Great video especially new people like me who are trying to figure it all out. But I would really appreciate if someone could explain exactly how vote earnings are calculated and where all the money comes from. Right now it just feels like magic internet money created out of nowhere.
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To call it magic internet money created out of nowhere is pretty darn close to the truth, actually... but so are all other currencies. For instance, the US Federal Reserve prints America's currency out of thin air and loans it into existence. Likewise, cryptocurrencies like bitcoin and steem are created out of nothing and distributed acording to their own unique protocols. For instance, bitcoin is awarded to "miners" that compete in an ongoing math contest. Steemit, on the other hand, awards the newly-created currency to posters that are upvoted by stakeholders of Steemit.
Indeed, it is magic internet money created out of nowhere, but, in a sense, so is all money. Even gold isn't worth anything (i.e., isn't money) until someone's willing to work for it, at which point it is money. So the "moneyness" of gold magically came out of nowhere (or more accurately, the gold was imbued with moneyness when the worker accepted it as payment).
Exactly. All value is subjective, not just here on Steemit ;)