You are viewing a single comment's thread from:
RE: Making steemit a well rounded social media platform
Thank you, those were both good! They explained the coin creation process very well... I'm familiar with Bitcoin and the mining to bring BTC into reality, but was not sure how it was done with steem. Basically the act of posting, commenting and participating results in steem coin creation. And while that might seem ridiculous at first, just consider the Fed and the arbitrary methods used in legacy banking to create "money" out of thin air. I think I can get behind an alt coin that creates money as a result of social energy! Very Cool!
Absolutely. @trevonjb had one of the clearest explanations for it in one of his videos. He likened hash rate and the computing power used by miners to mine coins like BTC and ETH to brain power on Steemit. The physical definition of power is measured by the frequency with which a certain amount of mass can be moved. I equate mass in this scenario to be the quality of your content and content curation and thus value the Steemit community places on it. Obviously the frequency is how often you curate, comment, or post. As I understand mining, in many ways, it's like a lottery with results that average out over time, but it doesn't change the core benefit of actively contributing to the process. When a whale upvotes a minow for a post you feel is no better than yours, it doesn't change the overall benefit you get in return for actively contributing value to the community over time. If the same ever happens to you, and your post outranks something you perceive as exceptional, it will still just be a product of the process.