Does Up-Voting on Steemit Cost You Money?
Are your votes on Steemit costing you money?
Ok, so this is probably a stupid question from a noob user...
Admittedly I haven't read the white paper yet. (Not found the time yet)
I'm just trying to get a feel for what this site actually is.
I haven't seen it explicitly written anywhere yet but have come across a few comments that allude to it...
Does voting for something cost the individual user money from their wallet? Does that then contribute to the cash the post makes? Or does it come from some other source like the site itself?
If someone could explain this to me I would very much appreciate it.
Thanks!
This answered me too. Thanks for sharing! Upvoted!
No voting costs you no money. The amount of money you give is proportional to the ammount of steem power you have.
Yep! Your voting earns others money, their voting on you earns you money. However the voter loses nothing they only give gains to others.
Thanks this was very helpful
Straight and to the point answer. Loved it and made my fist upvote on Steem on your comment. Worth it! :)
Let me help make it just a smidge stronger.
Thank you @justtryme90
i am in love with your answer. it swiped my confusing away leaving no traces.
So then there is literally no point in not just upvoting literally every comment?
Yes there is point, as you got a limited power to vote each day, more you vote in the day, less your vote have power ...
Where can I access my voting power?
You can see it at https://steemd.com/@jrdeomampo
I'm not sure if you can view it on steemit.
Cool, thank you!
I was wondering the same thing. Thank you.
Thank you for clarifying this! I am also new to this platform and was a little embarrassed to ask! haha
Thank you. I am 100% new to the platform, and this made me feel better about using it. I am always nervous about some scam.
hmm so does this mean that the logical thing to do would be to literally just upvote every comment if you are seeking to make money?
No your vote loses value the more you upvote. 😊
But it also resets every day, doesn’t it?
It doesn't cost the upvoter money. In fact the upvoter earns rewards (STEEM Power) by upvoting.
How it works (VERY simply)... New STEEM is minted every day. Some of that newly minted STEEM are allocated the people that post, comment and vote on Steemit.
How much of the allocation is awarded to a given post will depend on the weight (STEEM Power) of the people voting on it.
Successful bloggers and curators are being awarding new coins, in the same way that Bitcoin issues new coins to miners that successfully discover blocks.
Thanks, very informative!
Thanks for the explanation my man. I'm starting to get the hang of this thing.
WOW your comment deserves WAY more votes! if i had any liquid steem i would send you some! (on second look, i see you have over $74,000 in steempower, holy shit man....bravo! I hope to be like you one day! Do you just post everday all day? I wanna be like you man!
here is another question: Do you know if steem has a blockchain limit like bitcoin keeping it finite or is it more like ethereum where it can theoretically be mined forever however with diminishing returns ?
I ask because if Steem blockchain has a limit, then where will new steem come from if it can no longer be mined? Maybe by then the growth of the site itself and its traffic and derivative businesses will be able to keep it moving Maybe a new "rewards pool" can be formed?
74,000, yikes certainly something to aspire to @fleetinuance @ackza
Thanks for sharing!
This is very helpful. Ive been on here less than a month and still trying to figure out the details.
Nice plz upvote and comment me
GREAT, now I also have a better understanding.
Thanks for the quesiton and answers.
Super helpful! Thanks for asking and to all who answered.
So does anybody know what steem does then? It seems it's not the cost basis for anything, right?
Does anyone know why my STEEM has gone down by approximately half? I am knew, have made only a few test posts and upvoted a few posts. I was under ythe impression from what others are (naively?) posting that upvoting just invented free Steem from nowhere! But my Steem value has still gone down? So upvoting costs you Steem from your account balance, right?
I’m new here as well, so I don’t know for sure, but from what I understand, the account value has gone down recently because Steem’s value has gone down recently. It went up to like $6 or something before I joined, and my account value was at $2.40 i think, but Steem’s value has since dropped to like around $2.50 I think, so account values have dropped accordingly. If Steem rises in value, you’ll see your account go up again.