Steemit.com: Blogging is the new Mining

[VintageBazaar]

I made a Steemit post, but I also wanted to poll the Bitcointalk Steem folks:

Do you think people are scared to upvote now days on Steemit?  http://www.strawpoll.me/12479915/r

i do know they are not scared to downvote.

https://steemd.com/@vintagebazaar

on steemd.com we can see who upvoted us (all the awesome people) but its a shame we can not see who downvoted us, id really like to see the accounts that downvote.  I've made 2 blog posts, both have down votes and certainly do not deserve it, due to the time and effort put into making them (hours) and its all original content.

Question is, how do the people benefit from down voting?

Because if they do not benefit anything from it.... then its what? Simply out of "badness" they down vote?

[chryspano]

I made a Steemit post, but I also wanted to poll the Bitcointalk Steem folks:

Do you think people are scared to upvote now days on Steemit?  http://www.strawpoll.me/12479915/r

i do know they are not scared to downvote.

https://steemd.com/@vintagebazaar

on steemd.com we can see who upvoted us (all the awesome people) but its a shame we can not see who downvoted us, id really like to see the accounts that downvote.  I've made 2 blog posts, both have down votes and certainly do not deserve it, due to the time and effort put into making them (hours) and its all original content.

Question is, how do the people benefit from down voting?

Because if they do not benefit anything from it.... then its what? Simply out of "badness" they down vote?

Maybe they removed the downvotes afterwards, steemd.com would show the downvotes(flags) as -100% or something like that, also clicking in the votes summury of your post shows the top upvoters or downvoters.

[drays]

Funny. So those billboards were funded by community, while no-one from that community spent a single cent..? Revolutionary .

What is "funny" is that's exactly how bitcoin mining works!

What is indeed Revolutionary is that STEEM is not electricity/power hungry and can allocate the "miners rewards" to blogers,  they can use the rewards as they see fit.

Nope. This analogy is irrelevant. Bitcoin miners spend a lot of money to get those Bitcoins - either via renting, or buying that expensive equipment, finding a place to run it, so it can be both secure and noise-tolerant, with capability of dissipating all that heat... Setting up the farms, monitoring all those devices for heat and power consumption... That is a lot of work and money. Been there done that.
While with such kinds of Steem "funding" nobody spends anything - nethier miney, nor an effort. Even the amount of time spent is negligible. Spend 10 minutes to post such crowdfunding request, then each voter spends 5 seconds top vote. Cheap and effective (while it works)...

[chryspano]

Funny. So those billboards were funded by community, while no-one from that community spent a single cent..? Revolutionary .

What is "funny" is that's exactly how bitcoin mining works!

What is indeed Revolutionary is that STEEM is not electricity/power hungry and can allocate the "miners rewards" to blogers,  they can use the rewards as they see fit.

Nope. This analogy is irrelevant. Bitcoin miners spend a lot of money to get those Bitcoins - either via renting, or buying that expensive equipment, finding a place to run it, so it can be both secure and noise-tolerant, with capability of dissipating all that heat... Setting up the farms, monitoring all those devices for heat and power consumption... That is a lot of work and money. Been there done that.
While with such kinds of Steem "funding" nobody spends anything - nethier miney, nor an effort. Even the amount of time spent is negligible. Spend 10 minutes to post such crowdfunding request, then each voter spends 5 seconds top vote. Cheap and effective (while it works)...

Even the occational advertizing crowfunding request may be considered "work" and it's beneficial imo if it helps to spread the adoption of the specific blockchain, what use or what "value" can pure POW have in a blockchain if this specific blockchain is dead in 2 years?

 

[drays]

Funny. So those billboards were funded by community, while no-one from that community spent a single cent..? Revolutionary .

What is "funny" is that's exactly how bitcoin mining works!

What is indeed Revolutionary is that STEEM is not electricity/power hungry and can allocate the "miners rewards" to blogers,  they can use the rewards as they see fit.

Nope. This analogy is irrelevant. Bitcoin miners spend a lot of money to get those Bitcoins - either via renting, or buying that expensive equipment, finding a place to run it, so it can be both secure and noise-tolerant, with capability of dissipating all that heat... Setting up the farms, monitoring all those devices for heat and power consumption... That is a lot of work and money. Been there done that.
While with such kinds of Steem "funding" nobody spends anything - nethier miney, nor an effort. Even the amount of time spent is negligible. Spend 10 minutes to post such crowdfunding request, then each voter spends 5 seconds top vote. Cheap and effective (while it works)...

Even the occational advertizing crowfunding request may be considered "work" and it's beneficial imo if it helps to spread the adoption of the specific blockchain, what use or what "value" can pure POW have in a blockchain if this specific blockchain is dead in 2 years?

Sure, such crowdfunds are beneficial to spread the adoption of a blockchain, its nothing to argue with... The idea of that crowdfund was good too (very good, actually). But the fact money can be generated without spending comparable effort (being it work or funds) raises concerns. If Steem rewards authors to the same extend to what they get if they publish the same work on regular media, the platform would be viable. Even if Steem rewards authors 2x what they get elsewhere, it could be viable and flourishing. But while it rewards 10x of the real value, or rewards for something of zero value (like copying or re-broadcasting content), the price would fall.
I hope this will stabilize at some point, but for that to happen developers need to create incentives for buying and holding Steem, be it a share in the company generating revenue from ads, or something else.

[chryspano]

Funny. So those billboards were funded by community, while no-one from that community spent a single cent..? Revolutionary .

What is "funny" is that's exactly how bitcoin mining works!

What is indeed Revolutionary is that STEEM is not electricity/power hungry and can allocate the "miners rewards" to blogers,  they can use the rewards as they see fit.

Nope. This analogy is irrelevant. Bitcoin miners spend a lot of money to get those Bitcoins - either via renting, or buying that expensive equipment, finding a place to run it, so it can be both secure and noise-tolerant, with capability of dissipating all that heat... Setting up the farms, monitoring all those devices for heat and power consumption... That is a lot of work and money. Been there done that.
While with such kinds of Steem "funding" nobody spends anything - nethier miney, nor an effort. Even the amount of time spent is negligible. Spend 10 minutes to post such crowdfunding request, then each voter spends 5 seconds top vote. Cheap and effective (while it works)...

Even the occational advertizing crowfunding request may be considered "work" and it's beneficial imo if it helps to spread the adoption of the specific blockchain, what use or what "value" can pure POW have in a blockchain if this specific blockchain is dead in 2 years?

Sure, such crowdfunds are beneficial to spread the adoption of a blockchain, its nothing to argue with... The idea of that crowdfund was good too (very good, actually). But the fact money can be generated without spending comparable effort (being it work or funds) raises concerns. If Steem rewards authors to the same extend to what they get if they publish the same work on regular media, the platform would be viable. Even if Steem rewards authors 2x what they get elsewhere, it could be viable and flourishing. But while it rewards 10x of the real value, or rewards for something of zero value (like copying or re-broadcasting content), the price would fall.
I hope this will stabilize at some point, but developers need to create incentives for buying and holding Steem, be it a share in the company generating revenue from ads, or something else.

There is not much if anything that I disagree with. Only two points to add, first about rewards, at this point rewards indeed can go way up or way down but my belief is that this is temporarily because it's too early, with time and more users/adoption I hope that this will be resolved.

But the fact money can be generated without spending comparable effort (being it work or funds) raises concerns.

While a legitimate blogger spents time and effort in order to create a quality post and thus creates some "work", I believe that the same aplies also to someone that creates a legitimate advertising campaing post and later does some more "work" in order to see the objective of his campaign fullfiled, the "advertizing sign" won't just simply apear by itself afterall, some more work needs to be done for this. Of course there will be "scammers" that will not fullfil their promises and they will run away with the money, or others that will try to take advantage of any "exploit" and "steal" funds, I can't really say much here except that I hope that there will not be a lot of cases that funds are given to "risky campaigns" or lost to "bad actors". Also I don't really know if there is a huge difference bettween money getting stolen at the "minting" process or after the minting process while sitting at an excange, ofcourse if there are lots of money "stolen" at the minting process this can be really harmfull.      

[Arumi.Bilqis]

what the latest system of steemit this blog, I see now began to decline and prices in the market also declined? how to improve his future back

[dranster]

When will STEEM go to 40000 again? I miss old time
Please go up STEEM, I love u

[traumschiff]

Funny. So those billboards were funded by community, while no-one from that community spent a single cent..? Revolutionary .

What is "funny" is that's exactly how bitcoin mining works!

What is indeed Revolutionary is that STEEM is not electricity/power hungry and can allocate the "miners rewards" to blogers,  they can use the rewards as they see fit.

Nope. This analogy is irrelevant. Bitcoin miners spend a lot of money to get those Bitcoins - either via renting, or buying that expensive equipment, finding a place to run it, so it can be both secure and noise-tolerant, with capability of dissipating all that heat... Setting up the farms, monitoring all those devices for heat and power consumption... That is a lot of work and money. Been there done that.
While with such kinds of Steem "funding" nobody spends anything - nethier miney, nor an effort. Even the amount of time spent is negligible. Spend 10 minutes to post such crowdfunding request, then each voter spends 5 seconds top vote. Cheap and effective (while it works)...

Even the occational advertizing crowfunding request may be considered "work" and it's beneficial imo if it helps to spread the adoption of the specific blockchain, what use or what "value" can pure POW have in a blockchain if this specific blockchain is dead in 2 years?

Sure, such crowdfunds are beneficial to spread the adoption of a blockchain, its nothing to argue with... The idea of that crowdfund was good too (very good, actually). But the fact money can be generated without spending comparable effort (being it work or funds) raises concerns. If Steem rewards authors to the same extend to what they get if they publish the same work on regular media, the platform would be viable. Even if Steem rewards authors 2x what they get elsewhere, it could be viable and flourishing. But while it rewards 10x of the real value, or rewards for something of zero value (like copying or re-broadcasting content), the price would fall.
I hope this will stabilize at some point, but developers need to create incentives for buying and holding Steem, be it a share in the company generating revenue from ads, or something else.

There is not much if anything that I disagree with. Only two points to add, first about rewards, at this point rewards indeed can go way up or way down but my belief is that this is temporarily because it's too early, with time and more users/adoption I hope that this will be resolved.

But the fact money can be generated without spending comparable effort (being it work or funds) raises concerns.

While a legitimate blogger spents time and effort in order to create a quality post and thus creates some "work", I believe that the same aplies also to someone that creates a legitimate advertising campaing post and later does some more "work" in order to see the objective of his campaign fullfiled, the "advertizing sign" won't just simply apear by itself afterall, some more work needs to be done for this. Of course there will be "scammers" that will not fullfil their promises and they will run away with the money, or others that will try to take advantage of any "exploit" and "steal" funds, I can't really say much here except that I hope that there will not be a lot of cases that funds are given to "risky campaigns" or lost to "bad actors". Also I don't really know if there is a huge difference bettween money getting stolen at the "minting" process or after the minting process while sitting at an excange, ofcourse if there are lots of money "stolen" at the minting process this can be really harmfull.      

Lets not forget how the early miners (instaminers - short pow, relaunch to help the devs and their friends) DECIDE what earns money (what reaches frontpage) and what doesn't. Either those whales dump the STEEM price to 100 sats and make it more decentralized by giving away their shares or they just keep staking and keep their power, this isn't anymore decentralized than reddit with its 10 admins / subreddit. Considering this, some people literally need 0 amount of work and can get to the frontpage and others with quality work will never get there. Flawed by design.

The only way this could have worked is with a fair airdrop distribution resulting in no whales and giving birth to a community which decides what to vote up to the top, but that wouldn't have made enough money for the Larimers.

With Bitcoin no one gets to decide who gets block rewards, it's simply a matter of investment into the mining infrastructure, but the system is fair technically.

[layoutph]

Is this the death of STEEMIT? keeps dropping everyday

[Golku]

Any reason why its going lower and lower everyday ?

[MrWhiteBites]

There are big whales that made a fortune and can  happily power down and sell all day at any price.

So until thy have sold all steem price will get smashed tp floor.


Its getting to the point where i want someone to unload to 1 satoshi, then we  an only go up from there.

[nellz]

Any reason why its going lower and lower everyday ?

about what you're talking about a low, can you describe in more detail?

The steem trade going -neg. A bad sign for user.

[yefi]

The steem trade going -neg. A bad sign for user.

I see pump potential here. Founders Ned and Dan are choosing not to power down presently, so perhaps the time is ripening for some blockchain, social media hype-arooney.

[Yaremi]

Hello.

What is last mandatory update of node that needed for exchanges?

[MrWhiteBites]

Is there meant to be a fork coming for STEEM?

If they can attach a rocket to it, that would be great thank you. 

[traumschiff]

@Smooth Nearing 5k sats as I said, nothing can hold this project at these price levels with the garbage economics it has. I guess you don't mind though, as you never invested because you were one of the earliest miners. This won't slow down till 9-1200 sats at which point the payouts will be so minimal people will stop using Steemit. Even if it pumps tho, it royally fucked every investors coming down from a few hundred thousands sats / coin.

[tempus]

Does anybody know what happened here?

https://steemit.com/steem/@dan/today-i-submitted-my-resignation-to-steemit-inc

https://steemit.com/steem/@dana-edwards/dan-larimer-is-leaving-steem-it-s-time-for-me-to-power-down

[yefi]

Does anybody know what happened here?

https://steemit.com/steem/@dan/today-i-submitted-my-resignation-to-steemit-inc

https://steemit.com/steem/@dana-edwards/dan-larimer-is-leaving-steem-it-s-time-for-me-to-power-down

Damn, I spoke to soon, lol. Looks like Steem will sink to a new ATL then.

Btw, thanks for the links - that steemdown.com is a really useful site.

[forzendiablo]

Dan is like Satoshi a genious

STEEMs days are counted. Do not buy this, just sell and get into other coins