The Steem FAQ
Source: https://upload.wikimedia.org
Hello Steemit,
I'm still rather new to this platform and have some questions on my mind. Thus, I decided to create a new post collecting questions from newbies in order to have a future point of reference. I know that there is a (very comprehensive) white-paper but unfortunately many parts of it are heavily outdated by now and thus not really helpful anymore...
Questions and answers will be added to this post (including the source). Thank you for your feedback! Here we go:
Question: At what rate do I actually lose Steems if I just let them stay in my wallet without powering up?
Answer: Technically, you don't lose Steems if you don't power up (i.e. transform Steems to Steem Power). You just miss out on the interest rate being paid for Steem power.
Source: @steemitblog
Question: How high is the interest rate being paid for Steem Power?
Answer: It's 15 % of the current annual inflation. At the moment, for example, we have an inflation rate of 9.5 % p.a. Thus, the interest rate for Steem power currently stands at 1.425 % p.a. (15 % of 9.5 %).
Source: @steemitblog
Question: What is the current rate of inflation?
Answer: The current supply is: 244,924,398 STEEM. The supply will change according to the following table in the future:
| Year | Current supply | Inflation | New supply |
|---|---|---|---|
| 1 | 250,000,000.00 | 0.095 | 23,750,000.00 |
| 2 | 273,750,000.00 | 0.090 | 24,637,500.00 |
| 3 | 298,387,500.00 | 0.085 | 25,362,937.50 |
| 4 | 323,750,437.50 | 0.080 | 25,900,035.00 |
| 5 | 349,650,472.50 | 0.075 | 26,223,785.44 |
| 6 | 375,874,257.94 | 0.070 | 26,311,198.06 |
| 7 | 402,185,455.99 | 0.065 | 26,142,054.64 |
| 8 | 428,327,510.63 | 0.060 | 25,699,650.64 |
| 9 | 454,027,161.27 | 0.055 | 24,971,493.87 |
| 10 | 478,998,655.14 | 0.050 | 23,949,932.76 |
| 11 | 502,948,587.90 | 0.045 | 22,632,686.46 |
| 12 | 525,581,274.35 | 0.040 | 21,023,250.97 |
| 13 | 546,604,525.33 | 0.035 | 19,131,158.39 |
| 14 | 565,735,683.71 | 0.030 | 16,972,070.51 |
| 15 | 582,707,754.22 | 0.025 | 14,567,693.86 |
| 16 | 597,275,448.08 | 0.020 | 11,945,508.96 |
| 17 | 609,220,957.04 | 0.015 | 9,138,314.36 |
| 18 | 618,359,271.40 | 0.010 | 6,183,592.71 |
| 19 | 624,542,864.11 | 0.010 | 6,245,428.64 |
| 20 | 630,788,292.75 | 0.010 | 6,307,882.93 |
Source: @fyrstikken
Question:Is there a way to directly transfer Steem Power from one user to another?
Answer: You can NOT directly transfer Steem Power to another user. However you can use liquid steem (which you can power down SP to obtain) to power it up to somebody else's account. To do this, click the down arrow next to Steem in your wallet, select Power-up. Then click the advanced button and you'll be given a text field of the user to power up with the Steem as well as the amount. Now for them to be able to transfer this powered up Steem (i.e. Steem Power) it would require a power down which moves 1/13th of your SP (at the time of starting the powerdown) per week into liquid steem, over the course of 13 weeks.
Source: @sykochica
Question:Why is Steemit considered to be Peer-to-Peer (P2P)? Where and how is the blockchain distributed?
Answer: ???
Source: ???
First have to say I love your account name. I've read that book so many times!
To answer your last question:
You can NOT directly transfer Steem Power to another user. However you can use liquid steem (which you can power down SP to obtain) to power it up to somebody else's account.
To do this, click the down arrow next to Steem in your wallet, select Power-up. Then click the advanced button and you'll be given a text field of the user to power up with the Steem as well as the amount.
Now for them to be able to transfer this powered up Steem (i.e. Steem Power) it would require a power down which moves 1/13th of your SP (at the time of starting the powerdown) per week into liquid steem, over the course of 13 weeks.
Thank you very much for your answer. I edited the initial post and added your answer as well. I just found another question and added it as well.
P.S: Glad you liked the books as well. I also just loved them as a kid and a teenager (and still do). I would still say that, up to this day, this trilogy is one of the best parodies of religion, politics and the world as a whole ever written.
Hi @hagbardceline
First two questions you will find answered here. In short, annual inflation rate is currently at 9.5% and will be reduced by roughly 0.5% each year.
15 % of the inflation is allocated as interest on Steem Power holdings. This is what you miss out with liquid Steem that is not powered up.
Cheers,
Shaka
Ok, does that mean that my Steem power grows by 15 % p.a but there is no direct decrease in Steems? The Steems amount just doesn't grow at all?
No, it´s 15% of annual inflation that is distributed as interest on SP. The amount of Steem (not powered up) doesn´t change.
Sorry for being a bit slow but just to be perfectly sure: Your answer means that there is a current interest on SP of 1.425 % p.a. (15 % of 9.5 %), while there is no interest (neither positive nor negative) for Steems, right?
Right.
(The inflation is reduced by 0.01% every 250.000 blocks, therefore it might be a bit lower than the 1.425 % p.a.)
Ok, thank you very much for your answers. I'll update my post.