BTC Giveaway #2

Done.

My username: puertorican

didnt you already get money puertorican?

also done.

Username: Baalim

alright I gave in! the site actually seems really cool

username: tst888

lol hope my account name doesn't look like a shill but I swear I also use 44 on accounts to meet username requirements and I forgot that you also used that. Username aca44.

On August 17 2016 04:22 Baalim wrote: didnt you already get money puertorican?

Yep, from his first giveaway. All eleven of us who registered got something, afaik.

There's no mention of me not being able to join his second giveaway, which is why I entered.

Yes, entering again is encouraged. What did you do with the bitcoins I sent to your wallet? Cash out? Power up?

Ah looks like you left them. Would suggest to everyone I sent money to previously to power up the steem into steem power. steem power is resistant to dilution and gives your votes more weight

Done. Great blogs by the way.

Username : moonk379

ok let me give a brief overview of how steem works.

as coins are mined, 10% of the rewards go towards miners and 90% go towards content creators and curators (people who upvote) on the site.
there are 3 parts to steem currency:

steem: the currency part which can be traded for bitcoins or usd on exchanges and whose value is decided by the market.


steem power: the same value as steem, except steem power (SP) gives you vested interest in the site, gives you better long term rewards and is resistant to dilution: as of now 800 steem are mined per minute, so each day (ignoring market fluctuation), steem depreciates by .9%. So if you have 1k you lose about $9 worth of steem in a day. HOWEVER, as more steem are created, your steem power is inflated so you get 90% of that money back. Thus, by holding SP you only lose about .081% per day, and that number will come down significantly as the steem in circulation grows and the rate of steem grow slows.

the downside to holding Steem power is that it cannot be cashed out quickly, it takes 104 weeks or 2 years to cash it all out. So if you don't want that, I wouldn't power up your new tokens. But each new user is given 3 steem power, which the site can afford to do since it cannot be cashed out for 2 years.


steem dollars: has it's value tied to the US dollar so that some of your rewards fluctuate less than steem power.


on content creation:
When you write blogs, people can upvote them to basically say "this is a nice article, it deserves a share of mining rewards". However, the lower the steem power of the users who are upvoting, the lower the payout is to the author. Payouts generally skyrocket when someone with a significant amount of money in his account comes in and upvotes a post. For instance, this poker post I made was hovering around $1.20 until a rich person came in and upvoted it, pushing it to $36.50. After 24 hours the money is paid out, 75% to the author and 25% to the people who upvoted it (curation). Apparently you shouldn't upvote anything within the first 15 minutes because all of the rewards go towards the author, but afterwards rewards are split between upvoters and authors.

The money is paid out in 50% steem power and 50% steem dollars so that some of the payment is resistant to market fluctuation and some increases a users vested interest in the company.


The whole thing takes time to understand, but the basic premise is that it's a decentralized, uncensorable (built on an immutable blockchain) version of reddit where users get paid for creating content on the site with the cryptocurrency being mined.

On August 17 2016 06:10 Daut wrote: Yes, entering again is encouraged. What did you do with the bitcoins I sent to your wallet? Cash out? Power up?

I haven't used the coins yet, but when I do, I'm going to Power Up and keep it on the website. It's the best thing to do if I want to be part of the community, right?

Also, I've been busy lately with UFC stuff and having to deal with school related stuff before the Fall semester starts on August 25, so I haven't been able to think of something to write on Steemit. I was gonna do something about UFC, but not sure what I want to do just yet.

Edit: I just Powered Up with all of the coins you gave me.

Another good read...Do you think this could be come an alternative income for yourself? Or just a nice hobby that pays some cash?

Username:fmluser

Really enjoyed the read!

username: iop

On August 17 2016 09:08 FMLuser wrote: Another good read...Do you think this could be come an alternative income for yourself? Or just a nice hobby that pays some cash?

I don't think it's likely, but it's possible if I build up a following. But I have a month with little to do so I'm going to do more writing until football season starts.

There are only 2 people on this site who are interesting enough to really make big bucks there: loco and nazgul.

Posted! Username: inka
Great blog btw!

and yeah... I guess Nazgul is kiiinda interesting ;P

Posted, upvoted, enelight on steemit

Thanks for introducing me to steemit! Hope it takes off. How do they get all the money to pay out the blog writers? I see your post about how steem currency is mined, but if they swap that for $ or BTC, arent they trading a nonstable currency for actual currency, and losing money?

Posted and upvoted, username: nicksson

39 minutes til payouts! Will do a random drawing of LP users after

wee!

idk if i made the cut but really liked this one as well. I made a positive post this time to make up for flaming your decision not to retire to omaha on 32k a year.