Posts from the past: Steem for noobs
While I was going back into the way back time machine of @steemd I came across a great post by @aem. It might be something you have to read a few times.
Maybe a good idea to bookmark it? One thing that it addresses is the reset of Steem, after every three and a quarter of a year.
Now there might be a post in that. Or has anybody already done so?
Here's the link:
https://steemit.com/steemhelp/@aem/steem-for-noobs
It cannot be reblogged nor will it have a new payout round. But you can still give it your thumbs up.
Do you know about some Posts from the past that might be considered old but gold?
Because this is a post from the past, by another author, that will have no payout round anymore, yet still has value to the community, I here by decline payout.
This is a 'decline payout' post
I don't understand what the reset means for everyone and the system itself. I would appreciate a good explanation. If there is a reverse split, does that mean that each Steem will have twice the value right after the split - and then the current trading market will use those values and trade up or down from that? Thanks.
As far I understand the reset is a division of the amount of Steem by 10. And next the multlipication of 10 for it's value. This is mainly because the extreme huge numbers that are involved. That will be difficult in their use after a few years. The value of VESTs is in millions, for a few thousand of SP for example.
The actuall value represented in US $ should stay the same. And the exchanges would follow this. It is a ratio change, don't think they want to mess about with that.
Some huge numbers involved:
In 3.25 years the growth of Steem Power could be somewhere around 1'230'746'400. If these represent 2500 VEST per SP then that would become something my deskcalculator allready doesn't like. So, that would make a reset divide amount by 10 & multiply value by 10 understandable.
Thanks. That's like a big stock consolidation, too, I guess. When I think of all the commercial stock exchanges and how they handle partial shares, splits, and consolidations, the challenge for Steemit accounting is more clear to me. Big, big numbers, indeed. Thanks for your explanation!
You're welcome, glad I could help.
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