Let's say I'm a real popular poster, and I earn a lot of Steem this way. I then convert my Steem to dollars that I use to pay my real-world rent. Where is that money coming from? Who is putting money into Steem that I can keep taking out?
The market cap supporting the infrastructure allows you to take that money out. The infrastructure is funded by people's time and energy. So the money that you take out is supported by continual refueling of time and effort from others.
So no one is putting hard cash (USD or BTC) into Steemit? How is the time and money people invest converted to the hard cash a popular poster can take out and spend?
Can't you submit popular posts without ever converting hard cash (USD or BTC) into Steem? And won't your popular posts be rewarded with Steem which CAN then be converted to hard cash? Explain please LI5 (like I'm 5).
obv you have a lot of reading to do....
"Shut up!" she explained. Ring Lardner
The market cap supporting the infrastructure allows you to take that money out. The infrastructure is funded by people's time and energy. So the money that you take out is supported by continual refueling of time and effort from others.
So no one is putting hard cash (USD or BTC) into Steemit? How is the time and money people invest converted to the hard cash a popular poster can take out and spend?
We are...We all are putting money into STEEM
Can't you submit popular posts without ever converting hard cash (USD or BTC) into Steem? And won't your popular posts be rewarded with Steem which CAN then be converted to hard cash? Explain please LI5 (like I'm 5).
Good to have you here!
I invite you to support one of my projects:
https://steemit.com/money/@qwertas/lbry-credits-new-blockchain-based-decentralized-content-sharing-platform