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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