{
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      "author": "steemitboard",
      "permlink": "steemitboard-notify-mchwierut-20190722t211229000z",
      "title": "",
      "body": "Congratulations @mchwierut! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@mchwierut/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@mchwierut) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=mchwierut)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "author": "wry",
      "permlink": "re-mchwierut-re-wry-a-concise-explanation-of-steem-steem-power-and-steem-dollars-how-to-obtain-and-uses-20160730t001050560z",
      "title": "",
      "body": "Thanks @mchwierut !  Yes one the issues writing posts for new users is they don't have a lot of power, but it's cool, I really appreciate your upvote and your thoughtful reply!  As to your questions....\n\nYou are correct, the STEEM \"doubling\" is paid out in steem power.  This is one of the more interesting aspects of the system, nobody can dump all at once and the inflation is spread out by the need to power down over two years.\n\nOn your second question I am not sure.  However, my best guess is that you do NOT get more SP for being a SP holder for the amount that is powering down.",
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      "permlink": "re-wry-a-concise-explanation-of-steem-steem-power-and-steem-dollars-how-to-obtain-and-uses-20160729t191600456z",
      "title": "",
      "body": "Good overview Wry. Two points of clarification I've been curious about: I think the general inflation that occurs and is distributed to holders of SP occurs in SP, not in STEEM. I know the whitepaper says that the supply of STEEM doubles, but I think they mean the combined supply of STEEM, SP, and SMD (as valued in STEEM, because STEEM is the unit of account). Hence, the STEEM balance of my wallet doesn't increase but the SP balance does. I think that's how it works - do you?\n\nAlso, when people power down, is their entire SP taken out of circulation while it's being paid out in installments or just powered down in installments? So if I have 104 SP and power down all of it, I get 1 SP per week. But am I also earning SP as a SP-holder on my remaining SP balance, even though it's been committed to STEEM over the course of two years?\n\nThanks! I agree, I haven't found any great explanations of the rather complex mechanics. This is great! If I had more SP, my vote would be worth more!",
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      "parent_author": "dantheman",
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      "permlink": "re-dantheman-introduction-to-steem-dollars-sbd-20160723t001509394z",
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      "body": "I don't understand these two sentences: \"The impact of creating new SBD to pay interest is to increase the virtual STEEM supply and reduce the percent of vesting STEEM. As the percent of vesting STEEM falls the rate of return paid to vesting STEEM automatically increases to attract new long-term capital.\"\nWhat does the percent of vesting STEEM determine in the math of rewards and inflation?",
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      "parent_permlink": "steem-mechanics",
      "author": "mchwierut",
      "permlink": "some-questions-about-how-steem-steem-power-and-steem-dollars-work",
      "title": "Some questions about how STEEM, Steem Power, and Steem Dollars work.",
      "body": "I've spent awhile crawling through the white paper and the many many steem posts about how Steem actually works. I am developing a good picture, but I have some questions that the community can likely answer.\n\n1. In the whitepaper, it states \"For every SMD Steem creates, $19.00 of STEEM is also created and converted to SP.\" (pg 13) My current understanding is that half of contribution rewards are given as SMD and 10% of all new inflation goes to rewards. This could explain the above ratio: 5% of new STEEM is given as SMD, valued at current market prices. But then where does SMD interest fit in?\n\n2. When the whitepaper talks about doubling supply every year, does that include the value of STEEM held in SMD? It surely must include the STEEM that has been powered up.\n\n3. How does the Feed Rate work? The whitepaper says \"this change is effective destruction (\"burning\") of STEEM when the value of STEEM is increasing...\" (pg 35) Conceptually, this makes sense - if 1 SMD is worth 1 USD worth of STEEM, then when the USD price doubles, 1 SMD is worth half as much STEEM, so the supply of STEEM redeemable for SMD halves. But is anything 'burned' or destroyed? Later, the paper says \"SMD operates...may result in large-scale creation or destruction of STEEM through feed rate following.\" (pg 36) This seems to imply actual creation or destruction. Or are they simply referring to the impact of redeeming SMDs for STEEM: if the price goes up, fewer STEEM are created for 1 SMD, so it's like 'potential STEEM' held as SMD gets destroyed when it's converted to actual STEEM?\n\n4. Just to confirm, STEEM are not actually created by the blockchain: all rewards are given as SP or SMD, even if they are denominated in STEEM. (btw, having STEEM as a separate medium of exchange but also a unit of account is confusing) Each block, new SP and SMD are created. These can be converted to STEEM, but there are only ever more liquid STEEM if SMD holders convert or SP holders power down. Is this right?\n\nThanks! \n\nPS: If anyone could point to references or quotes in their responses, it'd be awesome. I've seen a lot of attempted explanations that don't cite claims, which makes it very confusing for people who need proof.",
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      "author": "rainman",
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      "permlink": "re-rainman-re-fex-could-someone-explain-to-me-whats-the-relation-between-steem-steem-power-and-steem-dollars-20160722t212231429z",
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      "body": "Great post explanation!\nI'm confused about the ratio of Steem to Steem Power. If I try to buy Steem or Steem Power from blocktrade, it appears 1 BTC will get me the same amount of Steem or Steem Power. (the get estimate result). If there is a conversion rate in powering up, this shouldn't be the case. Shouldn't I be able to buy more Steem for 1 BTC if 1 Steem Power is equal to multiple Steem? (current steem_per_mvest = ~ 223; mvest = SP).",
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