believe in paid viewership and blockchain projects afford the chance for paid viewership to become a reality. Steemit is probably the first blockchain paidviewership program and it is also so much more. However, it can be confusing with 3 currencies in one blockchain project. This video is Steemit explained by using a familiar example to many of us, RPG games and teaching us how to make money! :D Sit back and enjoy! :)
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Steemit link: https://steemit.com/@cryptolite
Binance link: https://www.binance.com/?ref=20051067
We are not professionals and this is not financial advice, just us sharing our thoughts with you. Always do your own research and make your own decisions.
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Thought the video was well explained. I have one question though from being brand new to steemit and crypto. When reading the white paper steemit said they are pegging the currency to the usd. Though im not really a expert when it comes to pegging currency. My understanding is with them pegging to the usd is to try to keep the currency at a certain level by either reducing or adding to the supply. Also from what i read is another reason they wont be giving interest on steem dollars to keep its closer to 1 usd. Its on page 11 of the white papers. Again great video and if your able to explain the pegging sometime would be awesome.
Hi Drew, thanks for your question. Il try my best to answer. The idea of Steemdollar is to be a stable currency that can reward the content creators with stable amount of money. So Steemit upvotes are paid in Steem dollars and Steempower (mostly SBC). It is true more SBD are created to keep up with the inflation and increase rewards, and this rate is roughly at the rate to keep it pegged to $1USD. The reason they removed interest from Steemdollars is because people were hoarding the Steemdollar, causing the price to go up. So for example, on Coinmarketcap, when you see the existing supply of a coin, it is not the total supply of the coin that has been minted, it is the amount of coin that is "Active", meaning on the markets in the last 30-60days. So if everyone is hoarding Steem dollars the "active" SBD goes down and the price goes up. Especially in a down market like now, some users are hoarding SBD and that is why we are above $1USD. If everyone sold thier SBD to Steem or Steem power immediately, the price would drop back to $1 USD. Hope the above makes sense to you. This is my understanding at least, if someone else has a clearer explanation, that would be most welcomed :)
Hello cryptolite,
@SteemEngineTeam would like to take the time to thank you for
We plan to give back to our community members, so have an upvote on us!
Thank you.