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RE: How the Steem Dollar Peg Works
What's a whale btw?
Is "Steem" mined like Bitcoin, with a mathematical limit to how much Steem can be mined?
What's a whale btw?
Is "Steem" mined like Bitcoin, with a mathematical limit to how much Steem can be mined?
A whale = an account holder who has a very large amount of some asset, enough so that selling it all at once could significantly impact market prices.
There is a mining process analogous to how Bitcoin is mined, but unlike Bitcoin there is no upper limit to the amount of Steem that can be created. You should read the whitepaper; it covers this topic in great detail.