steemit.com cryptocurrency whatsit

[JimC]

September, I think...

[pErvinalia]

So, my account over there is now worth US$520. Probably about $60 of that I won player poker there, but the rest is from blogging and curating. I could literally convert that to fiat and have $600 or so Aussie dollars in my hand. I won't, because it has potential to keep growing. It's a bit like compound interest. Growth at the start is slow, but the more you have the quicker your capital grows. Not bad for doing not all that much.

[laklak]

Careful rev, you'll turn into a capitalist!

[pErvinalia]

I have this idea.

Ratz coins!

It's funny you should say that. There's a big development coming for the platform early next year, which has the potential to cause huge interest in the platform. They are called SMTs (Smart Media Tokens). It's all a bit complicated, but essentially any community/business can create their own unique currency/tokens and then use it to reward their members. As far as I can tell, all these tokens will be related in some way to steem (the cryptocurrency on the steem blockchain), so as long as steem can be exchanged for real world goods and currency, so too should these. I'm hoping they'll put out an "Idiots" guide as they get closer to launch. It's pretty geeky crypto jargon at the moment.

[pErvinalia]

Careful rev, you'll turn into a capitalist!

There is a significant anarcho-capitalist community there. They of course shit me to tears, but I pretty much just ignore them.

[laklak]

So do you have to be interesting to get rich, or can I just be my usual asshole self and be compensated for it? I like compensation. Lots of it.

[pErvinalia]

You've got to have something interesting to say. Even if you just did a regular rant about whatever is pissing you off in your inimitable style, I think you'd get a good following. There's anarcho-capitalists and alt-right people there, so if you went brutal on feminists and SJWs etc, you'd have some support. Although, hilariously, one of the biggest players there is named Berniesanders, and he's fucking brutal if you get on his wrong side. The way the system works is that the "whales" who have a big investment in the currency have a huge amount of power to sink accounts that they don't like. It's really frowned upon behaviour there, but this guy has so much investment/power, he just does what he likes. There's a reputation system there, with 25 being the starting rep and up to about 75 is the highest currently. Berniesanders has a reputation of -18.

[Brian Peacock]

He'll be a Russian shill. Guaranteed.

[pErvinalia]

He's a loose cannon. Not many people have the guts to call him a cunt, as he can sink all but the bigger accounts.

[Brian Peacock]

Yeah, but capitalism ensures only the best float to the top.

[pErvinalia]

Absolutely

[pErvinalia]

Whoah, my latest photography post got noticed and picked up by a couple of curation trails. It's up to $120. Now, the explanation behind exactly what dollar type that is is complicated, but when the reward period ends after 7 days that's going translate to about US$750! Holy fuck. That will take my account value to about $1400! This is starting to get into serious money territory for me. Money I could use to pay some debts and even pay my car rego for another 6 months. The only issue is that to convert it to fiat I have to go via another cryptocurrency (like Bitcoin or Litecoin) which means getting a cryptocurrency wallet for that and then using an exchange. This is all normal stuff for crypto-geeks, but I really don't know much about this stuff.

[NineBerry]

That's noting. I earned five million dollars last Christmas in two hours... (playing monopoly against my nephew)

[NineBerry]

"Invest two hundred dollars to setup a crypto thingy wallet so that we can pay out the thousands of dollars you made by posting a funny image" sounds a lot like "we need a thousand dollars legal fees to be able to send you the five million inheritance from your unknown Nigerian uncle"

[pErvinalia]

Crypto wallets are free. The biggest fee involved is Bitcoin conversion fee, and even that is only in the $10 range. If I use Litecoin it's only a fraction of that.