Thanks to Ned and Bytemaster for coming and chatting in http://slack.bittrex.com. Below, you will see the transcript of the #steem channel during the time Ned was fielding questions. I cut and paste this directly out of the chat client so I apologize for some of the weirdness in the content. Nothing was removed.
If you are a developer for a coin trading on Bittrex and would like to host a Q&A, please let us know. We'd like to run these weekly.
ned [5:25 PM] Hey everyone :simple_smile: Look forward to the AMA at 9pm EST. In the meantime, feel free to check out the items pinned in the Steem slack (http://steem.herokuapp.com), including theSteemit.com alpha, the Steem Whitepaper and some sneak peaks at the Steem.io website. :simple_smile:
I am Ned Scott, co-founder of Steem, here for any questions about $STEEM
bittrex-bill [6:03 PM] heh, people are probably not here yet because i announced the wrong time yesterday
@channel The STEEM team is here
bittrex-bill [6:04 PM] how about starting with the elevator pitch for STEEM and that may stir up questions.
For content creators who cannot make money online without using advertising ..
ned [6:06 PM] and the more the content is appreicated (voted up) .. the more crpytocurrency the poster earns
and on the flip side ..
samsmith [6:06 PM] is it true that 80% was ninja mined?
if so please help me understand why?
if so please help me understand why?
"We have secured ~80% of the initial STEEM via mining. Our plan is to keep 20%, sell 20% to raise money, and give away 40% to attract users / referrers. "
ned [6:06 PM] the earlier a voter up-votes a post that becomes popular .. the more STEEM the voter earns
Great question @samsmith
Steemit, Inc developed Steem with a specific business plan in mind
…..which means no sell pressure :simple_smile:
ned [6:10 PM] we would have pre-mined ….. but we had good reason not to. see my business partner, co-author and dev’s post: http://bytemaster.github.io/article/2016/03/27/How-to-Launch-a-Crypto-Currency-Legally-while-Raising-Funds/
Join me as I explore free market solutions to secure life, liberty, and property for all.
@bytemaster: hello dan :simple_smile:
samsmith [6:11 PM] ok so instead of calling it pre-mined you simply did a ninja mined.. I guess I could see why
We will be giving people free accounts when they sign up on steemit.com
clemahieu [6:12 PM] @ned What would you say are some of the advantages? One disadvantage it seems is it limits the utility if it's centered around a specific platform.
ned [6:12 PM] having much of the token is key to user acquisition .. increasing community size and participation
ned [6:13 PM] Pinned a message. See all pinned items in this channel.
ned [6:13 PM] Pinned a message. See all pinned items in this channel.
samsmith [6:14 PM] ok so I see you lock them up when you send them to a new user.. so this helps you have control over the ones unlocked
clemahieu [6:14 PM] @ned It seems the reason to do that would be to encourage new users though it raises two questions, how do you determine user uniqueness and what if you run out?
bytemaster [6:14 PM] When you vote for a witness you are voting for someone to maintain the network on your behalf.
ned [6:15 PM] some would agree community size has the greatest correlation to market capitalization in cryptocurrencies
samsmith [6:16 PM] well I have like the idea of deposits (locked up funds) ever since 2014 when XDN launched it
ned [6:16 PM] as we on board new users .. we assume steem’s speculative community will grow …..(edited)
complexring [6:16 PM] i have a question: why would i have various miners that are constantly missing. i have 6 instances on AWS up and running and all of my miners that have been through the queues show blocks missing to be some positive value (near a multiple of 21)
ned [6:17 PM] another reason to have a large amount of steem .. is to .. create a referral program … :simple_smile:
bytemaster [6:17 PM] that depends upon whether the witness pays those who vote for them and whether or not voters like witnesses who buy votes
clemahieu [6:18 PM] @ned Are there bridges to existing social networks? I think one of the critical aspects of social media is critical mass adoption. While being paid for content sounds appealing, there would need to be a critical mass audience making those payments.
samsmith [6:18 PM] o I think I'm seeing the picture.. you guys planned to ninjia mined.. to keep it out of the hands of silly miners.. to then send it to new users locked up so that your to only one with a large amount of unlocked coins?
The steem we give away is Steem Power
Steem Power allows users to earn …… to earn .. by voting up good content
steem pays for content similar to how bitcoin pays for mining
new tokens are created to recognize individual’s work .. there is a set amount of new tokens created everyday at a specific rate ..
it will depend entirely on how the community votes ..
votes .. however .. are stake weighted .. so users who wish to protect the integrity of the platform will downvote shills
steemd [6:24 PM] @ned: steemit.com is currently not working ? the Browse button on the corner is gone, and im not able to Post.
its just like stackoverflow.com i believe
clemahieu [6:25 PM] How do those users determine shills or how do we know if they just don't like the content?
@clemahieu: it’s possible they just don’t like it
the concept is simialr to reddit.com
… where content must be appreciated by the community to rise to the top … content that is not found or appreciated … left at bottom(edited)
clemahieu [6:28 PM] Agreed. The worry would be there's monetary incentive to game the vote versus Reddit where it's just for lulz, what have you planned around that?
bittrex-bill [6:29 PM] @ned how do you prevent vote rigging for content? bots do try to game reddit(edited)
ned [6:29 PM] @bytemaster could speak more to some of the algorithms that level the playing field .. such as vote limiting .. one who votes too much … or too fast …… reduces …. or loses… their voting power temporarily ...(edited)
furthermore, voters have finanical incentive to downvote abuse.
third, there is no advantage to creating multiple accounts
clemahieu [6:30 PM] How do we know if those with the highest stake are voting for their own content?
if you vote for 1000 things, each vote counts for 1/1000
(more or less)
so someone voting for a lot dilutes their influence vs someone who votes for a little.
clemahieu [6:31 PM] Is creating account rates limited? How do you know if it's 1 person doing 1000/min on one account or 1 person doing 1/min on 1000 accounts?
votes are stake weighted
so they would have to divide their stake
they have more influence / rewards for concentrating their stake
clemahieu [6:32 PM] Up until they get filtered, so they need to maximize their own return without being filtered.
but the payout for votes is order n^2
except their desire to maximize value of the platform
The analogy is that a CEO who fires everyone to maximize his pay only kills the company leaving him bankrupt
clemahieu [6:34 PM] Right, or no one might join the company in the first place, that could be an issue.
(I may have missed the question)
embeddedthought [6:36 PM] In all honesty I thought this was an open discussion and questions for bittrex
i'll talk to you about general stuff :wink:
and come to the steem slack too :simple_smile:
bittrex-richie [6:39 PM] i have a question... can anyone be a witness node, or is it a voting process?
how frequently you produce blocks depends upon how many votes you get
but even if you only vote for yourself, you can produce blocks periodically.
or you can dow POW
onceuponatime [6:41 PM] If someone, not a miner, bought STEEM on Bittrex, where would she withdraw it to?
1. ask someone to register an account for you
2. wait for steemit.com free account creations
steemit.com should start signing up new users this week
I or someone there can help register an account for non-miners
onceuponatime [6:44 PM] I bought an account from someoneiwth VESTS already in it. But I have not taken "possession" because I don't know how. I guess all just wait and watch.
bunkerchainlabs [6:45 PM] what format should be used to create anchor text links in posts? Just standard <a href> HTML tags or is there some other format that the site looks for like BBcode?
bytemaster [6:45 PM] You can transfer an account in the cli wallet by updating the private keys that control it
Use markdown for embedding links
kushed [6:45 PM] how do i post image with my post on http://steemit.com/ ? testing within spam category
steemd [6:46 PM] are you going to make it easier for ppl how have no idea what is markdown, maybe built-in rich txt editor ?
ned [6:47 PM] @steemd that is an excellent question .. it has many facets .. but there is one ………. protocol level ….. marketing feature .. I would like to point out …...
On July 4th
Steem will be distributing its first and largest reward fund ever
to the best posts submitted and voted on between now and then.
ned [6:48 PM] Until then, votes will be tallying …….. users can see where their payouts might land ……. and then on July 4th ….. its rewarded to those with the best posts and votes
at a $5MM market capitalization …… there will be $500k in rewards ……. 50% Steem Dollars ….. 50% Voting Power(edited)
steemd [6:50 PM] where do you see steemit in 1-2 years ? are you going to let ppl login with / link facebook, twitter, etc accounts ?
to create your first account
but then you will have to login with your username/password as we do not want to store private keys.
In 1-2 years I would hope to see Steemit operating on a scale similar to Reddit and its top competitors.
but, that is just my hope and not a promise :simple_smile:
for example. Someone with a blog pulling content from the steem network.. text/images and all
does steem support RSS?
bytemaster [6:54 PM] steemit's policies will be similar to other websites as necessary to prevent abuse of our services.
Anyone is free to create a block explorer
or republish content from the blockchain.
Steem is just a blockchain
steemit.com can support RSS and more.
I think it is very critical to separate the difference between Steem and Steemit.com like you would separate Bitcoin and blockchain.info
Is the API open?
but generally speaking, content that is not readable by english / majority of holders will be voted down as it *might be spam*
ned [7:02 PM] building on that ^, if Steem is successful, it should be replicated in other language markets
bunkerchainlabs [7:03 PM] @ned: just easiest to remember in terms of character sets and is one of the top 5 languages in the world
@bytemaster: UTF-8 got it
samsmith [7:06 PM] and we know you liked @freetrade ideas for another one of your projects
Let's Talk Bitcoin
How ProtoShares evolved to become BitShares X and other future DACs.Original (dhimmels): On October 5, 2013, at the Cryptocurrency Conference, Daniel Larimer, the founder of Invictus Innovations gave a presentation on Decentralized Autonomous Companies (DAC). One idea that he presented was the creation of ProtoShares (PTS). PTS is a mineable cryptocurrency used to raise funds for the development of a suite of DACs sponsored by Invictus Innovations. ProtoShares was initially mineable only with CPUs Show more...(73KB)
So lets not keep throwing mud
ned [7:07 PM] yep . . no spit spatting .. dan has only spoken highly of free trade whenver he has come up in conversation
bytemaster [7:09 PM] @freetrade: and I are on good terms and he talked to me about Hodl and I gave him my full support
convert_sbd ACCOUNT xyz.000 SBD
that will schedule a conversion 1 week
at the median price feed
samsmith [7:13 PM] great.. you have your very confusing and convoluted form and HOdl has its very simple form.. I'm sure HOdl and STEEM will share users on some level.. I still prefer this simple version.. I can see more mass adoption..
it is a means to our real feature which is subjective distribution of currency
ned [7:17 PM] @bytemaster: let’s do five more minutes …. then we can bring any q’s back to steem slack :simple_smile:
looks like a steem slack crew here atm :simple_smile:
bytemaster [7:19 PM] I would like to thank everyone at bittrex for supporting STEEM and everyone who showed up to ask good questions.
bytemaster [7:20 PM] It is my hope that what we are doing with Steem is the beginning of a much larger movement to secure the life liberty and property of all.
bittrex-bill [7:20 PM] thanks for taking the time to do this. I'll post the transcript in our articles library. and any other developers who are interested in doing this, we'd love to host these more often.