WARNING - ARE STEEM AND SBD REALLY JUST "MONOPOLY MONEY?"
I've heard a lot of people complain in the past that steemit doesn't pay you in "real money."
They call SBD and STEEM fake. They call them Monopoly money. The complain that they are just not real...
Oh how I wish (for their sakes) that they could have understood. However, many of them are gone now never to return. But since you are still here, I want to make something very clear to you.
MY DOLLAR IS WORTH MORE THAN YOURS
As steemians, if we are not getting paid in 100% Power Up or declining a payout, we are using the 50/50 option. This means that half of our payout is in Steem Power and the other half of our payout is in SBD. SBD is the "Steem Dollar" which is pegged to be worth about $1.00 USD.
However, a little while back SBD jumped up to being traded at around $6.00 USD, and it never fully recovered. Since that day, it seems to be hovering between about $1.50 and $2.00 USD. Just this morning when I woke up SBD was trading at $2.05. This means that our dollar, the SBD, is currently worth twice as much as the USD. What a great time to be a steemian!
If you head over to https://bittrex.com/Market/Index?MarketName=BTC-SBD you will be able to see the exchange rate and monitor it.
I wanted to mention this in part because a long-time user that I was talking to the other night did not even realize that SBD was another coin that could be traded on the market.
WHAT ABOUT STEEM?
Just a few months back STEEM was valued at about 10 cents on the market... Last summer it spiked up over $4.00 USD each!
Now, we are seeing that the current value is holding strong at over $1.00 USD for the moment. All of that STEEM that I made when it was worth 10 cents is now worth more than 10X as much! Personally, when I consider the potential of steemit, I think that we have not even come close to seeing what it is capable of, or how valuable STEEM may be.
You can track the value of STEEM at https://bittrex.com/Market/Index?MarketName=BTC-STEEM
Now is a great time for all of us to be building our brand and following, and picking up STEEM. My mind is still completely blown every time that I see my wallet.
SO, WHAT'S THE WARNING?
The warning is be educated and ask questions if you do not understand. Don't just run from something because you do not understand it. I did not understand any of this months ago. If we can understand reality and not believe the ignorant naysayers, then we will see the potential and potentially be blessed. If we choose not to understand, we will miss a huge opportunity.
NOT REAL MONEY?
Now if someone says, "It's not real money," I fully agree! It's not "real money" it is way better than that! Real USD are worth $1 and they decrease in value due to inflation all the time. Both STEEM and SBD are already worth more than that, and unlike the USD, they have the potential to grow and increase in value!!
Who's the "monopoly money" now?
EDIT - This post is written from the poor, default setting that the USD is "real money" and therefore is what we should compare other "monies" to.
As always, I'm @papa-pepper and here's the proof:
proof-of-monopoly-money
Until next time…
Don’t waste your time online, invest it with steemit.com
Ya know I have been blogging about this Papa, but you have a much wider reach.
If everyone finds out this could hurt my SBD export bidness ....
Ok, I'm done. You can take over.
Follow @majes everyone!
That's not what I was trying to achieve my friend. My humor never come over at well as yours...
I apologize...
I was tongue in cheek on that one. Don't worry.
following you, on the advice of @clevercreator !
Very cool! Glad to hear it!
Even before reading your post I had the exact same conclusion as yours. It's not real money it's better than that!
Of course you did!
Because you understand my friend! Also, I'll be gone for work over about the next four days but when I return I'll be getting your shirts made, so I'll need a shipping address next week or so!
you gotta understand most americans could not tell you the difference between money and currency, our education system no longer teaches anything about finance,currency, stock market, you know there isnt even a class that teaches our children how to start a checking account, how to balance an account, and the value of saving. so people having an issue with crypto currency just dont understand that if you can change one of anyghing for another of anything they both have value, we look at the world through dollar eyes not currency eyes.
Very, very valid point. I used to be there myself. Thanks for chiming in.
Money mechanics should be a mandatory course for high schoolers. I know basic economics is mandatory but there needs to be more in depth course work. Young adults use the system everyday but are clueless as to who the Federal Reserve is...
Congratulations @papa-pepper!
Your post was mentioned in my hit parade in the following categories:
There are only two things that make anything a "money":
So basically anything can be money.
Also liquidity, very important in my opinion.
This is what I would call a goal, certainly not a requirement. Some assets are very illiquid.
Indeed,you are very right anything can and has been money,but I believe most people mainly here in the US forget that fact. I am new here and even i see the worth of this site,once I learn how it all works. But I'm old you see and it may take some time.....lol
i am old also, and it did take me a minute or two to sort of erase what i was taught about , stability, accountability the federal reserve and the full faith and credit of the United States gov, that all sounds really good until you start to delve a little deeper into what all that means, the fragility of our financial system (which is based pretty much on the old parent line "because is said so" ) is a little unicornian to me.
Well I am one of the youngins that is more than happy to help!
Thank you, if I run into anything I don't understand I will as you.....:)
I think you left of the most important part. The "Agreement" that said "Currency" is a medium of exchange without that nothing else matters. If we all agreed Blue Rocks where the new currency then that's what we would be using.
This is one of the axioms regarding money in the first place, yes.
And when the medium of exchange is sanctioned to allow the payment in taxes, it has then become the standard. Gold has been authorized as a medium to be used in contracts and payment of taxes in the state of Utah, so why not a crypto currency?
I'm not saying it can't only that there is more to it than Scarcity, Utility. In fact Scarcit it not even required and the utility is actually the function of money. It allows you to carry paper instead of goods to trade with. Now we have digital currency which is even easier to carry. Unless we ever get hit with a massive EMP and the digital world is wiped out. Then we will go back to heavy physical good most likely and real estate to determine wealth.
At least blue rocks would be voluntary if we agreed to it. Using STEEM is a choice, the USD is mandatory in the US.
Can you imagine what chaos we'd have if we didn't have the USD is mandatory in the US. Evey-thing would be ten time harder and take much longer, our days would be filled with negotiating and bartering.
Now with Cryptos we will see some flexibility but we still need the Dollar for now until there is a Defacto or Mandatory Standard which looks like it might be Bitcoin.
I have nothing against the Dollar. It serves a purpose for now but we will evolve past it sooner or later.
It does certainly serve a purpose, I agree.
i like the monopoly shot!
That is hilarious and sad all at the same time, while being so true.
Indeed. Great point.
Totally agree with this. With cryptocurrency, it's especially important to look at the longer-term potential value, as we've seen with the price increases you mentioned. I was kicking myself for exchanging some Steem on bittrex shortly before the huge spike. But I'm still really stoked about where this platform is headed!
At least we can "mine" more by posting.
Love the post.. Way better then the real money like you say.
Way better!
Great post! Steem is much better than $'s. Reminds me of when the ATMs were first on college campuses. My son thought these machines were manna from heaven with no understanding of how that money got there!
Lol.