Steemit.com: Blogging is the new Mining

[ManonLescaut]

is the latest ICO Status just similar as Steem?

It reminds me rather TOKEN than STEEM

[smooth]

Any idea as to why there were no other documentation updates to this regard? No updated white paper. Nothing updated at https://steem.io/ at all to reflect this change. Nothing here on BCT either (until now). And the blog you posted isn't even noted here on the OP or on the website.  

There is a project ongoing by Steemit to update/replace the white paper. They have been working on various fronts to scale up their resources as the coin and platform has become more popular, but there are many different demands. I don't know when there will be an updated white paper.

Thanks for that response. Being who you are, an intelligent, reliable, and very generous contributor, I'd like to pick your brain a bit more if possible.

The thing is that when you do a google search for "steem scam" the entire first page of results that comes back is all scam related, from BCT, to the Stack Exchange, to Steemit itself! The accusations run the gamut, and while my concern was the business model, I mention this in an effort to set the stage regarding some of the overall challenges those responsible for Steem are facing - more than a few and not exactly of minor import - and to give some background in the hopes of validating to a certain degree my next question.

That's a bit unfair. If you do a google search for just about anything followed by the word scam you will get similar results. (Which does not necessarily invalidate the many scam accusations that have been made against Steem. Make up your own mind about those.)

Are those who are responsible for the day to day functioning of Steem volunteers or salary employees?

1. There are some people, including the main developers, who work as employees for Steemit Inc. They are presumably getting salaries (but their salaries aren't public so I have no idea).

2. There are some people who are voted in by stake/coin holders as witnesses who run servers that validate the chain, sign blocks, and act as trusted oracles and policy makers to support the SBD peg. These include 20 primary witnesses and an unlimited number of backup witnesses (literally anyone with any vested STEEM can vote themselves in as a backup witness). They are paid directly by the blockchain.

3. As with any open source coin project, a lot is done by unpaid community members.

The fact that a major overhaul of the business model was kept under raps on a blog that is neither posted on Steem.io, or any other social media where Steem is represented is troublesome. That blog post was from 7 months ago, and nobody's had time to update anything? Just put a link to the blog post right underneath the white paper on the Steem.io website? We're talking about a major overhaul of the business model! As I said, it's troublesome, especially from a competence point of view. Wouldn't you agree that at minimum we can say that it doesn't project a very professional image? As I said, this is by way of providing some justification for what some might consider a trolling type of question. (Some confuse good business and common sense with other things . . . and I can't say that I am not empathetic to their misgivings and misunderstanding having seen what I've seen here over the years.)

Those are fair criticisms. I will pass them along.

I'm trying to wrap my head around how a change of this magnintude for an organization of the size and scale of Steem could have be relegated to a somewhat obscure blog post whose hyperlink is nowhere to be found on the official website nor any other social media where Steem is represented.

My opinion and speaking for no one, I think people can easily get caught in a bubble. They spend all day paying attention to Steem and don't realize that others don't, even those who may have some interest in Steem. As such, they then feel that posting on Steem itself is good enough.

[jorenpo]

how lucky i am as i see this thread. i remember creating steemit account last year. and it have 200 steem power now.
my problem is how to convert steem power to steem.

[HR]

Any idea as to why there were no other documentation updates to this regard? No updated white paper. Nothing updated at https://steem.io/ at all to reflect this change. Nothing here on BCT either (until now). And the blog you posted isn't even noted here on the OP or on the website.  

There is a project ongoing by Steemit to update/replace the white paper. They have been working on various fronts to scale up their resources as the coin and platform has become more popular, but there are many different demands. I don't know when there will be an updated white paper.

Thanks for that response. Being who you are, an intelligent, reliable, and very generous contributor, I'd like to pick your brain a bit more if possible.

The thing is that when you do a google search for "steem scam" the entire first page of results that comes back is all scam related, from BCT, to the Stack Exchange, to Steemit itself! The accusations run the gamut, and while my concern was the business model, I mention this in an effort to set the stage regarding some of the overall challenges those responsible for Steem are facing - more than a few and not exactly of minor import - and to give some background in the hopes of validating to a certain degree my next question.

That's a bit unfair. If you do a google search for just about anything followed by the word scam you will get similar results. (Which does not necessarily invalidate the many scam accusations that have been made against Steem. Make up your own mind about those.)

Are those who are responsible for the day to day functioning of Steem volunteers or salary employees?

1. There are some people, including the main developers, who work as employees for Steemit Inc. They are presumably getting salaries (but their salaries aren't public so I have no idea).

2. There are some people who are voted in by stake/coin holders as witnesses who run servers that validate the chain, sign blocks, and act as trusted oracles and policy makers to support the SBD peg. These include 20 primary witnesses and an unlimited number of backup witnesses (literally anyone with any vested STEEM can vote themselves in as a backup witness). They are paid directly by the blockchain.

3. As with any open source coin project, a lot is done by unpaid community members.

The fact that a major overhaul of the business model was kept under raps on a blog that is neither posted on Steem.io, or any other social media where Steem is represented is troublesome. That blog post was from 7 months ago, and nobody's had time to update anything? Just put a link to the blog post right underneath the white paper on the Steem.io website? We're talking about a major overhaul of the business model! As I said, it's troublesome, especially from a competence point of view. Wouldn't you agree that at minimum we can say that it doesn't project a very professional image? As I said, this is by way of providing some justification for what some might consider a trolling type of question. (Some confuse good business and common sense with other things . . . and I can't say that I am not empathetic to their misgivings and misunderstanding having seen what I've seen here over the years.)

Those are fair criticisms. I will pass them along.

I'm trying to wrap my head around how a change of this magnintude for an organization of the size and scale of Steem could have be relegated to a somewhat obscure blog post whose hyperlink is nowhere to be found on the official website nor any other social media where Steem is represented.

My opinion and speaking for no one, I think people can easily get caught in a bubble. They spend all day paying attention to Steem and don't realize that others don't, even those who may have some interest in Steem. As such, they then feel that posting on Steem itself is good enough.

Fair enough. 

Thanks again.

[godda04]

Okay, I've looked at steem on polo for a while and never looked into it. I recently came across a youtube vid and have decided to look at this thread and their website. I've noticed that in each post theres an amount in dollars below it. Is this how much money they are generating so far for the post?

[bones261]

Okay, I've looked at steem on polo for a while and never looked into it. I recently came across a youtube vid and have decided to look at this thread and their website. I've noticed that in each post theres an amount in dollars below it. Is this how much money they are generating so far for the post?

Yes, that is the estimated value of the reward they have earned so far. After 7 days they will get half in steem dollars and half in Steem Power. If they want to cash out the Steem Power, it will take them 13 weeks to totally cash out their earning in Steem. The value is based on what the witnesses report in their feeds on how much Steem a person can covert steem dollars to. What formula the witnesses use to come up with this figure is up to each individual witness. It should be based on the current value of BTC is USD and Steem in BTC.

[BayAreaCoins]

HUGE news for Steemit.

I had a little bird tell me that Steemit maybe on a HUGE Hollywood TV show in the near future... this would be absolutely insane.

https://steemit.com/steemit/@bayareacoins/a-little-bird-told-me-that-steemit-is-going-to-be-on-a-major-hollywood-tv-show-soon-this-year-they-are-watching-us-all-here-d

[smooth]

Okay, I've looked at steem on polo for a while and never looked into it. I recently came across a youtube vid and have decided to look at this thread and their website. I've noticed that in each post theres an amount in dollars below it. Is this how much money they are generating so far for the post?

Yes, that is the estimated value of the reward they have earned so far. After 7 days they will get half in steem dollars and half in Steem Power. If they want to cash out the Steem Power, it will take them 13 weeks to totally cash out their earning in Steem. The value is based on what the witnesses report in their feeds on how much Steem a person can covert steem dollars to. What formula the witnesses use to come up with this figure is up to each individual witness. It should be based on the current value of BTC is USD and Steem in BTC.

In practice Steem Dollars are trading at a premium ($1.70) so the rewards end up being a bit higher than the displayed number. That is not guaranteed in any way, it is just a function of the current market conditions.

[Namek]

What time does it take to get my account validated ? (after sms verification)

[burner2015]

I got my account Instant.

Question:  The Numbers behind each post are they in $ or Steemit coins?  Is that a real number ? When is payout?

Thanks

[burner2015]

Anyone wanna Partner UP to write some great articles on Steemit.com? , Wirte me a PN!

-> AS a Team (2-4 People) we can create great content around Cryptos

[yonton]

What time does it take to get my account validated ? (after sms verification)

On my steemit account wallet, I just converted 11 sdb and only got 4.674 steem. According to poloniex prices 11 sbd is worth 8.4?? Did I just get ripped?

[favdesu]

What time does it take to get my account validated ? (after sms verification)

On my steemit account wallet, I just converted 11 sdb and only got 4.674 steem. According to poloniex prices 11 sbd is worth 8.4?? Did I just get ripped?

no you just did not do enough research. sbd is trading at preimum on polo, so you just lost money by not doing your homework

[yonton]

What time does it take to get my account validated ? (after sms verification)

On my steemit account wallet, I just converted 11 sdb and only got 4.674 steem. According to poloniex prices 11 sbd is worth 8.4?? Did I just get ripped?

no you just did not do enough research. sbd is trading at preimum on polo, so you just lost money by not doing your homework

Lesson learned, never use the convert feature, it doesn't give you market value. It gives you 1$! Luckily it wasn't a large amount

[yonton]

What time does it take to get my account validated ? (after sms verification)

On my steemit account wallet, I just converted 11 sdb and only got 4.674 steem. According to poloniex prices 11 sbd is worth 8.4?? Did I just get ripped?

no you just did not do enough research. sbd is trading at preimum on polo, so you just lost money by not doing your homework

I think they should remove that minnow trap, it's hard enough as it is getting started.

[smooth]

What time does it take to get my account validated ? (after sms verification)

The target is 2-3 business days but when there is a high volume of requests there can be a longer backlog.

I got my account Instant.

Question:  The Numbers behind each post are they in $ or Steemit coins?  Is that a real number ? When is payout?

Thanks

It is an estimated post value, which is subject to change until the payout actually occurs as a result of both changes in the market value of STEEM as well as changes to voting of that post or other posts. Also, the total displayed is for all reward recipients which includes voters. The author gets at least 75% but often more like 80-90%.

Of the amount going to the author, half is paid in SBD (currently trading at >$1 so you get a bonus there) and half in powered-up STEEM.

There is an option to receive 100% Steem Power. Don't choose it currently because you won't receive any SBD and therefore miss out on the bonus from SBD being worth >$1. If you want to power up the full reward, take the SBD, trade it for STEEM on the internal market, and then power it up.

The payout is exactly 7 days after the post time.

[ManonLescaut]

https://steemit.com/steemit/@steepshot/steepshot-ios-alpha-0-0-1

[burner2015]

What time does it take to get my account validated ? (after sms verification)

The target is 2-3 business days but when there is a high volume of requests there can be a longer backlog.

I got my account Instant.

Question:  The Numbers behind each post are they in $ or Steemit coins?  Is that a real number ? When is payout?

Thanks

It is an estimated post value, which is subject to change until the payout actually occurs as a result of both changes in the market value of STEEM as well as changes to voting of that post or other posts. Also, the total displayed is for all reward recipients which includes voters. The author gets at least 75% but often more like 80-90%.

Of the amount going to the author, half is paid in SBD (currently trading at >$1 so you get a bonus there) and half in powered-up STEEM.

There is an option to receive 100% Steem Power. Don't choose it currently because you won't receive any SBD and therefore miss out on the bonus from SBD being worth >$1. If you want to power up the full reward, take the SBD, trade it for STEEM on the internal market, and then power it up.

The payout is exactly 7 days after the post time.

Thanks appreciate your help.

[BayAreaCoins]

My post warning users about Coinbase & details about Coinbase freezing #FREEROSS's legal money.

https://steemit.com/coinbase/@bayareacoins/absolutely-disgusting-coinbase-disables-freeross-account-this-morning-and-the-prosecuting-da-against-the-silkroad-now-works-at

[5thangel]

HUGE news for Steemit.

I had a little bird tell me that Steemit maybe on a HUGE Hollywood TV show in the near future... this would be absolutely insane.

https://steemit.com/steemit/@bayareacoins/a-little-bird-told-me-that-steemit-is-going-to-be-on-a-major-hollywood-tv-show-soon-this-year-they-are-watching-us-all-here-d

That's nice ,thanks for sharing