steemit.com cryptocurrency whatsit

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Re: steemit.com cryptocurrency whatsit

Post by NineBerry » Mon Dec 18, 2017 1:49 am

Well, do it and prove this skeptic to be wrong and that one can actually make thousands of dollars from nothing without having been born as a wealthy brat in the first place...

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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Mon Dec 18, 2017 1:55 am

People are doing it every day. :roll: The whole concept of a blockchain is that it's transparent. You can go and look into the details of all transfers and exchanges that anyone has done.

I'll probably take the first steps (multi-crpyto wallet; an account on one of the exchanges) so that if I do need to withdraw a bit I can. Preferably I will hold it as steem and hope for continued growth. There's two tokens on the platform - SBD and Steem, and they are up 10x and 2.5x respectively over the last few weeks. And looking at the features and abilities of the platform, it's pretty obvious it's undervalued in comparison to bitcoin (as are most other crypto currencies). But if I have the wallet and exchange account set up and ready to go, I can start withdrawing if anything starts to look questionable about the platform.
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Re: steemit.com cryptocurrency whatsit

Post by NineBerry » Mon Dec 18, 2017 1:59 am

Just go and withdraw a thousand dollars. You have earned that within a few days, right? So it would be easy to gain it again with not much effort, but you would know that there is actually value behind.

In my experience, everyone telling you, you can earn thousands of dollars without much effort is a scammer.

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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Mon Dec 18, 2017 2:11 am

You don't understand the subject you are discussing. Yes, if I managed to create another post that got wide exposure then I could earn another US$700 payout. What you don't understand is the concept of valuation that underpins ALL money. In my experience, everyone telling you, you can earn thousands of dollars with just two weeks of employment with your employer, is a scammer. They are the same thing. All non-commodity currency has no inherent value. The value it has is based solely on the trust its holders place in it. It is entirely possible that one day a whole bunch of the big players will start withdrawing their full stakes on the platform (as some have already done in the past) and demand for the currency will fall, and so will it's value. This is no different to a normal economy, particularly ones like the west that are so heavily dependent on financial services. If everyone decided that they thought banks were scammers (which they pretty much are) and withdrew all their money simultaneously, the economy would collapse in a screaming heap. Most of the people on the platform understand this and are in it for the long term (and the way the platform is structured is that it's beneficial to lock up some long term value). Of course there's always a chance of a tragedy of the commons type situation smashing this sort of communal concensus. But it's no different from a normal economy.
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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Mon Dec 18, 2017 5:22 am

I should point out that the current multiplier between what the post reward says and its equivalent in fiat is a bit of an anomaly. Usually the $120 would represent approximately US$120. But the price of one of the platform currencies (SBD) has exploded in the last two weeks or so after it got listed on a Korean cryptocurrency exchange. That in itself is a good boost, but the way the payout system works on the platform is that you can elect to get half of it in SBD, which is supposed to be loosely pegged to the US dollar. But because the Koreans who swooped in and invested didn't understand this, they actually bought the wrong one of the two platform currencies. Eventually SBD will work its way back to approx US$1. But because it happened so quickly, the internal market for converting between Steem and SBD hasn't caught up yet, and you can exchange your SBD for about 6 Steem. Steem itself is at about US$2.50, so it's a great multiplier that ordinarily you wouldn't get. Honestly, I'm fucking lucky that a couple of the bigger curators found my content and pumped up the value of it, all while there is this current anomaly that is boosting payouts.

The good thing now is, hopefully, I'll get automatically curated by these curators now, so I can expect to get bigger payouts for every post now (probably a few "dollars" per post).
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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Mon Dec 18, 2017 5:51 am

Here's part of something I wrote a while back about the twitter clone on the steem blockchain.
Where does STEEM get its value from?

A cryptocurrency gets it value from the same place that ordinary currency gets it - from widespread trust. We don't value 'real' dollars because they contain any inherent value (like a commodity does; gold, for example). We value them because we trust that others will accept that currency for goods and services. And while 'real' dollars are backed by the state and/or a reserve bank, it's not like you can go to the government or reserve bank and get something of tangible value, like gold, in exchange for your bits of paper/plastic. All you'll get from them in exchange is more of the same type of currency. So in that regard, a cryptocurrency is no different from 'real' money.

The problem in this sphere is that most of the public don't really understand what money actually is and how it is created. So there is a lot of misconception about both 'real' money and cryptocurrencies. You can see this play out everyday regarding Bitcoin. People have been predicting that Bitcoin will crash and burn since day one, because they percieve that it isn't backed by any real value. The reason why it hasn't crashed (it has in fact increased massively in value) is that, like 'real' money, it doesn't need anything of value backing it. Its value comes from trust.

STEEM is no different in this regard. Where STEEM and the steem blockchain are unique is in what the currency can be exchanged for. With 'real' money, you usually exchange it for goods, and less so, services. The figure that is used to summarise economic health - GDP - records monetary exchanges for goods and services. But it's important to realise that there's no inherent reason why what GDP measures is the best summary of economic (which is ultimately social) health. We could just as easily measure other interactions. The steem blockchain measures social interactions, the like we have all seen and taken part in on social networks like Facebook, Twitter, Instagram etc.

The steem blockchain rewards good social media content with the cryptocurrency STEEM. "Good" is judged by the community, so there is an authority to that valuation, and hence an authority to the value of STEEM. This is where STEEM gets its value from. While ever there are people wanting to consume quality social media (which is all of you reading this), STEEM will have value. And STEEM can be exchanged for 'real' money.
https://steemit.com/zappl/@revo/hello-t ... -and-steem
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"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
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Re: steemit.com cryptocurrency whatsit

Post by JimC » Mon Dec 18, 2017 6:09 am

Hope it all works well for you, rEv; far too complicated for me, I'll stick to differentiating polynomials...
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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Mon Dec 18, 2017 6:33 am

It's definitely pretty complicated. And at present that's a barrier to wider adoption. These geeks need to work on simplifying stuff a bit.
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Re: steemit.com cryptocurrency whatsit

Post by Brian Peacock » Mon Dec 18, 2017 8:28 am

NineBerry wrote:Just go and withdraw a thousand dollars. You have earned that within a few days, right? So it would be easy to gain it again with not much effort, but you would know that there is actually value behind.

In my experience, everyone telling you, you can earn thousands of dollars without much effort is a scammer.
Yeah. We want to see the money shot.
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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Mon Dec 18, 2017 8:40 am

It wasn't without much effort. The post itself took me an hour or so to write, and the photos took many months to capture. It's not easy being an artist, ya know? :dq:
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"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
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"You know you blokes didn't criticize Obama. You're lying. - Forty Two. Umm - http://rationalia.com/forum/viewtopic.php?f=22&t=42144

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Re: steemit.com cryptocurrency whatsit

Post by PsychoSerenity » Mon Dec 18, 2017 6:27 pm

Just be aware that if the total amount of money that can theoretically be taken out after the minefield of currency exchanges is substantially higher than what would reasonably be paid for all the work done to make this "good social media content" (bearing in mind I'm sure that the majority of posts on there don't match the quality of yours, Rev), then it's probably a bubble and depending on your luck you won't necessarily get out what you put in.
[Disclaimer - if this is comes across like I think I know what I'm talking about, I want to make it clear that I don't. I'm just trying to get my thoughts down]

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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Tue Dec 19, 2017 12:19 am

I'm not sure what you are saying there. Can you rephrase?

I could literally withdraw everything tomorrow if I wanted to. Obviously, not everyone could withdraw huge amounts all at the same time, as that would flood the market with the token which would see prices fall. But it's no different from any other market. The main difference between something like a cryptocurrency and a more regular market is that the cryptocurrencies lack economic diversity. They have a lot of their eggs in the same basket. A bit like London, one could say... ;)
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"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Tue Dec 19, 2017 2:22 am

Just saw some stats on bitcoin:
Indeed, by some counts, bitcoin transaction fees are doubling every three months, and it now takes on average 4.5 hours to confirm a bitcoin transaction. Ars Technica reported that fees reached $US26 per trade recently.
And up to 12 hours to confirm a transaction.

This is why there's a lot of better cryptocurrencies out there than bitcoin. Most of the new ones (including STEEM), have free transactions and confirmation times in a couple of seconds. Once people catch on to this fact, a chunk of the money in bitcoin will move across to the other crypto's.
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"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"You know you blokes didn't criticize Obama. You're lying. - Forty Two. Umm - http://rationalia.com/forum/viewtopic.php?f=22&t=42144

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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Tue Dec 19, 2017 2:51 am

Well, it turns out it's SUPER easy to go straight from Steem to AUD. Check this cool site out: https://livingroomofsatoshi.com/graphs

It's been in operation for years and is very trustworthy. I haven't yet worked out how much commission I might end up paying, but allegedly it's essentially zero and they make their money currency spread trading (because they accept multiple cryptocurrencies).

I think I'll pay my overdue phone bill with it. Steem has bounced up to US$3 overnight, so it's at a 1 year high. Good time to convert to AUD I reckon. :)
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"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"You know you blokes didn't criticize Obama. You're lying. - Forty Two. Umm - http://rationalia.com/forum/viewtopic.php?f=22&t=42144

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Re: steemit.com cryptocurrency whatsit

Post by Sean Hayden » Tue Dec 19, 2017 4:15 am

I see bitcoin everywhere these days. I looked into it and then thought better of it when I found out that I'd have to buy some hardware before I could start earning bitcoin. How is that not going to look suspicious to regular folks like me?
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