Correct you are sir! I mention in this video that I explain everything in greater detail in a previous video ;) I created an end card link for it at the end of this video for the people who wanted more detail about how it works.
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Glad to see you are aware of the mistake you made in the video. This is really important!
Having said that, you give a good explanation about where the value of Steem comes from. When answering the question "where does the money come from?", often people say it comes from new investors. This is not incorrect, but also misleading.
These new investors do define what the price of Steem is (as is the case with any type of market place), but ultimately you are right in pointing out that the value of any type of money is just a collective agreement.
The answer to the question 'where does money come from' is pretty easy to explain: human brains keeping track of who owes them and who they owe. just thought I'd drop that one in there.
The price is determined by the ratio between who wants it, and who wants to sell it, and is set by actual trades.
I agree!
But the new money comes from somewhere, of course...
This is where the inflation rate comes in. I think with an inflation rate of somewhere between 5 and 10 percent, the platform would be a healthy one. In this case, the inflation rate is low enough so it doesn't deter people from holding the currency. And is high enough so that people can make a significant return when creating quality content.
yes, Steem is the first application of the inflation tax to do something other than help make exhorbitant profits on funding both sides of a war... And it more or less makes copyright irrelevant, in the sense that if you post it on steem, you got paid...
Couldn't agree more!
i saw this youtube and ended up joining of course support for my posts is nothing like the examples he quoted --am happy though cause i realise i can grow with the network
Glad to see you have joined Steemit!
Enjoy!
now following you
Thanks! Appreciated!
Hi I love your post and I am very passionate about steemit as it is a place where individual success is based on collective success. There are many frustrated minnows and I will give my best to help as many people as I can..... Is there anyway I can get you to resteem this foe me with your impressive following so that more people can see this and possibly have a better experience so more people join this community. This is the way steem will grow in value. Please resteem this for me while I am in the process of writing my next piece. If you don't, I respect that. If you do I am very grateful.
https://steemit.com/steemit/@yoda1917/how-minnows-and-newbies-can-get-lots-of-upvotes
If there is anything I can do for you in return, please let me know.
Regards
Yoda