What do you think of STEEM?

[r0ach]

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.  One such example being censorship.  You start to think, is this thing supposed to be censorship resistant?  Then you think, well is that even a good thing?  Because people would turn it into a giant illegal porn site, or a giant spam site, so you would have to moderate the site 24 hours a day in order to make it "politically correct" enough to attract the sheeple userbase main demographic of society and evade law enforcement, while not censoring enough of their posts to dissuade them from using the site.  

What a balancing act there.  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.

[iamnotback]

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.

(P.S. this was a joke about how amazed I was that filipinas don't have the same opinion of physical handsomeness that we typically ascribe to in the USA, that's all. When I was 29 and my filipina gf said some 60 year old bald dude with a big belly was handsome, I puked up my sodapop. Now I am that old dude, almost)

[spartak_t]

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.

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.

[iamnotback]

...

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....

I think that is the article I had referenced in the Synereo thread months ago. Yeah is < $10 per year in Asia and ~$25 in North America. I don't see how they can incentive blogging in the same rich content format with only $25 per user payouts per year. So thus the revenue to pay users has to come from other users, which of course won't be popular. So it seems it can only be a funded model during the current pyramid pump.

[iamnotback]

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.

Hey I am fairly emphathetic and love people. But I played American football and we used to for example tape the fat kid naked to the poll outside because he couldn't keep up during the running at the end and we had to stay longer because of him. At the end of the season, he was best buddies with us.

So I am little bit prankster asshole (such as I was the teenager who would flash my naked ass out the window of the car), just a little bit and it was just meant in jest as a joke. You can tease me too as I am blind in one eye. Hey they like big noses over here Philippines. I was shock when I first came over here at age 26 and all the girls were grabbing my nose. Enjoy what you got.

Dan and Papa Stan:

https://www.linkedin.com/in/stanleylarimer

[ObscureBean]

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

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?

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

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

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.

[iamnotback]

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

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?

Fails Occam's Razor test? Why 3000 signups per day? Because of the $800 payouts on a blog post.

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

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.

I agree it is different in terms of types of articles, layout, than the other blog sites I provided as examples.

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?

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 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.

[European Central Bank]

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.

[Mokuton]

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

[iamnotback]

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

That would only be like a 14X gain from current price. About what Ethereum did earlier this year.

It doesn't necessarily need to be sustainable to do that.

We don't see how it is economically sustainable. You can read our prior posts on why. Do you have any idea how it might be economically sustainable after reading our posts?

[spartak_t]

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

Reddit was launched like 10 years ago, it has hundreds of millions users and it is high on Alexa rankings. You can't compare it with Steem, which launched few months ago (If I am not mistaken). Current market cap is way too overvalued!

[European Central Bank]

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?

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

as always by the time the hype boots in, it's not a tempting buy for me. not enough upside considering the risk.

[iamnotback]

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?

I agree. There is no valuation being built on actual expectation of sustainable adoption. It is speculators chasing a bubble, and perhaps some insiders manipulating the price by buying from themselves on the exchanges. Just like ETH, it is possible to rocket way up in price before the party ends.

[BitMaxz]

I didn't heard about this altcoin and they are giving free steem per quality of post..  i think this altcoin is good if they are release more usage about this altcoin.. more adoption should be made before we can say that this altcoin is one of the great to invest.. But in my opinion this is still new and there still no usage about this coin.. its good if you have some but its also good if you dont have.. for safety purposes.

[spartak_t]

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

Of course there is, because current situation is not normal. There might be some high interest in STEEM, but imo most of the volume is faked. I believe that it will FAIL, which means that at the moment it is overvalued and it will drop to a lower prices.  

EDIT: I've said it number of times and I will repeat it again. It is the people who are giving a real price to a certain coin (or whatever), not the tech and pump & dump schemes.

[ProfessionalBitsurgeon]

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

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

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.

Cutting to the chase: how much time left to make hay? Because hay is being made... http://coinmarketcap.com/

[European Central Bank]

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.

[ProfessionalBitsurgeon]

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.

Well yeah, what did you think social media is?

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.

I'm not saying that the world is getting on board, merely asking how much time do you suppose we have to make hay? Because I like hay.
(1 million is *amazing* volume for something like this. It's already third coin by market cap / fifth by volume.)

[ObscureBean]

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.

So what? that would only matter if you'd been focused on the money rather than having fun posting. If the site dies out in a few weeks, I'm not going to cry over it, I'll just move on.
There is no money "investment" that is required from anyone so you could forget about the rewards completely and just enjoy reading the blogs and commenting.
Personally, I'm not even thinking about the coin, if something comes of it and I find myself with some extra money fine, if not then that's fine too. I wouldn't have lost anything anyway.

[Zer0Sum]

Why is it more fun than Reddit?

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.

They are taking dead aim at Bitcoin.

https://steemit.com/bitcoin/@dantheman/can-bitcoin-scale-to-keep-up-with-demand-created-by-steem