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RE: MinnowBooster: Emergency Announcement - Hungry Minnows need your help!

in #minnowbooster • 7 years ago (edited)

Not that I am aware of, but I can explain for you:

  • There are two currencies on the Steemit platform. These are Steem Dollars (SBD) and STEEM.

  • SBD is pegged to the US dollar, which means it will always be worth roughly a dollar. This is achieved by allowing anyone, at any time, to swap one SBD for one US dollar worth of STEEM. There is a 3.5 day delay in this system to prevent people from gaming the market.

  • STEEM is not pegged, and can move around in price much more freely. You can use STEEM to 'power up' your account. This process gives you one Steem Power (SP) per STEEM that you used to power up.

  • Your SP determines how much influence your votes have over the rewards pool. If you have more SP, your votes are worth more.

  • When you make a post, you can choose to have the rewards paid to you in 50% SBD and 50% SP, 100% SP, or forfeit all rewards.

  • SBD and STEEM can be traded freely on external exchanges.

I hope that answers your most immediate questions. =)

7 years ago in #minnowbooster by
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    • [-]
     7 years ago 

    Awesome explanation! tip! link

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     7 years ago 

    Wew, now THIS is a system I have not seen before. Steemit now has functional, integrated tipping?

    I need to get that set up. Thank you @reggaemuffin!

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     7 years ago 

    Yeah, @tipu is a bot by @cardboard and a really nice one at that!

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    [-]
     7 years ago 

    Great Summery @dutch.

    Your SP determines how much influence your votes have over the rewards pool. If you have more SP, your votes are worth more.

    This is very important for newbies to understand. I would also like to add some points that I feel would be helpful for new steemians:

    1- You can increase your Steem Power by earning payouts from your posts. The amount you will receive is determined by how much upvotes your post receives.

    2- You can also increase your SP (and hence your influence) by buying Steem from exchanges and powering up.

    3- You can delegate your steem power. Delegation is like renting. You still own the SP, but the receiver gets to use the influence they possess. @minnowbooster uses this idea in its services.

    [-]
     7 years ago 

    Thanks Dutch! I had the same exact question and you helped me too!

    [-]
     7 years ago 

    really good explanation :)

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       7 years ago 

      Thanks for the effort. Appreciate it.

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