The growth is coming from investors just like all the other cryptos, the only difference between steemit and other cryptos is blogging instead of cpu/gpu power to mine new coins.
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The growth is coming from investors just like all the other cryptos, the only difference between steemit and other cryptos is blogging instead of cpu/gpu power to mine new coins.
Right, but what happens when there are no new coins to mine?
Agreed. The whole system is currently relying on continious growth. For now that is comming from the establishing phase of STEEM. Where people are willing to invest other currensies for STEEM - also allowing for more STEEM to be "printed" without drop in value.
At som point people will have to be willing to pay out of their own pocket for the content provided here on Steemit. I suppose one hope on the creators side, could have been that by then, STEEM have "taken over as the world currency". If people still are willing to pay for reading posts or create them for free - Steemit will survive like any other open forums today. Otherwise it will likely smolder away - but STEEM will in this senario remain and have moved along to all other aspects daily trade.
We are living in a gold-rush time of new cryptocurrensies. It cannot last forever. Unless we transfer to a new cryptocurrensy every new decade or so. Which would only be an endless redistribution of all wealth every round. In my mind that sounds like a great recipie for conflicts of historical proportions. Meaning it would fit right in there as a natural next chapter of mans achievements since the beginning of time.
"Agreed. The whole system is currently relying on continious growth. For now that is comming from the establishing phase of STEEM. Where people are willing to invest other currensies for STEEM - also allowing for more STEEM to be "printed" without drop in value." nope thats not how it works! steem is smarter than you think...why cant you guys just admit that @dan just happened to create something that works and always will and that there happens to be new ideas sometimes that work so well they make everything before it seem like an inefficient waste of time....and steem is NOT relying on "continuous growth"
No new coins to mine??? Thats not how stem works....its not bitcoin...see i KNEW you had no idea what you were talking about LOl and it sadens me SO much to see people upvoting you, not only rewarding you for your ignorance BUT yopure also spreading misinformation, youre he;p[oing to make other people dumb its sad! now people will think they hve a realy smart taking point of "what happens when theres no more copins to mine!" because they saw your comment with plenty of upvotes....its realy lame man...u should really educate yourself about a subject before going around hurting the potentioal for people to actualy learn the reality of steemit.....theres no limit to how many steem coins are mined....and they arent "mined" steem is not biutcoin...they dont mine steem coins....they are created by the witnesses and thres an inflationrate, steem is not defelationary bitcoin type currency steem is an inflationary cryp[to currency blockchgain and its more eefficient than bitcin becaue of this! Bitcoin needs a massive un efficient power hungry system to work while steem only needs like 21 rasberry pi mini computers something the size of a Printer and a few solar panels could run the ENTIRE stem blockchain!
Steem is not just a money system, so u have to undertand how it works as a fully integrated social network and it STILL gets al the benefits of a crypto currency decentralized blocklchain, WITHOUT the "bloated" need for massive power usage and exahash and exahash of processing power.....no steem blockchain is moe efficient and can run more transactions per second WAY more and its basically ready for billions of users when bitcoin is not....
please just uunderstand that steemit is NOT like bitcoin so u cant apply the same rules to steem
but just because steem is an inflationary currency DOES NOT mean than its bad or that its not as "faior" as bitcopin or something
At least in the beginning, the amount of steem is doubled every year, and this new steem thats "created out of thin air" is not just created and given to just anyone....its given to whoever gets the most upvotes! And the PRICE of Steem ...wouldnt that just decline as they create more steem you ask?!?! No because there are enough people buying steem to keep it around $1 right now....but there is SO much growth that the porice will keep going up as we gain more users!
But you seem to be stuck in this false idea that was spread ignorantly all over steemit that Steem is somehow Mined like bitcoin and the steem that is "mined" is shard with the reward ool and that one day the steem being mined will "run out" just like bitcoin (qs if the steemit creators would be that stupid???) and THATS where this ieaof evebntlame blogging website....
Thats where this idea of having tyop uise ADvertising comes in! they believe that the idea of steem is so un sustainable that eventuially we will "run out of steem" (both literay and figuratively) and will have to run ads like any other blog website and no sory we are not facebopopk and we dont need ads and never will!
sorryt for sounding rouyghm its ok u will learn, but i swear theres alot of people hired to spread disinfo and misinfo ons teemit to scare peopel and i bet all sorts of Fcebook agents and even reddit agents are ll over steemit doing all sorts of subversion and sabatoge! why WOULDNt they be?!?! We all forget how evil and roothless alot of people are and always have been!
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