Are we miners too; we who just write up posts? And how?
No creating a post is not mining. Mining requires the computer to run 24/7 with special software similar to creating blocks in Bitcoin. The amount co steem produced has a % going to the witness, % to the miners and a % to the bloggers.
When the number of steem technology users or content creators in this case, increases in the future, what exactly happen? Is earning further reduced as the steem produced daily is now shared to many more people or is more steem produced to cater to the new number?
I think your asking if there are more content creators, then the rewards will be harder to gain more Steem on a post, Steem is a currency and it has had a value of $0.10 recently to a high of $4.00 which was before I got here, like Bitcoin Steem has no limits on how high it can rise.
And how does that work? Do more people invest hardware into mining as there is a new number of people who are blogging?
From what I hear it is not easy to mine at the moment, or at least not to profitable. The more miners there are the lower their rewards are as they make less blocks.
Who are the miners of steemit? How do we get to know their identity? Is there a place to find them, like a blockchain explorer and understand their activity?
Not sure but does not matter they keep the blockchain in tack, basically follow the witness they also keep the blockchain in tack.
Why is there even concern on the price of steem? What difference is there, if it goes up or down? Is it that if it goes high, people can power down and like convert their steem to dollars and what happens if people go that path; will the price of steem go down again?
Yeah the higher it goes the more people will power down, but so far there is not enough Steem at the exchanges so this would increase supply and reduce the price quickly.
Is it a good thing for steemit owners like @ned etc, that the price of steem goes up or is it a good thing for steemians or is this what could attract new users to steemit?
Its good for all involved and wishing to stay here long term.
What exactly doesn't mean where it says "steem power dictates you influence on your rewards"?
The more SteemPower you have the more your vote counts. Someone like @klye his vote will add $0.01 or more when he votes on your post. However someone like me my vote is less than $0.01 so it has lower impact on the payout reward.
How do I get to understand the pinpoint difference in between when I had 50 steem power and 500? I don't know how to or if I can tell the difference in my case, when it comes to rewards!
@etcmike told me you will not see much of a difference until you get up to around 10M Vests so your vote is not going to change much till you have more SteemPower, 1M Vest is around 500 SteemPower maybe just a bit under.
Is there place online or like a steem tool that helps us understand these things? I commented on a post by @good-karma and he recommended the steemit whitepaper and i did read it but it didnt cover well enough to my understand these scenarios!
Not really, that I know of but you can use SteemTool.com to find tools like http://steemwhales.com/, https://steemstats.com/#/, http://steemdollar.com/, https://steemd.com/ then add your username to the end etc. I just keep reading and learning.
When it says steem produced is shared to everyone based on their steem power, does it mean, if you have 10k steem power for instance, you can earn without posting or curating?
Steem Power has an interest that is paid, so even without your curation or posting you are gaining SteemPower slowly.
Is steemit still on beta? Are we expecting more functionalities on steemit?
Yes it is still in beta, there are many things still being worked on.
Good Luck and Steem On!
You crushed it! Thank you a lot. Others will thank you too! You have been great!
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I did my best to answer what I know.
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But one question still bugs me a bit. I feel I should ask it once and for all here, about the steem produced. So if steemit attains like one million users, the steem produced will still stay the same? What will happen at that time. I didn't grasp that part well. Why is the mechanism like that? Why can't more steem be created as more people join steem. With this mechanism, don't you think that steem can crash or halt if the users become too many? When people buy steem, where are they buying from, is it from among the steem mined for the day? If a few people buy all the steem made for the day for instance, doesn't mean that nobody else will earn on the day. I think the answer to this will clarify it fully
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The amount of steem produced every day will stay the same. A fixed amount of steem is being distributed to posters/curators every day. When you get a posting/curating reward, you get a portion of this fixed amount (how big the slice of that pie will be is determined by votes). When people buy steem they buy it from other people, through a marketplace/exhange. The higher the demand for steem, the higher the price. When there are more steemit users, you will receive less steem as a reward. Because the amount distributed daily is still the same, but it now has to be shared among more people. The actual value of the rewards will stay the same, because although you get less steem, that steem will be worth more.
I hope I explained these basics clear enough. You should be able to answer your own questions after understanding this.
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Yep and to make things easier I got on steemspeak and got many more answers! You have been really great. Thank you a lot for your effort!
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Good question I do not know the answer to!
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Haha, you have done so enuf. Someone will come across if and help!
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