Steemit.com: Blogging is the new Mining

[LiV3WiR3]

Hey Guys!
I have a question regarding the currency Steem Dollars (SBD). Dunno where else to ask it.
Is SBD's dollar pegging mechanism still operational or broken? I'm asking because ever since the stupid ass pump in April, the currency seems to be in a freefall state. It had swings before too, but was relatively a lot stabler.

[Arkh]

Most of your questions are answered here:

https://steemit.com/steem/@steemitblog/final-review-of-steem-economic-changes

To answer your question about the powering down process, it is incremental with 1/13 powered down per week. The remaining portion stays powered up and continues to earn vesting rewards (as well as retaining voting rights, bandwidth rights, etc.)

There is fixed no cap on the supply, though the rate of inflation will eventually reduce to 1%.

If you have other questions after reading the above, please let me know.

@smooth, Thank you so much for your help, that post was really helpful.
I bought a solid amount of steem and powered it up. I have been looking on steemd and I can see my vests however it doesn't seem like I'm generating new ones. Steemd  is apparently on maintenance for a while so that might be the reason why. Is there a reason that steem is disabled on polo ? I have 1k steem stuck over there that I was not able to withdraw. 

Steem appear to be pretty fascinating and I believe these inflation changes are sustainable and beneficial to the holders.
I actually have another interrogation, after reading about the consensus on steem, it doesn't seem worth to me to be a witness or miner, as most of the blocks are generated by the top 19 witnesses, 1 is by a backup witness and 1 is by a miner on the PoW channel.

[chryspano]

I bought a solid amount of steem and powered it up. I have been looking on steemd and I can see my vests however it doesn't seem like I'm generating new ones.

In steemit click in your wallet and write down the amount of steem power you have, check again(refresh) later and you will see more steem power this time. That's all that maters imo.

[Arkh]

I bought a solid amount of steem and powered it up. I have been looking on steemd and I can see my vests however it doesn't seem like I'm generating new ones.

In steemit click in your wallet and write down the amount of steem power you have, check again(refresh) later and you will see more steem power this time. That's all that maters imo.

Thanks for the tip, I appreciate it I'll monitor this value !

[timeshifter]

@Mr.Ease - shortly after I replied to your comment I got an email that my account had been approved.  Thank you!

[smooth]

Hey Guys!
I have a question regarding the currency Steem Dollars (SBD). Dunno where else to ask it.
Is SBD's dollar pegging mechanism still operational or broken? I'm asking because ever since the stupid ass pump in April, the currency seems to be in a freefall state. It had swings before too, but was relatively a lot stabler.

It is currently trading at about 96 cents and has been in a range of generally 90-105 for the past month or so.

The 'freefall state' you may see on charts is the price against BTC, which has been rising sharply against USD. If you look at a chart against USD there are some fluctuations but no freefall (once it returned to about $1 from the earlier pump)

I bought a solid amount of steem and powered it up. I have been looking on steemd and I can see my vests however it doesn't seem like I'm generating new ones.

In steemit click in your wallet and write down the amount of steem power you have, check again(refresh) later and you will see more steem power this time. That's all that maters imo.

You can also see the SP/VESTS exchange rate steadily increase at the top of the right side sidebar on steemd.com. Currently:

Code:

steem_per_mvests
484.393

Is there a reason that steem is disabled on polo ? I have 1k steem stuck over there that I was not able to withdraw. 

You'll have to check with poloniex support (kind of a joke, I know). I've noticed that it seems to go on and off every few days.

Steem appear to be pretty fascinating and I believe these inflation changes are sustainable and beneficial to the holders.
I actually have another interrogation, after reading about the consensus on steem, it doesn't seem worth to me to be a witness or miner, as most of the blocks are generated by the top 19 witnesses, 1 is by a backup witness and 1 is by a miner on the PoW channel.

One thing to keep in mind is that backup witnesses now get 5x more reward per block than top 20. That was done to somewhat balance the rewards. The top 20 still get more, but the disparity is reduced. PoW is disabled BTW. It might be brought back in a more limited form later.

[bohun]

For some time I have been interested in the way steemit works. I have read the whitepaper and the FAQ. There were some significant changes in the area of ​​the service and it was not clear what was up to date and what was not. There are also a few issues that I could not find anywhere relevant information. I have gathered in one place many issues and I would be grateful if someone with the right knowledge shared that knowledge with me.

1. How does SP affect the value of the vote? - accurate calculations showing how SP affects our upvote at 100% VP.

2. From where do the SD come for all posts? For a year, all these awards come from 10% of inflation when creating new tokens?

3. On what basis is the division into trending and hot? Why are some posts with a lower voting value below those with a higher value?

4. When the post is added, does the suggested amount of pay for the author appear immediately or is this value that will be divided between all the voters and author?

5. What was the starting amount of STEAM? Was there an ICO on which the first STEEM was distributed and the new users were getting theirs STEEM only after getting upvote from the original owners?

6. What is the principle of delivering 15% of new tokens to SP's? Is this a random factor where accounts with large amounts of SP are most likely to get a token or everyone gets the same amount proportionally to amount SP.

SP - STEEM Power
SD - STEEM Dollars
VP - Voting power

[smooth]

For some time I have been interested in the way steemit works. I have read the whitepaper and the FAQ. There were some significant changes in the area of ​​the service and it was not clear what was up to date and what was not. There are also a few issues that I could not find anywhere relevant information. I have gathered in one place many issues and I would be grateful if someone with the right knowledge shared that knowledge with me.

1. How does SP affect the value of the vote? - accurate calculations showing how SP affects our upvote at 100% VP.

It is linear. The exact calculations are complicated but to keep it simple twice as much SP = twice as much reward value (assuming 100% vote power). There is also a hidden vote power that kicks in if you vote too much (more than 10 full-power votes per day) and reduces your votes proportionately (if you full-power vote 20 times, each will be half as strong).

2. From where do the SD come for all posts? For a year, all these awards come from 10% of inflation when creating new tokens

The portion of inflation for rewards (75% of the total inflation) goes into the reward fund. When posts are paid out, those STEEM are taken from the reward fund and converted to SP (for author and curators) and SBD (for author) by the blockchain logic using the current exchange rates.

3. On what basis is the division into trending and hot? Why are some posts with a lower voting value below those with a higher value?

Both trending and hot use the same algorithm, which adds votes to time. Newer posts will appear above older ones with the same votes and posts with more votes will appear above posts with fewer votes (stake-weighted) if they are the same age. In effect, whenever a post gets more votes, it gets a 'bump' up in the rankings, and with the passage of time sinks down in the rankings. The difference between trending and hot is that hot weighs time more than trending does, so it cycles 'fresh' content more quickly.

4. When the post is added, does the suggested amount of pay for the author appear immediately or is this value that will be divided between all the voters and author?

The amount shown is the total for all payouts.

5. What was the starting amount of STEAM? Was there an ICO on which the first STEEM was distributed and the new users were getting theirs STEEM only after getting upvote from the original owners?

It was proof-of-work for the first month, so the initial STEEM was mined. The developers mined the greatest share of it (about 80%).

6. What is the principle of delivering 15% of new tokens to SP's? Is this a random factor where accounts with large amounts of SP are most likely to get a token or everyone gets the same amount proportionally to amount SP.

It is proportional.

[pinoycash]

If i start blogging on steemit now? is it worth the work? for a new blogger there what are the chances to earn? Or upvote is real;y required to earn?

[pikebu]

If i start blogging on steemit now? is it worth the work? for a new blogger there what are the chances to earn? Or upvote is real;y required to earn?

Yes start blogging on steemit is worth now, but for new blogger will not be worth the work due to must have followers on steemit, power of steemit and upvote real to earn money on there, it will become hard if the quality topic of blogging is poor and no body like the topic on blogging, to get money on steemit must be patient, consistent makes writing on steemit.

[Mr.Ease]

Hey Guys!
I have a question regarding the currency Steem Dollars (SBD). Dunno where else to ask it.
Is SBD's dollar pegging mechanism still operational or broken? I'm asking because ever since the stupid ass pump in April, the currency seems to be in a freefall state. It had swings before too, but was relatively a lot stabler.

Currently it's doing a good job being pegged to 1dollar.

What you witnessed was a SBD pump.. for whatever reason, a 1$ pegged currency got pumped to 2$...
I still don't understand it, but that's what happened and basically it's been going back to the peg ever since.

[Arkh]

Hi everyone,

Thanks again for the answers, I'm starting to get a clearer picture of steem.

I read in the HF20 proposal that PoW will be back using scrypt, by the way, does anyone has a ballpark date for the HF20 release ?

When you upvote something, do you have to wait 7 days until you see your potential payout, or is there anywhere you can see it in advance ?

Let's say me and a friend buy enough Steem to have $0.20 of voting power, is there anything that prevent from upvoting each other 10 times per 24h ( at full power ), effectively making 0.75*2 = $1.5 per 24h ?

This leads to my last question, I'm trying to have a better grasp of the SMD system. From my current understanding, the SMD that is distributed as a reward comes from the inflation (75% of it, while 25% goes to Vesting ) correct ?  I also read in the White Paper that every time 1SMD is created there is $19 worth of SP created, is that still up to date, if yes does it add to the 10% of inflation ? Or is that what creates the inflation but then wouldn't then be a cap every year on the amount of SMD created and thus of money being given as a reward on steemit ? Similarly because there is an ownership to debt ratio, does that mean that the value of someone's upvote let's say $0.1 / 1k steem could reduce to $0.08/ 1k steem if the $ value of steem decrease of 20% ?

[timeshifter]

I know this is a n00b question, but I'll ask anyway...

When I see a post and it has something like $43.57 near the bottom, does that mean the author of that post will get $43.57 US dollars, or is that in Steem dollars?

[smooth]

I read in the HF20 proposal that PoW will be back using scrypt, by the way, does anyone has a ballpark date for the HF20 release ?

Not for a few months probably. The devs are focusing on improving node performance right now.

When you upvote something, do you have to wait 7 days until you see your potential payout, or is there anywhere you can see it in advance ?

Maybe steemstats.com? I'm not sure.

Let's say me and a friend buy enough Steem to have $0.20 of voting power, is there anything that prevent from upvoting each other 10 times per 24h ( at full power ), effectively making 0.75*2 = $1.5 per 24h ?

Nothing. They are your votes you can vote how you want. However, if others disagree with what you are doing you might get downvoted.

This leads to my last question, I'm trying to have a better grasp of the SMD system. From my current understanding, the SMD that is distributed as a reward comes from the inflation (75% of it, while 25% goes to Vesting ) correct ?  I also read in the White Paper that every time 1SMD is created there is $19 worth of SP created, is that still up to date

No that is obsolete. BTW, 75% of inflation goes to rewards, 15% to vesting, and 10% to witnesses.

Similarly because there is an ownership to debt ratio, does that mean that the value of someone's upvote let's say $0.1 / 1k steem could reduce to $0.08/ 1k steem if the $ value of steem decrease of 20% ?

I don't think it relates to the debt ratio, but the price of STEEM will affect payouts. A roughly-constant amount of STEEM will be given out each day but how that translates into dollars depends on the market price.

[harox]

Hello,

Can someone explain to me why I can't signup for the steemit.com website? I used a protonmail email and i verified my number but for some odd reason I can not or have not received the verification email. 

Can someone please help with this. 

[sheld0n]

Before I anonymously sign up on Steemit and before I pay some mBTCs for it, I have one last question. Is it possible to edit blog posts in the aftermath?

I am not sure. A normal blog provider allows this, but Steemit uses the blockchain and data there is usually not editable in the aftermath.

[smooth]

Before I anonymously sign up on Steemit and before I pay some mBTCs for it, I have one last question. Is it possible to edit blog posts in the aftermath?

I am not sure. A normal blog provider allows this, but Steemit uses the blockchain and data there is usually not editable in the aftermath.

Edits are accomplished by posting updates to the blockchain. The UI then collapses all the updates into the latest current view, although the older revisions are still accessible on the blockchain itself (sort of like wiki edit history, but the popular UIs don't show the history)

Edits are really only allowed for 7 days though. In theory there is a blockchain feature to allow later edits, but it isn't fully supported.

[harox]

My thing for this new platform is why allow people to sign up if they can't use it right away? It just doesn't make sense to me. Seems like they just want to collect user emails and info than only approve those who they wish to be early adopters.

Sounds like a case of false advertisement. 

[hope-crypto]

Steemit is still beta right? Any info when they will update it? Also it's so far from his ATH... Was at that time to much hype and will never hit it again?

[bohun]

Thank you for answers!

From where does SP get for new users (the SP given in parentheses) and when will it disappear?