Quick question. If the national debt is over 19 trillion dollars not including unfunded liabilities and the whole damn system crashes before the powers that be introduce a new currency, will that mean that the Steemit platform goes down in flames with it because it is based on the dollar and nothing but the dollar? It makes me think about Steem Power which could be a serious problem when the market and dollar collapses. A lot of people have a strategy to put everything into Steem Power because it is the most lucrative long term investment, however it seems to me that it can be a trap if you can't get your money out until Steemit say so. I'm a little worried about that. By the way, my investment is in Steem which is being traded on BITTREX. I'm aware that the percentage increase is like night in day compare to Steem Power but I have a peace of mind that if the "SHTF" I can atleast move my money into Bitcoin. Im not looking for upvotes on this. I'm just curious if my thinking is correct. Thank you for your time.
There are 3 distinct tokens, Steem, Steem Power, and Steem Dollars
Steem is not based on nor backed by the US dollar. Likewise Steem Power also is not backed by USD. Steem Dollars however are pegged to USD and 1 Steem Dollar should always be more or less equivalent to 1 USD. So in a scenario where the US Dollar loses all its purchasing power, you can expect the Steem Dollar to do the same. Steem and Steem Power would not be effected.
Ok. Thank you so much for your reply. I'm still trying to understand this. One more question please. If the dollar collapses will you be able to purchase goods with Steem and Steem Power?
When you power down you Steem Power, you get 104 weeks of what? Is that United States dollars or is it something else?
Steem is still really new cryptocurrency but the man behind its is some famous and highly experience bitshares program
i dont think usa will collapse, right now they have better economy as we can see their goverment is ready to increase their interest rate. What happend in USA is only temporary because of presidential election event.
I must live in a different world.
I am not sure I follow. Steem is not pegged to the dollar. It's its own asset. Nothing backs it but Steem's network effects and how much people use is and demand it.
I just don't understand what the USD has to do with anything?
If you can't take Steem to the bank, how do you eventually get your money?
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