Steemit 101: STEEM, Steem Dollars, Steem Power

in steemit •  last year

New to Steemit.com and struggling to understand the reward system? This video is for you!

Introduction to the Steem Economy

Once you start using steemit.com it will all become very intuitive and simple, but at first it can be a bit daunting, so in this video I try to break it down as quickly and efficiently as I can so that you all can get to the urgent business of creating content, engaging with other users, and earning rewards. A transcript of the video is included below.

Disclaimer: These are my personal opinions and views. They do not represent the official positions of Steemit Inc. or any employees thereof

If you find the video helpful, please don't hesitate to share it with any new users struggling to grasp the concepts.

Transcript

Hey everybody, my name is @andrarchy and I’m the community liaison for Steemit Inc. New users are currently pouring into Steemit.com and so I would like to provide you all with a brief introduction which explains how Steemit rewards its users for the content they contribute to the platform.

The Steem Blockchain Protocol

The first thing you need to know is that Steemit rewards its users by leveraging a revolutionary cryptocurrency called the Steem Blockchain Protocol. The Steem Blockchain Protocol is similar to Bitcoin except that in addition to being able to store a list of token transactions the Steem Blockchain can also store content and use the tokens it creates to reward people who upload valuable content. So when you post, comment and upvote on Steemit.com you’re really interacting with a blockchain!

STEEM Tokens

Like most blockchain protocols, the Steem Protocol creates money out of thin air, called Steem Tokens. It creates these tokens at a rate of 9.5% a year. 10% of these tokens go to a group of people called witnesses in exchange for maintaining the database where all of the content is stored. But 75% of the new tokens are distributed to users to reward them for uploading valuable content.

Now Steem tokens are super cool. They can be transferred anywhere in the world in 3 seconds without any fees. Like most cryptocurrencies they are basically like shares in the technology. They are the life blood that powers the system, and so if the system’s value goes up over time, so too will the value of Steem Tokens.

There are, however, some problems with Steem Tokens which explain why our rewards take the form of Steem Power and Steem Dollars. The first problem is that Steem Tokens have a volatile price. The price is entirely determined by the market which determines the “real” value of the tokens in real time. That means that the price can change significantly from one day to the next.

Designed for Regular People

The Steem Blockchain, however, was designed to encourage ordinary people to share valuable content. When the Steemit Team was evaluating what motivates people to do work they looked at what traditional businesses do. Traditional businesses typically leverage two types of money to incentivize their employees: cash and shares. They use cash to motivate them in the short term by giving them money that is stable and can be cashed out at any time. They use shares to motivate employees for the long term by giving them money that represents equity in the enterprise and which can’t be cashed out immediately.

These are the functions that the Steem Dollar and Steem Power serve. Both are basically IOUs for Steem Tokens that serve different functions. The Steem Dollar is designed to always be worth at least one US Dollar. That way if you make $100 on a post, you’ll be able to immediately grasp how much value you earned and you can rest easy knowing that it will be worth $100 US Dollars a year from now or 10 years from now.

Steem Dollars

How does this work? Well Steem Dollars are basically IOUs for however many Steem Tokens it takes to give you a US dollar worth of value when you cash out. If Steem Tokens are trading for 50 cents, and you go to cash out one Steem Dollar, the Steem Blockchain Protocol will give you 2 Steem Tokens in exchange for your one Steem Dollar, leaving you with one US Dollar worth of Steem Tokens. You can then use those 2 Steem Tokens to buy a US Dollar worth of Bitcoin, Ether, or any other cryptocurrency.

At least that’s how the system originally worked. Fortunately exchanges like Bittrex will now accept Steem Dollars directly, so if you have $50 Steem Dollars, you can use an exchange to convert that directly into at least 50 dollars worth of Bitcoin, and if you want US Dollars you can use a site like Coinbase.com to convert those 50 dollars in Bitcoin into 50 US Dollars.

Steem Power

Steem Power, on the other hand, MUST be converted to Steem Tokens before you can cash it out. One unit of Steem Power is an IOU for one Steem Token. Because the Steem Blockchain Protocol MUST always give you one Steem Token in exchange for one unit of Steem Power, Steem Power represents equity in the underlying protocol like any cryptocurrency. The more valuable Steem Tokens become, the more valuable your Steem Power becomes. But Steem Power has several additional features which make it superior to rewarding users directly in Steem Tokens.

The first is that the Steem Blockchain Algorithm can leverage a user’s Steem Power to determine how much POWER their vote should have. As I said earlier, 75% of the new tokens created every year are distributed to content creators, but how does the Steem Algorithm determine who gets how much and in a way that people will accept as objectively fair? Not an easy question considering that evaluating the quality of content is entirely subjective.

The Steem Blockchain resolves this issue by crowdsourcing the determination of value. Content is deemed valuable by the blockchain based on how many upvotes it receives and who those upvotes come from. The more Steem Power you have the more rewards are allocated to the content that you upvote. In other words, the people who are most heavily invested in the platform have the most influence over who is rewarded. And yes, upvoting yourself is perfectly fine. In fact, buying Steem Power is one way to accelerate the process of getting your content the attention you feel it deserves.

The other benefit of Steem Power is that it is extremely secure. Like all cryptocurrencies, if someone steals your Steem Tokens, there’s almost nothing anyone can do to get it back to you. Steem Power, on the other hand, can only be converted to Steem Tokens in 13 weekly installments during a process referred to as “powering down.” When you initiate a “power down” your Steem Power isn’t immediately converted into Steem Tokens. Instead, every 7 days 1/13th of your Steem Power is converted into Steem Tokens, which you can then sell on exchanges. The reason the process is called powering down is because as you unload your Steem Power, your influence in the system decreases accordingly since the Steem Blockchain Protocol uses your Steem Power to determine your influence.

Since the process is gradual if your account is hacked and the power down process is initiated by a malicious actor you have plenty of time to regain control over your account by utilizing our industry-first account recovery process and cancelling the power down before much damage has been done.

Now the astute observers among you might have noticed that I only explained where 85% of the newly created Steem Tokens go. The remaining 15% of the new money created goes to paying the holders of Steem Power. It’s basically an interest payment. It’s a small reward for investing in the long term of the platform.

Summary and Conclusion

Alright, my goal with this video was to give you a brief overview of the two point systems that you’ll find on Steemit.com: Steem Dollars and Steem Power. I explained that you can think of these point systems as the equivalent of cash (in the case of Steem Dollars) and shares (in the case of Steem Power). Steem Dollars can be converted into anything immediately and you will receive approximately one US Dollar worth of whatever you’re buying when you do so. Steem Power are shares that you can’t immediately sell, which earn interest, and determine your level of influence in the system. But remember, everything you do on Steemit.com is totally free, so if you really want to understand how everything works, just start posting, engaging with the community, and earning rewards.

I’m certain you’ll quickly discover that it isn’t the fact that you can earn money for your content that makes steemit.com so special, it’s the supportive and engaging interactions the platform promotes that makes our small town on the internet so rewarding.

I hope to do more of these Steemit 101 videos so please use the coments below to let me know what you would like to learn about next!

Thanks!

For those interested in understanding the cashing out process:
Cashing out via Poloniex.com and Coinbase.com
Cashing out via Bittrex, Coinbase, and Shift Debit Card

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Great job summing it up in laymans terms! It can be so confusing sometimes but this helps break it down.

Thanks for the explanations.

Thanks this is extremely helpful for me as a newbie and i guess the best for me is to stay active, keep posting and to accumulate more followers as well as steem power in order to be noticable, am i correct?

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100%. Add value to the platform. Everything else will follow

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Thanks and much success further!

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Great, glad it was simple and straightforward! Sometimes it's hard to tell

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Watching your videos made me understand the platform enough to sign up initially

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That's great to hear. Thanks!

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You are the master at doing this

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Thanks for all the time and effort you put into making your posst easy to understand. It helps new people like me engage better in the Steemit community. Keep it up!

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@goldmatters Can't agree with you any more. Awesome Video. @andrachy video on tips and guide on getting your content out there would be awesome. Thanks!

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Great idea! Thanks!

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I am so glad you are taking notes and use our ideas.
Listen to the community and the leaders of the many steem communities around the world.
You can only be better :)

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I also felt this #video is quite HELPFUL.

The more Value one can bring to the table, well.. the better off a body can be in 2020 or 2030 .

It's good to know (as explained about 2 min. 20 seconds in) that 1 Steem dollar will always be WORTH 1 US Dollar. Also, the #Tutorial explains about STEEM #Tokens.

Plus - Steem Power is covered, as well as HOW the Value of a new post is determined. Steem Power is like an Investment that earns interest !

(He discusses, also, about Powering down) - and there are more #Videos by Andrarchy; so Look for those .

Finally, the speaker touches on ACCOUNT RECOVERY - the Fact that there are "built in" safeguards, so that a person never loses all their $ .

The powering down process is SPREAD OUT over 13 wks time. This offers safety

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Agreed! Simple reminders cannot come often enough for me!

Honestly, there can never be enough of this info. It makes it so much easier to show a friend this when trying to explain to them what the heck steemit is and why the should join.

Having video and it transcribed is first class - Thanks man!

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Agree completely! Glad it helped and more to come

Hey bud was just showing your older video at the whiteboard the other day to my wife to explain the system. And was hoping you put out an update and here it is! Must be on the same wavelength! 😜

100% agree with your statement! Although I'm still considered a newbie, I do know that if your intentions are to make money quickly on this platform, it's not going to happen. It's all about engaging and being genuine around an amazing community like SteemIt. Thanks for sharing @andrarchy! :)

Thank you for the helpful advice I'm new and this was super helpful I'm sure others will appreicate it as much as I did . Thank you. Cheers keep up the amazing work !!!

"


Stay shinnin n grinding , stay humble , stay hungry , stay inspiring. Most importantly Stay blessed."

This is the best and the easiest to understand video explaining Steem, Steem dollar and Steem power. I will share this with my prospects.

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MrLucasHunter Abolade Lucas tweeted @ 07 Jun 2017 - 19:23 UTC

Steemit 101: STEEM, Steem Dollars, Steem Power

steemit.com/steemit/@andra… / https://t.co/pSIMPPy27Q

Disclaimer: I am just a bot trying to be helpful.
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hehe! there is even a bot for that, nice

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@wijuwiju there is a Twitterbot that verifies shared post on Twitter.

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Thanks!

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Wow, thanks. That's definitely what I was going for, glad it helps!

This was very helpful! Thank you!

I read this post about how to leverage steemit and it told me amongst other things to follow you. Glad that I did. most excellent explanation of what's what with Steemtokens, SteemDollars & SteemPower

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Oh haha, well I'm flattered!

This video is awesome! Sharing this for sure!

To answer the what "I" would like in a Steemit101 video is something similar to this video. How the reward system works, how posts goes "trending" and perhaps a walkthrough of buying steem, cashing out, trading.

These are just ideas :)

Thanks for this video it helped me a great deal!

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Great suggestions! Thanks for sharing, and of course if anyone else wants to try tackling these issues they should feel free.

Marvelous job. Resteemed. Shared on Twitter and FB.

This must be the most clear tutorial on tokens/dollars/power I have yet to thumble upon.

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Thanks so much!

He man. This was a clear and straight to the point video! Perfect for new users. Really nice job!

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Thanks! Glad you thought so, that was the goal!

This post is much needed haha. Shared it with a bunch of new steemians.

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Great thanks!

Thanks @andrarchy there is a little bit of a learning curve to do when you join here but most things I now get. Your post helped refresh a few things for me.

Thank you..I need this.. I have read it and will read it again..I have never been in the crypto arena..and how it all works.. as far as making money and cashing out and exchanging is still confusing..thanks for the info . I will it needed for when the time comes...fingers crossed*

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I added some links to articles that explain how to cash out your steem at the end of the post. That should help

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thank you so much..truly*

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That's what I'm here for! After all, I am the Community Liaison for the Steemit Team :) But I started as a user just like you all!

Thanks a lot for yout explanation, I'm new to Steemit so I had a lot of doubts that Steemit's FAQ did not solve. With your explanation, everything is clearer now! It's a very interesting idea to receive a reward for generating valuable content. I already shared your post!

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Great! Glad I helped. Often just searching for Steemit articles on a question is the best way to get a good answer.

Awesome explanations of everything! Very helpful to a newbie!

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Awesome, that was the ambition!

This was the best explanation I've heard regarding SP, SBD & Steem.
Upvoted and followed.
Well done sir!

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That's music to my ears ... or eyes ... Thanks!

Ok - it's finally coming clear. I thing for most people understanding the difference between Steem and Steem Dollars is the hurdle to get over

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Yeah I agree. One of the ways I explain it is that Steem Tokens are like the "gold" that backs the other forms of money.

@andrarchy, absolutely one of the BEST introductions to the economy and infrastructure that is Steemit! Bookmarking and saving this to share with anyone who asks me the "inevitable questions" that come with just having joined Steemit!

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Haha, that was the goal! Happy to help

Power to the people!

Maybe someday steemt will overtake BTC ( ͡° ͜ʖ ͡°)

A most excellent work, again, thank you so very much for it all! All for one and one for all! Namaste :)

Thanks for the info, great vid. Go Steem , go. Introduced 6 people in the last week, this site is going to the moon.

Good idea @andrarchy, the easier the site is for new users the better the chance the site will succeed. If I may link my post here, I wrote something yesterday about the impoartance of riding the momentum, if this is the time momentum is coming:
https://steemit.com/steemit/@whatageek/the-steemit-flood-gates-might-be-open-very-soon-the-importance-of-riding-momentum-and-how-we-can-t-let-this-opportunity-pass

Oh wow cool, just what i needed
still a freshman ^^
upvoted and following

Glad to see your doing videos. With Steemit shooting up to $10. It is important you keep making them.

How exactly is the SBD (Steem Backed Dollar) value determined?

Right now from steemdollar.com I see it's worth $12.79 USD. Why did it jump so high? Why isn't it $1 USD as an unit of account? How is the $12.79 USD value determined?

Thank you! So clear and concise! This helped to clear up a couple of little 'steem mysteries' that had been bugging me

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Happy to help. It's a simple system, but how it all works is certainly complicated!

Hello , thank you and sorry for my late reaction.
You mentioned :

Like most blockchain protocols, the Steem Protocol creates money out of thin air, called Steem Tokens. It creates these tokens at a rate of 9.5% a year.<

Are SBD also calculated in this , because I assume they are created out of thin air also ?
Thanks

It is easy to understand and The explanation is concise.
thanks !

Best tutorial out there which I've seen.

this should be on the welcome page after signups,

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Yeah or a tutorial with animations that point to tabs like a game.

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I agree... this should be more visible to new users...excellent details of steem,steem power & steem dollars....

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I appreciate the positive feedback, maybe it should :)

Such posts are much appreciated by old and new users - Thanks for taking care about the community @andrarchy

Thank you for this post

So much information. But an awesome video. Just need to read a little bit more about to really see what is the best :D

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It really depends on whether you need the money now, or if you believe in the long term potential of the platform. If you want the money now, do the 50/50 split so you can cash out the Steem Dollars. If you want to invest in the long run, then take it all in Steem Power. That's pretty much it.

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Hummm I see! Thank You for the reply. So what does that mean is that the Steem Dollars and be cashout straight away in "paper money" is that it? And something I haven't found anywhere yet... what are the possibilities to cash it out. Bank, paypal, check....... Just trying to understand it all :D

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I added links to articles in this post which explain the cash out process. You can convert Steem Dollars or STEEM tokens into any crypto like Ether or Bitcoin whenever you want and then there are lots of sites that allow you to convert Ether or Bitcoin into currency like the US Dollar, in the States one is Coinbase.com.

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ohhhh I see!! I just need to find one that do the same in the UK :D I get it now! Thank You so much. That was uber helpful :D

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Thank you , you asked a lot of great questions :) @sergiomendes

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:D Hopefully more People with the same doubts will get to this part of the conversation in here :D

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I agree, I am confused on which site is better to use , because I am readying bad things about each of them and also good things :)

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@andrarchy Thank you for taking time out to help explain all of this to everyone . :) you are so Awesome :)

great info iam so motavated to do more

This was helpful indeed.

I do have a question. So theoretically you account value in USD if you have STEEM and Steem Power should be equivalent to STEEM +Steem Power times the value of the steem token?

I am still trying to understand how the platform arrives at the total value of your account. Is this updated once a day in your wallet or more frequently.

Thanks. I am spending more time here that I've at any other platform. Enjoying the community, content and the platform. Kudos to the founders.

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I believe it's based on the market values as set by the internal market and adjusted dynamically (constantly) based on the 3 day moving average. Another way to calculate your account value would be: (# Steem Power units x market value of STEEM on exchanges) + (# of Steem Dollars x market value of Steem Dollars as specified by steemdollar.com). But it is debatable which method is more accurate. The reason a 3 day moving average is used is to help adjust for the volatility of the coin.

This was a helpful video, much appreciated @andrarchy Thanks!

you have done a great support by sharing this post to the steemit community.

Nicely put! :) This should be made more visible

Needed this, I have had four friends join in the last week and this is a better explanation then I can give. Thanks!

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Great! Happy to help

Hello, very helpful post, thanks. What i want to know is the direction of the platform. Are we going to use steem for other things in the future, like pay for bills, pay for insurance, buy movie tikets, to pay a webdesigner to build a site?

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The Steem Protocol is totally open source. Steemit.com is just one UI for interfacing with the Steem Blockchain and leveraging for a specific and narrow purpose: a social network and blogging platform. Practically any app can be built using this technology. @furion is currently working on a YouTube competitor called SteemQ, the @Zappl team are currently working on a Twitter competitor., and the @steepshot team is currently working on an instagram competitor. So yup, we want people to be able to anything with STEEM and as a social network for ordinary people we believe we have an advantage over all other cryptocurrencies as far as reaching mass adoption because we are already putting cryptocurrency in the hands of 10s of thousands of regular folkds and at the current growth rate, it will soon be millions. Businesses and Devs will want a piece of that pie (I believe).

Thank you... Very helpful.

This is exactly the sort of explanation I need to get some of my skeptical friends to join up. Thanks man! Sharing this on social media for sure!

thanks, good job

Hi I'm new to Steemit and still trying to get my head around it all, but your video really helped to explain a lot. I've been interested in cryptocurrencies for several years now and can definitely see a future for Steem as it has real utility, something which not all other cryptocurrencies have.

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Great! Glad it helped

Excellent piece of information. Thanks a lot.

Question
I was going through the white paper.One of the take away was that this is designed in such a way
that SMC is pegged to USD and is expected to trade in a narrow range.This is mostly true but last few months it has gone up
on may 17th it was 27 dollars??but STEEM prices didnot impact. is that expected?

Another question is if STEEM is diluted .19% everyday, then why would investor buy or trade in STEEM? As far as i understood there is a relation between STEEM(which is in exchange) STEEM POWER (which is equity) valued based on content generated and thus value created by the community and STEEM DOLLARs which was supposed to earn interest and make is more flexible....but for an average investor why would you buy something that is devalued everyday even though the entire "value created by content" may be higher and thus compensating the devaluation ??
Doesn't this whole scheme very confusing and concerning for an outside investor (who just buys steem from exchanges and not a steemian)

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Steem Dollars are designed to not go below $1, the pressure to bring it down from above $1 is less intense. There are proposals regarding changing this and keeping the Steem Dollar more closely bound to the US Dollar, but I don't think too many people have an issue with their Steem Dollar rewards being worth more than a dollar so the motivation doesn't seem to be there. Bigger fish to fry I suppose.

The reason the money supply increases is to fund the pool to reward various actors in the Steem Game and stimulate economic growth (content creation) without pulling money out of anyone's wallet. Every economy in the world increases their money supply over time. If the productive output of the economy is greater than the growth of the money supply, then the value of the money goes up, even though new money is being created. If the productive output increases in direct proportion to the money supply then the money retains a stable price. If the productive output decreases while the money supply increases the currency loses value. So to answer your question, I suppose all of the people buying Steem on markets believe that the Steem Based Economy will expand at a rate of greater than 9.5% a year. In addition they probably are aware that the inflation rate will decrease over time to .95% so as the Steem Based Economy matures and slows, the money supply growth will slow as well. That being said, as an open source protocol, if a better economic system is proposed, then the crowd can implement it. Perhaps investors understand this as well and are betting not on the fact that the system is perfect, but that it is well designed to adapt and evolve over time.

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thank you.great explanation. I donot think many investors or people would be aware of this though!!!

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Sure, and STEEM is still trading at $2. What will it go to when they do understand?

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In addition they probably are aware that the inflation rate will decrease over time to .95% so as the Steem Based Economy matures and slows, the money supply growth will slow as well.

That's the point - I bet that most of them are not aware of this fact because this information is not exposed properly. Which is quite strange, as for most people (especially the skeptical ones) this is absolutely a crucial piece of information.

The most powerful marketing strategy we have is to leverage the popularity of Bitcoin and draw analogy between Steem economic model and Bitcoin. Basically it goes like this: "If Bitcoin makes sense, so does Steem". But to be able to do that you cannot leave out the decreasing inflation aspect, as this is definitely the most convincing argument that (for most people) separates Bitcoin from a Ponzi scheme. If you leave it out, Steem becomes incomparable to Bitcoin.

I'm not arguing that this assumption is true in economic terms. Instead, I'm just arguing that this is how people perceive it. And perception matters a great deal. And it matters both for investors and actual users - people don't want to participate in something which they cannot grasp conceptually. Who would devote their time and commitment to something that they think can collapse any moment?

In the video you only say this:

Like most blockchain protocols, the Steem Protocol creates money out of thin air, called Steem Tokens. It creates these tokens at a rate of 9.5% a year.

Otherwise, this video is great. You have a real talent to explain complex things in a very clear manner.

one of the most clear tutorial

Thanks @andrarchy for the video explanation! @noisy recent post where they hacked accounts, kind of proofs what you said its an epic small town, pleasure to become part of it.
One small question, about how does long term ratio works between Steem and SP (it says 1:9) is it just a mathematical incentive to invest long and since Steem annually adds 100% in value, holding on to 1SP would give you 9STEEM, and also not get diluted by QE, as in case with Steem? (not sure if im getting it right)
And some ideas for future videos
1.Could you maybe talk about different APPS and people to follow or who work on what projects/parts of the Steem or threads/topics.
2.The actual technology behind the system, kind of extend on white paper.
3.There is so much I would want to ask, since I'm new, so better off go continue surfing around here , its awesome.

Thanks for the clear explanation. It's difficult to understand it all at first but I'm getting there thanks to posts like yours

Very helpful . Thank You .

It's needed to talk about it everywhere and multiple times. Everyone should have vision why this platform will change world. Thanks for post.

This is a great explanation. It certainly helped me.

Great post - thanks @andrarchy - following you now too.
Please check out my post on minnows and SP - you'll like it!

)..very good..

Thanks, very easy for noobs like me to understand

Great video, Thank You!

i need it in hebrew!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Sorry I don't speak Hebrew. If you know someone who can translate it they're welcome to. I don't claim any right to this content

thank you for the easy to understand explanation of Steemit....it mean so much to me!

Steemit 101 is doing good job.

Very helpful . Thank You .

Very well said! Thanks for sharing your thoughts and opinion regarding this matter. I understand the way you delivered the lines in every detail but was a bit too fast nevertheless your doing a good job. Looking forward for your another post! Upvoted!

thank you so much for this video. its so informative.

Hi @andrarchy! Thank you for writing and sharing this post! As a noobie I find myself mostly reading stuff like this and most of what I've written on Steemit so far is "thanks for sharing!". It's a steep learning curve! One question slightly off topic, I hope you don't mind me asking. I'm interested in taking the plunge and investing in cryptos. Do you have any thoughts or advice on that? I'm particularly interested in finding penny cryptos or even cheaper! What would you say are your top 10 cryptos overall? Best. Adam. :-)

Very helpful!

Thanks for making these helpful videos! I've watched a few of your tutorials and aside from the fact that I think your voice is awesome, the way you explain the entire system is so distilled and concise! I really appreciate your work to create these, keep it up!

please do more videos. This really explained a lot.

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I'll try! We've all got our hands full on Team Steemit

Great job man!

This video is so necessary because people keep coming, and you did a great job explaining many of the questions any newbie might have.

wow....deserve upvote and resteem

Still a bit overwhelmed by it all. However 1000% clearer than the other guy I watched earlier today. THanks i'm getting there ;-)

Hi @andrarchy, very easy to understand explanation regarding Steem dollars and power.
Like the way you ended by saying Steemit is a "supportive and engaging interactions the platform promotes that makes our small town on the internet so rewarding".
But soon to come rather than a small town, we will be a big city. Thanks for the explanation once again. Kudos to you

Resteeming this as I need to read it more than once! Resteemed to book mark. :-) I'll get it one day. lol

Thanks for explaining Steem Economy

Great informative article...fruitful for the newbie like me...thanks for sharing with us such nice post....

This is great info for everyone!

Directo y conciso este post

This post should be pinned somewhere so that it stays always visible to newcomers. Seriously, you guys put so much effort to produce excellent educating materials and then let them be buried and no longer accessible. Please, make sure this does not happen this time.

Yes I still even struggle on how to get out of bed let alone figure out this rats nest of a web site out.

great information for the newbie's
thanks for sharing

Very good video :)

Thank you for explaining everything so clearly! I hope to see more of your videos! :)

Thanks for the great information

Solid video explaining everything I needed to know . Thankyou !

Nicely put.

Thanks a lot!

This is great. I really like your video and look forward to the rest u/r/f

Thanks andrarchy, I'm new to the crypotcurrency. And you said there in a way to exchange your SBD to $1 USD. I'm not going to do that at this stage, as I'm looking long term. I've gotten a few of my friends to apply to join steemit, and one is unemployed but he creates heaps of content on his facebook page. So would you be able to show a simple process of exchanging SBD to $1USD, for those whom like me are new to cryptocurrency.

Talk about nuggets of GOLD. This is straight forward and to the point! Very informative and answered most of my questions! Bravo! Thanks so much for putting this one together. All newbies should save this one! Speaking of which, I think there should be a save key under all posts that if one wanted to save it they could? It would maybe or could go into an file under their profile or wallet page to refer to later. I've run across so many useful learning posts and am saving them on my cpu but it'd nice to have them within my steemit account. Just a thought. Much appreciated.

very good post..

This is the best explanation I've come across so far about STEEM currency, I think you should do more 101 videos they are very helpful and straightforward. Great post :)

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I was also wondering if you could enlighten me on something else I've come across on steemit it. Some users in their older posts have a line through the payout amount. It says that their payout which still has some time remaining before it's payout date has declined What does that mean exactly? Thankyou in advance :)

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That's a voluntary choice the user makes when they upload content to decline payout. When you post content you have the choice to receive a 50/50 payout (50% in Steem Dollars, 50% in Steem Power), a payout entirely in Steem Power, or no payout at all.

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Great! Will do! Just put up a shorter Steemit 101 post. Check it out!

Thanks for the awesome and simple explanation on how everything works!

Great information
thanks for sharingg

Hey Andrarchy! I want to translate this to spanish users, but I don't want to take credit for your work. So can I translate it and then you post it on your account ?

Or what else can we do?

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I give you permission to translate it and post it to your account with attribution. Thanks for asking.

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Thank you very much for answering! And I will update with the link once I finish

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Here is the link https://steemit.com/spanish/@thatmemeguy/aula-101-steemit-steem-dolares-steem-steem-power# .
When you said attribution, what does that mean exactly?

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You did it :) "El post original de @andrarchy" Muy bien!

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Yay! :D Thanks for the awesome content. I actually learned a lot while translating

Thank you for this, very informative as I am new to steemit and still learning all of these things.
Thanks for this article. I love the cryptos and the metals. I spent several hours putting this mining stock investigation together. I hope you find it of value. I think silver and gold may be ready to start moving up again very soon. This is an article I wrote breaking down some mining companies, the better of which should outperform the metals themselves by a wide margin. https://steemit.com/money/@motowngold/i-think-gold-and-silver-are-staging-for-a-run-here-are-some-mining-stock-ideas