Talk:Steemit

Criticism

How about a little quality control? As of writing this, the second half of the 'Criticism' section is still nothing but the uncited opinion of the author. --TasioScholar (talk) 12:37, 25 January 2018 (UTC)

Who keeps adding content with no citations? As TasioScholar said, the second half of this section is entirely opinion based. Stick to the facts, guys. Javathunderman (talk) 22:41, 27 January 2018 (UTC)

Please stop confusing Steemit.com, Steem (the blockchain) and STEEM the cryptocurrency. This page is about Steemit.com the website that is operated by Steemit Inc. It is not about explaining whole dynamic of the Steem blockchain, STEEM rewards, etc. I submitted a new article for Steem(the blockchain) that is currently being reviewed. From now on, please keep the focus on the website. Cryptoctopus777 (talk) 19:46, 19 September 2018 (UTC)

Cleanup

I've started to cleanup this article. In the next days I will try to expand it also a bit regarding user interface, and, above all, reception and cites in reputable sources. If you want to help but are unfamiliar with Wikipedia's editing interface, you can leave links and ideas here.

Disclaimer: I'm a Steemit user (not related to the founders). But I will do my best to comply with Wikipedia's guidelines.--D-5000 (talk) 04:20, 29 July 2016 (UTC) (aka coinphilosopher)

I have cleaned, wikified and reorganized the article and corrected (hopefully) the orthographic errors. Also I provided sources for the media coverage of the subject. So I have removed the deletion nomination, as stated in the deletion rules.--D-5000 (talk) 06:46, 29 July 2016 (UTC)

Unsourced

The following is unsourced. Moved here per WP:PRESERVE. Per WP:BURDEN, don't restore without finding reliable sources (per WP:RS), checking the content against them, and citing them.

Rewards

Post and comment rewards are split 75% to the author and 25% to the curators. A 50/50 split of STEEM Power and liquid tokens are awarded to authors and commenters 7 days after a post or comment is made. 100% STEEM Power rewards are optional for posts. Post authors can also choose to decline payouts.

Steem blockchain

Steemit runs on top of a decentralized network named Steem. Like Bitcoin, Steem is a blockchain with transferable tokens. In addition to moving tokens from one place to another, Steem is also a text content and metadata database that applications or websites can connect to. Through these apps, Steem users can transact and interact with the Steem database. Instead of using cryptographic hashes as addresses like many blockchains do, user-chosen alphanumeric account names are used. With human readable account names, transactions can be made directly from an identity to an identity, making them easier to understand than hexadecimal hashes.

Steem also reaches decentralized consensus differently than Bitcoin. It uses a method called delegated proof of stake where block-creating accounts, called witnesses, are elected by Steem users. Instead of relying on proof of work to find blocks, the Steem network actively schedules blockchain transactions to be processed in blocks every 3 seconds. Block producers are given a small part of the rewards created in each block; the rest is paid to authors and curators. Said otherwise, in STEEM's delegated proof of stake model, there are privileged stakeholders who are "mining" for the rest of the network.

Unlike Bitcoin, Steem has no transaction fees for rate-limiting or to pay its block producers. Instead, accounts use bandwidth, which replenishes fast enough that a typical user is not affected or limited.

While steemit.com (owned by Steemit, Inc.) is the first and reference front-end website interface for the blockchain content of Steem, the network's open and permissionless nature allows third-party websites and apps to connect and interact with the Steem database and blockchain. A frontend website portal is known as a faucet. Several faucets have been created by third parties. These offer alternative interface designs or features such as Instagram-style image posting.

Non-Steemit apps and websites use the same Steem user credentials as used on Steemit. This is possible because the user account and password are part of the network database, using public-key cryptography. Only the user who owns an account can authenticate actions such as commenting, voting, or transferring with their password or appropriate key. Each account has a set of private keys with different access privileges. The lowest security level key allows posting, commenting and voting, but not transfers of currency. Therefore, with a hierarchy of keys, it is possible to use other Steem faucets without risking a loss of funds or account control.

STEEM

The STEEM token is the network's base token. It is traded on multiple cryptocurrency exchanges and markets. Its market value determines the value of the pool of rewards paid by Steem. Its value also backs the value of Steem Dollars.

STEEM Power

STEEM Power (commonly abbreviated SP) is STEEM that has been entered into a smart contract and represents the amount of influence an account has compared to the rest of the network. The more STEEM Power an account has, the higher influence its vote has on posts or comments. STEEM Power also determines an account's weight for witness approval voting.

Accounts are created with a small amount of deposited STEEM in the form of STEEM Power. Content creators have the option to choose post rewards of 100% STEEM Power instead of the default 50% liquid currency (a combination of STEEM and Steem Dollars) and 50% STEEM Power. Users and investors also have the option of converting liquid STEEM into STEEM Power, called powering up.

STEEM Power cannot be transferred or traded directly, but the account owner can choose to withdraw liquid STEEM in weekly payments at a rate of up to 1/13th of the account's total STEEM Power. This is called powering down. The account will lose its voting influence in proportion to the STEEM withdrawn.

Steem Dollars

The Steem Dollar or Steem Based Dollar (abbreviated SBD) is an asset intended to be pegged to the United States dollar. Steem Dollars can be traded at cryptocurrency exchanges, and used for payments for goods and services.

There is an internal market on the Steem blockchain and integrated in the Steemit website where STEEM can be traded with Steem Dollars and vice-versa. Steem Dollars can also be converted into an equivalent-value amount of STEEM in a process that takes 3.5 days.

Steem Dollars which are held receive an interest rate. This rate is set as a variable collectively by Steem witnesses. This rate is often 0%, but it may fluctuate. If Steem Dollars are being traded below parity with the US dollar and the supply of Steem Dollars is not too high relative to the liquid STEEM supply, the interest rate may rise.

While nominally "pegged" to the US Dollar, the Steem system along with the volatility of cryptocurrencies make this goal difficult to maintain. Witnesses are empowered to manipulate the value of the SBD currency to return it to the peg; however, dips above and below USD parity are common.

Wallet

The Wallet page on Steemit shows the tokens and the voting power belonging to an account. Unlike Bitcoin cryptocurrency wallets, every Steem wallet is publicly visible and tied explicitly to a particular account name. For the owner of a wallet, transactions of Steem Dollars and STEEM can be initiated from the Wallet page. Additionally, the owner controls powering up or down, transferring liquid tokens to and from savings balances, and conversion of Steem Dollars to STEEM. Savings balances are provided as a security measure and take 3 days for a withdrawal. Powering up is immediate, but powering down can take weeks. Buying or selling STEEM (converting to or from SBD) can be initiated using the Market by creating Buy or Sell orders.

-- Jytdog (talk) 06:21, 19 October 2017 (UTC)

Understanding business background

Am just new here and will like to no how steemit works Rocket11 (talk) 15:16, 2 February 2018 (UTC)

This page is not for Q&A. -- Jibal (talk) 08:09, 24 May 2020 (UTC)

Dates

On July, 4th, 2016, Steemit, Inc officially launched Steemit, a social media with virtual currency rewards that runs over the Steem blockchain. On July 1, 2016 Steemit announced on their website that they were hacked.

So, they got hacked before the official launch? If so, it should be made clear. Perhaps rephrase as:

On July 1st, 2016, Steemit announced on their website that they were hacked, three days before the official launch. On July, 4th, 2016, Steemit, Inc officially launched Steemit, a social media with virtual currency rewards that runs over the Steem blockchain.

--Error (talk) 19:28, 2 February 2018 (UTC)

Coinmarketcap.com source

To Jytdog, I request you look at the update I made based on coinmarketcap.com data. The current listing shows STEEM at 28. If my update was unsoursed, then so was the original citation which I updated. Please be more civilized and discuss your opinions before engaging in reverts and revert wars. Also, your accusation that I am hyping is unjustified defamation of character. Please be more civilized. I prefer discussion before reversion. --Ben Best:Talk 20:11, 2 May 2018 (UTC)

a) you need to cite the source

b) This is not a blog and point data about one day's marketcap has no encyclopedic value. Even if you did follow the basics and cite a source, the content would fail other content policies like WP:NOTNEWS, WP:PROMO, and WP:UNDUE

The editing community has a mission and policies and guidelines to realize the mission. Please aim for the mission and follow the policies and guidelines through which we realize it. Jytdog (talk) 20:22, 2 May 2018 (UTC)

• You ignored everything I said, and apparently did not look at the source I provided or consider the fact that I was updating material from the same source of the material that is being given on the page. You evidently have no capacity for civilized dialog, and I see it is fruitless to attempt to debate with such a closed-minded, nasty person. --Ben Best:Talk 22:04, 2 May 2018 (UTC)

Wow, that's some amazing projection. -- Jibal (talk) 08:14, 24 May 2020 (UTC)

Notability

Removing tag. Here are the best sources I could find and I think it has enough now.

• Digital currency Steem soars to more than $150 million in value in two weeks - Reuters (July 2016)
• Steemit Social Network Hacked, User Funds Stolen, DDoS Attack Ensued - Softpedia News (July 2016)
• Steemit Is Like Reddit, But Where Upvotes Equal a Cryptocurrency Payout - Motherboard (August 2016)
• Steemit, a decentralized sharing system, lays off 70% of staff - TechCrunch (November 2018) Morgan Ginsberg (talk) 09:33, 13 December 2018 (UTC)

Steem blockchain takeover by Justin Sun, fork to Hive

This has been big and confusing news in the crypto press in the past couple of months. Did the mainstream press cover it at all? - David Gerard (talk) 08:32, 24 May 2020 (UTC)

David I have another entry here on this talk page on the matter, and there I link to some of you’re reverts on this page where you say that the sources provided are not reliable. I think that the Reliable Source policy must take into context that significant and true information about crypto topics may appear in sources that are significant to the crypto community. Indeed, the mainstream ignored cryptocurrency for years.

The Knight First Amendment Institute at Columbia did write about this in Oct 2020: https://knightcolumbia.org/blog/mapping-social-media-crypto-logic-platforms-and-the-cautionary-tale-of-steemit GlacierRinger (talk) 15:04, 7 November 2021 (UTC)

Purchase by TRON

@David_Gerard I have noticed that you have reverted several changes about the recent history of Steemit. 1, 2 I discovered this fact because I was shocked that there was no information on this page about TRON purchasing Steemit in 2019 and the intriguing conflict with its community that ensued.

You have said in your edits that citing the site’s own blog about leadership changes is not an acceptable citation (“WP:NOTBROCHURE, this is purely business promotional material”) and that articles like the following are not reliable sources:

- https://cointelegraph.com/news/hive-continues-independence-push-as-steem-stakeholders-migrate-to-new-chain - https://coinmarketcap.com/currencies/steem/ Steem 3

Given that crypto news is still somewhat not mainstream, and that some true and significant information about a niche crypto platform such as Steemit may appear only on dedicated crypto news sites that lack the prestige of mainstream news sites, what sources would you recommend for including this information on wikipedia? GlacierRinger (talk) 14:59, 7 November 2021 (UTC)