One of the most common questions I get from people is "Where does the money come from?" The common answer is that there is a certain amount released into existence each day but that only answers part of the question. Most people wonder if the system is essentially a perpetual motion machine. They feel that since there are no ads on the site there isn't a transfer of value and one accountant told me it doesn't make sense because a person can pay themselves creating a imbalance from an accounting aspect.

In this pool meeting I talk about a lot of concepts like what Bitcoin, Litecoin and other crypto currencies are backed by. I also talk about how venture capital works in start ups and how that relates to Steemit. Before watching the pool meeting ask yourself this.

Does Bitcoin's ability to transfer value anywhere in the world give it value?
If a crypto currency network had the ability to transfer value with no transaction fees anywhere in the world almost instantly would that have value?
Do venture capitalist dump millions into companies that have never collected $0.01 from its customers or user base?
How valuable is driving tons of traffic to a website organically?

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