In the 4 months since I joined Steemit, I threw myself into learning all I can about the blockchain and what is going on. Over the past decade, I followed and studied technologies that I felt were going to change the world. I came across bitcoin in 2011 (should have invested then) and realized the potential of this new technology. Over the next few years, I came to understand crypto and blockchain technology.
Therefore, instead of me writing a post based upon something that came to my mind, I figured I would open it up for you to ask questions about whatever floats your boat. Please try to contain it to the areas I just mentioned although I will try to answer everything (bear in mind, my knowledge about poetry and the history of Iceland are rather limited).
I will do my best to get to all questions today. Also, if you see a question posted, fell free to answer it. Let us all try to share the collective knowledge that we have.
So ask away....
Pictures by Google Images
I had to ask why not keep the sbd price a little high. Why have they kept it at around 1USD.(though the prices are high now until corrected)
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The thing is that Steem doesn't really have any control over the price elsewhere. As I understand it, the one dollar peg is a guarantee that it won't drop below one dollar.
If SBD is listed elsewhere and people push the price up, steem can do nothing about it.
They could peg it there on the internal market but that would result in more SBD leaving the system.
Eventually, the price will probably stabilize and return to the peg. But this won't happen until the new money flooding in figures out that Vests are where the value is.
Or maybe it won't. That is the nature of the free market. You have to let it find its own level and then try to figure out your play. Too much interference will only muck up the works.
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That makes it clear. Thank you
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Glad I could help.
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Thanks again bro.
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The idea of a pegged currency is for commerce. Businesses cannot price things accurately when a currency is bouncing all over the place.
If SBD is pegged at a dollar, then merchants know exactly what it is worth and can price accordingly. If the price is jumping up or down 15% in a morning, that really throws thing off kilter.
I am not sure there is a big move to push it back to $1....might be but I havent heard it discussed a ton.
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Yeah...I understand what u explained here. My question was why 1 USD specifically. It might have been 9 USD as default. From 9 USD as fulcrum it may go up but never less than $9
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USD is the most used currency on this planet. So it's easier for many people to think of SBD as just Dollars. 1 USD is specifically used purely for the ease.
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Okay, I'll take a stab at this. So I kind of understand the interest in cryptocurrency, but I'm still a little lost when it comes to other applications for blockchain tech itself.
My limited understanding based on about a month of on and off research tells me distributed ledgers which can't be tampered have applications in certain fields, particularly finance. But now we see blockchain-based solutions cropping up everywhere (like startups claiming to be the 'Uber of x', now the trend seems to be blockchain of 'insert problem here').
Do you think the tech has the potential to revolutionise every industry? And have you come across any examples of innovative use of blockchains that perhaps took you by surprise?
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My view is that in 10 years, 90% of all world commerce will be on blockchains. We are going to have millions of blockchains at that time...some large, some small...some public, some private.
What surprises me is the growth rate of blockchain. There is no way for Wall Street to pump enough money into cryptos to keep pace with the growth of this technology. Cryptos wont bubble because of this.
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Well, that's reassuring to hear. And thanks for taking the time to reply :)
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As far as how blockchain could affect everything beyond the financial industry check out this link to another aricle on Steemit.
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Thanks! I had read a little bit about some of the applications mentioned in the article but this helped add some perspective.
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No problem, this is what I'm here for.
Glad I could help.
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STEEM is recently lagging in bull market. Even few months back it was around ranked 20, it is now close to 40 that means 20 some coins have seen bigger growth than STEEM. STEEM is purported to be the most active blockchain in the world and lots of developments going for STEEM, then why it is lagging to other coins? Marketing? Lack of exchanges? Inflation (9.5%) supplants user growth, therefore, not enough user growth? Skewed distributions, old whales are still selling?
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Pricing action of the market reflects nothing more than the pricing action of the market.
Why is SBD, something pegged at $1, trading at $9? Because the market decided it.
I wrote an article the other day to ignore the pricing action of the currency. STEEM is now $3.20 whereas it was $.85 6 or 7 weeks ago. The progress is the same now as it was then, just the market decided that it wanted to push up higher.
As long as the progress on the blockchain keeps moving forward and the number of people on here grows, eventually the pricing action will move up. I would say it is under valued at the moment compared to where it should be.
A lot of time fast runs in a particular asset means nothing more than a bit of publicity.
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Yes, I'm a novice; and, I spend lots of time researching; but, the answers aren't always clear.
Question: Is the market primarily controlled by investors?
So, you suggest keeping eyes on the price of STEEM, more than SBD for actual growth.
Question: Do you suggest HODL even if the SBD drops the STEEM value back to pennies on the dollar?
It's been a great run up for the past few weeks. I have to say I want to preserve what I've accrued; and, would love to be able to learn how to use the openledger.io and bittrex exchanges with more ease.
Posts such as this are definitely welcome, and a refreshing exit from the 'in-fighting' many are finding themselves in the middle of recently. My go-to mentor is in the midst of one; and, I feel like questions such as this would only be a distraction.
Thanks for the work you do!
Peace.
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Really appreciate your recent explanation of how facebook can't just dream up a token to counter Steem. That was weighing heavily on me for months and months.
Other question - how do you picture Steem once it's fully mature and there's no more yearly inflation? Will new users be interested if the supply is tightened severely? How will rewards be paid for once the inflation stops almost completely?
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I believe the inflation of the currency takes place over the next 40 years so I am not sure it is really a major problem for a while.
As for diminishing reward pool, I think the idea is the increase in value of STEEM more than compensates for it.
Which makes sense...a .9.5% inflation rate should easily be outpaced...if STEEM only increases at 10% a year, that is poor in the crypto world.
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Under settings and permissions in steemit we have muiltiple keys and a password. Should we have each one of those backed up? How would you back it up? Hard drive or paper backup or both.
I need to learn more about this. I probably already should know all this.
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It doesnt hurt to back up all your keys.
The biggest ones are master and posting. Posting is actually required for account recovery.
I copied my posting key onto a piece of paper and in a safety deposit box. Same with the master key.
They are like oxygen on steem....act accordingly.
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Thanks. Just read your article about account recovery too. Good info.
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Keys??? What keys?!
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The passcode you use to get on here are also known as passkeys or keys.
Go to wallet, then permissions and you will see your different keys.
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Well.
THIS is good to know!!!
Thank you. Will keep them recorded and safe!!
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Yep, do you think it is worth to buy little amounts of Steem (Say 50, 100, 200 dollars)? Not to speculate on the steem market, but to give some bust to my account into SP?
Cheers!
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I can only tell you what I do.
Since I joined Steemit, I have bought STEEM, my last batch was at about $2. Every steem or Steem Dollar I acquired resulted in powering up. I have no taken one dime out since I started.
I believe we are going to see a massive explosion over the next year in this blockchain. Therefore every bit of SP helps. It increases your voting power which helps yourself and others.
Think of this site with 5 million people on it instead of 50,000...the reward pool will be spread among a lot more people, making your position that much higher.
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Interesting. One more:
I read your other other article about Appics. If it is based in Steem technology or code, and (i guess) on Steem value... If that platform increases, the XAP increases, but also de Steem value?
Or two different things, different values, different platforms, and different outcomes?
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The value of XAP isnt tied to STEEM in that sense. XAP can increase while STEEM remains stagnant. Pricing actions can take place in all different kinds of ways, which are hard to predict.
What will happen is that if Appics takes off, that will be more users and bandwidth on the system, meaning that STEEM is more valuable.
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Yea! thanks man!
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How would you explain blockchain technology to a 76 year old?
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Blockchain is a network like any other network we use. We have networks at work, at home, at mcds...we have wifi for our tv, cellular for out phone. In the future, we will have blockchains for social networking, to listen to the radio, search engines, and for tv (I would guess).
The difference is blockchain is so it is decentralized meaning it is outside the control of any one company or government. All visa transactions are on visa servers which can get hacked. All bitcoin transactions are on thousands of computers around the world.
Then turn on youtube videos (at least until DTube has that information on it).
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Thanks. Gonna try this out on my folks when they come to visit tomorrow. If their eyes start to get that far-off glossy kinda look while I'm talking I'm just going to say, "Oh, look at what the kitty is doing! He is soooo cute!"
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LOL @summertooth.
That is why I use manna as a way to break the ice with people. I simply send them my referral code, tell them to sign up, that it is free currency available to all...and then help them to start researching...once involved, they seem to get interested.
https://www.mannabase.com/?ref=fbt5zz3bfh
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Here is a list of 6 videos that was meant to be sort of a Dash for dummies. One of my friends were pissed about the videos for treating her like a kid. So it might work on a bunch of old people. Good luck spreading the gospel of blockchain :-)
https://www.youtube.com/playlist?list=PLiFMZOlhgsYKKOUOVjQjESCXfR1cCYCod
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Just watched all 6. These are perfect for ANYONE a bit (or totally) confused about blockchain. Thanks a lot @vimukthi!
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Happy to help. Make sure you get them into alt-coins because 2018 will be the year of alt-coins. Bitcoin on top of being a piece of garbage, is also kind of mainstream now. Dash is exactly where Bitcoin was at the end of 2016. There are some smaller projects with much better potential growth like WTC, SONM, MCO etc.
For a mobile wallet I use jaxx.io because you can sync it on every single platform and it does feature many coins and it's easy to use. http://www.exodus.io/ is good for the PC
https://steemit.com/cryptocurrency/@vimukthi/you-are-the-elites-financial-newsletter-review-and-how-you-are-secretly-smarter-than-veterans-my-outrageous-prediction-and-why
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First of, THANK YOU! I’ve never come across a post like this where a user is like “Hey, I murder my audience with big words and complicated terms let me check up on their actual understanding”(Something schools should do). My question is on “Marging watching”. I understand that you place what I see as a “bet” which can be increased by getting a loan from the provider. If the certain coin decreases in value then you lose all you placed down, otherwise you gain. On what websites do you this? And I’m getting what’s going on? Anything to add?
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Buying on margin isnt only isolated to cryptocurrencies.
To learn about that, I suggest a site like investopedia.com and doing a search for margin buying there.
Basically, it is a way of leveraging your purchase by taking say, 1,000 but buying like you had $10K worth of money. If the asset goes up 10%, the total gain would be $1000 which would double your initial money (less the margin costs). Of course, if it goes down 10%, you would have a margin call meaning they close the trade and keep your $1,000.
I am not sure which brokers offer margin buying on tokens but I would suggest you avoid it. That is a technique for highly advanced traders.
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I read an article the other day displaying how much energy bitcoin takes to make transactions. I understand steem is a blockchain - what is bitcoin? - and bc steem is a blockchain it takes less energy right because it is distributed through many individual servers (the role of the witnesses, right?). I'm trying to wrap my head around what these people are actually doing and the difference between bitcoin and blockchain. Also, what is the sustainability future of these technologies as more people use them in relation to energy usage? (Bitcoin transactions using as much energy as small countries...) Are we consciously sculpting the way forward prioritizing alternative energies (solar, wind, etc) to think about the crypto energy footprint?
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Fake news article saying bitcoin will consume all energy of world.
https://www.cnbc.com/2017/12/21/no-bitcoin-is-likely-not-going-to-consume-all-the-worlds-energy-in-2020.html
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Btc uses a lot of energy...that is true....it is also the reason many of the miners are converting over to renewable energy to power their operations. China is a big user of solar and that is where many of the mining operations are located.
As for the difference, blockchain is the underlying technology. That is a decentralized, public ledger. Tokens are nothing more than an app built on the blockchain, like Steemit is. Bitcoin is a blockchain...as is Eth...as is steem...they are all separate blockchains with their own token.
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I had to ask why not keep the sbd price a little high. Why have they kept it at around 1USD.(though the prices are high now until corrected
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SBD was designed to be like tether...a currency that was pegged to one US dollar.
This makes it easier for merchants when pricing things. It is hard for something to be money when it is constantly bouncing up and down at a 15% clip.
Of course, SBD fooled everyone and moved up.
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This is a very interesting initiative. Perhaps this is your new shortest post.
I'm interested in such a question, what kind of users Steemit most improves this platform? Good luck to you and good.
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I think its the creative people- the artists, photographers, story-tellers, bloggers, vbloggers, opensource developers etc. It is sometimes hard to monetize creative works due to middleman (e.g. google ads, studios, website taking percentage of income, advertising etc.), STEEM removes them. Both consumers (e.g. readers, users) and creators gets the reward, no middlemen.
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Hi! I'm a brand new steemer. I join Steemit this month and I found a lot of new things every day!! Do you have some advices for me ? Thank you and keep posting :-)
Olivia D.
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Comment comment comment.
There is gold in the comment section...garner yourself some.
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Thanks for your tip! I appreciate that. :)
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What's the process to remove funds from your account? Do we set up a bank account? Not that I am anywhere near pulling funds. I'm just a tiny minnow in this Steem world.
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At present you have to send steem or SBD to an exchange that will convert it into another currency like LTC or BTC. Then you can convert that to fiat.
Hopefully we will see an exchange that converts from steem to fiat in the first half of next year. I was informed that the people at Zappl are working on that.
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Thank you. I was thinking that's what needs to happen. So one other thing. I checked your wallet and noticed you transfer xxxx Steem power to yourself. Where does that go?
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That is powering up...it goes from STEEM to SP.
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Perfect. I think I have it now. I guess I have some powering up to do.
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What is the best way to gain steem power for a newbie like me? Do I need to buy steem power? Thanks.
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Buying SP is a great way to power up...if you can afford it....I did a good bit of that.
Outside of that, get commenting. That is how you can gain a following and often people will upvote the comments you leave. Articles posted will be hanging out there in isolation when new. An article someone else writes that you comment on allows you to put your views (as it pertains to the article) in front of that person's following.
The site needs comments to improve its ranking and people need to comment to improve theirs.
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That finally makes sense to me!! Thank you! I am still on a major learning curve. Your posts are extremely helpful, and reading comments and input often sheds light on questions that I have!
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Thanks, your answer really helps.
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You joined only 4 months ago and you have such a huge audience already! Well done!
My question.... I know by now you think Steem will hit $100. But we're all going to be well off if that happens. Having said that, how are we going to take the STEEM and turn it into FIAT to eat and pay rent.
The option today is get it to Bitcoin, wait for a loooong time and pay absurd fees.
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I feel one of the major things needed is a steem to fiat exchange...from what I understand, Zappl is working on getting some exchanges to offer that.
Personally, I would like to see that on the decentralized exchange on here...I have no idea if that will happen.
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By the way, you can turn exchange steem either way using LTC...that is faster and less expensive.
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Is there a way to turn LTC to FIAT?
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Sure...coinbase is one I know of...I am sure there are others....
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Why isn’t Steemit, Inc more forthcoming with its plans? Why do they leave it to us to speculate?
Yeah, those are rhetorical questions. 😜
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what do you think about the recent declining bitcoin price.
and how your prediction of bitcoin in 2018, whether more expensive or more turu.
What is your opinion?
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Just profit taking in my opinion. Bitcoin along with the entire crypto market had a huge run up over the past month. The total market cap went from $250B at Thanksgiving to $625B 4 weeks later. It is only logical that some people took some profits. This is natural for markets, they rarely go straight up...there are always pullbacks along the way.
As for BTC price, I see it above $50K by the end of next year. Wall Steet is really just entering the picture and it loves Bitcoin. For all the technical/scaling challenges bitcoin has, the name and liquidity will keep it the darling of Wall Street.
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very good information and very useful for btc fans
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where i get delegation power..@blocktrades is not providing delegating power now.. i can not afford to buy steem power .... i need steem power to perform well here .so i want delegation...?....please guide me delegation is good or not ..and where i get that...
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I am not sure....
I would google steem whales and look through a number of the top 25 or 50 whales...
I would believe many of them are offering it.
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I'm actually in the same predicament and I can't believe I didn't think of this.
D'oh!
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thankyou .. i will wait for your answer
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Dear @taskmaster4450 very nice dear.
All the work you done here is awesome.
Upvoted you for your best post.
Do check me @zahidzzs
Follow and upvote back if you like my work too.
@zahidzzs
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@mit downvote
@taskmaster4450 This person made 151 spam comments in the last 24 hours. Already reported to @steemcleaners
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What did you do in order to become successful on steemit?
Any advice for new users?
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Comment Comment Comment.
That is how you get on the radar of other people, especially those with SP.
And leave quality comments that show you read the article and have an interest in what the author discussed.
Just leaving a bunch of great article...thanks does little.
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From what I've read (https://steemit.com/steemit/@therealwolf/is-leasing-steempower-from-minnowbooster-worth-it this article for example) leasing steem doesn't give a good ROI. Is there a strategy or something I'm missing because I've seen a lot of people leasing steem power. Thanks man!
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I dont lease Steem Power. To start, I think it is bad deal for the minnow to assume all the risk while the whale simply is turning a ROI.
My strategy was just to comment like hell and you will start to get people upvoting your comments...That will start to generate some steem power coming in. It takes time but it does work.
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I do try to comment as much as possible. Thanks for the advice, I truly apreaciate it :)
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i guess everyone should read this fine post so cool for everyone !!!
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I don't have a question, but I wanted to say that this article was an excellent idea. I'm completely new to cryptocurrency and to Steem so I had a good read at the Q&A in the comments. I hope you make this into a regular thing; you definitely seem to know what you're doing.
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I am trying to find out how to grow on steem. I try to give a lot of my steem power to vote others. I barely got anything back. I also lack exposure to my own posts now. So I have turned conservative in my approach. What do you think is a right way to growth?
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My suggestion is to comment a lot more. Your posts dont get upvotes because they are off on their own. Until you develop following, it is impossible to get any readers.
Comments allow people to find you.
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Thank you that gives me some direction now :)
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I kind of understand the interest in cryptocurrency, but I'm still a little lost when it comes to other applications for blockchain tech itself.
My limited understanding based on about a month of on and off research tells me distributed ledgers which can't be tampered have applications in certain fields, particularly finance. But now we see blockchain-based solutions cropping up everywhere (like startups claiming to be the 'Uber of x', now the trend seems to be blockchain of 'insert problem here').
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pengetahuan saya tentang puisi dan sejarah Islandia agak terbatas...
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Nice post keep posting
Happy New Year
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Highest mountain name in the world
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That's easy... It's Mount Yasirgawad out in Totalslava.
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I was going to refer to google. LOL
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Thank You bro good post
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Thanks for this you post.
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@taskmaster4450 I have been reading almost every post you make, although I dont agree with you on everything I am sure that you are one of the valeant defenders of Steemit and the Steemit community.
I am kind of inspired by the value you are giving your followers. I will try to do the same, but I need some guidance.
My question is how to contact you -? I've seen people writing some messages through sending SBD. Is that the way ?
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Where were you when i needed you?!
I have all kind of questions... and now
i can not think of any. i am just being very
happy that in the future i may "bug" you
with some questions! :-)
You won't mind would you?
( gosh i am so happy i found you!)
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I would love to "hear" your smart opinion on this!
Would you be kind and tell me what you think?
Does it matter when i do it, or it is pure luck ... ?
Thank You! :-)
also, if you could tell me how flagging someone hurts back?
i hope you don't mind my questions!
https://steemit.com/contest/@agneslaczo/contest-or-no-contest-timing-and-luck-on-steemit-what-do-you-think#comments
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Go figure @taskmaster! For the past few days I have been wanting an explanation (tutorial post), explaining the openledger.io dashboard. Your 'name' kept popping up in my spirit.
So, my question is:
When buying bts, should I buy bts/usd or bts/???
Maybe you can compile all of the questions and present them in a single post per week.
Also, I have some Steem in openledger. Should I leave it as such ~65bts, or convert it to other alt coins?
I'm sure that's more than one question ;+).
I'm not sure if you do video tutorials; but, I could really use one explaining if it's better to buy cny/usd or cny/bts.
Peace.
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I'm not sure if you knew this post would draw a crowd; but, I've got a mega question. Here's a snapshot of my first attempt to buy bts...I also have a buy for 20 CNY/BTS should it hit a certain price.
Please explain the BTS $1. block, and anything else you might offer to help me understand what I've done...lol...
**My plan was to buy bts with the Steem; but, there are so many different bts accounts, I'm a bit 'confused' to say the least.
All explanations are much appreciated.
Peace.
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