Here are your instructions;
To create a placeholder image override, you will need to create a folder called /images/ in the following path and paste the desired image for placeholder.
JoomlaFolder/templates/mytemplate/html/com_easyblog/images/placeholder.png
IMPORTANT: Please make sure the name of the placeholder override image is placeholder.png otherwise, it will not works.
Where exactly is this link found.
JoomlaFolder/templates/mytemplate/html/com_easyblog/images/placeholder.png
Do I need to create two folders, you state in the instructions "a folder" singular.
1)com_easyblog
2) images