How Do Upvotes Work? When I Upvote Someone Does It Give Them My STEEM?
This is another topic that is really confusing at first, but it’s not too bad once you take a closer look. Let’s dive right in. 🙂
Where’s The Money Come From?
This might sound weird at first, but when you upvote someone on Steemit, DTube, or any other Steem app, you’re not giving them any of your STEEM. Everything in your wallet stays in your possession, so where does the STEEM come from?
Every day, new STEEM are created and distributed to three groups: 10% to witnesses, 15% to Steem Power holders, and the rest makes up the rewards pool. This rewards pool is what’s distributed to people who publish content. About 75% of it goes to the author of the post, and the rest goes to curators, which is a topic I’ll cover in a later video.
You’re probably wondering how Steem can just print money every day like this, but this actually reduces the overall value of the currency and can be seen in its rate of inflation. Starting at the end of 2016 it was 9.5%, and it decreases by about 0.5% each year. You can counteract some of this inflation by keeping your STEEM as Steem Power because it receives some of the new STEEM created each day as interest.
What Happens When You Upvote?
When you upvote a post or comment, you’re telling the blockchain to send some fraction of the rewards pool to the author. The more Steem Power you have, the more influence you have, and the more you can route to someone with your vote.
So not too bad right? 🙂 I hope this video was helpful and please let me know in the comments if you have any questions!
▶️ DTube
▶️ IPFS
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Cool, thanks for the shout out! 😀
It was realy helpful, this is the new model of economic dessentralization,..
Thanks for watching!
That's good to know, but how can I get any audience to first see my video? I am new there so I have 0 experience and 0 audience, so if you have any advices for the beginner on dtube it would be great if you could tell me :D
I'm still new too! But the things that have worked for me so far are to interact with people in the comments, and post content consistently. If you're able to get some upvotes from @dtube, it will move your videos into the Hot/Trending section which will bring a lot more traffic to you. Good luck! 😀
But how to get noticed by @dtube? :D
Haha, yeah that's the big question :P
I can't say for sure, but I've just been trying to create content related to DTube/Steem because I know a lot of people using the platform are interested in it. Good luck though! And let me know if you figure out the secret :D
I just hope that they will see my videos :D I know that a lot of people are doing videos about crypto in dtube so I thought I'll bring something different like more cinematic format, hope someone will appreciate this haha :D
No offence but that still explains not where the money comes from. :) Bitcoin gets it's worth from the miners paying for mining rigs and electricity. There is money and work spend and converted into bitcoin. That it is why it is valuable. Just like you need to spend money on machines and personal to dig gold out of the ground. But i still did not got how on earth steemit creates money. For me it seems like crypto money is created out of nothing and people paying each other with it. Can anyone please explain this to me?
Yeah, this is still something I'm trying to learn more about. From my understanding, Bitcoin doesn't only get its value from people spending money on mining rigs, a lot of it is decided in the markets from the balance of supply and demand. Here's one explanation I've seen from this article:
So it's true that with a lot of cryptocurrencies, the price comes mostly from speculation in the market, but over time as the currency is used in exchange for actual goods and services, the price won't be solely based on this speculation. It's similar to something like the US dollar -- nowadays it isn't backed by anything like gold, so it has value because we all agree that it does and willingly use it as a means of exchange.
Hopefully that makes sense, but I'm still trying to learn too!
Thanks for watching! :D
Thanks for your post. Really been pondering on how steemit really works.
Thanks for watching!
You're welcome
great blog and thanks for that💜✌
Thanks for this video. I'm looking forward to more, as I am pretty new to steemit. I started in November, but I haven't really had time to do a lot of research on my own, and videos like this help my learning curve, because I'm able to absorb a lot of information without having to do a ton of research, so thank you.
Awesome, glad I could help! 🙂
Thanks for that info. I’m new to STEEM so everything is Greek to me right now
Haha, yeah it's pretty confusing at first 😀
Thanks Jeff. I've been trying to educate myself on Crypto and how Steemit/Dtube works and this was an excellent example of outlining upvotes in a very concise and simple way.
Glad I could help! 😀
Thanks for this post, i was not sure how upvoting worked. When i just made my account i was even afraid to upvote others, thinking it would cost me money lol ;)
Haha yeah, that's a common misconception, but totally understandable because there's nothing else like this!