If you are new to the steemit community, first a warm welcome and even if you are not new you may have a few questions about what the dollar values next to the posts mean.
When you make a post as it is voted upon according to other users it gains value depending on who is voting on the content. People who have invested lots of money or have created great content or both have the most potential to increase the dollar amount of a post.
When you see a post with $100 next to it what this means is that at the end of 24 hours the following happens
As per steems whitepaper "When a post receives a payout it takes the form of 50% SMD and 50% SP. The Steem Power give the user increased voting and transaction power while the SMD gives the user an immediate benefit in a stable currency. As we’ve already discussed at length, both SP and SMD are designed to encourage long-term holding rather than short-term selling."
So for a post that has $100 next to it you will earn 50 Steem Dollars (SMD) (Which can be converted to steem and then cashed out or invested in steem power giving you the chance to increase the impact of your vote). The other 50 you receive is in the form of Steem Power already (This determines how much weight you have when voting or receiving payouts).
To the best of my knowledge in replies to an original post (also known as a parent post) the original poster gets 50% of the payout of the upvoted responses to the post. So creating content that has people commenting with interesting responses can benefit both the person who makes the content and the person who responds.
I can say honestly this is the most exciting use of blockchain technology that I can think of so far.
Feel free to ask any questions you may have and I will do my best to answer. Hope everyone is having a great day!
Great post!
Thank you! I really enjoy helping people understand how to use the site as I am rather new to it myself.
thanks for explaining! I needed this as I am new to Steemit!
There are a lot of foreign concepts that as I come to understand them better I am happy to explaim them in a way that may make more sense to people.
You explained it nicely for those Newbies! I'm not a newbie, but i remember struggling to learn the ropes of this place can be very difficult!! haha.
Hi,
Sorry in advance for the stupid question.
I'm very new to this. My first posting, https://steemit.com/donatello/@donatello/donatello-club received $2.74 (blogging reward of 1.368 SD and 2.244 STEEM POWER for donatello/donatello-club).
Initially 1.368 SD appeared in the wallet but now it has disappeared. It's a small amount and that's ok. Hopefully it will not happen in the future when the amount is much bigger. Would I be able to contact Steemit?
Thank you for the posting!
Yes I would contact them just to verify that you had that happen to you. The developers are working very hard to make people want to stay and have an enjoyable user experience. So I would go a head and check with them and see what their response is. It's still in beta so we will have to be patient as we hit hiccups along the way, but those who stick with it will see the value maintain or increase.
Good post! I like it! Good Luck To You!
I did not know that , thanks for sharing
You are welcome! I'm planning on trying to help people understand at least one new thing about steemit each day as long as it helps other people and the community as a whole.
so how long do i have to keep steem power, it says something bout 2 years or 104 confirmation can someone explain what that means??
You can turn steem power into steem but it pays out in 104 payments over two years. This is to prevent people from simply signing up and cashing out or attempting to day trade with steem power. Steem dollars can be turned into steem whenever you want. Right now the feature is disabled until the block chain hard forks.
Hello thanks for the post, I need help!
what do I do if the money next to my post doesn't convert into my wallet? My first post has made over $1000 but in my wallet it says: steem= 0 , steempower = 3.042, steem Dollar=0, estimated value= 11.05 ? I don't understand this can somone explain? I tried to power down and then this Pops up: account registered by another account requires 10xaccount creation fee worth of Steem Power before it can Power down. What is going on? Someone please explain, thank you!
Yes it is a little confusing so let me clarify. When you start out you only have steem power. This is essentially the amount your vote will change a posts value up or down. As a new person you will not see your votes change any posts dollar values, because you have little voting weight. Some of the more heavily invested user can make a vote increase 300 dollars with a single like. They value creative content.
So let's say you post a unique article and after twenty four hours the dollar value is at 10.00
You receive the following reward:
50 percent in steem dollars which would be 5 dollars in this example) (which is kind of like a mini investment and gains value over time)
and 50 percent in steem power that reflects the current value steem is listed at. More steem power again gains you more vote swaying power.
With stem dollars, you can keep them as steem dollars (again accruing a small amount of steem dollars each day i believe) or convert it into steem that process takes a week from deciding to turn steem dollars into steem so a week later you will have the equivalent value of steem in your account.
Steem can be exchanged on a trading platform, you can view many posts on taking out money with a quick search about transferring steem to usd (or your chosen currency. (Note you will transfer them into bitcoin and then fiat currency like dollars.
You can also instead of using steem to cash out invest it into steem power for a longer commitment. changing steem into steem power can be instant. But to keep people from quickly buy and selling steem power you can request payment, but it is payed out in equal weekly payments over 2 years. so a total of 104 payment not a lump sum. This helps stabilize the value and market to prevent major fluctuation. Imagine if one day someone just decided to withdraw 1 million dollars. if it were instant it would greatly affect the price) So investing in steem power shows you are pretty commited and since people are commited they want you and others to succed because in the long run everyone benefits, anyone has the chance to make money if the post content that is personal engaging funny or both. Think "What would add value to this platform that probably would not be seen on other blogs" The choice is yours and you may get lucky and make someone laugh with a meme, but my advice is to stick away from memes, copying and pasting youtube videos unless you add a review or add value to it, selfies, and similar throwaway things anyone could easily copy or any sort of thing asking for votes. Just be original.
I know that is a lot of info. Hopefully it makes sense and will keep you from getting frustrated as many people do post great content that might not get recognize and be discouraged. Make an introduce yourself post that shows your interests and what you bring to the platform that adds value to it. A well thought out post can earn a large of amount of success so take your time and try your best.
Good to have you here. Good luck
Thank you very much!!! I appreciate that you took the time, you made things so much more clear for me! Thank you very much and good luck to you to😊🙏🏼💕
No problem just #payitforward and when you are able to answer the questions of someone who is new. Even though there won't be a monetary reward (because new users generally start with just the signup bonus unless they unless they have invested money already, which depends if you want to give the platform a try vs. go all out by investing long term into this community (aka powering up - trading dolloars into steem and then into steem power) you are able to do that too or reinvest earnings. The choice is yours :) Try your best to welcome new people and know that they will probably have lots of question. If you see they have a certain interest or talent, maybe give them an idea to run with and post. And if you tell the newer user or users to do the same, hopefully we can create a continuous engaging platform for everyone to succeed on !
Haha actually as much as I will back my advice, you are killing it even more than me and made a great first post. I'd recommend showing your friends (who will be skeptical as will most parents). You can include everyone, but not everyone feels they could write. All they need to do is try and be positive and they will help. But id especially recommend this platform to ambitious friends, dancers, craft makers, photographers. They can decide how they want to treat it. I am constantly writing down ideas unique to me that I feel people may be interested in. and instead of posting them immediately, crafting one or two ideas into a better story. On tuesday only the first four posts you make (comments are still unlimited - thank god!) will receive 100 percent rewards and posts after that in a 24 hour period you can still do but not receive the 100% author rewards. So instead of many memes and goofy pictures, we should see more content that people have spent time really pouring into. Finally any friends who program can make an absolute killing here if they can develop apps, because it makes steemit better, the more tools that are available to everyone and i am happy to see 40k hit by one feature as this will draw more. There's no such thing as too many quality apps for use. THat's all hope to see more content from you!
What is the estimated value of my account? What can I do with it? How does all of this pay out in USD? Noobie, sorry....please help!
Good Post.
Thanks for breaking this down!
Thanks for the information. This is the best explanation I could find about $ meaning on side of my post.
Is there a source document we can refer to for the intricacies of SP, reputation, and the timeline of everything?