STEEM: genius design and execution, but what can I spend it on?

[Bimmerhead]

I read the white paper yesterday and the STEEM devs have really done an excellent job with their subjective proof of work design. However, where can I actually spend STEEM?

Most altcoins have a unique spending proposition. For example Siacoin let's you buy distributed cloud storage. Maidsafe is promising the ability to buy distributed web hosting. Or, the altcoin has a design feature that the developers propose make it 'better' than bitcoin: Litecoin has quicker confirmations. DASH has better anonymity.

Maybe I missed it in the whitepaper, but I don't see what advantage STEEM has on the demand side (as opposed to the supply side, which is brilliant).

[dwgscale11]

I read the white paper yesterday and the STEEM devs have really done an excellent job with their subjective proof of work design. However, where can I actually spend STEEM?

Most altcoins have a unique spending proposition. For example Siacoin let's you buy distributed cloud storage. Maidsafe is promising the ability to buy distributed web hosting. Or, the altcoin has a design feature that the developers propose make it 'better' than bitcoin: Litecoin has quicker confirmations. DASH has better anonymity.

Maybe I missed it in the whitepaper, but I don't see what advantage STEEM has on the demand side (as opposed to the supply side, which is brilliant).

Uh nothing, it will be another hyped shit coin that crashes and burns after the insiders made their money.  Good luck all.

[European Central Bank]

It's freaking excellent for sucking bitcoin out of the dumb and greedy.

What other possible use does anyone need?

[TrueAnon]

It is good idea but as usual run poorly, thus ppl will get scammed.

[iamnotback]

I read the white paper yesterday and the STEEM devs have really done an excellent job with their subjective proof of work design.

Have you lost your mind  

Get a grip on reality.

[jjacob]

Next phase is constructing a STEEM Craigslist.  But obviously they have more work to do on their security  so I would not expect STEEM BAZAAR to debut anytime soon.  Currently the most useful thing you can buy with STEEM DOLLARS is BTC at Bittrex.

That is good enough for people who view it as an investment. You don't really need any innovative uses on the demand side for an alt to become a hit.

[iamnotback]

Next phase is constructing a STEEM Craigslist.  But obviously they have more work to do on their security  so I would not expect STEEM BAZAAR to debut anytime soon.  Currently the most useful thing you can buy with STEEM DOLLARS is BTC at Bittrex.

That is good enough for people who view it as an investment. You don't really need any innovative uses on the demand side for an alt to become a hit.

You neophytes need to get a grip on reality.

[BigSirko]

So this Crypto's big secret weapon?  Re-invent the wheel?  "Let's copy Reddit.  Let's copy Craigslists.  Blah Blah"        

I think NXT demonstrated a long time ago the current market doesn't care about authentic innovation.  The speculator market seems to go for this flavour of the month stuff and preys on people's gullibility.    Unfortunately, what happens time and time again is people lose money on their pumps and then they leave through the front door, swinging it on the way out, claiming they got scammed / manipulated into buying some horse shit.

  

[FruitBucket]

Maybe I missed it in the whitepaper, but I don't see what advantage STEEM has on the demand side (as opposed to the supply side, which is brilliant).

Well therein lies exactly the problem of STEEM. It only works if people keep investing in the coin and platform. You would need to believe that Steem grows to Facebook / Reddit size - only then investments make sense.

[iamnotback]

Next phase is constructing a STEEM Craigslist.  But obviously they have more work to do on their security  so I would not expect STEEM BAZAAR to debut anytime soon.  Currently the most useful thing you can buy with STEEM DOLLARS is BTC at Bittrex.

That is good enough for people who view it as an investment. You don't really need any innovative uses on the demand side for an alt to become a hit.

You neophytes need to get a grip on reality.

2 months later, STEEM devs are keeping their word by releasing phase 2:

https://encrypted.google.com/search?q=steemit+escorow+14&ie=utf-8&oe=utf-8&aq=t

How's your phase 1 coming along?

Phase 1 of mine and Phase 2 of Steem is roughly analogous to comparing Michael Jordan in his senior of high school to Gary Coleman at the pinnacle of his career in athletics.