As always great blog post. You explained to a great extent how internal and external market price of steem is created. What I feel you haven't explained is how reward for an individual post is created (it's some kind of debt). Because there is no transfer of value from others to one that is receiving, it's just created from a value of one's post (new steem is created in means of steemdolars and consequently steempower).
That part is explained in white paper under the section of Sustainable Debt to Ownership Ratios. This is a vital part of steem system, but people don't understand it or don't bother to understand. Talking about those things would only further confuse people wondering where the money comes from and it's good that you haven't included it.
Most troubling part of people's minds is preoccupation with money.
Wouldn't it be wonderful that we are all creating new social network that still isn't worth anything, that is just adjusting ownership ratios to anyone willing to participate. Then after we create a wonderful society, we would have ownership of something great that would have value not in means of money but in a wonderful piece of technology. Then we could maybe sell its shares, but even that would be wrong.
The value of everything is measured in money that generates and not in "goodwill" that it creates, but that is just our sick world. Even the definition of "goodwill" has been changed from that it was in 16'th century meaning something like the well-being of everyone to modern one which means how much money it can bring by good name of the asset.
Anyways thank you again for good and educated reading material which brings value to us.
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@leksimus Thanks for your post. You've given me food for thought!! I will think about explaining your former idea's in my next post...
I would love to see a good post on that matter since I haven't seen no one talking about it. Idk if its forbidden to talk about truth and what recognition you would get for that. That part to some extent explains how Steem really works while giving money. Part about getting money out is not really connected to Steem creation, but at the same time, it is. Since Steem has value on external market. That is what really differentiates Steem from other cryptocurrencies and what people don't understand. In a way, this might be flaw of steem or genius solution for new economy where the whole platform is getting stronger trough debt in ownership while paying someone with currency. Anyways if You do research on that matter, I would be thrilled to see some stats and explanations behind it, because I as usual have only feelings and questions, not logic and deep understanding of the matter.
I already know how it works. Dilution is the answer. I will do a more detail simple explanation, however this could be a good thing to read before I post this in a couple of days; Apologise for post promoting myself;
https://steemit.com/steemit/@hisnameisolllie/steem-dilution-rate-explained-currently-much-higher-than-you-might-think
I will wallet message you when it is done
I've already gone through that post, but I guess I didn't get it fully. No need to prompt me about your posts I am waiting for them at the hourly base through feeds. Just keep up doing good work educating us.