Seeing my value in my own currency
Understanding money
I am pretty new to this site, but so far it has been an absolute blast :)
But i do have a few suggestions. This one is about the steem currency. I believe that a lot of newcomers are still quite confused about the difference between steem, SBD and steem power. So i would like to suggest an internal currency converter.
It would be cool to be able to turn on automatic currency conversion, so every pending payout (or other mentions of currency), are changed to your chosen currency. As a newcomer, i have a hard time seeing just how much my posts is actually worth (and some of them have been surprisingly valuable). It would be nice to see it in my own currency, or at least in USD.
Maybe an even better option would be to show the chosen currency when you hover over the pending payout, that way the steem remains the "main" currency of the website, which we will all be reminded about :)
Have a great day people!
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Emil, I would be happy to answer some questions of yours but to be honest if you want to know the value of your crypto (such as steem) then you will have to check all of the major exchanges (blocktrades, bittrex, poloniex, etc) and even look at the in house market (in wallet)
There is no simple way to state this other than SP is Steem that you invested back into the blockchain, in return you get some vests (or MVests) which increase the value of your vote. SBD are Steem Backed Dollars meaning its a cryptocurrency that (is supposed to) be valued on Steem (not other cryptos) and was intended to stay internal (it did not happen as you can see from SBD price skyrocket)
As for inbuilt currency converter, again when you look at all of the m=different markets you will find that they each deviate away from each other depending on trade volumes meaning that the value is a lot more complex to calculate than many on here care to do. Depending on your knowledge of crypto will change how easy steem/SBD will be to accept but considering a lot of people don't even know how security backed currency works (where as crypto does not have anything other than trade volumes supporting its value) then how would they understand crypto.
Security backed is regular money meaning that the money you use (euro, USD, etc) has a value that comes from security bonds being traded (water, companies, etc) and it is usually based upon commodities that will always have value. It used to be gold backed but when there wasn't enough gold to sustain the value, the markets crashed (great depression anyone)
Crypto is only backed by its own trade volume meaning if the market crashes, there is nothing to prevent it from hitting 0 meaning in the long run, it is technically better to short crypto but if it takes 10+ years to crash then you will just lose money and if it keeps rising like this before it crashes then again you lose more and more money. Who knows, it may never crash, but if it does do a major crash, it will not recover, at least not in its current form.
What a great response, and you do make a very valid point. I was thinking that you could choose a price, according to your favorite exchange, or maybe calculate an average over all of them. I realize that crypto has nothing securing them, which very well can become a problem. The dramatic rise in bitcoin is at least very scary to me, as i fear that it can go down just as fast. There really is no way of knowing. On the other hand, i bet there's a lot of crypto supporters that say that the security backed money is just as likely to crash, but this has more to do with a theoretical doomsday scenario than anything else.
In either case, your comment makes a lot of sense, and it definetely made me re consider the currency conversion
I would like to add that Steem indeed has it's inherent value in providing influence that can be used to promote content.
There is an in house Steem/SBD conversion if you want that. The best bet though, from my standpoint, is to not focus too much on the value of your account right now unless you want to get into trading cryptos. I mean steem is roughly $1.50 USD (I think it was 1.68 this morning) and SBD are around what? $6.0 USD so if you want to convert that way. As I said if you have any questions you can ask me (or anyone really) but otherwise you will come to passively learn these things after a few weeks/months. Even from other cryptosystems (PoW) steem is different so there is always a learning curve but everyone eventually gets there
I don't really care about the money (which sound like such a cliche), but more about engaging in discussion. That being said, it still amazes me to see that the stuff i write is actually worth something :)
Maybe adding a currency converter will put too much focus on "the money", which would be a shame.
No I completely understand. Facebook has the number of likes, Reddit has karma, and Steemit has post value. All good social networks give you some method to quantitatively compare your own self worth to others (that sounds so bad to say) and in a way Steemit (and other methods to interact with the steem blockchain) has the best method because it has a monetary value (but in some ways that is also the worst due to greed)
As for the discussion part, its a little dry on steemit now days.
I agree. But i do find that i have had some nice talks about my post. I do my best to answer every comment, and some of them have been very rewarding to me.
The problem with the monetary value is that it gives incentive to create bots, i hope they get that solved out.
Has the discussion on steemit been better before?
Not in my experience but I stopped for a few months and only recently started up again. As for bots, they have their benefits. I currently have a bot account that acts as a wallet of sorts (I use it for trading with external cryptocurrencies) but I only ever interact with it through the command line so... you know
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You have an interesting discussion going on there, maybe you can take some input from there. You could also refer to the Coinmarketcap API as a suggestion on how to implement this.
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