Dam i didnt realize how informative your videos are. I always wondered but had no idea about the number of actual coins being minted daily and the size of the reward pool. Thank you for this video the others you have made.
What a beautifully simple video explaining the reward pool for all of us. So, the reward pool is going to derease every year due to inflation rate decline. That means we won't get much Steem in future. But, we will get less number of Steem which is more valuable that it is now.
One question though. Would Steem Dollars keep existing in the reward system even when @steemprice (a bot by @blueorgy) goes higher? Steem Dollars will be way less valuable than they are right now (I didn't do the math though). What do you say?
Yes, going forward... the rewards pool has no ceiling as far as how much value it can distribute everyday, and I imagine the price of Steem will rise a lot faster than inflation will decrease.
I imagine that the function of Steem Dollars will be reevaluated by the community at certain points in the future, especially in the possible event of a US dollar collapse. But I don't see it going anywhere soon.
It depends on how fast the price rises... but my guess is that the price of Steem will rise a lot faster than inflation will decrease. The value of the rewards pool has no ceiling. But also, if Steemit scales to the masses, at some point I think it will become just a site that everyone uses (like youtube, reddit, Facebook) rather than a place to try and make a lot of money. i.e. lots of early adopters of youtube make lots of money but that doesn't keep everyone else from using it just like any other social media platform.
so at some point it wont be about the money right?cos i think the more users we have on steemit, the more the number of steem transactions and that would give value to steem.
Thank you for the in depth explanation @Dan-atstarlite!
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Dam i didnt realize how informative your videos are. I always wondered but had no idea about the number of actual coins being minted daily and the size of the reward pool. Thank you for this video the others you have made.
Resteeming this jewel.
What a beautifully simple video explaining the reward pool for all of us. So, the reward pool is going to derease every year due to inflation rate decline. That means we won't get much Steem in future. But, we will get less number of Steem which is more valuable that it is now.
One question though. Would Steem Dollars keep existing in the reward system even when @steemprice (a bot by @blueorgy) goes higher? Steem Dollars will be way less valuable than they are right now (I didn't do the math though). What do you say?
Yes, going forward... the rewards pool has no ceiling as far as how much value it can distribute everyday, and I imagine the price of Steem will rise a lot faster than inflation will decrease.
I imagine that the function of Steem Dollars will be reevaluated by the community at certain points in the future, especially in the possible event of a US dollar collapse. But I don't see it going anywhere soon.
Hard to predict when the Dollar will collaps, but most likely within the next 10 years.
Yes
If the pool goes to 0 what will happen? Will they need to increase mining output? Make it so there is more steem mined per year?
Still confusing to me honestly.
@steemprice 😉 Sorry the bot was overwhelmed during its introduction so It couldn't reply to you (Will have work on that if it becomes popular)
$1.228 USD/STEEMVolume: 1.8484 BTC, 3755 STEEM / Average Price: 0.00049217Last Updated Tue Jul 25 18:54:42 2017Thanks for a useful post and simple, clear explanation. Upvoted and followed
Does this suggest that as more and more members join, that newbies will have an increasingly hard time getting traction here?
It depends on how fast the price rises... but my guess is that the price of Steem will rise a lot faster than inflation will decrease. The value of the rewards pool has no ceiling. But also, if Steemit scales to the masses, at some point I think it will become just a site that everyone uses (like youtube, reddit, Facebook) rather than a place to try and make a lot of money. i.e. lots of early adopters of youtube make lots of money but that doesn't keep everyone else from using it just like any other social media platform.
so at some point it wont be about the money right?cos i think the more users we have on steemit, the more the number of steem transactions and that would give value to steem.
Yes! The "network effect" should make STEEM more and more valuable!
Incredibly thorough, informative and simple explanation. You answered a couple of questions I wasn't quite sure of. Great video brother. Re-Steemed
What a great break down... nice shaded by the way :)
Hi! Your video is quite informative and answers a number of questions I had all these days. Thanks! Upvoted.
Great post this is very informative something every steem user needs to know.
What's the fate of the rest that does not get it to the rewards pool?
10% goes to the witness and 15% goes to Steem Power holders