I'm a new user who now understands the difference between Steem, Steem Dollars and Steem Power. Here's how:
- Steem: this is standard cryptocurrency/token tradeable on the crypto exchanges. You can power up to Steem Power.
- Steem Power: these are what the miners obtain and what users use to vote on posts. Can be powered down to Steem to cash out, takes two years... you get weekly payouts
- Steem Dollars: a token pegged to the USD. You can trade between people, but needs to be converted to Steem. Supposedly there will be an internal 'ecosystem' of people trading and using Steem Dollars...
Honestly, the whole system seems easily gameable and I'm skeptical of why it was set up like this. I will quickly move over to a more straight forward decentralized platform one starts gaining momentum unless other convince me why not. Hopefully as I learn more it makes more sense.
welcome @Thecity ! Glad to see you, hope you enjoy here as much as i do !! Nice post, i will follow your account, please follow me !
Its really cool! :)
Still trying to understand it myself.
Until I do, I am just posting, commenting, and upvoting.
We will see where it all leads.
I much prefer spending my time here and helping others add to their accounts than be on Facebook and enrich Zuckerberg.
Upvoted and followed. I guess I'm supposed to do that.
Welcome to steemit. followed n upvoted