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RE: Does Up-Voting on Steemit Cost You Money?
It doesn't cost the upvoter money. In fact the upvoter earns rewards (STEEM Power) by upvoting.
How it works (VERY simply)... New STEEM is minted every day. Some of that newly minted STEEM are allocated the people that post, comment and vote on Steemit.
How much of the allocation is awarded to a given post will depend on the weight (STEEM Power) of the people voting on it.
Successful bloggers and curators are being awarding new coins, in the same way that Bitcoin issues new coins to miners that successfully discover blocks.
Thanks, very informative!
Thanks for the explanation my man. I'm starting to get the hang of this thing.
WOW your comment deserves WAY more votes! if i had any liquid steem i would send you some! (on second look, i see you have over $74,000 in steempower, holy shit man....bravo! I hope to be like you one day! Do you just post everday all day? I wanna be like you man!
here is another question: Do you know if steem has a blockchain limit like bitcoin keeping it finite or is it more like ethereum where it can theoretically be mined forever however with diminishing returns ?
I ask because if Steem blockchain has a limit, then where will new steem come from if it can no longer be mined? Maybe by then the growth of the site itself and its traffic and derivative businesses will be able to keep it moving Maybe a new "rewards pool" can be formed?
74,000, yikes certainly something to aspire to @fleetinuance @ackza
Thanks for sharing!