How and why Steem failed ?

[DecentralizeEconomics]

At some point, everyone was talking about it, I've even seen people in the introduction section writing how they quit their full-time jobs, etc... just to stay with Steem and now, It's pretty much gone with ~100m $ market cap while It was almost 300m $

Steem was a ponzi scheme from the beginning.
I can not believe some people really quit their jobs just for that.I guess that had been obvious pumpers writing bs.
Steem will bleed out and the only ones whp profited will be the early owners and devs.
The less this coin will be worth the less people will post on tsteemit because they hardly earn any money from it.
In a few months this whole project will be forgotten.

And Stan, Dan and their Chinese Communist buddies will be living happily ever after, because they will have gotten away with it again.  And don't worry, if there are any legal implications, Ned will take the fall for them.  Once they cease hosting their centralized Steemit website, they'll inform everyone that the great experiment has failed from their yacht phones while sailing for international waters.

THE END

[1714601382]

1714601382

[bbc.reporter]

The development team of Steem should look for the areas where they should improve their product. The earners of Steem sell their coins immediately because what use is it to them except to sell for bitcoins. This trend will continue until the developers can think of a way to make their users stop selling and start holding. Maybe make it anonymous and have the darkmarket accept Steem for payment.

[freequant]

And Stan, Dan and their Chinese Communist buddies will be living happily ever after, because they will have gotten away with it again.  And don't worry, if there are any legal implications, Ned will take the fall for them.  Once they cease hosting their centralized Steemit website, they'll inform everyone that the great experiment has failed from their yacht phones while sailing for international waters.

THE END

I'll do the disclaimer for you:
DecentralizedEconomics is an active member of the Synereo community, a direct competitor of Steem.

[raphma]

well... the hype is gone but that doesn't mean the death of steem. wait for the price correction, next updates and other stuff.
and anyone quitting their job and going full retard on ONE coin/investment/project deserves this "torture"(watch the price falling down).

[Red-Apple]

At some point, everyone was talking about it, I've even seen people in the introduction section writing how they quit their full-time jobs, etc... just to stay with Steem and now, It's pretty much gone with ~100m $ market cap while It was almost 300m $

i said this before when it first came out and everybody was talking about it and everybody was excited about steemit and earning millions with it.

it is only a cool idea and is not going to work long term.

people get excited about it because at first they could earn like $500 for posting a topic on steemit! so it created a big hype in the market too which pumped the price but eventually when the earning turned into a more realistic one like 1 cent and less everybody starts quitting especially because none of them were content writers that had anything valuable to read.

[Zer0Sum]

well... the hype is gone but that doesn't mean the death of steem. wait for the price correction, next updates and other stuff.
and anyone quitting their job and going full retard on ONE coin/investment/project deserves this "torture"(watch the price falling down).

Nobody walks away from a $120 million platform, so the drama has just begun...
And Steemit has done some original things which is the whole point of Alts:

(1) Pay people to play... instead of forcing people to buy obscure, pumped tokens like AMP to play.

(2) Force everyone to hodl 1-2 years before cashing out (HodlCoin tried this, but had nothing else).

(3) Internal market + USD pegged currency on blockchain.

(4) First large scale use of hi-stake in the 100% range for Steem Power...
So users holding SP have taken a much smaller hit than the STEEM token in the last month.

(5) Maintaining a tiny liquid float of < 5% using various algos.

(6) The community is actually nice and civilized, unlike most crypto hell holes.


The only way crypto will EVER go mainstream is with user friendly ideas like these...
And the Steemit "social media" thing is just a bootstrap mechanism... maybe surprises in the pipeline.

[crairezx20]

See why people are always believing in new altcoin but the truth those altcoin or new altcoin for scam people. those devs are making the copy of other altcoin to scam people again.. they can get more in investment site or cloud mining site now they are here in altcoin section to make a scam altcoin so beware to choose what altcoin is the best.

[DecentralizeEconomics]

And Stan, Dan and their Chinese Communist buddies will be living happily ever after, because they will have gotten away with it again.  And don't worry, if there are any legal implications, Ned will take the fall for them.  Once they cease hosting their centralized Steemit website, they'll inform everyone that the great experiment has failed from their yacht phones while sailing for international waters.

THE END

I'll do the disclaimer for you:
DecentralizedEconomics is an active member of the Synereo community, a direct competitor of Steem.

Nice try.  Synereo has no "competitor".

[freequant]

Nice try.  Synereo has no "competitor".

^ this. You are going to see a lot more rhetoric like that.

[Cboy]

At some point, everyone was talking about it, I've even seen people in the introduction section writing how they quit their full-time jobs, etc... just to stay with Steem and now, It's pretty much gone with ~100m $ market cap while It was almost 300m $

They got some thousands $ from their introduction posts,( pretty girls mostly) and believed their income will continued like that. I haven't visited steemit recently but the last time i checked some bloggers made significant amount of $ on every post. (because they were upvoted by whales).

[BigSirko]

At some point, everyone was talking about it, I've even seen people in the introduction section writing how they quit their full-time jobs, etc... just to stay with Steem and now, It's pretty much gone with ~100m $ market cap while It was almost 300m $

They got some thousands $ from their introduction posts,( pretty girls mostly) and believed their income will continued like that. I haven't visited steemit recently but the last time i checked some bloggers made significant amount of $ on every post. (because they were upvoted by whales).

It's a thought committee.  Steem whales upvote the women's posting their travel blogs, thinking bumping attractive women to the top will get more men, who spend money, to come onboard.  Giving $1000s to these women per post?  It's just a marketing cost.

[Cboy]

well... the hype is gone but that doesn't mean the death of steem. wait for the price correction, next updates and other stuff.
and anyone quitting their job and going full retard on ONE coin/investment/project deserves this "torture"(watch the price falling down).

The only way crypto will EVER go mainstream is with user friendly ideas like these...
And the Steemit "social media" thing is just a bootstrap mechanism... maybe surprises in the pipeline.

Good points , but it could have done more to keep the minnows on it. Most of them have gone away after some posts not making any $.
Also the centralization of the platform in a small group of people is not a good thing.

[Cboy]

At some point, everyone was talking about it, I've even seen people in the introduction section writing how they quit their full-time jobs, etc... just to stay with Steem and now, It's pretty much gone with ~100m $ market cap while It was almost 300m $

They got some thousands $ from their introduction posts,( pretty girls mostly) and believed their income will continued like that. I haven't visited steemit recently but the last time i checked some bloggers made significant amount of $ on every post. (because they were upvoted by whales).

It's a thought committee.  Steem whales upvote the women's posting their travel blogs, thinking bumping attractive women to the top will get more men, who spend money, to come onboard.  Giving $1000s to these women per post?  It's just a marketing cost.

On the other hand , i think many people abandoned steemit for that reason. A pretty girls posting some of here photos and got thousands of $ while an interesting article with lot of research not even reached 50 $. The power of whales is one of the biggest disadvantages of the platform.

[Gaugh]

Steem failed basically because people were not making money from the quality of their content, but from how well they were able to accrue votes to themselves. People post rubbish and get heaps of votes - that kind of system is bound to fail with time.

[flipme]

well... the hype is gone but that doesn't mean the death of steem. wait for the price correction, next updates and other stuff.
and anyone quitting their job and going full retard on ONE coin/investment/project deserves this "torture"(watch the price falling down).

Nobody walks away from a $120 million platform, so the drama has just begun...
And Steemit has done some original things which is the whole point of Alts:

(1) Pay people to play... instead of forcing people to buy obscure, pumped tokens like AMP to play.

(2) Force everyone to hodl 1-2 years before cashing out (HodlCoin tried this, but had nothing else).

(3) Internal market + USD pegged currency on blockchain.

(4) First large scale use of hi-stake in the 100% range for Steem Power...
So users holding SP have taken a much smaller hit than the STEEM token in the last month.

(5) Maintaining a tiny liquid float of < 5% using various algos.

(6) The community is actually nice and civilized, unlike most crypto hell holes.


The only way crypto will EVER go mainstream is with user friendly ideas like these...
And the Steemit "social media" thing is just a bootstrap mechanism... maybe surprises in the pipeline.

You've just put it nicely, crypto hell hole is a nice term especially.

[flipme]

Steem failed basically because people were not making money from the quality of their content, but from how well they were able to accrue votes to themselves. People post rubbish and get heaps of votes - that kind of system is bound to fail with time.

Please bitch, how, where and when did STEEM fail? Its running better than ever.
Its an amazing success, receiving the usual rigged crypto game treatment.
The leverage is extreme, a little bit of liquidity and demand will drive it thru the ceiling, easier than any other coin around.

[BellaBitBit]

My observations :

-Too many people with good quality content are getting a lot of votes but are not getting any money.  This has happened to me numerous times - I have about 3 posts that have gotten over 50 votes (one with nearly 100) and tons of comments yet got 12.00.  I even have a post that did well with votes, was quality and interesting, then a "whale" did something similar and made good money.

-There should be an instant reward for over 50 votes and a quality post - maybe 20 SD or something.  Then people would still post and keep the content going.

-I have brought people to the platform and they are cranking out interesting content and photography and are having a hard time getting started because they are not a 20 year old female showing some skin.  I have stopped bringing people in until things improve.

Summary:  I love Steemit and I came into Steemit as a crypto person.  I was interested first as an investment but I am also a content creator by profession as a webdev.  I have been posting on Instagram and Facebook for years getting nothing for my content, so steemit is a dream for artists, writers, photographers, etc.  My first post got over 500.00 and I have had some hits around 300.00 over the last two months but lately it is dropping off.  I have posted some of my best work in the last couple weeks and get nothing.  I am not willing to show cleavage for $  haha

Edit: forgot to add about the voting system.  At this point people are only chasing and piggy backing on posts they know will be successful because of the author so that they can make money. There is no incentive for people to vote on minnow content because they know they might be wasting their vote. 

[bbc.reporter]

In the real world if you are not popular or if you have no influence no one will pay attention to you. It is the same online. Maybe in facebook and twitter you thought that you are popular and make smart posts because you have a lot friends and followers. You thought that they are all paying attention to you. But when that same person joins Steem he will realize that no person will waste upvotes on his posts because they represent real money. So do not expect to make money just by using Steem.

[Spoetnik]

Lets assume it was not launched for the people who started it to profit.
Then lets just say it has a solid concept that is *NEEDED* and wanted.
Then lets just stop and pretend that people in crypto are ACTUAL REAL COIN SUPPORTERS
..and not just fly by night profiteer vultures looking to suck some BTC's out of anything they can.

Then we are still left with a glaring problem.

The idea of the coin Steem.
It was made bad by design on purpose.
It was intended to be "rigged"
It was never intended to be fair !

This has a two pronged effect.. REAL SUPPORTERS will not like that unfairness.
And the useless greedy little vultures will struggle to make any money off it.
Hence the death of it.

Death as in it toils in the abyss like thousands of others forever.. never fully dying.
One key reason is cheap coin buyers always buy the cheapest coin on an exchange.
In the hopes of it having a price surge.. so they make a huge profit of course.
This prevents sooooo many coins from ACTUALLY dying off for real.

STEEM ?
I did not need to know much about it on it's launch..
It had red-flags from day 1 as far as i was concerned.
The coin "gimmick" was far more than enough for me to avoid it.

I came to to support currencies not Pyramid scheme "digital tokens" for profit.
So since i had no NEED for it's intended use i did not bother with it.
Unlike the guys who DID use it ..simply to profit.

No idea why you all don't get it.

It's simple.
Either a coin is fair and launched properly or it's not.
There is no two ways about it.

2nd of all is it a currency ? Or "Scheme coin" ?
If it is a "scheme" coin then it better damn well have one awesome scheme idea !
Sitting around thinking of ways to tack a block-chain onto *something* for profit is NOT legit people.
So these gimmick scheme coin tokens better have a solid concept.
How would you know ?

Ask any reputable investment adviser what to invest in and see what they say.
You think they will say mortgage your house and buy "penny stocks" ? LOL
Proper investment criteria is just a Google search away little kids.. get on it.
When you do you will see how to spot a good "coin"
Because it's called common-sense.

Does it serve a NEED ?
No ? Then it's shit period.
If the population do not need or have a HUGE demand for it then avoid it !

Do we need blogging on a block-chain ?
Of course not.. that is fucking stupid.

Do we need smart contracts / DAPPS / APPS on a block-chain ? hell no.. retarded  

What do we "NEED" ?

Well for one thing an innovation over the block-chain concept.. we need to look beyond it.

Well here is one example..
If there was a system that integrated TORRENTS that helped prevent them from being taken down
then yeah we have a "need" filled..
As it is now we have Torrent Index sites being targeted and taken down.
No thanks to Coinbase who just helped take down the biggest one on Earth.

Prime Coin (XPM) ?
Served a need ..science work ..calculating Prime Numbers.

Starting to see through the glut of retarded shill tardery here yet guys ?
The NEED ..is not profit guys.

The need is a currency.

One of the fathers of shitcoin cloning wrote in his forward to his many Crypto coin cloning guides.
That "he does it for fun & profit"
AKA: You're dead in the water from the start.
That is a bad motivation.. doomed to failure.

Sooner or later you will all have to get smart about this shit.
Kicking & screaming it will have to happen one way or the other.
Wanna be scammy little pieces of shit then buckle up for the looming nasty regulation.
Don't think this will all be guaranteed to continue like this until we get to 10,000 coins.