Mechanics of Powering Up and the different currencies?
Hey all. Sorry for the noob question, but I've been reading up on how this all works, and it's still very confusing to me. I've read about powering up and the different currencies there are, but it's not really clicking for me.
Anyone have a very simple explanation for how this all works? How do you get money (varying amounts) for getting upvoted? What's the point of steam power? Can you not just upvote yourself? Does upvoting more thing decrease the effectiveness?
I think I understand that the power steam power you have, the more your vote is worth ... can you vote on yourself to give you money? Do you get money for upvoting others? Etc...
Thanks so much for all your help!
steem tokens in 15 seconds:
steem = liquid token you can transfer freely
steem power = steem that has been "powered up" i.e. staked in the system. this increases your power within the system for example your upvotes are worth more and you earn more steem power as well over time.
steem backed dollar = freely tradable debt backed by steem. if you wish you may convert SBD's into steem and visa versa.
When you post or upvote you get paid in a combination of steem and steem dollars.
Yes you can upvote yourself.
A portion of the payout for each post is paid to author and a minority to curators. Thats how you make money both posting and upvoting.
If you upvote a post and then a bunch of other people upvote it, you make more money.
Theres more too it, but those are the basics.
So it is better to upvote a popular post early rather than when the majority of people have upvoted it? Thanks so much for helping :)
no prob
comments are treated like posts as well, so you can upvote those as well cough cough ;-)
:D you smart mr marketstack
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