Please bear with me, this is going to be a long post, as I've spent 60+ hours on it over the past five days. If you read through it, you'll learn a lot!
Follow me to get updates on my subsequent drafts!
I promptly contacted him volunteering to put the FAQ together. In case some of you Steemians are skeptical, here’s proof I’ve been in touch with him:
Rather than having a 40-page FAQ, I’d eventually like to see it organized something like this screenshot. I’ll have to see if the Steemit team agrees with me.
After working on this nearly non-stop for the last five days, doing a lot of research, and a significant amount of writing, I finally have a very rough draft.
More editing is required. Some answers are too wordy, and others don’t give enough information. Some questions have no answer at all. The document needs to have a consistent voice throughout, and I think it mostly lacks that. The organization needs works. Some questions are likely redundant, and other important everyday issues weren’t even put on here, or so I presume. These are all legitimate criticisms, and I deserve those rebukes.
Here’s where you come in, it would be incredibly helpful if you could look for the following things:
- Is everything is factually correct? Correct answers are more important than anything else; we don’t want to spread misinformation. I certainly don’t know everything and in my research, a significant amount of conflicting information was found.
- Are there any questions that need to be on here, but aren’t? I’d rather have too many questions than too few because we can always delete some later.
- Please answer the questions that haven’t been answered, (mostly in the Security and Technical categories). My knowledge in these areas is lacking and best left to experts.
- Are any answers incomplete, misleading, confusing or wordy?
- Suggestions to make them better?
- Grammatical errors?
- Suggestions for better organization? More categories? Sub-categories? Remove categories?
- Particular questions moved to another heading?
- Are any questions redundant?
- Suggestions for more words in the “Steemit Lingo” section?
- Do you have better, more concise answers?
- Are there excellent Steemit articles we can link to for particular questions?
- Any other advice?
I’ll try to provide a list of just the questions from the FAQ in the comments, with the unanswered ones in bold.
Thanks in advance for your help!
Compiled and partially written by @shenanigator with the help of a lot of people.
Huge thanks to the following users, I noticed your names repeatedly appearing in the comments of @ned’s recent post. Your questions and answers were extremely helpful!
@alexgr - Seriously, your expert, well-written answers helped a ton! Thank you!
@kakradetome - So many comments and thoughtful answers! Thank you!
@innuendo - Asked quite a few questions I wouldn’t have thought or even known to ask, thanks!
@minion - Gave a lot of helpful answers and links, thanks!
Also, thank you to everyone else who gave their time as well, it’s appreciated! Sorry if I missed anyone who participated a lot. I probably did, since there were 450+ comments.
Also, thanks to everyone who had previous work I ended up linking to:
What is Steemit.com?
Daniel Larimer, CTO @dan @dantheman
What is the difference between Steem and Steemit?
Steem is the name of the entire blockchain-based & censorship-resistant system. Steem is also a name for the system’s value token (currency).
Steemit, Steemit.com and Steemit, Inc. are all names for a privately-owned company and a website which offers people a secure way to interact with Steem, the system. Steemit is simply an interface to view the blockchain content of Steem.
Can I earn money on Steemit? How?
By sharing your original and unique posts that people want to upvote and providing value to others and the community. You can also earn rewards by curating - upvoting content that later becomes popular (although Steem Power is necessary to make money this way). Additionally, you can earn money simply by holding Steem Dollars. Currently, it is 10% APR, but the APR can change.
From where does the money come?
The currency of Steemit.com is Steem. The value of Steem comes from liquidity providers, investors, and traders on exchanges. The network continually creates new Steem, and some of the newly-created currency gets transferred to users who add value to Steemit.
Steemit is a decentralized, incentivized content and curation ecosystem based on token seignorage with set and specific rules. The "money" at its core is like game tokens, distributed to creators and curators as rewards for successfully playing the game. What makes the system robust, is that the tokens, traded on markets, have a real-time value. The markets allow Steem Tokens to demonstrate their subjective value. This way, when one has One Steem Token, that person can know what the value of their token is worth to other people. It's similar to how someone playing a video game could obtain a rare item by playing the game. If they have the scarce item, then they could potentially sell it on video game item markets. Think of Steem as a game system for content, where the rewards people earn are video game tokens that have real market value and are readily tradable for Bitcoin and USD.
Further background for understanding is that Steemit is a website much like Reddit. However, it is different in that it pulls its information from a blockchain and cryptocurrency database called Steem rather than a centralized, private database. In this way, Steemit is also analogous to other blockchain-based businesses such as Blockchain.info, which pulls its data from the Bitcoin network. Regarding its difference from Steemit, Steem is a cryptocurrency and the blockchain database that rewards posters and voters for bringing new information to the community. It is an independent entity from Steemit. The Steem networks' awards paid to bloggers and curators is mining seignorage, and it works the same way miners are paid to secure the Bitcoin network. Rewards paid to bloggers do not come from Steemit Inc nor investment in Steemit Inc. There has been more than $3 million dollars worth of Steem tokens paid by the Steem blockchain to these creators and curators. Steemit does not and will not ever compensate the contributors of the Steem network for curating and creating content. Steemit is not a middleman to any of the blockchain processes, and the technology remains completely open source and transparent for anyone to audit and verify (Many software engineers are currently leveraging the open-source code to build their applications on Steem. There are more than sixty so far.).
Claims that there is somehow a scam or that money is from coming from new investment in Steemit are categorically false. Rather, the natural inclination of the platform Steem is to continue building and improving an incredibly exciting social media network that is decentralizing the value of the web and genuinely betters the lives of thousands of people around the world.
I don’t have the skills to create quality original content, why should I join?
Don’t sell yourself short; everyone is good at something. Okay, you don’t write well. That’s fine! Are you a good photographer? Start a blog displaying your photos. Do you know a lot about football? Start a fantasy football blog, giving your best predictions each week and become the expert people seek for advice on their team that week. Maybe you are interested in arts and crafts? Display the work you’ve recently done. Video game connoisseur? Write reviews and tips for your favorite games. Can you make food look beautiful? Start a food blog!
If you honestly cannot think of anything you are good at or interested it, keep it in mind. Something will come to you. Until then, read the posts on Steemit and enjoy the great, fresh content! Even if you don’t like to read content, you will probably benefit from having a Steem wallet because it gives you a fast, cheap and easy way to transfer money around the world without restrictions.
Furthermore, Steemit gives you access to the earliest stage of this new exciting web technology and allows you to participate by doing things you may have already been doing! For example, posting and voting on content around the internet. Steemit is more than blog to earn. It’s social networking. Come and enjoy your time on the internet, let your voice be heard and join others curating a great place for content and networking.
Why is the money there in the first place?
The money is there primarily because of high user growth. The 'Steemit' network effect is beginning to take hold, and speculators can see it growing further.
The key for Steemit’s success is arguably to reach a critical mass of active users, allowing it to take advantage of the network effect. Once that happens, everything else will likely become a self-fulfilling prophecy. The Steem Dollar becomes a relatively stable currency supported from multiple sources of demand and supplied by the Steemit printing press.
Is Steemit a scam?
A scam usually starts with you having to give money to someone else. Steemit gives you money just for signing up and doesn't require you to invest anything if you don’t want to; most users don’t. Steemit does require effort, however. Write and share your unique and original content, if the community upvotes it enough, you get paid. How is that a scam?
How does Steemit, Inc. make money?
Social media companies can have tremendous market values without actually making any money because investors are forward-looking. Facebook, Instagram, Tinder and Snapchat, what did they all have in common? At one time, they were all losing massive amounts of money each year, while being valued in the billions of dollars. Why? Because they had a vast user base and investors know there are many ways to monetize a company with a large active user base.
Wait, there are multiple currencies in Steemit? What is STEEM, Steem Power, and Steem Dollars?
All three currencies in Steem fall under the umbrella of Steem Tokens. All three types of Steem Tokens perform a vital role in the Steem ecosystem. They are:
STEEM - The most liquid form of currency in the platform. It should only be held for short-term trading because you will be diluted 50% per year due to ever-increasing supply. You may convert STEEM into Steem Power, Steem Dollars, or another currency altogether.
Steem Power - Having Steem Power is similar to owning shares in a company. It is a measurement of how much influence you have on the platform and determines how much your vote is worth. It is important to note, when you decide to cash out your Steem Power (Power Down), you will get paid equal payments of STEEM for the next 104 weeks, taking two years to cash out your Steem Power completely.
Steem Dollars - A smart contract promising you will get about $1 USD worth of Steem at the current market price. One Steem Dollar is always worth around One US Dollar, although it can vary a little. Steem Dollars must be turned into STEEM before they can be “Powered Up” into Steem Power. You may also convert Steem Dollars to another currency outside the Steem economy.
If Steem consistently creates new currency, how much am I being diluted by holding STEEM, Steem Power, and Steem Dollars?
STEEM - When the curve stabilizes, it will be a 50% dilution on Steem. On an annual basis, there will be 100% increase of Steem in existence. The numbers are higher now because Steem is still in distribution mode.
Steem Power - Steem Power you hold increases at 90% per year, versus the 100% increase in Steem supply, so the dilution of Steem Power is the difference between these two. If you hold Steem Dollars and get zero curation awards, you will be diluted by 10% per year. Once again, the numbers are different now while Steem is in distribution mode.
Steem Dollars - No dilution, rather they gain 10% interest per year. This interest rate could change.
Why won’t Steem Dollars become inflated?
The Steem Backed Dollar will always have sufficient backing regarding Steem tokens to ensure a price near 1 USD. It does not matter if the Steem token is inflated or devalued. More Steem tokens will then be used to back the Steem Backed Dollar.
What does the little number next to my name mean?
The number is your reputation score. It’s a way of measuring how much value you have brought to Steemit.
It uses a log10 scale, meaning:
A score of 30 is 10x better than a score of 20
40 is 10x better than 30
50 is 10x better than 40, and so on
What is Powering Up and Powering Down?
Powering Up - If you wish to gain more influence in the network, you need it increase your Steem Power. Powering Up is the process of turning your Steem into Steem Power.
Powering Down - If you have Steem Power, and wish to cash out, you can begin to Power Down. While powering down, the network has calculated your Vests, which are a stable measure of STEEM supply. The system will transfer 1/104 of your Steem Power, computed as Vests, to STEEM each week. One can continue to curate and earn curation rewards while powering down.
I just signed up, are there any steps I should take before I get started?
Yes! First and foremost, your account is worth money, so you should secure it.
Secondly, we urge you to read the rest of the FAQ, so you know the ins and outs of Steemit. It may seem like a daunting task, but we promise you will come out the other end a much more knowledgeable Steemian. Knowledge is power, and with your new superpowers, you are significantly more likely to achieve a high level of success.
How do I improve my reputation score? What hurts my score?
To put it simply, add value to the Steemit community to improve your score. But harm the community and your score will suffer.
- Create and post quality original content. It’s all about quality, not quantity.
- Engage in discussions.
- Up-vote thoughtfully. Don’t upvote junk, only vote up quality content.
- Build your following.
- Avoid bad behavior; it can get you flagged.
Do inactive accounts ever get deactivated? If so, how long until removal?
There is no such rule addressing that to this date, so currently once the account is created it can not be closed or deactivated.
Why are only the 20 most recent comments shown in a user’s profile? If due to a technical limitation, will this issue be overcome?
Where can I see who I follow and who follows me?
Go to your Steemit profile by clicking your avatar. Then click on the underlined “followers” (people who follow you) or “followed” (people you are following).
I come across a lot of posts I would like to save for later, can I bookmark a post within Steemit?
Bookmarking posts is not an option at this time, but until then, there is an excellent Google Chrome extension called Bookmark Manager that you may find useful.
How can I auto-post my Steemit blogs to Twitter and Facebook?
You can set this up through ifttt.com. Step-by-step instructions:
Why does my time until payout keep changing? When do I get paid?
After you make a post, a 24-hour timer starts counting down. Every time you get upvotes, there is time added. The amount of time added depends on how much Steem Power the curator possesses. A small fish like @shenanigator might add a few minutes to your clock with an upvote, whereas a whale like @ned will add hours.
Nearly all first payouts occur within 48 hours of posting. If you get additional upvotes after the first payout, you will receive a second payout four weeks later.
Distribution of rewards for all curation and comments happen at the first payout.
Why does my payout estimate keep changing when I’ve received no new upvotes or flags?
There is only a select amount of Steem to be dispersed in a rolling 24 hour period. At any given time, the system is making an estimate of how much you will be paid based on what percentage of Steem Power-adjusted votes your post possesses.
Let's pretend a piece of content is currently worth $5. But then, many other articles suddenly become highly-upvoted. The money to pay those popular posts needs to come from somewhere, so a portion of your post's value is reallocated to these newly-popular posts. Now your post may only be worth $4.
Another reason your payout will change is price movements in the seven-day moving average of Steem.
My post said I was going to get paid $500, why did I only make $377?
The value appearing on your post is not the amount of your payment. You, as the author, are guaranteed at least 75% of the total. As much as 25% goes to the curators (the people who upvoted your post).
How do reward distributions work?
Payouts are separated into the author reward and the curation reward:
Author is guaranteed at least 75%. Curators get up to 25%.
Author reward are paid out:
50% in Steem Dollars
50% in Steem Power
Curation rewards are paid out:
100% in Steem Power
What determines how much of the payout goes to the author vs. curator?
It depends on how long after posting the vote was cast, using a linear function:
- If a post is upvoted the moment it's posted, 100% goes to the author
- If a post is upvoted 30 min after posting, 100% of the curation award goes to the curator.
- Between 0 and 30 minutes, each moment that passes, more of the reward goes to the curator.
- At 15 minutes it's a 50/50 split.
- At 3 minutes, 90% goes to the author and 10% to the curator
- At 27 minutes, 10% goes to the author and 90% to the curator
I’m upvoting posts at the right time, why am I not getting any curation awards?
Curation awards are based on the square of your Steem Power
Bob has 10 SP, the square is 100
Jim: 100 SP, the square is 10,000
In this example, Jim has only 10 times more Steem Power than Bob, but Jim will get 100 times higher curation award than Bob, all other things equal.
- Double your Steem Power, get 4x the curation award
- Quadruple your Steem Power, get 16x the curation award
- Increase your Steem Power by 100x, get 10,000x the curation award
Steem rewards users for commenting and upvoting. Why not for sharing?
Blogging Adds value. Commenting adds value. Upvoting (in the form of spotting good content quickly) adds value. If sharing a link is found to add value, it will probably be implemented as a function and incentivized.
Can I choose to be paid in 100% Steem Power?
At this time, it is not an option.
Now that I earned some Steem Dollars, what can I do with them?
You have a few options:
- Visit a Steem marketplace (Note: Do any exist yet?)
- Hang onto them
- Cash them out
- Buy STEEM
- Power Up
How can I invest in Steemit?
Investing in Steem Power is the closest thing to buying “shares” of a company, or in this case the Steem blockchain. Increase your Steem Power and you’ll have more influence on the network. You have the option to invest your time to earn Steem Power by commenting, curating and posting. You also have the opportunity to make a monetary investment.
How do I get more Steem Power?
If you have Steem Dollars, you can convert them to Steem from your wallet. Once you have Steem in your wallet, click Power Up to turn it into Steem Power.
If you don’t already have Steem or Steem Power in your wallet, you’ll first need some Bitcoin or another cryptocurrency. You may purchase Bitcoin on various exchanges. A few popular Bitcoin exchanges are Coinbase.com, Circle.com, and Localbitcoins.com. Once you have your bitcoin:
- Click the three horizontal lines in the top right corner of Steemit.com
- Click “Buy Steem”
- Send the amount you want to purchase to the address on the screen.
Here are a few other tutorials on how to buy Steem and transfer it to Steemit:
How do I withdraw money?
You can withdraw money many ways. Here are step-by-step tutorials for several different options:
Sell Steem Dollars via Poloniex:
To withdraw Steem Dollars to a bitcoin address check out this video:
Convert Steem Dollars to bitpay debit card (USA ONLY):
Convert Steem Dollars to WIREX debit card (USD EURO & GBP Supported)
Why should I power up and not cash out?
Everyone has different priorities. Some may want to power up to increase their voting influence and curation awards. Others may want to cash out. It’s strictly a personal choice.
Is it true that payout money is coming from new investment in Steem?
It is highly misleading to say so. When you cash out, you effectively decrease your investment in Steem. At the same time, an individual increases his investment in Steem. Therefore, it is not fair to only mention the "new investment" and skip the fact that simultaneously a current investment ceases to exist.
Payout money is always in the form of Steem tokens. For your convenience, and to hedge against price volatility, those tokens are packaged as Steem Dollars.
These tokens have value since they are like shares in an enterprise which has a real market value. When you cash out, you sell those tokens (shares), and somebody else buys them from you. Therefore, these are just shares of a company changing hands: one person exits, the other takes their place.
Let's consider an example: If Mark Zuckerberg wanted, he could reward the most popular Facebook pages with shares of the Facebook. Those users could then cash out by selling their shares, and somebody would surely buy them. This hypothetical scenario is akin to the daily happenings in Steem.
How can I make a profit by powering up?
Powering up does not ensure that you will automatically benefit. Profiting is contingent on how the price of Steem changes over a given period as well as how much Steem Power you earn as a curator.
Powering up (converting Steem to Steem Power) allows one
Increase their voting power and claim curation rewards
Protect against dilution (90% protection compared to the running inflation rate)
How do I send money to another user?
Click on your avatar to get the drop-down menu, select ‘wallet.’
Click the down arrow where your Steem Dollars are displayed
In the drop-down menu click ‘Transfer.’
In the box ‘To’, type in the username of who you want to send the Steem Dollars
Type your password to authenticate
Check your history to confirm your transfer
What are fees for transferring money between Steem’s three currencies and between other users?
There are never any fees within the Steem network.
What is the “distribution phase” of Steem Power?
The purpose of a distribution phase is to get Steem currency in a large number of peoples’ hands. During the distribution phase, Vests are compounding at 3% per week, so if you calculate the cost per Mv (million vests) and see a significant dip, then and only then would waiting to purchase Steem Power make sense.
However, if you have to wait for 1 month for a 10% dip, it would have been better to pay 10% more and get 4 weeks of 3% gains, compounded.
If your timeframe of waiting to purchase Steem Power is 3 months, then you need a 42% drop in price just to break-even against this increasing ratio of steem_per_mvest.
If I invest x Steem Power and do not curate or post content, how much will I have at the end of the ‘distribution phase’ compared to a similar timeframe after the dispersal period?
What happened to the liquidity incentive rewards, were they allocated elsewhere?
It is apparent that the liquidity reward systems are not achieving their desired effect. We have disabled these rewards until we find a better solution, which should reduce the amount of liquid STEEM on the market.
If I’m inactive, or the total amount of Steem Power Vested is below 90%, do I lose VESTS or are they stable?
Does the amount of Steem Power held by an account have a DIRECT impact on the visibility of its posts?
If the account owner votes up her post, then yes. It will add some money to the payout, which has the effect of making the post more visible.
Will I earn money by sharing links?
Steemians tend to support original content because it’s what provides the most value to users. If you are only posting links, you probably won’t make money. In fact, you will likely get flagged as “link spam.” However, if you have valuable insight to add to an article, and you give credit to the proper source, there is a much better chance the community will value the post.
How do I add pictures and videos to my blog posts and comments?
Simply post the image or youtube link inside your post or comment.
Does it cost anything to post comments or content?
No, it is free to post on Steemit.com.
Can you post unlimited comments and blog posts, or is it limited in some way?
There is a 20 second with time in between comments to prevent spam comments.
No hard limits exist regarding the number of blog posts a user may share, but if other users feel you are spamming, you will likely start getting flagged.
Furthermore, each account can post four blog posts per day and get 100% payout for each one. If you post five blog posts in a day, it drops the payout for all five to 65% of the amount it would have otherwise paid.
6th = 45%
7th = 33%
8th = 25%
Note: The “Changing Payout Periods” section of the above link is no longer valid.
What are Steemit’s policies on plagiarism and spam?
Plagiarized posts and spam are not allowed and will be flagged by users. If you are posting someone else’s content, you must give them credit!
How do I delete one of my blog posts?
You cannot remove a blog post; you may only edit them. The blockchain permanently records every post and comment.
I see people using high-quality photos that clearly are not their own. Is it okay to use random pictures from the internet?
No, it is not allowed. You may, however, use photos from “free image” websites such as:
For how long after posting can I make edits?
You may edit your posts until the first payout occurs.
How do I format a post if not using the editor?
You can format blog posts and comments by using HTML and Markdown. Here are basic commands that should be helpful to you:
What is @Cheetah?
@Cheetah is a bot that scours Steemit for plagiarized content. Cheetah will not flag you, but it alerts other users to look into it further.
Why are my blogs posts not making very much money? They are higher quality than a lot of the “Trending” posts I see.
Voting patterns may be affected by the social connections a blogger has. The more "connected" a blogger is, the better his chances to get more upvotes. Bloggers with a bigger history or more connections will tend to have more upvotes even if their content is worse than others with less connections.
Imagine a scenario, if you will, where you share something on facebook and it gets 10 likes from your 100 friends. Someone with 1000 friends may get 100 likes for posting the exact same thing.
Another explanation is that a successful blogger may have been doing very well for a long time and as thus he may be the favorite choice for upvoting by the so-called "whale" voters. This kind of "relation" usually takes some time to build as an author has to prove himself that he is able to deliver quality content on a consistent basis.
For strategies to improve your long-term success:
My comments rarely earn any money, how can I change that?
There are many things that make for popular comments, but some of the best tips are:
- Spot soon-to-be popular posts and strike early.
- Praise the post if you enjoyed it.
- Highlight a point the author made and respond.
- Add useful information, correct something or ask a question.
- Aim for one paragraph in length
Does my reputation score affect the amount my vote is worth?
What are the legitimate reasons for flagging a post?
You can flag a post for: Plagiarism, Verbal Abuse, Deceptive Tagging, Spam, Threats, etc.
You cannot flag a post for: Disagreement, Political Incorrectness, Envy, Retaliation
If you flag a post, you should leave a comment saying the reason for the flag.
If you come across a post that needs to be flagged, please post it in the chat room:
How is the value of a user’s vote calculated?
The value of a single person’s vote varies based on:
Steem Power - More Steem Power means a higher vote weighting
Voting Power - With each vote you cast, your voting power decreases. It will regenerate from 0% in 5 days. Keeping your total number of votes in the 20-40 per day range will maximize your voting power.
Current value of a post - If your vote is worth $0.02 on a new post, it’s worth about $0.45 on a post already worth $250, or several dollars if the post is already worth $1000s.
To find out how much your vote is worth, check out this tool:
What is Voting Power?
To incentivize users to only upvote quality content, your voting power percentage (vote worth) will decrease with each vote and regenerate over time.
Does flagging use up my voting power?
Yes, it does.
Does flagging bring any reward to the curator?
No, it doesn’t.
How are curation awards distributed?
Depends on amount of time that has passed when the upvote is made:
If a post is upvoted the moment it's posted, 100% goes to the author.
If a post is upvoted 30 min after posting, 100% of the curation award goes to the curator.
Between 0 and 30 minutes, the amount going to the author decreases linearly.
At 15 minutes it's a 50/50 split.
At 3 minutes, 90% goes to the author and 10% to the curator.
At 27 minutes, 10% goes to the author and 90% to the curator.
Post value before and after you upvote
If the post has a low value before you upvote it and it later becomes popular, you are rewarded very well for discovering valuable content.
Steem Power you possess
Curation awards are based on the square of your Steem Power
Bob has 10 SP, the square is 100
Jim: 100 SP, the square is 10,000
In this example, Jim has only 10 times more Steem Power than Bob, but Jim will get 100 times higher curation award than Bob, all other things equal.
Double your Steem Power, get 4x the curation award
Quadruple your Steem Power, get 16x the curation award
Increase your Steem Power by 100x, get 10,000x the curation award
Given all these curation rules, what is the best time to vote?
Unless you’re a whale, simply vote when you come across something you like.
Can I get curation awards for voting up comments? Does the same 30 minute rule apply?
Yes, you can get curation awards for upvoting comments. No the 30 minute rule does not apply.
How secure is Steemit?
How can I keep my Steemit account secure?
Save your master key and keep it somewhere safe
Log into your account using:
- Posting Key (Recommended, can be used to upvote/comment/post)
- Active Key (All permissions of posting key + Ability to transfer funds)
Change your key frequently
Be mindful of third parties claiming to keep your keys safe. They may not be safe and could even have malicious intentions.
How do I make my active key and owner key different from my posting key? Does the GUI allow this?
Is it safe to use my account while on private wifi?
No, not without first taking additional steps. To prevent someone from hacking into your account while on a public wifi network, you should use a service like Private Tunnel VPN. Also, if you’re only posting, commenting and voting, log in using your Posting Key.
How are private keys used in Steem?
How do I use private keys properly and safely?
What is the relationship between password and private keys?
I heard Steemit got hacked and some people had their money stolen. How did that happen? What has been done to prevent it from happening again?
Is Steem, Steem Dollars, or Steem Power insured in the event of a hack or if someone takes over my account?
No it is not. If your money is in Steem Power, however, it is impossible for a hacker to take out more than 1/104 per week.
How do I set my recovery account?
How does the recovery process work? What should I do first if I discover my account has been compromised?
Can I mine Steem? How do I start?
Steem is 100% mined? How is it possible for me to mine something that is already wholly mined?
In Bitcoin, the supply only increases when someone mines new coins. If Steem was already fully mined, how does the supply of Steem continue to grow?
What is the best rig for mining Steem?
What are Steemit witnesses?
Technically, there is no such thing as a Steemit witness. But rather a witness for the Steem blockchain. The Steem blockchain requires a set of people to create blocks and uses a consensus mechanism called Delegated Proof of Stake, or DPOS. The people delegated to create these blocks are called witnesses.
They are voted on by owners of Steem accounts, using a steem-power weighted system, so they are some of the most trusted members of the community, as well as being tech savvy. They are expected to keep a node running every second of every day.
Blocks are produced in rounds, 63 seconds per round and 21 blocks per round. Every round, the top 19 witness accounts are delegated to generate a block, a backup witness produces one block, and the last by a miner.
In addition to producing blocks, witnesses are also responsible for providing a price feed of the US dollar value of Steem as well as setting the Steem Dollar interest rate. As an incentive to do all their required tasks, the system rewards witnesses one Steem for each block they produce.
Where can I vote for witnesses?
How are witnesses expected to behave?
Witnesses are employees of the blockchain. They are responsible for critical jobs and paid very well. Therefore, the community should hold witnesses to the highest of standards.
A well-qualified witness should have satisfactory answers to all these questions:
What makes you qualified for the job?
Are you reliable?
What kind of hardware are you using?
Your internet connection?
If things break, how fast you can fix them?
Have you prepared to serious threats like coordinated attacks against all Steem witnesses at the same time?
Are you helping other witnesses?
Is Steemit open source?
Is there an API?
How do I use cli_wallet?
Steem Command Line Guide - A Learner’s Guide to Using cli_wallet
What is available for developers interested in Steemit?
Who are the Steemit developers? How big is the team? What is their background? Who is doing what?
Where can I purchase official Steemit merchandise?
There is no official merchandise yet, but it is easy to make Steemit gear on zazzle.com. For instructions, check out this link:
What can I post about? Is anything banned?
Prohibition of content from the blockchain is not possible; at most, removed from the front-end layer, Steemit.com.
The lack of clarity may be a result of non-uniform laws across the globe. What is legal in one country may be illegal in another. Entire networks or mail providers are affected in some cases where a particular government bans their operation. The emergence of a clear-cut "guideline" may not happen for years to come, if ever, in part because of the global differences in their legal framework. Also, in part due to the difficulties involved in enforcing anything at the level of the blockchain (which is not very desirable).
While trying to remain uncensored, as a US company, Steemit, Inc. may be required to remove some things from Steemit.com, such as child pornography.
Steemit is intended for a general audience and, as a result, some Steemit Content may discuss or depict adult-oriented topics. We realize that this content may not be appropriate or desirable for some of our readers depending on their current location, age, background or personal views. As a result, we mark this content as Not Safe For Work (“NSFW”).
Marking Steemit Content as NSFW does not prevent you from being able to access this content but, instead, helps you make informed decisions about the type of content you view on Steemit.
Am I allowed to have multiple Steemit accounts?
Yes, you may have multiple accounts.
What is a blockchain?
A public ledger of all transactions ever executed. It is essentially a distributed database where pieces of information are added in a sequence of small blocks, hence the name “block-chain.”
How is Steem different from Bitcoin?
On a technical level, the two cryptocurrencies are running different technologies for their blockchain. Based on “Graphene” Steem uses a system of “Witnesses” to carry out the bulk of the work involved in maintaining the blockchain.
Regarding economic differences, Bitcoin has a maximum number of coins at 21 million and a relatively low inflation rate. Steem is different in that regard with no maximum number of the amount of possible coins in existence as well as built-in dilution protection in the form of Steem Power. Steem users can also avoid volatility through the existence of the Steem-Backed-Dollar (SBD or SD), a token which is floating in value around the $1 mark. Additionally, SBDs currently pay 10% interest.
Is there a Steemit mobile app?
Not yet. There is, however, a mobile app called “Steemy” in development by a 3rd party.
What are minnows, dolphins, and whales?
Frequently users give fish names to others based on the amount of Steem Power they hold. Not STEEM, not Steem Dollars, just Steem Power. Henceforth, fish in the Steem Tank will be quantifiable:
<250 SP = Plankton
250-10k = Minnow
10k-30k = Baby Dolphin
30k-100k = Dolphin
100k-300k = Orca (Killer Whale)
300k-600k = Humpback Whale
600k-1 Million = Fin Whale
1 Million+ = Blue Whale
Why aren’t whales voting up my posts?
It’s impossible to answer that question in general, but there are some things you can ask yourself:
- Am I always writing quality, original content?
- Am I providing value to the community with my content?
- Am I steadily building up a following with each post?
- Am I learning from my mistakes?
- Am I learning from others’ successes?
- Am I actively engaging in discussions and providing a unique perspective?
- Am I offering to help other Steemit users when they ask for help on projects?
- Am I starting/joining/participating in local Steemit meetup groups?
If you are doing all the above things, it is only a matter of time before your content starts getting upvoted by whales.
This website shows you if the biggest of whales are currently active:
What are Vests?
To put it simply, Vests are another way of looking at Steem Power. Steem Power is essentially Steem held in a fund. Vests are Shares in that fund.
Which way is better to format a post for SEO purposes, HTML or Markdown? Does it matter?
Can I receive notifications when I get votes?
Currently, there are no options to receive notifications directly on Steemit.com. The third-party application https://steemstats.com/#/ has an option to set up notifications on your computer.
Why can I only add five tags?
Steemians can merge many tags into one; therefore they are redundant. Also, it helps prevent spam.
What should I know about bots on Steemit?
Bots are like dogs, some are good dogs who have good owners, others are not. Some are stray dogs; others have a leash and a caring owner. Who's the owner? A caring one? As every caring owner, he will always try to "correct" the bad owner's behavior and teach him how to treat his dog well. Bots are here to stay, the only thing "we" must do is that they are proper vaccinated, checked by the vet regularly, well cared for and are not running wild without a leash.
They support "low SP" members
They fight bad bots by getting better
They "hunt down" Plagiarism
What is the difference between Proof of Work and Proof of Stake?
Proof of work - Miners solve a complex mathematical problem. The miner that solves the problem first adds the block to the blockchain. The network rewards the miner for doing so.
Proof of stake - Requires ownership of the cryptocurrency. The more cryptocurrency you own, the more mining power you have. Benefits: eliminates the need for expensive mining rigs, runs on a tiny fraction of the power, and it forces miners to have a stake in the network.
Can users connect to and use Steemit from countries which have national firewalls, such as China?
Is there a place I can view the Steemit development roadmap? I would like to divest more BTC into Steem Power, but cannot pull the trigger until I know where things are going.
What are activity shares? Do they have any function?
They were an idea that Steemit ultimately scrapped. They do not have a function.
What third-party tools are there for Steemit?
There are a lot of them, and people are constantly developing more.
Will I get a 1099 from Steemit?
No, you are not being paid by Steemit. You are being paid by the Steem network. It is your responsibility to determine what, if any, taxes apply to the transactions you for which you have submitted transaction details via the services, and it is your responsibility to report and remit the correct tax to the appropriate tax authority. You agree that Steemit is not responsible for determining whether taxes apply to your Steem transactions or for collecting, reporting, withholding or remitting any taxes arising from any Steem transactions.
What determines the price of STEEM?
Much like how the price of a stock goes up and down, the value of STEEM varies, determined by buyers and sellers on exchanges.
What are the age requirements to join steemit?
Although we welcome users from all walks of life, Steemit is not intended or directed at individuals under the age of 13. Therefore, people under the age of 13 may not create an account or otherwise access or use the Services.
What languages are supported?
English is the primary language used on the platform. Some users post in other languages, but it’s a small niche at the moment.
If posting in a language other than English, are there particular hashtags I should be using?
What is the Steemit Whitepaper and what is its purpose?
For clarification, there is only a Steem Whitepaper. There is not yet a Steemit Whitepaper.
The Steem Whitepaper was written to describe the mechanics of the token system that makes decentralized content incentives and distribution possible in a way that can improve web technologies across the board. It is also applicable to Steemit, one of the first websites to plug into the Steem blockchain. Users who have read the Steem Whitepaper will better understand how their interactions with Steemit are interactions with Steem, the decentralized network.
Is Steemit decentralized? What about Steem?
Steem as a blockchain is more decentralized than Steemit.com. Steemit, Inc. as a company, may be subject to laws that Steem (as an impersonal blockchain database distributed all over the world) is not.
Right now Steem is useful for transient content. What about the authors who would like to publish more permanent writing and be rewarded for it long term, rather than just 30 days? Will Steem be able to offer a solution for them?
I read through the FAQ but still need more help. Is there a place to go for more help?
There are a few things you can do:
- Search Steemit for blog posts on the subject, you will likely find a lot of information on the topic.
- Read this free book about Steemit. It is full of helpful information:
- Head on over to Steemit Chat, this is highly recommended! https://steemit.chat/home
- Just ask. We think you’ll find the Steemit community very helpful.
Steemit Lingo A-Z
Baby Dolphin - User with 10k-30k Steem Power
Blockchain - A public ledger of all actions ever executed.
Blue Whale - User with 1 Million+ Steem Power.
Curation - The act of sorting through content by voting on posts and comments.
Curator - Someone who votes on a post.
Dolphin - User with 30k-100k Steem Power.
Fin Whale - User with 600k-1 Million Steem Power.
Humpback Whale - User with 300k-600k Steem Power.
Minnow - User with 250-10,000 Steem Power.
Nuke - A community initiative to downvote someone into oblivion for some abuse.
Orca - Also known as a killer whale, a user with 100k-300k Steem Power.
Plankton - User with less than 250 Steem Power.
SBD - Steem Backed Dollar, also known as a Steem Dollar.
SD - Another frequently used abbreviation for Steem Dollar.
Steem - A reference to the entire network. Also utilized for the system’s value token.
STEEM - A form of Steem Token that one should only hold for short-term trading.
Steemer - A Steemit user.
Steemian - A Steemit user.
Steem Token - The currency of the Steem ecosystem. SP, SBD, and STEEM are all forms of Steem Tokens.
Vests - Steem Power is essentially Steem held in a fund. Vests are shares in that fund.