I have to admit, in 7 days Steemit is getting crowded, which is a very good thing.
However, I do have one question that I am not sure anyone knows the answer to: what will happen when Steemit gets flooded, like becoming a giant site? I realize that at that point, Steemit will become uber valuable, but how exactly will that value be continually distributed among a growing crowd, a crowd that could turn into a global mob?
I was one of the early adopters of YouTube and I've noticed that my earnings continue to go down, as I feel that there's more content than ever on the platform.
How will this work on Steemit?
The fact that it has grown so quickly in such a short time indicates that it will have mass appeal. I'm going to do some how-to videos about how to convert money to US Dollars from cryptocurrency so the masses have a good idea what's going on.
How will the money work in such a huge distribution system? It's really hard for me to visualize. I can see how it will become a giant brain, with the good, relevant content rising to the top. Actually, this kind of site was what the internet was supposed to be. Nikola Tesla would be smiling in his grave if he saw this.
Any specifics would be welcome. I'm committing long-term, and I intend to invest every penny back into this site.
Thank you.
ps-I'm taking a vote: should I stop using the word, 'fuck' or continue using it? Why or why not?
pss- how the fuck do i center and enlarge the images in my posts? it's driving me nuts.
The blockchain keeps producing 1 Steem for content and 1 Steem for curation every 3 seconds. Those are distributed in form of SD and SP according to the votes. So payouts always depend on what 1 Steem is worth right now, and from July 4th on daily payouts equal 57600 Steem. (Simplified answer, skipped missed blocks, averaged price feeds and probably some other things)
p.s. why the fuck should you stop?
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ok, thanks. One more request: I would like to see what the blockchain looks like....a screenshot...it's inside a computer right?
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The data itself is stored in one big file (~360MB right now, download). It requires the steemd software to read it. Best visual representation is the output of that I guess.
Image ruthlessly stolen from https://steemit.com/introduceyourself/@kenny-crane/hi-im-kenny-from-youtubestars
He's mining there, means trying to produce blocks. That's what the hash rate lines indicate. In between you see the transactions and the block number they were included in.
Next one is from my witness node, not mining, just producing. The red lines in between are calls to steemd from another software (the price feed script running once a minute)
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this is fucking cool! I was trying to get a concept of blockchain and I kept seeing a real box with chains......it's nice to see it in reality. can i write an Interesting Engineering article and use these images? or is it off-limits? I'm still working on a killer article about Steemit......the fb audience for my employer (one of them) has 6.5 million followers.....it could be a big day for migration of people, i'm waiting til july 4 to publish it
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A block is a set of data, and they're chained because each one references its parent. That's where the immutability comes from - change the content of one block, and all following blocks are invalid.
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The second one is fine, no data in there that wouldn't be public anyway. For the first one you'll have to ask @kenny-crane - it's stored on ipfs, so I don't think it'll be a problem.
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steemd.com lists all the blocks as they are made. its like blockchain.info for bitcoin.
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Feel free to use my image, and link back if you choose, although it would be okay if you decide not to. If you need an different but similar pic, let me know and I'll get one for you!
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These are the types of posts I think we need to incentivize upvoting on. What a great, detailed response.
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Absolutely, Fuzzy! I have just been reading the answers up to now, very interesting. Right I'm going to keep reading down the page :-)
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I thought that screen capture looked familiar. :P I don't mind that you borrowed it, and thanks for the link back to my intro. Thanks for your helpful answers here!
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" I'm going to do some how-to videos about how to convert money to US Dollars from cryptocurrency so the masses have a good idea what's going on."
https://steemit.com/crypto-news/@kencode/ann-blockpos--the-app-that-allows-any-business-to-accept-any-crypto-currency-at-zero
https://steemit.com/bitshares/@kencode/smartcoins-wallet-v1-2-
https://steemit.com/crypto-news/@kencode/smartcoins-wallet-roadmap
We will be ready when the masses are. They're not going to have to skip a beat.
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great thanks! the reason i want to do my own is so i capture a different audience.
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"I was one of the early adopters of YouTube and I've noticed that my earnings continue to go down"
Ooh. You haven't noticed it here on Steemit. I've been looking at my posts for a while now and their dollar values have been slowly trickling away. ;(
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When I first came here the top post had $140,000 (and it was a lot higher than that before I'm sure). I believe it's under a grand now due to the dilution with more users/post/upvotes.
Edit : It's at $2,500 now https://steemit.com/politics/@donaldtrump/lets-talk-politics
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WTF. For a newbie like me, that would have been heartwrenching. hahahaha :) But it's all more than that at the end. This community is amazing. I'm having fun
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holy SMOKES.
thank goodness. $140,000 on one post is just ridiculous. $1250 to an author of a single post - that's still a pretty damn good payout. thank goodness the system does work to balance out those kind of disparities...
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oops, i accidentally downvoted your post. if i reset my curation, what happens?
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Nothing. There's no monetary value on that comment.
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Well there's $2 mio during this bootstrapping phase, so I'm guessing the first post ever could have made $2 mio. As more post were made and upvoted that # decreased. So at the beginning every post had very large balances and it's being diluted down until 7/4. That (and the market cap changing) is why you see your post rewards dropping (unless more upvotes come or STEEM price increases) each day
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The first post didn't quite have access to the full $2 million because the rewards are continuing to be added to the fund all along. It did have access to the entire reward fund from the time the blockchain started until the time the first post was made, which was probably about $140K at the time.
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$140,000??? Wow! You must have been wetting yourself :-)
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Most of us here(1) had a "WTF" reaction to those big numbers at first and posted a rant about them elsewhere not understanding what exactly was going on. I think it went like this, "$140,000 for a fucking post about politics in an anarchist community?!!!". =)
(1) I keep forgetting most new people are not aware that this account is controlled by 4 people. "Tuck Fheman" is a fictional character who runs a blog. This is our disclaimer so people do not think Tuck Fheman suffers from MPD ... like I read Ned did on slack. =)
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predicting how big this site may actually get... only time will tell.
however, I'd bet that it won't get anywhere near as huge as Facebook or YouTube - if only for the simple fact the rewards here go to mainly WRITERS of great content.
nobody needs to be a writer on Facebook - just click a share button on something that interests them.
while it's possible to copy & past content to share on here, I've noticed that such posts don't receive anywhere close to the rewards of originally-generated content. as such, while there's an incentivization system in place for curation, the practical application isn't as likely to become a factor for a billion people flocking to Steemit in hopes of gaining rewards for clicking a share button.
and while there is the potential to earn money voting, it does require investment. no one who doesn't invest isn't going to earn anything more than pennies by simply voting. and the reality is, of the billion people on Facebook, the large majority of them either don't have the capacity or aren't interested in investing the time to learn the complexities of such a cryptocurrency-meets-colloborative platform - meets incentivized voting system and put down the capital required to make anything significant of it. for most people, the lure of instant gratification far outweighs the long-term opportunities of navigating such an entirely new domain - and many may likely to stick to sites like Facebook that don't require time invested in original content production.
as such, the 'growth explosion' in users here will not continue indefinitely at the same rate, and there'll be some cap on how big the user base actually gets. which, also raises the question - once that cap is hit and there's no one left to keep investing, what will happen to the reward values, without a new influx of capital coming into the system...?
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"the lure of instant gratification far outweighs the long-term opportunities of navigating such an entirely new domain"
The "gratification" here is going to seem much, much more "instant" when payouts are daily.
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i could easily lose my fucking mind on this site. I'm already seeing a return of my nightly sleep-deprived hallucinations visiting me......last time this happened was when i was high on paxil.....in california, used to sleep with my door open to let in the ocean breeze.
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@tuck-fheman Don't you think @stellabelle needs a reminder winks. This : To My Fellow SteemIt Addicts ;) is for you. ;)
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Abandon all hope ye who enter here?
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Why don't you take a couple of days off - everyone deserves a break. I'm pretty sure that if July 4th works out as we all hope you will have already made enough to get that new computer and pay off some of your bills.
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Never.
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<center>image</center>fucking continue using it for fucks sake.
Don't quote me on this. Let someone like Dan explain it, but for now ...
You will make far less per post. After 7/4 there will be approximately $20,500 per day rewarded depending upon market cap (as reported by Dan it would be $2,500/day and further explained by arhag that's what it would be valued at after 1 year, so it's $20,500/day -- I have no clue what that means lol). With more people garnering upvotes, payouts will be nowhere near what you see happening now per post. We have guessed in the past that a top poster may be able to squeeze $100 a day out and most a buck or two. But again, I don't have a clue, that's just what I've gathered talking to and reading others. I don't claim to understand how the system will work after 7/4.
It would behoove you and everyone else to keep the Steem Power you make now vested. This way you can upvote your own post and snag a little extra that way and it will give you more voting power down the road as it accumulates more. Some will also tell you that keeping your Steem Dollars is a good idea at 10% APR, but that APR rate is not guaranteed and you may not always get the same rate on cashout. From what I've read, if the site goes belly up, SD is what you would want to be in (if you chose to be in something). NEVER stay in STEEM long term. Either power up, convert to SD or sell for profit quickly.
Again, I'm just trying to give a quick answer and although most of this is probably fairly accurate you'll likely get a better answer from someone more knowledgeable on the matter.
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Thanks so much for this @tuck-fheman . It makes everything clearer. A noob-newbie question ;) : how can i vest my steem power?
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Steem Power = Vested STEEM. You want to Power up (vest) your STEEM to Steem Power. What I was trying to say was don't divest your Steem Power, unless you just have to. But it will take 2 years to divest, giving you a weekly payout. It will increase in value as long as you have Steem Power and that is exactly what it is, "power". You can earn more by having more.
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Thank for the explanation. I get it now
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that helps. I guess I don't see how it will work long-term. If bloggers end up just making pennies, then i can't really see much of an advantage.....maybe some more knowledge....
Also, will it be ad-free? Are they going to think of adding advertising money at some point?
Thanks for the fuck comment. I was told that i offended someone, it's not the first, nor will it be the last, but i am so prim and proper in my online identities, that i'm just sort of fucking sick of the facade. I love to cuss, it's one of the few addictions i have left after having given up drugs, alchohol, fantasy addiction and Facebook.
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As far as ads go I don't know. It's been discussed on slack but I've never seen Dan or Ned actually talk about it, just others guessing what could happen. Perhaps those two have discussed it and I missed it. One thing I can tell you is that Dan will adapt to whatever he thinks will work best, sometimes that doesn't work out so well as it changes the rules many have played by. This past is now why you see the reward changes causing lots of discussion. No one wants to see Steem go through what BitShares went through. So we shall see what he comes up with. I personally like that he adapts new strategies, but I also don't like to have to relearn new rules repeatedly. He seems to be very aware of how others feel now and more willing to listen to their input, not that he didn't before, but now it's different than BitShares. We all have a bigger stake in this, not just monetarily, but as the soul of the system so to speak.
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Keep in mind that the #'s we're talking about now are "if" the market cap stays the same. "If" the market cap grows to $100 mio, $500 mio, $1 B, then the daily payouts will be much larger. So that's what we all need to do is make that happen by bringing in more people, improving the platform with great ideas and creating a demand for STEEM.
Since so many people are hodling STEEM in Power Up (vested STEEM) there is not much on the market to buy, which means as people buy the price will continue to go higher, which increases the payouts here for post. :)
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For fuck sake.. it's ok to say "fuck". Realize that being genuine is part of the magic of Steemit. Unlike Youtube where a "persona" is usually assumed, here you are appreciated because of you. It's the magic of Steemit.
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