Bitcoin Forum

I just learned about www.steemit.com which is a new cryptocurrency and social blogging network that pays for quality posts.  It has seen huge increases in value just over the past 7 days.

What do you think?  Good or not.

Wrong section bud but my thoughts on it is that its a scam. Its had some major pumps and dumps i suppose like all coins but it just appeared to me out of the blue and now theres obvious manipulation going on with it. i wont be buying any of it knowing how easily the price could get dumped down even still.  It does have the whole social media thing going for it but still, its not for me.

I just learned about www.steemit.com which is a new cryptocurrency and social blogging network that pays for quality posts.  It has seen huge increases in value just over the past 7 days.

What do you think?  Good or not.

I'd read an article about this on Flipboard a couple of days ago but forgot to check it out. I just registered an account with them, thanks for your post  ;)
Personally I think it's a pretty cool idea, a crypto currency that is intrinsically linked to a social network makes a lot more sense than most standalone coins out there, this one has a tangible purpose. This project could pick up steem pretty quickly (no pun intended). I'll definitely spend some time exploring the site.

It reminds me bitshares but in a differnt way lets hope they will keep up the good peace and add some more nice features, and ofc lets hope for whales support ! it seems going fine on marketcap tho...!

I've been browsing the site for the past hour and the concept is starting to look more and more like a winner to me. And you know why? I'm finding myself enjoying the site even without the coin. I've been reading blog posts and comments and been commenting myself and it's just plain fun. I see the tips as a welcomed bonus not an incentive.
I haven't read the whitepaper so I don't know exactly how everything works but if the underlying theory is solid, this could turn out to be massive.

Considering that Steemit is the first forum model to pay its users significant cash as if they were employees,

No, it's not. The other reddit/facebook clones with that model failed - since it's a stupid model.
Reddit specifically works because the upvotes are not worth anything but attention.
Also there is an obvious flaw: Steemit doesn't pay users. At the end users must pay users. No matter how you trick around that fact with number games. At the end it must come out of the pocket of users. There is no way the numbers in Steemit make any sense economically.

Why is it more fun than Reddit?

Is the quality of the content better? Is the type of content different? Is there some feature that makes it more fun? Or are you just excited because you want to jump on the boat as a speculator and trying to convince yourself?

I even explained in the other thread that Facebook only generates about $10 per user per year in ad profits, so that is not enough to pay users to blog (pennies per day).

I've been using Reddit for some years now and I can say this is nothing like Reddit. Steemit is more of a blogging platform than a small talk forum. The majority of posts are meaty reads complete with diagrams/pictures. You are unlikely to get upvoted into the spotlight if you don't have anything meaningful to say or if you're just spamming for attention/coins.
I like the atmosphere there, somehow it feels more open, more free. Like I said, I would probably still browse/use the site even if they removed the rewards. I really think it has huge potential even without crypto.

That's not entirely true. It depends on which continent you live and they are calculating these figures every quater, not yearly.

...

You just cannot look at a Larimer system without your brain exploding.

Have you seen Dan's head? Damn I swallowed my ego when I asked my gf if Dan was ugly (for me he looks weird) and she said he was handsome and cute. Damn filipinas like anything that looks foreign. Hehe. Joke (but true story)!

I need to try again with a photo morph of Dan and a Martian alien.

Some reference: https://www.theguardian.com/technology/2016/jan/28/how-much-are-you-worth-to-facebook

Figures are a lot higher, but still much lower than STEEM, which I think is doomed to FAIL.... badly. I have decided to create my own topic to discuss these things with people in here. That's pretty scary....

That's not good to say you know. I also think he has a big head, but so what? I for example have a big nose. Check it for yourself:

...

This has nothing to do with what kind of person he is, not to mention the subject of the thread.

But what is driving that greater effort on content? I presume it is the hope of receiving a huge payout.

The engagement for the discussion appears to be secondary whereas on Reddit it is primary.

There are many interesting blog sites on the internet that also have a lot of content. What is the advantage compared to for example these?

Why couldn't it simply be because it's a fun new platform and people are just having fun experimenting and getting their content out to members of this new community?

I actually kinda like that it's different and focuses on the main post. They are plenty enough places where you can engage in discussions. Also some of the better posts do occasionally spark a discussion.

There is really no need to compare it with other blog sites. That's like coming across a good song and then saying there are plenty of other good songs out there why choose this one. If you like it, it should be good enough.

It's mostly luck that gets sites noticed and hype can either build from there or slowly fade away. I'm sure there are plenty of sites out there that I myself would find more awesome than Steemit. The fact that I'm not aware of their existences doesn't take away anything from their awesomeness. I just happened to stumble upon Steemit, that's all.

The net worth of reddit is 4 billion. This thing if sustainable could become big!

The net worth of reddit is 4 billion. This thing if sustainable could become big!

The net worth of reddit is 4 billion. This thing if sustainable could become big!

hey, this is the altcoin section. there's no such thing as overvalued. why wait around for years building a boring old business when you can leapfrog its valuation by throwing a few tokens on yobit? why haven't people thought of this before?

hey, this is the altcoin section. there's no such thing as overvalued.

so it's a social network that pays you to like and post? who wouldn't wanna be paid for that?

i don't have the slightest clue how it works. i'm gonna have a guess that there's absolutely zero way of sustaining it. make that hay while the sun still shines.

Check out the services/digital goods sections of this forum. It's already a cottage industry with conventional social media.

well, yeah. that's called advertising and it pays because they're huge platforms with billions of users.

and the volume is only 1.3 million on one exchange. that don't smell like the world is getting on board. eth, no matter how you feel about, was managing tens of millions across multiple exchanges.

The only reason is because some of us are thinking the offer of large payouts is driving the significant number of signups and we are thinking this could turn into an exodus when the funding for the payouts is depleted, if there isn't something else compelling about the site that is unique enough and that can substitute for the user's loss of incentive to receive huge payouts.

Also if the economic model of the token fails, I don't see how the Steemit corporation plans to continue to earn money to fund their development efforts. They could convert to ads, but lack of ads is one of the aspects that makes the site cleaner and more pleasant.

Because people are competing with each other to figure out which type of content pays the most:

BitShares shit,

funny shit,

sex and tits,

dating data

data about the STEEM site

what is STEEM

what is Ethereum, DASH?

name dropping

ass kissing

as long as there's money pouring out like it is, people will keep showing up and rolling the dice,  if the money dies down, then your community is about that big, and you will then need to hope that the next STEEM development is a winner (so that you can at least retain your user base):

STEEM BAZAAR, the Craig's List/Angie's List/Ebay Killer

That's the current roadmap which does not shine too far down the road currently.

So unless they can successfully mate with IFPS to be able to allow its users to host decentralized content (the only thing separating STEEM from Facebook), then I don't see this thing getting any bigger than Ethereum unless they take the PeerPlays Graphene code, and begin paying dividends becoming the first profitable DAO.

The way things are going right now with 500+ new users every day, we may well see $10 or thereabouts hit before a correction happens. Price momentum is massive at the moment.

Yes price movementum is quite massive currently but i don't see any reason that can support even the current 3$ price range for much time. I am expecting crash below 1$ soon before any rise again (which seems really not possible) if current movementum get discountinued.

Really weird stuff this..

Website is completely uncomprehensive. There is not even a sign up button.

Also, "All" the volume (2k btc) is from bittrex only. Clearly a pump.

Maybe I don't understand that steem thing... have not taken the time to fully study it ... but my burning question with steem is:
If you invest  there ... what keeps them from closing your access or the access of all the people and run away?
It looks very unsafe as an investment to me.

Maybe I don't understand that steem thing... have not taken the time to fully study it ... but my burning question with steem is:
If you invest  there ... what keeps them from closing your access or the access of all the people and run away?
It looks very unsafe as an investment to me.

There are there a few similar projects out there, including one on ethereum.

How do they stop people from paying themselves in order to push their own posts up higher?

I just learned about www.steemit.com which is a new cryptocurrency and social blogging network that pays for quality posts.  It has seen huge increases in value just over the past 7 days.

What do you think?  Good or not.

You are wasting your time making a group to vote for each other. You can at most get 7.5% of your SP (Steam Power) holdings back as rewards+payouts (on average) per year.

The rep power of your group is limited to your aggregate SP holdings. So even if you vote for each other in a perfect way (and this is complex to explain how to do due to numerous factors), then you will not on average get more than 7.5% per annum ROI. Of course not counting up or down votes you might get from others.

And holding SP has a huge risk, because you can't cash it out except over a 2 year period. Thus you risk losing all your SP in a declining price spiral.

The downward price will remind those who converted to SP, that they need 2 years to remove their investment.  :D

Those who invest and don't convert to SP, are losing 0.19% per day due to debasement.

The problem with Steemit is they have no income model, thus once the price is not going up, there is no valuation where it has an P/E ratio. And the system is designed to incentivize cashing out. I just don't see where the buying demand will come from except for a bubble while the price is moving up fast. There is no incentive to HODL this token.

I am not an early adopter actually. I just started using Steemit 6 days ago: https://steemit.com/@coinhoarder

I don't care if people buy Steem or not. In fact, I suggest that you don't.... I sure didn't buy any STEEM.

I made posts and upvoted posts to earn what I have in my account, and I suggest you guys do the same too. It is easy money... I made about $115 so far.

From what i have seen so far, yes it is. Buying steem power tho could end up being a terrible idea, even more so if steem team has a fat steem stash that they could sell while you are left holding the bag with your steem power locked monies.

Steem is the first crypto where i can go online and see something happening. I can see the "blog" or whetever it is with activity related to the coin

Have you lost your mind (https://bitcointalk.org/index.php?topic=1548369.msg15597263#msg15597263)  ???

Get a grip on reality (https://bitcointalk.org/index.php?topic=1548369.msg15597405#msg15597405).

You neophytes need to get a grip on reality (https://bitcointalk.org/index.php?topic=1548369.msg15600144#msg15600144).

I'm personally just amazed at Larimer's ability to create intricate Rube Goldberg machines.  You have to sit there and stare at the wall for hours and hours to go through all the endless variables in your brain that can affect his systems...

...Then you have to get into all the economics of the system and how that's going to work out, or if it's "fair" with original entrants turning it into a pyramid scheme.  You end up trying to analyze something that's (borrowing the Anonymint phrase for criticising of Ethereum) unbounded complexity.  You just cannot look at a Larimer system without your brain exploding.

*Will read over the Steem stuff in a sec.  Anything Larimer related always has some type of crazy controversy to it.

Ok, for Steem, economics is basically the study of pump and dumps and rent seeking behavior, culminating in the end game of - if you aren't a slum lord, you aren't doing it right, and Dan likes to read economic-type books that spell out lessons such as this.  It's not surprising he tries to integrate tricks to fool the users since that's all economics is is fooling people into becoming your servants in rent seeking behavior.  It seems Larimer might be an evil genius.

Here is some math on the Steem Rube Goldberg machine:

https://bitcointalk.org/index.php?topic=1558366.msg15686485#msg15686485

What I think of the STEEM? It sells Sex. Dan sells Sex.

This is completely correct.  The Larimers are now no better than pimps.  They are absolute trash.

A very finely grained like-mindness, crowd rating system. With rewards to those who produce highly ranked content within like-minded coteries.

I am trying to think of a name for:


Is eSteem the best name for that?

Zuckerberg called it facesmash--but missed that it wasn't that users were rating girls "they knew", but that their ratings determined the outcome and gave them control of the outcome. He Also didn't monetize it, but tried to backend advertising schemes on it years later to the disappointment of his base (who were quite happy with free popularity grabs).

I named it coopital:

https://www.namecheap.com/domains/whois/results.aspx?domain=coopital.org

But I think there might be a catchier name.

An open letter to the Steemit community on Content, Plagiarism, and the Cheetah bot.
19 hours ago by anyx in steemit

https://i.imgur.com/yDeeH48.jpg

Photo credit.
Note that I wrote this while quite frustrated.


The Bot.

As you might know, I am the creator of @cheetah bot. I created this bot because I, personally, was sick of seeing articles completely plagiarized and posted to our website. I have no divine authority, no permission, and no permit to have this bot issue replies; but in its form, it is no different than any other bot that people have made like @wang -- it sees a post, and it occasionally issues a reply.

There is nothing stopping me from doing this on this platform, as there is nothing truly stopping other bots, and that may be a bad thing.

The Articles.

Cheetah has commented on hundreds of articles. In the time it took me to write this blog, he has made about 20 comments.

Most of the posts cheetah comments on are completely ripped from their source, and in most cases the source is not even given, or if it is, it is usually edited in after cheetah responds. These posters do this with dollar signs in their eyes, as previously, this copied content has hit the front page and earned thousands, being upvoted by whales. (Possibly accidentally, as it is still quite hard to detect plagiarism).

In some cases, these articles are even previous steemit posts from other users (examples [one], [two]).

Granted, there are some mistags, double comments, and other issues. I have been actively monitoring my bot all week long and am aware of it. If there was version control for cheetah bot updates, I might need to use a long instead of an int. It is still not perfect.

The Issues.

As you may already know, @cheetah bot is not free. I pay for it. I am not only talking about only the server running it, nor the week of labour I have already put into it, I am talking about search APIs. Fortunately, I have claimed a bounty, and received some generous support from a user. (not sure if they want to be mentioned, but you know who you are!) So that is not an issue yet.

However, there are still issues with cheetah in it's current form.

1.Authors with previous blogs who join the site (some of which react aggressively).
•Until they are whitelisted, at least.

2.Comments on cheetah posts have continuously been hostile.
•Note I have recently reduced the message, again. I encourage further feedback on the message.

3.Personal abuse and attacks at me, not just indirectly through the bot. I will avoid examples as I do not want to brigade.

4.Anti-cheetah bot, bots.
•You may notice there is currently a bot running rampant with massive text walls, this user is trying to destroy our site. This user is also auto down-voting cheetah responses. Cheetah does not have enough power to upvote himself with enough weight to avoid this in many cases.

5.Cheetah bot often gets down-voted and hidden by the plagiarist.


If we don't do something about this NOW, the future of Steemit will be compromised.
The website will continue to be overrun with copy-pasta, unoriginal or plagiarized content, and even straight up identity theft (See these three examples, which @cheetah is helping to catch: [one], [two] [three])

As it stands, I am close to hitting Control-C on cheetah bot, returning the bounty & donation, and sticking to posting my photo blogs. I am sick of the above issues, I am sick with the content flooding steemit, and have very little incentive to continue content curation if steemit continues to degrade this way. Four-post reward change in the upcoming hardfork will not help much, I fear. I am not the only one tempted to give up on curation, @neoxian is also fed-up, I encourage you to read why here.


I fear the community no longer cares. the  #doyourpart tag is still empty, spam floods in. And people are fine with it, and unhappy with @cheetah.

I think the developers need to take serious action, and this needs attention. Cheetah bot is not a solution, it is a band-aid. We need to figure out a better way to stop this from happening in the first place. Please write your thoughts below. Link me your or others' articles on this topic as well. I want to see what the community has to say on this issue.

Further reading (other people's fantastic articles, not my own):

On permission:
https://steemit.com/photos/@thecryptofiend/posting-photos-and-art-without-permission-is-not-ok
On verifying yourself:
https://steemit.com/newcomers/@acidyo/what-verifying-your-account-in-introduceyourself-means-and-what-it-doesn-t-necessarily-have-to-mean


#doyourpart

https://steemit.com/steemit/@generalizethis/the-content-network

i wouldnt be surprised if posts like that in the nearby future introduce a downvote function in steem  ::)

https://steemit.com/steemit/@generalizethis/the-content-network

I know you are excited to find a blockchain app that you can use for writing and expression("get rich instantly" deluded groupthink). But there is no way the world is going to adopt a blockchain 80% owned by the Larimers Incorporated.

Also I think I have explained (https://bitcointalk.org/index.php?topic=1558366.msg15686485#msg15686485) that the incentive for long-term investors is not very good, because they must lockup their investment for 2 years and there is as yet no clarity on how this exponential debasement model will ever be funded.

Like steemit? The lead's there, anything you start will hinge on its failure, rather than it being supplanted by a better, but still similar, implementation. You also have to consider that a hundred other developers are chomping at the bit if this things looks the slightest bit wobbly.

But putting all that aside, what is coopital? I was thinking captcha.com would be catchy, but it's owned--though captcha.club is 59.99 and not so terrible.

Coopital is name for a cooperative DAO concept.

Btw, I just registered:

flockwi.se

But I don't think it is best name I could come up with for a STEEM competitor. I decided to register it as it could also be a better name than coopital for a DAO like concept. The wisdom of the crowd is the concept behind Steem.

But there is a catchier (shorter than Steemit) name, I just can't mention it yet, because we are negotiating the price.

Steem's design is failing now I think. You just can't see it because you can't see the attrition rate and you also can't see if long-term investors are buying STEEM POWER.

Even if the attrition rate is reasonable and long-term investors are buying STEEM POWER (and I don't mean users converting their payout STEEM to STEEM POWER, I mean BTC traded for STEEM powered up to STEEM POWER), there are a lot of people who did not get into Steem early enough and there was 80% mined to a few people. So many people are probably eager for something more fairly launched and especially if it has design that is doesn't debase medium-term investors by 100% per year.

I think you are failing to realize that secure, and fast, distribution of tokens between content creators (whether they're on steemit or not) is what breaks this open--you posted https://steemit.com/steemit/@anonymint/it-s-so-easy-to-become-a-millionaire-with-steem , so don't pin the get-rich-quick-mind-fuck on me. As I've wrote numerous times, I'm playing with house money and am happy to do so without ever investing a dime.

The point of my blog was absolutely not "get rich quick". It was to appease those who were only getting small payouts and explain that with 5 years of methodical blogging, you'd probably end up wealthy if Steem doesn't fail due to some other reason. I have since done more in depth analysis of the math of Steem variables (http://ttps//bitcointalk.org/index.php?topic=1558366.msg15686485#msg15686485) and to me it looks very unattractive for long-term investors to buy STEEM POWER.

It is not yet clear how investors would be rewarded by fast transfers of STEEM between content creators. There is no mechanism to transfer value to the investors, except I guess if demand for STEEM becomes so very great then the ratio of SP to STEEM will drop much below 9, then the SP holders would be earning a compounding interest rate per the recent math I showed (http://ttps://bitcointalk.org/index.php?topic=1558366.msg15686485#msg15686485). But we are talking about needing $10 billions of transactional demand yearly for STEEM within a few years. There is no mechanism in the Steem protocol to scale back rewards on blogging other than to decrease the price and shrink the market capitalization. So if the rate of transaction growth can't keep up, then the price must drop.

That is a very bad deal for long-term investors. Far too risky. It is a fatal error. Not to mention that the Larimers Incorporated have taken too big of a share of the pie.

Companies play the do or die risk game, sometimes they win and sometimes they lose, Apple's done it a few times, Musk has played that game as well as anyone, investors take that risk every day, so to say that it is "Far too risky" is wrong--the most they can risk is everything and investors have taken that pledge year after year after year....

A perfect plan does not exist, you need adaptable and good enough.

Any investor who is investing while Steem is ostensibly hiding the attrition rate data (by failing to produce it), is I think not a professional investor.

When Steem publishes the full data for us to analyze without having to go write some blockchain analysis tool, then we can have a more rational discussion about the perspective investors are likely to take.

Also there is no competitor to Steem yet, for investors to choose between. Given a choice between an illiquid lockup of 2 years, or a liquid investment with less debasement and a better overall model, then investors might act rationally.  ::)

Egh. Facebook's strategy was to go to the most prestigious universities first and create exclusivity (therefore demand), Steemit's strategy should be to create competition between content providers--which is what I think they are doing. One big name and this goes viral--why would that name enter the arena while they are in beta? That would be terrible planning. Work out the bugs, grab headlines and build from there. The great BTC nerdom is impressed that cute girls are signing up, how do you think they'll react when Beyoncé makes a post? I'm sure what your thinking is better, but unless you can go back in time with a team, you're probably out of luck.

But, please, please, if you go forward let your gf pick a name or something--they're never that great. You over think them.

A rational investor will realize that it is probably an angel investment that is hit or miss and that waiting for competition to arrive isn't very rational.

I said given a choice of competitors. I didn't say anything about waiting. Reading comprehension please, so you don't bloat my post count today. I appreciated your prior posts playing devil's advocate. I need that.

Now, here's the thing no one is talking about. Now companies can offer cheap bounties for creative content and get cheaper rates because it is a global competition with a global payment system.

Steemit's strategy should be to create competition between content providers--which is what I think they are doing.

I see nothing new there. I see no features coded for that. Vaporware. Please address my statement in bold text above.

Disagree. The strategy should be to match content to content consumers in a harmonious and mutually uplifting social experience. Not a cutthroat one-size-fits-all groupthink dominated by blocknerds.

"Idealism, hi! Meet, nature."

Ethereum met nature, and Bruce Wanker explained it (https://bitcointalk.org/index.php?topic=1524467.0).

Remember I was stating from the beginning what wouldn't work and everybody was so happy to ignore me.

No barrier to entry for competitors, therefore no long term intrinsic value, therefore a speculative vehicle only.

Disagree with that to some extent as uber showed that user retention creates network effects--GM is having to pay to play in that market since uber's strategy decimated lyft and sidecar.

How many users are retained is the question, which leads me to use the phrase "...to some extent."

Maybe but STEEM doesn't seem to have capitalized very well on the first mover advantage. The quality of its content is quite poor.

Somebody like Medium should consider monetizing its content with its own alt.

Quality of content is subjective. I'm sure you could lower that same barrel at BCT or reddit and blast away.

All three are well targeted to their usership market.

BCT caters to interactive discussion of CC.

Reddit caters to interactive discussion on any topic someone wants to talk about, but often acrimonious so it is more appealing to males.

Steemit caters to delusional blocknerds who think they discovered the Holy Grail of social networking. And the content reflects that. Writing about all kinds of shit that nobody else in the world is at all interested to read. It is backslapping congratulatory crap mixed with me-too travel blogs and other crap that nobody is interested to read. I've been interested to read only because I want to understand the demographic and the system. I haven't read much content that I would have been interested to read otherwise.

Well there was one post there by Dan about DAOs that was very interesting to me even there was no Steemit to research.

There might be content I am interested in, but finding it appears to be difficult. And you know I have complained that I think their ranking system is not working well.

I know you are excited to find a blockchain app that you can use for writing and expression("get rich instantly" deluded groupthink). But there is no way the world is going to adopt a blockchain 80% owned by the Larimers Incorporated.

Please explain why do you think the average user who sign ups to steemit and posts, needs to even care about who owns it.

Quality of content is subjective. I'm sure you could lower that same barrel at BCT or reddit and blast away.

And I would. Don't you agree ?

Being subjective is ok.

Steem will be a faint figment of imagination in 12 months IMO.

How many STEEM clones will there be in 6 months?

How many will have a better launch?

Can those clones benefit from STEEM hype?

Does STEEM have any network effect?

How many crypto people would like to be insiders in a STEEM clone?

They don't.  That's the point.  You can buy popularity (but you first need to buy the coin).

Bla bla bla if you were king, you would make rules bla bla you would force users like me to obey you and stuff..the masses are sick of control freaks like you.

Money is the name of the game, and the only rule to this steem free market is that there are no rules.

Go ahead and make a "Steemit with rules" clone using 20 minute block slow ass bitcoin teck!!!

Seriously, time is a valuable resource, and nobody would waste their time there when they could build their empire on top of a free market (where they can transparently see their competitors coming a mile a way)

No, I'm in all crypto, I own all the top 20.

What you haters here are blind to is the fact that steem is worth 300 million even without all the blogging shit.

It's a lot more than 2x faster and more scalable than Litecoin if you only consider these 2 benefits alone, and Litecoin's marketcap is not much different, so maybe people just are sick of 10 minute blocks

Have you tried a transaction?

Try it, but I warn you,

You won't be happy going back to the crypto stone ages afterward.

How many STEEM clones will there be in 6 months?
How many will have a better launch?
Can those clones benefit from STEEM hype?
Does STEEM have any network effect?
How many crypto people would like to be insiders in a STEEM clone?

How many STEEM clones will there be in 6 months?
How many will have a better launch?
Can those clones benefit from STEEM hype?
Does STEEM have any network effect?
How many crypto people would like to be insiders in a STEEM clone?

Hi shit poster,
can you please migrate to steemit.com and earn you money there?
Thank you very much.
Its only 300 million marketcap because pretty much 95% of the supply is locked up. Of that 80% is in the hand of some few people.