ELI5 how do accounts on steemit work and where's my trusted secure cold storage? by jpk

steem · @jpk · Jul 29 '16 (edited)

ELI5 how do accounts on steemit work and where's my trusted secure cold storage?

I'm trying to wrap my head around the Steem, the new kid on the block*chain*.

1. I have an account on steemit.com, obviously, it's @jpk . Is this an account on a website, steemit.com? Or **is this an entity registered in the blockchain** and steemit serves as a front end?
2.  The account has a randomly generate 'password'? Is this a password, checked against a hash in a database behind steemit.com? Or **is it a private key** used to sign messages on the blockchain?
3. [OK, looks like the master password is a master key.](https://steemit.com/steemit-guides/@pfunk/a-user-s-guide-to-the-different-steem-keys-or-passwords) Maybe, this shouldn't be in my (insecure) browser? **Can I move my funds to cold storage?** Without loosing voting and posting privileges? [Yes!](https://steemit.com/steemit-guides/@pfunk/your-steem-account-is-worth-money-how-to-secure-it-with-a-new-owner-key-to-keep-it-yours-forever)
4. [So, I understand, due to crazy inflation no one wants to hold Steem.](https://steemit.com/steemhelp/@aem/steem-for-noobs) I should hold [Steem Power](https://steemit.com/steemit/@germansailor/steem-steem-power-steem-dollar-easy-and-enforcers) to have voting power and earn internet points (=Steem Power) like crazy. This locks up my 'investment' in the Steem ecosystem.
5. In 2 years or 104 payments, or so they told me, I'll get liquid assets back. But, how the heck, does this actually work? Do I get regularly payments (which have to move away from Steem as soon as possible because crazy inflation)? **Do I have to initiate regular payments** (and then proceed as above)**?**
6. And, Steem Dollars? Why, just why? Why do my internet points have a dollar value?

Anyone cares to explain?

👍 addisdev, illlefr4u, jpk, soupernerd, weenis, emilyelizabeth, steemit.tips, cire81, chonesta, abctrade, steemlove, steemitlove, daysmega1421, angevel, countrytalented, cheremet, daysaiyan, cozyone123, curls4life, crumaner, anarchypory, backetri, alniskobs, amboyst, hxclife, daysmega, dotersvilic, eternalabove, eleiminer, sugarfromhell, gaspot, forgetthefallen, etccrap, yandra86, rottennasty, bignastywhale, softpunk, gunpower, feeltheblade, silvesterstay, joujou666, praisenoone, rickydevil, redddet, catirabella, redredwinewine

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properties (23)vote details (46)

voter	rshares	pct
addisdev	508,482,791	100%
soupernerd	56,519,353	1%
illlefr4u	212,830,584	100%
cire81	2,509,850	100%
emilyelizabeth	4,256,286	1%
weenis	55,468,899	1%
steemitlove	1,277,435	1%
steemlove	1,283,024	1%
steemit.tips	2,846,658	1%
jpk	144,960,673	100%
curls4life	1,237,709	1%
alniskobs	1,236,422	1%
amboyst	1,236,413	1%
cheremet	1,244,069	1%
anarchypory	1,237,141	1%
angevel	1,247,182	1%
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eternalabove	1,234,073	1%
sugarfromhell	1,228,844	1%
gaspot	1,228,835	1%
forgetthefallen	1,228,825	1%
eleiminer	1,232,854	1%
etccrap	1,228,746	1%
abctrade	1,552,371	1%
yandra86	1,228,697	1%
hxclife	1,236,329	1%
rottennasty	1,228,671	1%
bignastywhale	1,228,658	1%
feeltheblade	1,222,361	1%
silvesterstay	1,222,338	1%
joujou666	1,220,710	1%
praisenoone	1,219,891	1%
rickydevil	1,219,879	1%
softpunk	1,224,308	1%
redddet	1,219,858	1%
catirabella	1,219,843	1%
redredwinewine	1,219,834	1%
gunpower	1,224,270	1%

`author`	isaac.asimov
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voter	rshares	pct
steemservices5	-785,068,945	-5%
antispam	-4,882,170	-10%
cheetah67	-4,471,215	-20%

`author`	jpk
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