Who receives the Steem new account creation fee?
The new account.
Steem account creation "fee" is actually a minimum bandwidth rate limit to signal the blockchain that said account will not have the available bandwidth to make transactions within the blockchain.
To understand this, we need to know how does the Steem Blockchain do away with transaction fees when almost every other cryptocurrencies has it.
This is because Steem transactions are based on Bandwidth rather than fees. It's why you can sometimes sees smaller account unable to post anything when the traffic is unusually high. And it goes back to why Steem Power is so important within the Steem ecosystem. Having higher SP is akin to paying more fees to the blockchain when you make a transaction. Imagine Gas in Ethereum but instead you have Gas Station. The bigger the more gas you can afford.
And so there is a point where the SP starts too low to qualify for any transactions since the blockchain will not recognize it. That "point" is the Account Creation Fee as seen in the blockchain (you can look at SteemDB.com) to get a live feed of it.
This "Fee" however is deceiving, because you actually need 50-100 times the amount paid to the new account to get it qualified for transaction. Which isnt all that much considering it's just 5-10 steem if you decide to fund the account entirely on liquid Steem. This Steem will be converted into the Steem Power of the new account.
There is actually so much technology within STEEM that it's so underrated as a blockhain compared to other with so much hype and so little substance. Just the aspect of Fee-less transaction alone would have killed so many other blockchain that vies to be the "cheap transaction" blockchain.
Not to mention 3 second blocktime, human-memorable addresses, huge scalability potential and so much more..
totally agreed, best application of blockchain since bitcoin haha, the dawn of a new era, if they handle with care it can grow big, just need to take of the trolls and the content nazis, contrary to what the person below says i think this place gives ample chance for entrepreneurs to run business, bidbots is one form of that @blocktrades another, steemmonsters another, there will be many more and if it can make money it WILL attract investors :)
look at how jp morgan and goldman sachs and all the bigguns cave in after years of distrust now, they dont want to be the last inside before its full and why ?
the millions ? in their case they're already thinking billions im sure of that , even the swiss exchange, the financial capital of half the planet might be is starting or has already its own crytpo exchange
what's so wrong with people wanting to earn ?
as long as you don't scam or manipulate i really dont see the problem, if you just want articles to read without money involved go check medium or something all the readable content you'll ever need
this place is SO much more with so much more potential i doubt we see even the tip of the iceberg yet
money and creativity, it goes hand in hand here, economy and society
of course! Tokenization of the content web is inevitable, Steem is just the first of many.
If one wants to think with the bigger picture, the creative industry has to grow to support humans in terms of their livelihood and meaning to live.. It's actually still quite a philosophical talk but it needs to be addressed very soon. Human jobs are being taken away either by automation of by efficiency of systems that we will soon reach a point where it's impossible to create more jobs and jobs lost.
What then would humans do? While UBI is one way to solve the logistics of jobless humans, it does not solves the bigger cultural issue of what would humans do in a Post-Jobs world. A place our identities and meaning of life to what we do and what is the point of living if all we do is sit around waiting for UBI money?
Creative industry is one way.. in a world where everything crucial to human life is done by robots, the creative industry is the one last bastion of meaning of life to humans..
I don't mind living in a world where all humans do is create art and worry about little else. That would be a beautiful world.
Steem is making people see that it is possible..
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ahh... okay.. You're THAT type..
We'll just cut the conversation short here eh?
Have a nice day!
yea ... its his company, he does what he wants really, thats free market capitalism, the numbers are probably right but the steem account is also needed to delegate to new people and probably to suppress any major overpowered trolls , i upvote myself too, i try to keep it 50/50 and i dont see why not
if i had that amount of clout id still upvote myself and why not, its my money, i could use half for other things, i personally like @treeplanter a lot and i doubt i would give money to humans or projects to keep areas alive that are doomed anyway
i used to be a people person, i still am in some ways, i used to study social work, its always nice to hear couch-hippies and stoners going on about how to change the world while doing literally nothing but filosofy at the bar
i still think its best to concentrate on fixable things first, and ignore the unavoidable while keeping up awareness, look at the wallstreet drumcircles after lehman's ?
tell me that achieved anything but a fucking heap of trash in the streets and a free camping festival ?
cos i dont see what it did ?
What is the benefit of this new account?
benefit? it's just a new account.. like your account and mine for example, when we first got them..
I guess i can answer your question by saying you get to use all the apps on Steem with your account. so yea..
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i don't see anything surpassing bitcoin yet ... steem is a living ecosystem, its more like a mirror of real life than anything else. I think the bots are essential because you'll get nowhere in the middle of a million plus accounts simply by content alone, its the trolls that are the problem.
if you feel an accounts posts nothing but crud its as easy as hitting the mute button. Bots and all the other systems allow people to be creative with ANYTHING from harrypotter fanfiction to real entrepreneurship, to mention but a few @blocktrades , and the steemmonsters initiative by @yabapmatt and @agrroed is a clear sign of how you can run an actual, PROFITABLE business right here within the steemverse,
you will get abuse in any system, its inevitable, to think you can weed that out is to think you can change human nature across the planet. Muting is simple, blocking would be nice, but it would only be on the U.I. i think the free market principle here is the right way to go, there's TONS of great content #steemstem but to name one, you have oodles and zounds of niches ranging from pure nature homesteading to pure computing , game development and programming
the rest is just what you get everywhere, turn on your tv, you get 99% crud, open an appstore you get 99% crAPPS ... a bit of filtering would help and thats happening right here , musing is one, no one here will post a daily picture of the view through the windows of the appartment, no one here will post the same old BITCOIN WILL RISE AGAIN charts, and so on, its only two years young and it compares to nothing i have seen so far, obviously there will be clones and for all i care the more the merrier, more options more chances more wins
the upcoming #steemstem UI will be another filter where content is select round one main topic : the promotion of STEM(career opportunity and education) all science-minded people.
i hear a lot about all this content crud and i think some people have the idea they get to tell others what content is and i stick to the same metafor :
when the nazis were burning books, the whole nation thought they were doing the right thing, everyone was CONVINCED they were making it better, but they were making it onesided
the only problem here i see is the trolls you cant defend against, the downvoters and the content nazis, antything else is just a mute button away
but i'll check out that unetwork thing thanks, the more the merrier
in case you havent heard of those : minds.com and ONO promise rewards for content too, its the dawn of the new ago of social networking and steemit
is the godfather and mother at once
Lots of people don't realize that. those who do lives a better life with less worry IMO.
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well, @kendrahill, i dont think i have lower standards but i try to not waste energy on unavoidable things, trolls will be trolling, humans are filth, if you go against that for a lifetime you will have lost one, for nothing. best to focus on matters at hand and things that CAN be done, sorry if you misunderstood.
My idea of making the world a better place would be to release the twelve monkey virus and bring human population down to 100million or so ... hopefully with enough engineers to keep the stuff running haha and if not ... well i'm sure the planet won't miss us :)
@kendrahill good luck in your quest to make a difference!
I don't think that's true, it's more like an unintended consequence as the devs behind Steem did not (or perhaps they did?) anticipate the behavior from allowing linear reward curve.. Bidbots are an eventuality since voting power has sadly been commoditized. My only hope is that they get nerfed either by setting up a cartel by themselves or perhaps alter the reward curve. That is for another discussion though.
Thanks for introducing U.Network to me!
Unfortunately U.network does not have any working product yet that i can try on (maybe there is and I wasn't aware of it?). So I have nothing to judge with. I'd love to try out U.network when it is launched though. It never hurts to be on multiple platforms and it's high for a STEEM competition to come up.
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That makes the blockchain a closed system. No longer permisionless. Some people see the appeal of it but it's definitely not the reason why steem was created.
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@kendrahill I see
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STOPTo support your work, I also upvoted your post!