)
Thx for taking the time to explain it to me.
Cheers
Piotr