Just before two weeks (Mid August of 2016) I came to know about Steemit. And I was surprise to heard that, I will get money to posting & up voting other post? Anyway, certain things I find out about Steemit and would like to share with you in questions and answer. I am actually new to Steemit & my views can change with the time. I am not an expert, but like to share my thoughts with you.
1) How everybody can get money? I mean, the one who create this social media network, the one who post in it and the persons who like the post. How all people will get the money? Is this a scam? First thing first, Is this a scam? Who cares, as long as I am not paying anything except my time in Steemit. And if some people think “Steemit Social Media” is a scam, I will like to suggest them that rather than wasting time on finding real face behind Steemit (if there any), post your views & get hard cash/bit coin/gold/silver etc. Become the early adaptor & take as much benefits as you can rather than arguing fake or real.
Moving on how we get money? If you share your views or thoughts or experience & people like the same you get the money. Suppose you got $120. 75% of this $120 is yours whereas remaining 25% belongs to people who up voted & who post comment on your post. 75% of $120 is $80. $40 of this will go to steam power & it will lock for two years. And remaining $40 will go to Steam dollar. The amount which is in Steam dollar, you can in cash it in dollar or you can convert it into Bit Coin or gold or silver.
Third & most important how they get money? For this, you should ask yourself, How central bank gets money? or if you are American how federal bank get money or generate profit? This guys comes with their currency called Steam. I think they are promoting their currency called Steam. In which central bank don’t print money but the individual like you & me generate money. The value of this Steam currency will increase as demand increases.
2) Still, the questions remain same. How we get money from steam dollar? The ones who start this social media network wear not millionaire. Yes, they wear linked to some Cryptocurrency, but they were not a millionaire. It is very likely possible that, some angel investor has invested in it.
We can’t find any advertisement on this (social media). It is also possible that, they can sell our information to highest bidder.
Now you will ask which information? When we try to “SignUp” in Steemit, it asks either our FB or Readit reference. So, Steemit will get to know about the info which you share on your FB or Readit (Yes you can create new account of FB or Readit & then can SignUp to it).
3) Why 50% of what we earn is block in steam power? And if I generate $10 via liking someone’s post, does 50% of that amount is also block in steam power? We will talk of first point, i.e. Why 50% of what we earn is block in steam power? How we get money? If someone likes our post. But there is also a down vote option. Which reduce your earnings. It also possible, that you’re earning get more down vote than up vote. In this case your earning of that post will show in negative. We will understand this with our earlier example. Your total earning is $120. Out of that you can take out $40. And $40 has to put in steam power, which is lock for two years. If you post something & people don’t like it, so they can down vote that post. Suppose your earning of that post is -$10 (negative ten dollar). So $10 from your steam power may get deducted and total amount left in steam power may reduce to $30. One more thing, if your post is bad & people don’t like your post, you can’t remove this post (to avoid more loss in steam power) isn’t it fanny? Somebody has put a real thought while building this Steemit.
Now the second question, if I generate $10 via liking someone’s post, does 50% of that amount is also block in steam power? As I told, earlier I am new to this & this is my first post. In short I don’t know. But, I will give answer of this after two or three months. I don’t know it has the option of editing the post or not?
4) Did negative vote take my money from bank? Now this is the interesting question. To get your money in bank account you have to give bank details. And people can down voted your post if they don’t like it. So if down voted increase, can they take money from my account? I think, your account will be active till there is balance in steam power.
I will suggest to transfer it to Bitcoin. And wait till the authority gives the clear indication that, they will not take money out from bank account.
5) Why negative marking? Or down voting? The one reason may be that, they don’t want bad post on Steemit. Bad post means, if someone post a terror video or disturbing video, people will down vote that post & that individual or group will not earn anything.
6) But this is a digital currency. And why it is link to dollar? We will talk about digital currency. See friends, we work & get paid in cheque. We submit it bank & buy goods with the help of credit card & debit card. Isn’t this is also a digital currency? Ask yourself.
Moving forward, why it is link to dollar? See, there are many people who hesitate with Cryptocurrency. So the dollar is for people like them. If you believe in Cryptocurrency transfer it, into Bit coin & if you don’t believe in Cryptocurrency convert it in dollar.
7) What are Minnows, Dolphins and Whales & this entire staff? If you have more steam power you shift from Minnows to Dolphins. Or you can say, Dolphins have more power or weightage than Minnows. And Whales have more power or weightage than Dolphins (Minnows < Dolphins < Whales).
If Whales up voted your post, you will get more money. And if Whales down vote your post you will lose more money.
How must steam power required to become Dolphins and Whales? This question remain. I will come to this question as the time goes.
I will come with lot more interesting topics like this. Till than, keep updating your knowledge. B’coz your knowledge (& use of that knowledge in right direction) is your biggest asset.