Steemit.com: Blogging is the new Mining

[profitgenerator212]

found this cool account creator yesterday.

requires another account to pay a 6 steem fee, but totally worth it if you have friends that don't want to wait for an account!

https://robertdurst.github.io/index.html

But arent creating account on steemit free anyways?
Why would anybody want pay even 6 steem to do this for them?
Does not make sense man.

It is, but there is a lot of queue for new signups. So if you want an account faster, you can pay for one.

[Gleb Gamow]

found this cool account creator yesterday.

requires another account to pay a 6 steem fee, but totally worth it if you have friends that don't want to wait for an account!

https://robertdurst.github.io/index.html

But arent creating account on steemit free anyways?
Why would anybody want pay even 6 steem to do this for them?
Does not make sense man.

It is, but there is a lot of queue for new signups. So if you want an account faster, you can pay for one.

That's almost ten bucks!  Ten bucks I'd rather use to tip some vamp for a lap dance at The Legends Room in Vegas.  FWIW, TLR is opening in two weeks since March 2017, where the girls working there can also be used as coffee warmers (if that's your cup of [Long Island] tea; ice is free for members who paid U$5,000 for a lifetime membership, else it's ... wait for it ... ten bucks).

 

[smooth]

found this cool account creator yesterday.

requires another account to pay a 6 steem fee, but totally worth it if you have friends that don't want to wait for an account!

https://robertdurst.github.io/index.html

But arent creating account on steemit free anyways?

No, there are no free accounts. Someone pays for it. When you sign up on steemit.com, Steemit Inc pays for your account.

When they get around to it, if they feel like it.

[HR]

Registration is slow right now due to the huge increase in new users. It's currently taking several days to process new signups due to the increased volume. Be patient.

Proposed HF20 means to address this issue. https://steemit.com/steemit/@steemitblog/proposing-hardfork-0-20-0-velocity

[kekek]

lol the users on this site are full on retarded, 0% chance of it becoming mainstream

Guarantee it will be dead by the time 2019 comes around

[ekin4]

lol the users on this site are full on retarded, 0% chance of it becoming mainstream

Guarantee it will be dead by the time 2019 comes around

I raised the bet and say RIP Steem until the end of 2018.
I don't know why anyone would like to invest Steem. Basically whales get money from air and sell on exchanges. Easy profit for them.

[profitgenerator212]

found this cool account creator yesterday.

requires another account to pay a 6 steem fee, but totally worth it if you have friends that don't want to wait for an account!

https://robertdurst.github.io/index.html

But arent creating account on steemit free anyways?

No, there are no free accounts. Someone pays for it. When you sign up on steemit.com, Steemit Inc pays for your account.

When they get around to it, if they feel like it.

Yes they pay for the bandwidth, but they could upgrade their servers if they want.

But of course we see tons of spam and plagiarism from newbies (like copy pasting articles from news websites). Maybe Steemit Inc doesn't want more of that so they cut back some of the signups.

I think they could offer paid accounts though, at least that would disincentivize newbies from doing immoral things there, since they paid for it, they would be more careful.

[yolo420x6]

Has any altcoin really succeeded without the use of traditional mining?

[profitgenerator212]

Has any altcoin really succeeded without the use of traditional mining?

Yes, just look at the many POS or hybrid coins. Mining is not necessary in all coins. It provides extra security benefits, but it can be argued that for other project, scalability and usability should be focused on. That doesnt mean that security is not needed, but a more centralized coins, doesnt need as many nodes, and it's role is not necessarily complete decentralization. But just providing a service.

[dottom]

Steemit can't last. None of the new users are making any money so they aren't going to invest. Watch it tank by end of year as user adoption shrinks and all the new users the last few months bail.

Someone smart said https://bitcointalk.org/index.php?topic=1548369.msg20285001#msg20285001 about Steemit:

The Steemit supporters seem to be celebrating the success of Steemit (200k users, 14k new posts per day), but the Steemit pyramid will come to an end soon. Here's why:

1. Rewards now are very little, often $0.00 or $0.01 for new users even with some upvotes. Because there is a fixed rewards pool, the rush of new users are all competing for that slice. While a year ago you could earn some decent $ posting even as an average user without the luck of a whale upvoting, now even with a dolphin account upvoting your post, you'll get make 10 cents. Motivation is not there to post.

2. Getting visibility and followers is really hard. They call it the grind - interacting with the community, building relationships, getting followers, aka social networking. But with 14k posts per day and growing, all the posts scroll past the first page in each tag so quickly, you get very little visibility. The success stories are the users who already have 100k+ followers on Youtube and bring them over. But those followers will give up after a week or two when they realize they can't earn much $ as an average user.

3. Since hard fork 19 (HF19), the dolphin and whale accounts are motivated to upvote themselves. The ability to earn $ curating other posts is very small compared to just upvoting your own posts or comments. This makes it harder for new users to earn and be discovered (one of the original premises of the platform).

4. There's a lot of crappy content. If you have 100k Steem Power and a few thousand followers, you need to churn out 2-4 posts a day to make your $100 to $300. The whale accounts that do upvote others tend to upvote the same few accounts, kind of like the 1% only doing business with other 1%ers. Good content is going unnoticed and crappy content such as bad memes, a few lines, reposting old videos, etc. earn $100+.

5. Bots, bots, bots. Some bots are good when they post useful comments or make upvotes to help new users, but most of the bots are just whale accounts auto-voting to maximize their rewards daily. Take the human interactions and curation out (even if they were limited due to the above reasons) and even fewer new users will earn rewards.

Conclusion: Steemit has a pyramid-like dependency on new money coming into steem to prop up the price. Users will start dropping off and new investors who may have looked to buy steem will shy away because it's too hard to earn now.  It was a good ride for a few people who made $100k or more, early whale accounts made 7 figures. Time to power down before the other whales do and tank the price.

P.S.: If steem drops back down to 10-cents, do you buy in and try to ride a rebirth?

[profitgenerator212]

Steemit can't last. None of the new users are making any money so they aren't going to invest. Watch it tank by end of year as user adoption shrinks and all the new users the last few months bail.

Someone smart said https://bitcointalk.org/index.php?topic=1548369.msg20285001#msg20285001 about Steemit:

Nonsense. The payouts on Steemit are actually a drag on the price not a boost.

If it pays out less, but only pays out to people who actually post great content (not plagiarizer shitposters, that copy paste newspaper articles), that gives value to Steemit.

By the way Steem is a 0 fee currency. If somebody would create a market for goods and services based on Steem, like Openbazaar is for Bitcoin.

Then Steem's value would skyrocket. At the moment it's only a social media. But it can be much more than that.

[dottom]

Nonsense. The payouts on Steemit are actually a drag on the price not a boost.

Disagree. The payouts on Steemit have nothing to do with price directly because there is a fixed payout no matter if there's only 1 post per day or 14k posts per day. When there were only a few authors & curators, the rewards were higher. As the # of users has grown to over 200k (and climbing), the rewards per average user is going way down. The only way for rewards to continue to pay enough to keep people interested is if more people buy steem and power up their accounts with steem power (in order to earn more rewards). It's a classic Ponzi paradox.

The reason the payouts will affect the price of steem is because the entire Steemit platform relies on new blood (the Ponzi aspect). New blood won't pay to power up if they are earning $0.01 per post. The new blood reads the posts from a year ago when a popular post could make $1500 and they think they can make money. When reality sets in and they realize they can't make any money without buying in at a high amount (and then taking a big risk that the platform will be around for a year so they can recoup their power up investment), everyone bails and the price tanks.

If it pays out less, but only pays out to people who actually post great content (not plagiarizer shitposters, that copy paste newspaper articles), that gives value to Steemit.

Bullshit. The whales and dolphin accounts post crappy content all day long so they can get their author and upvote rewards from self-voting + votes from their followers who worship them in false hopes that these large steem power accounts might show some upvote love to their minions.

There is a TON of crappy content every few minutes (including posts like a picture of Hitler on a toilet). There are fake fan pages with NSFW content earning $50 because stupid people still up vote when they see skin. There's stupid memes and recycled Youtube content that is literally just a headline, 3 words and an image or video link making $ because they are posted by high steem power accounts.

[SonyEricSon]

I just realized, it turns steemit is owned stem coin
But they've been around for a long time, but I just realized it now lol

[profitgenerator212]

Disagree. The payouts on Steemit have nothing to do with price directly because there is a fixed payout no matter if there's only 1 post per day or 14k posts per day. The reason the payouts will affect the price of steem is because the entire Steemit platform relies on new blood. New blood won't pay to power up if they are earning $0.01 per post. The new blood reads the posts from a year ago when a popular post could make $1500 and they think they can make money. When reality sets in and they realize they can't make any money without buying in at a high amount (and then taking a big risk that the platform will be around for a year so they can recoup their power up investment), everyone bails and the price tanks.

But more established members are less likely to cashout. The more money you have the less in % you will cashout due to FOMO. Plus it's slow to cashout like 50,000$.

But if you earn 50$ for a mediocre article with 50% SBD/SP payout, you'd bet that that person will cashout that 25$ and gamble the money on some silly casino 7 days afterwards.

Simply put, rich people are more responsible with their money and investments. Sorry but this is the truth.

Bullshit. The whales and dolphin accounts post crappy content all day long so they can get their author and upvote rewards from self-voting + votes from their followers who worship them in false hopes that these large steem power accounts might show some upvote love to their minions.

There is a TON of crappy content every few minutes. There are fake fan pages with NSFW content earning $50 because stupid people still up vote when they see skin. There's stupid memes and recycled Youtube content that is literally just a headline, 3 words and an image or video link making $ because they are posted by high steem power accounts.

It's called subjective value theory:
https://en.wikipedia.org/wiki/Subjective_theory_of_value

In most people's minds, cat pictures, and other pussy pictures in NSFW are what it is worth.

It is lame that most people don't watch science and educational material, but that is just how people are. Ignorant dumbasses, you will find 1000x more pussy related articles than quantum physics. It's just how people are.

So if people like to blog about their travel experiences or about their romantic life. So be it. Not everyone is a quantum physicist.

[kekek]

By the way Steem is a 0 fee currency. If somebody would create a market for goods and services based on Steem, like Openbazaar is for Bitcoin.

Then Steem's value would skyrocket. At the moment it's only a social media. But it can be much more than that.

Here's the thing though. It has been almost a year now and so far the only thing steem has going for it is a shitty reddit knock-off.

Dan left a few months back to work on his own thing.

Plus, most of the steempower is held by a few crazy people who tend to only upvote eachother. Right now, there is an account that has ~400,000 SP delegated to it and only serves to push anti-vaccine conspiracies. There's no chance of mainstream adoption when you have wackos like that running around.

There is 0 future for steemit and steem.

Edit:

"But if you earn 50$ for a mediocre article with 50% SBD/SP payout"

Lol, who the fuck is earning 50 for a "mediocre" article? Unless you already have a few whale friends, you will struggle to earn 5 or even .5 on a post

[profitgenerator212]

Here's the thing though. It has been almost a year now and so far the only thing steem has going for it is a shitty reddit knock-off.

Dan left a few months back to work on his own thing.

Yes I agree, more development is needed. Ned should hire some good front-end developers and should add some nice features to the website like a chatbox, more social features, or even games. Like facebook. It should be more fun.

Plus, most of the steempower is held by a few crazy people who tend to only upvote eachother.

Yes there is a little bit of bug with the latest hardfork, it messed up the delegation system, people can double vote on their posts, that needs to be fixed.

Right now, there is an account that has ~400,000 SP delegated to it and only serves to push anti-vaccine conspiracies. There's no chance of mainstream adoption when you have wackos like that running around.

So you think 2 week old babies should be injected with mercury filled vaccines? At 2 weeks old you don't even have an immune system, and rely heavily on the immunity hormones contained in the breast milk. But you think it's a good idea to inject mercury filled vaccines into babies, since that is what most vaccines contain. It's not a conspiracy theory, it is written on the instruction paper that it contains mercury.

[kekek]

Here's the thing though. It has been almost a year now and so far the only thing steem has going for it is a shitty reddit knock-off.

Dan left a few months back to work on his own thing.

Yes I agree, more development is needed. Ned should hire some good front-end developers and should add some nice features to the website like a chatbox, more social features, or even games. Like facebook. It should be more fun.

Plus, most of the steempower is held by a few crazy people who tend to only upvote eachother.

Yes there is a little bit of bug with the latest hardfork, it messed up the delegation system, people can double vote on their posts, that needs to be fixed.

Right now, there is an account that has ~400,000 SP delegated to it and only serves to push anti-vaccine conspiracies. There's no chance of mainstream adoption when you have wackos like that running around.

So you think 2 week old babies should be injected with mercury filled vaccines? At 2 weeks old you don't even have an immune system, and rely heavily on the immunity hormones contained in the breast milk. But you think it's a good idea to inject mercury filled vaccines into babies, since that is what most vaccines contain. It's not a conspiracy theory, it is written on the instruction paper that it contains mercury.

You and I know full well that isn't going to happen.

And lol you sure are sensitive about vaccines. Did all the people on facebook and reddit call you out on your idiocy, so now you're left going to the other retards on steemit for validation?

See this is the shit I'm talking about, wackos like you are just gonna scare the normal people off. No new blood = dead site.

[smooth]

You are all making too much out of who gets upvoted and who doesn't. The total posting and voting rewards are only about 6.9% of the market cap per year and dropping every year. Yes the rewarding scheme is useful to try to attract and retain users, and to the extent that it is successful in attracting some users that is perfectly okay. Even if it is only a few (semi) famous people who have a following and get votes, even thats perfectly okay, since it gets exposure and followers on to the platform too.

Most of the market cap (i.e. the other 93.1%) simply comes from the fact that is a decent crypto with a reliable code base, active development, a good size user base probably bigger than all but <5 others, nice functionality in terms of 3 second blocks, decent scalability, zero transaction fees, a somewhat-functional pegged stable coin, etc. It doesn't come from giving away a small amount of coins, and it won't go to zero because those coins aren't being given out to the users you think they should be given out to.

[profitgenerator212]

You are all making too much out of who gets upvoted and who doesn't. The total posting and voting rewards are only about 6.9% of the market cap per year and dropping every year. Yes the rewarding scheme is useful to try to attract and retain users, and to the extent that it is successful in attracting some users that is perfectly okay. Even if it is only a few (semi) famous people who have a following and get votes, even thats perfectly okay, since it gets exposure and followers on to the platform too.

Most of the market cap (i.e. the other 93.1%) simply comes from the fact that is a decent crypto with a reliable code base, active development, a good size user base probably bigger than all but <5 others, nice functionality in terms of 3 second blocks, decent scalability, zero transaction fees, a somewhat-functional pegged stable coin, etc. It doesn't come from giving away a small amount of coins, and it won't go to zero because those coins aren't being given out to the users you think they should be given out to.

The question is why would people buy Steem? The price value comes from the fact that there are buyers.

Most of it now is speculation, anticipation of future value, which can be quite good for a big Social Media platform of the kind of Steemit that is totally new with totally innovative features, and of course censorship resistance...

Later the speculation activity will be replaced by real value generation, I can easily see some marketplace being setup where Steem is the currency. It's a perfect currency, it's a little bit inflationary, and it has 0 fees. So it's just like a fiat money but without fees and electronic. I mean just this alone can make Visa and Mastercard cry.

So speculators today anticipate this future, as am I. What will happen, I don't know. The blockchain tech is definitely scaleable, I think Dan said that it can hold like 5000 tx/s which is like Reddit level size, and Steemit is nowhere near Reddit size now.

So probably Reddit is the first biggest competitor to Steemit right now. Once Steemit.com get's enriched with other features, then we will go after Facebook.

It will be an interesting journey, FB took like 5 years to become to a decent size. Steemit is at it's 2nd year now.

[2Pac]

I just realized, it turns steemit is owned stem coin
But they've been around for a long time, but I just realized it now lol

Steemit has 2 coins. You can find them in almost all exchanges.
STEEM
Steem Backed Dollar (SBD)