A beginners guide for steemit
Screenshots:
Vote for witnesses:
Trade (STEEM/SMD)
Did You Know?
When you reply to someone else, they get 50% of any payout you receive in that thread. This rule applies up to 6 levels deep. Starting a big discussion greatly rewards the parent post. (To be confirmed. In 2:1:1 ratio the payout to the author and the parent would be the same?)
Steem is capable of handling a larger userbase than Reddit.
In order to compensate for the ever increasing precision, the STEEM network performs a 10:1 “reverse split” every 32,000,000 blocks (about 3 years). At this point in time all balances of STEEM are divided by 10 and all prices are multiplied by 10. Cryptocurrency exchanges will have to suspend trading around this time and update the account balances and price history to reflect the “reverse split” before resuming trading.
The reward is proportional to the square of votes rather than votes.
A user’s voting power decreases every time they vote and then regenerates as time passes without voting.
Getting to Know Steem.
What is Steem?
Steem is the social media platform you are on right now.
What is Steem (STEEM)?
STEEM is a crypto currency token, the fundamental unit of account on the Steem platform/blockchain.
STEEM is to be held for short periods of time when liquidity is needed. Once purchased it should be converted into Steam Power or Steam Dollars.
Why? STEEM is constantly increasing in supply by 100% per year. (90% of all STEEM created is distributed back to holders of SP, the result is similar to having a 2:1 “split” every year rather true inflation.)
What is Steem Power (SP)?
SP is a requirement for voting for or against content. Gives the user increased voting and transaction power. Non-transferable.
Steem is hardwired to allocate 9 STEEM to Steem Power (SP) stakeholders for every 1 STEEM it creates to fund growth through contribution incentives. This means your Steem Power grows.
Transferring from STEEM to SP is referred to as powering up while transferring from SP to Steem is referred to as powering down. One can power down their STEEM over a period of two years (104 equal weekly payments). One can power up their STEEM instantly.
What is Steem Dollars (SMD)?
Equivalent to a dollars worth of STEEM. Stable.
Steem has an on-blockchain market between SMD and STEEM. Users can earn rewards by providing liquidity to both sides of this market.
Voting and Payouts
Steem operates on the basis of one-STEEM, one-vote.
All payouts are delayed a stake-weighted average of 24 hours from the time each vote was cast. Once a payout is made to the user all votes are reset to 0. If votes come in after the payout then the process begins again.
Each and every year 10% of the market capitalization of Steem is distributed to users submitting, voting on, and discussing content