Steemit is a community where rich AND poor have a chance to earn. Update to : Is Steemit a community where the rich get richer and the poor get poorer?
This is an update to my previous post :
I post a few things here but I am mostly a small investor holding steempower and hoping to see it grow. I was a bit confused trying to understand how steem works and I was worried about the amout of money being given away to content publishers and curators(voters). Although this money is not taken directly from steem and steempower holders, the inflation it creates in a way lowers the value of steem and steempower.
I think now that the interest rates given on holding steempower + the added value to steem and steemit created by so much advertising (the advertising being the rewards) will most likely more than cover the inflation.
I was also worried about a possible unfair advantage whales (really large steempower holders) might have when voting. Well although they kind of make posts popular just by their single vote it doesn't mean they will get more out of it. Let me explain. Of course if you have more voting power, you earn more curation rewards but you have to see it proportionally to the initial investment. If you own 10x more steempower it's normal that you earn 10x more. I have been monitoring random accounts to see how much curation rewards they were getting and proportionally the largest accounts didn't necessarily earn more. It's more about timing, if you're within the first ones to upvote a future trending post then you get a nice reward even if your steempower is low.
In conclusion I wouldn't say that steemit is like Robin Hood, taking from the rich to give to the poor but it's not the opposite either. The way I see it now it's a fair system which we can all benefit from.
If any of you don't understand the way steemit works and how it can keep working, I suggest you go over the white paper again a few times.
I've been reading all type of explanation to really understand how things works here. I have no background in crypto currency or blockchain so even reading all this stuff I still did not get everything. What all this means?
STEEM is the virtual money
STEEM POWER is like and investment or some money I left in the bank to grow over the interest rate.
STEEM DOLLARS is the STEEM as real money?
What the estimated value means?
Every time I reach a point I fell that I understand everything I crashed into another questions..
Anyway, thanks for the posts!
https://steemit.com/steemit/@andrarchy/steemit-vlog-4-steemit-101-steem-steem-dollars-and-steem-power
Here you are. Try search on home page for things that interest you about steemit.
And estimated value is calculated by 7 days median (average) price of steem on market multiplied by all the steem on your account, no matter if its in steem, steem power or steem dolars.
I get almost to nothing voting on posts and I'm one of first ones (lets say first) ussualy at 10 or 20 minute cap since my steempoer is around 80 SP. I know about 30 minute mark and my voting powerbut don't wait, when I see good article and read it and vote. Way to get rich is to write something good and then be lucky so someone higher ranked voted for you. Else we are to go through dirt like in real life, but that how it is.
Sure if your steempower is really low, you will earn a lot more writing good content. But then you earn more steempower and maybe that's the time to get a bit more into voting. Anyway my point was just that proportionally small accounts earn as much voting than the large accounts.