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RE: My Last Set Of Steemit-Related Questions For 2016. Eyes Set On Steemit 2017!
But one question still bugs me a bit. I feel I should ask it once and for all here, about the steem produced. So if steemit attains like one million users, the steem produced will still stay the same? What will happen at that time. I didn't grasp that part well. Why is the mechanism like that? Why can't more steem be created as more people join steem. With this mechanism, don't you think that steem can crash or halt if the users become too many? When people buy steem, where are they buying from, is it from among the steem mined for the day? If a few people buy all the steem made for the day for instance, doesn't mean that nobody else will earn on the day. I think the answer to this will clarify it fully
The amount of steem produced every day will stay the same. A fixed amount of steem is being distributed to posters/curators every day. When you get a posting/curating reward, you get a portion of this fixed amount (how big the slice of that pie will be is determined by votes). When people buy steem they buy it from other people, through a marketplace/exhange. The higher the demand for steem, the higher the price. When there are more steemit users, you will receive less steem as a reward. Because the amount distributed daily is still the same, but it now has to be shared among more people. The actual value of the rewards will stay the same, because although you get less steem, that steem will be worth more.
I hope I explained these basics clear enough. You should be able to answer your own questions after understanding this.
Yep and to make things easier I got on steemspeak and got many more answers! You have been really great. Thank you a lot for your effort!
Good question I do not know the answer to!
Haha, you have done so enuf. Someone will come across if and help!