What do you think of STEEM?

[Breakfastchief]

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.

[1714699509]

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[Searing]

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 need it explained in very very small words....and how do you 'mine' it or don't you ...briefly tried to look at how it worked but got lost.....

so any help for the impaired here is appreciated.....

It looks to me a bit thou like AMWAY you get more at the front end...more people get into it...the less you make..but if you are at the front end
you are golden (for bit anyway)

probably the above is FUD those in the know please clarify (again small words.....I seem to be quite dense trying to figure out steem or the angle there of)

thanks

[helloeverybody]

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.

[Arrakeen]

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.

Same type of behavior with this newly listed coin LBRY. Price skyrockets immediately after a launch nobody knew about? Wouldn't ever invest in something that doesn't even have a ceiling estimated....chances are it'll dump right after going in...

[ObscureBean]

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.

[monsanto]

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.

What's new about this? There's been lots of shitcoins with social media use cases for pump and dump purposes.

[CoinBreader]

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...!

[Divinespark]

I am a sceptic but I think it is interesting, and the decision to reward long time holders (SP) is a good design feature. Not sure it is a threat to BTC so much as it is to Reddit and FB.

[RussianRaibow]

I'm not sure what it's all about either.  I have seen a few different posts about it and I know that it went way up the marketcap charts, but that's about all I know.  I just signed up with an account over there and was reading some of the articles that are supposed to tell about it, but it was just too confusing.  They kept using jargon that I couldn't understand.  They talk about "powering up" and converting "steem power" into "steem." I don't get exactly how it all works together, but it sounds like you get paid for posting good content and also get paid for voting on other peoples content?  I seriously doubt it will ever overtake Ethereum or Bitcoin like they suggest.

[ElitistCA]

isnt it strange that reddit is supposedly valued at around 500 ml dollars, after years and Steem is above 300 mil after few weeks. I mean isnt it a bit overvalued for current state? 

[ObscureBean]

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.

[iamnotback]

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.

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?

[ThomasVeil]

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.

[iamnotback]

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.

Absolutely. 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).

The only question is whether they could ramp up usership with the pyramid scheme, then somehow transition those users to a more sustainable business model?

[ObscureBean]

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.

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'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.

[spartak_t]

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).

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

[iamnotback]

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.

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'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.

I had the same thought, the blog posts have more content. Reddit tends to be a link only and then lots of discussion. Steemit tends to be a long blog post followed by short amount of discussion.

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. But what happens when the funding to make payouts disappears as it surely will?

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?

https://medium.com/
http://www.livejournal.com/

What I notice is perhaps the more efficient layout of Steemit, and that Steemit has the Reddit style comment threads as compared to the two above.

I also notice that the content on Steemit tends to contain a lot of crypto currency+freedom/libertarian related themes and people (daring risk takers).

[unusualfacts30]

Isn't that same thing as those Startcoin social website that was paying users?

It died after a while

[iamnotback]

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).

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

The $10 was roughly for yearly. True it might be higher I guess in Western nations and lower in developing nations. I did a rough estimate based on CPM ad rates and multiple ads on the page back when I was evaluating Synereo and as far as I remember I came up with something less than $1 per day for a full time user unless some aggressive assumptions were made and then I guess it maxed out at something like a few $s per day, but this was for full time use. Whereas, we see usership is average of 10 minutes per session on the site now.

I will try to do some research on how much ad revenue is earned on average per blog page in the USA.

[spartak_t]

...

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....