So, yes I AM a steemit noob and yes I probably DON'T know what I'm talking about but this is kind of my point. Steemit seems more confusing than is necessary so is presumably just as confusing as it was intended to be. Why is this?
Why does it require 3 differing currency concepts? Why is there a need for a hard dollar peg? Why is the whole thing so damn confusing and I ask this as someone with a lengthy background in crypto; the details of which I'mnot getting into so I guess I'll understand if you choose to file that statement under 'Bullshit'.
Who does all this best serve? The network? You? The founders and whales of the site? I suspect its the latter. I didnt come here (and go through the overly involved registration process) just to hate so please tell me why I'm wrong.
There are 3 different tokens, because they serve 3 different purposes.
It's complex for a reason.
Consider this was Facebook.
In Facebook, as an owner of Facebook shares, that would be one value. Here it's called SP or steem power. That's your shares in the system
In Facebook, an owner of "FB Credits" which they use to have, is a token on the system for playing games, and doing things with, that's what SBD basically is ($1.00 worth of USD) and SBD is a token, almost like a FB Credit that has the same value on the steem network like cash
On Facebook, when you move money in/out via Paypal, that would be like USD. Instead of using USD here, we trade in STEEM. That's the equivalent.
So on Facebook, you have 3 of these things. Here we have 3 of these things.
That's the long answer to say. We're not any more complicated than Facebook. It just appears that way at the beginning.
I hope this helps.
It was interesting! What are people talking about when they refer to "Vests". In my previous world something vested over time. Like Stock Options vesting over 2 years.
How do I apply that terminology here?
Hey thanks not really getting the Facebook comparator too well as I'd rather develop tertiary syphilis than have anything to do with that site but nonetheless very useful. Maybe its the whole 'steeminess' of it all. Kinds of reminds me of old school batman who had the batcar and the batcopter and the batarang. Anyway im not here for the money but I felt the whole 'kinda money' system was getting in the way of my understanding- you took care of that so thanks a lot
Oh one final thought - as i understand it (and here thats probably synonymous with 'i dont understand it,) on facebook you can use the site without worrying about any of the crap you just so artfully explained right? Can i do that here? Hope so because while i understand more thanks to you still - fuck that noise i cant be giving a crap about my $4 of whatever it is i apparently have in my wallet. Thanks anyway though
The only thing I don't really understand yet is the need for Steem Dollars, the only use I could see to this is perhaps people finding it easier to see it as an equivalent to what they know as money, a sense of how valuable the coin is. But still, I don't see the need. I am still sticking around because I see the value in the things being shared, and I have seen how user feedback has changed a few things. But I am curious about this, just like you are.
I guess I am waiting for someone to dumb it down to my level. My concern is, being that I have been involved in crypto for sometime, that despite having read several analogies on the workings of these three tokens I still don't feel comfortable explaining it to someone else. This needs to change.
I think the purpose of steem dollars is the cashout process. You can only power down slowly at a rate of 1/104 per week, it takes 2 years to fully cash out of steem power. But right now Steem is losing value so you may want a place to hold that bears some interest until the value increases again.
This exactly tommy. Ive just read intelliguys post below and still wouldn't say im anywhere near 100% understanding but im getting there
When someone puts a dozen of questions together, it feels like a message: "don't even try to answer, because if you do, I'll produce one hundred new questions right away" )
Ha yeah no but ha nonetheless
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