Steemit - The Billion Dollar Social Media Giant Replacing Reddit & Facebook (PART-III)

You hope things are going to work. You set things up, they did it right in the white paper. They have financial control mechanisms in there that we're supposed to regulate steem. So, it would always be one dollar. Those price mechanisms were just exceeded and now we're creating a situation where one steem dollar equals six dollars and 61. Now, here's an example with bitusd but again one bit share is supposed to always equal one dollar here this at a dollar seven but it's really bounced around at one point. I think it was down to 75 cents at one point. It shot up to a dollar 20. So, here are these cryptocurrency mechanisms that are trying to provide stability and I really like them it's not so much that they're not working. They're working better than the other mechanisms. They're definitely providing a little bit more price stability but what I am trying to say is that while a lot of people are speculating on cryptocurrency. Some people actually want to use it as a store of value. Some people want actually stability, they don't want this crazy upside the same way. They don't want the crazy downside, so, steem dollars bitusd were both created to combat that you can see that steem dollars now, just because of the rapid growth of the steem platform is still trading high but the idea behind steem dollars is that they're not hit with the same level of inflation, 100% inflation on Steem. You're not going to have that same level of inflation on steem dollars because steem dollars is actually getting paid and interest rate. They went over that a little bit in the article. So, if you were an investor and you didn't want the upside as much there is worried about the upside as you were protecting your investment and being involved in this steem platform. The steem dollars is a better choice now, just to make it things confusing even more. I wanted to go to my wallet and I basically wanted to do a quick on steem power. So, if you go to the rewards section here. It'll actually tell you that you're getting paid in steem power now. The reason the steem power exists is because basically we want people to be part of the network. So, originally if you had steem power that gave you more voting power. It gave you more comment power. It basically made you more important on the network and that's really good, if you are trying to curate and if you're trying to be involved in this community. The catch with steem power is, if you went to withdraw it, it took two years to withdraw. Now, they've changed that a little bit. So, now if steem power I think takes 12 weeks three months to withdraw but it basically means that if you are keeping steem power, it means that you believe in this platform. It means that you want to participate in the community and you basically forgot to your right to just sell all of your steem at any given time. So, even if I wanted to exit the steem platform right now, it would take me three months to slowly convert my steem power and esteem and then that would, that's how I would be able to sell that on the open market, using bit tricks blown X or anything that we've talked. So, the reason that I bring this up is that the whole financial mechanisms work. So, the more you believe, the more you want to participate in this network, the more you can have invested. If you were trying to just pull the money out you can do that. That's not going to come at a huge penalty to you. It's not like you can't post new content, it's just for example when you upvote something on the main page when you comment. Your comments aren't going to be taken nearly as seriously. They're not going to have the same vowel seem. It is not a perfect platform. It's definitely a step in the right direction and I did want to point out a few small problems.

Here's an example of a user that just goes around and basically repost blog that I put on Steemit, he's not me but people think he is me so now when they come down to the comments, they're actually trying to interact with this person like they think that they're Momi Malhi and what's more interesting is because he does this frequently. He's actually getting paid more money. So, he's getting paid two dollars and 98 cents for posting this blog about me. Whereas, if I go to my steem page and the exact same blog on here, you'll see that I'm getting paid four cents. So, he's getting paid two dollars and 98 cents. I'm getting paid four cents. Now, the reason for that is partly due because I don't have a huge reputation. So, I'm just starting to post new content on there but I only have few followers and seventy one hundred and I'm following many people but if you go to this guy's profile, you can see, he has four thousand four hundred and ninety two followers and he's much more active because he's going out and reposting these blogs and he's making money because he's got a referral link to COO coin and Finance and he's basically found this financial reward mechanism that lets him go and repost everybody's content, so that's not really I guess in the general scheme of things house team. It's supposed to work. I think seem it's supposed to have more content creators on here but again any of these blockchain technologies. How they're supposed to work and how they do work aren't always the same thing, you know, if the value is being added by this person going and going through Steemit and reposting it. That's fine eventually I think that the intention would be that the original content creators have more say and so they'll become more popular over time. This person won't become as popular and maybe six months from now. (Continue....)

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