Where Does The Money Come From On Steemit? (Is It Sustainable?)
One of the most common questions I get from people is "Where does the money come from?" The common answer is that there is a certain amount released into existence each day but that only answers part of the question. Most people wonder if the system is essentially a perpetual motion machine. They feel that since there are no ads on the site there isn't a transfer of value and one accountant told me it doesn't make sense because a person can pay themselves creating a imbalance from an accounting aspect.
In this pool meeting I talk about a lot of concepts like what Bitcoin, Litecoin and other crypto currencies are backed by. I also talk about how venture capital works in start ups and how that relates to Steemit. Before watching the pool meeting ask yourself this.
- Does Bitcoin's ability to transfer value anywhere in the world give it value?
- If a crypto currency network had the ability to transfer value with no transaction fees anywhere in the world almost instantly would that have value?
- Do venture capitalist dump millions into companies that have never collected $0.01 from its customers or user base?
- How valuable is driving tons of traffic to a website organically?
Thank you for reading my post and please consider following me @brianphobos
Great post! very informative. Thanks for sharing.
You are welcome! Thanks for attending the pool meeting.
This post received a 2.0% upvote from @randowhale thanks to @blunderbabe! For more information, click here!
Nice info i am waiting your follow and your next content thankx mate @upbuzz
20 years on steemit?
Yeah I have been around for awhile. Reverse Ninja mine style
I also wondered how steemit generate the money. Now got the idea behind it.
It is sort of a weird concept to people because everything else has been Ad driven for the most part.
Yes very true. People only see what are obvious to their eyes or rather I would say which is physical not digital. But blockchain has created a revolution in the world and changed people's perception about money. Dear have a look at my blog and tell me how I am doing and what is lacking in my posts.
Good idea to make this post from pool!
Thanks! Yeah it promotes world peace in a lot of ways. Who doesn't have fun at a pool!
I am glad I attended today's pool meeting. I like your analogy with real estate. Still a difficult concept for outsiders to understand.
Thank you for attending the pool meeting!
It is hard for people to understand and another common thing people say is "that post isn't worth that much" And I say, Is Kim Kardasian appearing somewhere worth X amount of dollars, is a super exotic hyper car worth $2 Million dollars, is a fighter jet worth $100,000,000? YEAH.....someone was willing to pay for it.
So if a post gets paid $2,000 on here then the market has spoken!!!! People can't see if for themselves. I want to tell people that this is the new reality. The fact that a celebrity gets paid huge amounts of money doesn't mean you can't as well.
Exactamente ( Exactly )
Very informative, I agree with you. Keep it up.
Have you seen the new giveaway? See my blog post for a link to collect free crypto, a one time opportunity.
Success.
Great overview on this issue... this video will clear things up for a lot of people
Thanks Dan! Is the pool getting warm enough up there? It is burning up down here! You could fry an egg on the pool deck
Jealous! it's been pretty chilly up here this year, way more than normal
Followed and upvoted. As a new steemian, this was enlightening. Leaves me with further clarity as I continue along this path
Look forward to your future post/meetings to learn more. Thanks!
Thank you! Yeah when you first get here the economics of it are confusing in a way and I could see how some people people depending how they found this place could be extremely confused. Especially if someone didn't understand crypto currencies and hadn't sorted that out in their mind. There are still people out there who don't know anything about Bitcoin and will still try to say it is a Ponzi Scheme when it isn't. It all ultimately tracks back to energy cost just like Gold and Silver. That is ultimately what it is backed by. Energy
Oh trust me I know. I feel like I'm in the "closet" most people find my interest in this sector to be a)interesting or b)weird /don't get it
I'm not educated on it as well as id like to be either. Always more to learn and as you said, if it wasn't worth anything people wouldn't be paying for it.