SteemIt Vs new projects

[cau]

Wondering if some old timers can help me out with a simple ques

We have SteemIt which is a working product already with the number of users and hits per days keeps increasing

Other side, we have multiple promising projects (OMG, Maid, NXS) but nothing in live.....

Including me, many of us tend to take chance and gamble with the projects that's not yet out in market and by large extent have ignored a working product. I am looking at SteemIt at this point, though things looks solid to me, the above ques is kind of haunting me to think that I am missing something and there is something seriously wrong in SteemIt.

Please feel free to stop by and have your comment!

[1714834053]

1714834053

[1714834053]

1714834053

[1714834053]

1714834053

[1714834053]

1714834053

[Hyperme.sh]

The main impediment to a business model that could drive massive ecosystem adoption is the instasneakymine that put a small number of whales in control and they are essentially debasing the money supply (via the voting and curation rewards) and sending it to themselves via numerous sockpuppets and owning DPoS witness accounts. So essentially instead of being an open system that incentivizes everyone to build apps for it, only the whales are incentivized build apps (i.e. there is no open competition of the best ideas), thus you end up with xerox copy GUIs such as busy.org which add not much of any value. There are some other apps built on the Steem blockchain though, such as a decentralized chat, but I have not yet had time to try them.

James A. Donald who was the first person who communicated with Satoshi on the mailing list where Bitcoin was announced, confirms that DPoS is not decentralized (DPoS is the blockchain technology of Bitshares, Steem, EOS, Lisk, Ark, and any Steem clones).

There is no possible way to design a voting system that pays rewards by debasing the collective money supply, which will be fair. I had written a blog explaining this mathematically:

https://steemit.com/steem/@anonymint/blog-rewards-can-t-be-widely-distributed

In my analysis, it is the economics of Steem as it pertains to incentivizing others to make apps for it, and the way that users are incentivized that does not correlate well to viral onboarding and app development. However, compared to all the other altcoins, it is the one with probably the most widespread use by people other than just speculators. So it does seem to be undervalued.

So although conceptually it is interesting, you are really going to need my project which will correct these flaws.

Re: Who is paying for Steemit?

Hi Guys, I am trying to do some fundamental research on Steem but there is one thing I don't understand and that i'm not finding the answer on. Who does actually pay for this whole project.

Answer is here.

In short, everyone who owns the STEEM token pays for the rewards which are created by minting new STEEM tokens out-of-thin-air, but this burden is disproportionate because whales are able to redirect most of the money supply dilution to themselves via their numerous sockpuppet bloggers.

It is analogous to a masternode or proof-of-stake coin, where the whales siphon off most of the transaction fees and any minting of coins disproportionately.

To add, STEEM has a cetain reputation to each members, the higher the reputation the more likely you can upvote a certain topic there.

Incorrect. Steem Power (how many STEEM tokens you have locked up for 13 week holding period) determines your power in the voting and curation rewards.

The reputation thing is just a number which has no real impact other than readers see the number on all your comments. I have a high reputation at Steemit because I joined in July 2016, but my Steem Power is low because I sold most of my STEEM.

[alani123]

There are just too many projects that try to point ther reserves at this to tap at the social media marketing. But I think that accessibility is key in social media. The premise that s coin is going to back a social media project doesn't make it very accessible to the general population.

[Hyperme.sh]

There are just too many projects that try to point ther reserves at this to tap at the social media marketing. But I think that accessibility is key in social media. The premise that s coin is going to back a social media project doesn't make it very accessible to the general population.

Could you please explain what you mean? I can't grok what point you are trying to make. How does having a token involved with a social media project somehow limit its accessibility? Steem is giving away tokens for free to whoever wants to sign up.

[chryspano]

James A. Donald who was the first person who communicated with Satoshi on the mailing list where Bitcoin was announced, confirms that DPoS is not decentralized (DPoS is the blockchain technology of Bitshares, Steem, EOS, Lisk, Ark, and any Steem clones).

Where is DPoS mentioned in the link you provided? with a quick glance at it I could only see steemit mentioned, and there is a huge diference between steemit and STEEM, as there is also a huge diference between blockchain.info and btc. DPoS is far more decentralized that any PoW "coin" period.

[nitehawk]

I think there is room for a disruptive start-up to replace Steem. I tested out steem and to me the entire platform felt dated, comparable to geocities back in the day. The software needs to be updated and it needs to be more user friendly. After trying it out there is clearly no one who would use it outside of trying to get free coins.

A disruptive new network would be exciting to use, and the coins would be a bonus, not the exclusive motive for using the platform. Therefore I believe there is space for some new entrant to replace them.

[Hyperme.sh]

James A. Donald who was the first person who communicated with Satoshi on the mailing list where Bitcoin was announced, confirms that DPoS is not decentralized (DPoS is the blockchain technology of Bitshares, Steem, EOS, Lisk, Ark, and any Steem clones).

Where is DPoS mentioned in the link you provided? with a quick glance at it I could only see steemit mentioned, and there is a huge diference between steemit and STEEM, as there is also a huge diference between blockchain.info and btc. DPoS is far more decentralized that any PoW "coin" period.

He only mentioned Steemit, but based on his text, he is implying that Steem is centralized also. Thus by implication DPoS is centralized.

DPoS is centralized. I have a detailed document on that I will release along with the release of my disruption of Steem with my project. I offered you to get in (because I thought you are rational and wealthy enough from your Steem investment) but you afaics ignored me.

I do not know why you want to stay with inferior technology, but that is your prerogative.

Dan is still trying to sell that centralized DPoS ledger technology for EOS.

P.S. I do understand that anyone can make apps for the Steem blockchain. That is a form of decentralization. But the consensus algorithm and the economics of who siphons off the value of the ecosystem is centralized.

[chryspano]

James A. Donald who was the first person who communicated with Satoshi on the mailing list where Bitcoin was announced, confirms that DPoS is not decentralized (DPoS is the blockchain technology of Bitshares, Steem, EOS, Lisk, Ark, and any Steem clones).

Where is DPoS mentioned in the link you provided? with a quick glance at it I could only see steemit mentioned, and there is a huge diference between steemit and STEEM, as there is also a huge diference between blockchain.info and btc. DPoS is far more decentralized that any PoW "coin" period.

He only mentioned Steemit, but based on his text, he is implying that Steem is centralized also. Thus by implication DPoS is centralized.

DPoS is centralized. I have a detailed document on that I will release along with the release of my disruption of Steem with my project. I offered you to get in but you ignored me.

I do not know why you want to stay with inferior technology, but that is your prerogative.

Lol, are you on drugs?

[Hyperme.sh]

Lol, are you on drugs?

What exactly are you claiming is not true?

[chryspano]

Lol, are you on drugs?

What exactly are you claiming is not true?

Your "reasoning" skills...

He only mentioned Steemit, but based on his text, he is implying that Steem is centralized also. Thus by implication DPoS is centralized.

If you are after any noobs in the forum you may have some luck.

[Hyperme.sh]

Your "reasoning" skills...

Be more specific. Refute my reasoning.

Do I need to quote from James A. Donald’s blog for you? He is specifically stating that the Steem system is centralized. He says it can be attacked by TPTB because it is centralized. He refers to it by the Steemit name, because he is being informal in his presentation and that is the name that most people recognize. You’re trying to make a technicality about which name he chose to make his point, that is not supported. Go ask him.

He would not want to write the name ‘Steem’, because people confuse this with the Steam game platform which is much more well known. And because Steemit.com is the most well known front-end for an app on the Steem blockchain.

DPoS is centralized, permissioned, and highly vulnerable to abuse by nations, lawsuits, etc.. That can not be a world changing decentralized ledger that we can depend on. Also the consensus algorithm is far too subjective and not objectively verifiable.

As for slandering reasoning skills (while providing insufficient evidence), you displayed poor logic skills on the recent analysis of the issue of Steem’s instasneakymine versus proof-of-work issuance. Even @smooth disagreed with you (and @smooth is or was a Steemit whale).

Yet you have the audacity to slander me as if you’ve lost your temper and just think that writing “Are you on drugs?” an acceptable form of rational discourse. Are you representative of Steem whales? Hope not, given they are in control.

The reality is you’re apparently irrationally tied to your investment. Which is never a good thing. Try to be more objective. You can easily sell Steem and buy another investment. You’re only potentially “trapped” by your own biases.

[Kyraishi]

Honestly, it depends on your personal risk preference - if you like investing in new projects and gaining potentially a larger percentage gain from it then by all means. If you like to have a working product, then go ahead and invest in Steem or whatever it is.

However, i feel like the distribution of Steem initially is completely unfair. There was a period of time where whales mined the rewards, without having to contribute to the network in any way. That was sort of the premine period where all of the founders + some people from bitshares were able to gain a large stash of steem.

[Hyperme.sh]

However, i feel like the distribution of Steem initially is completely unfair. There was a period of time where whales mined the rewards, without having to contribute to the network in any way. That was sort of the premine period where all of the founders + some people from bitshares were able to gain a large stash of steem.

And because afaik the whales can route the voting rewards (via their sockpuppet bloggers) and curation rewards disproportionately to themselves, the distribution only gets more unfair over time.

And the disproportionality is afaik even worse than proportional to the whales’ disporportionate share of the Steem Power, because a square power had to be employed else the system could be gamed and destroyed. I had explained that in more detail in my blog from 2016.

The entire concept of voting on dilution of the money supply is insolubly flawed. Again read the linked blog from 2016 which explained it.

I am not making any statement about the speculation on the STEEM token in this thread (whether it might go up or down). I am commenting in this thread only about the long-term viability and the technology.

[popolite11]

I can say about steemit. When it was just new project - there were hundreds and hundreds articles who received 2000-6000$. But now what are there? Only 200-300$ per article.

This is ridiculous. So it looks like scam. But yes it still working, but... Something wrong with it.

[xiaoyum]

I still prefer steemit over lot other socil media projects. It basically gives incentive to write more and more. And that's enough for me to support. But I would never buy steem personally. Its working process is something unusual.

[Hyperme.sh]

I can say about steemit. When it was just new project - there were hundreds and hundreds articles who received 2000-6000$. But now what are there? Only 200-300$ per article.

Afaik, the $200 - $300 is mostly only going to whale sockpuppet bloggers or to those who have a good reputation with whales (or to a very significant following of dolphins).

If a whale doesn’t upvote your blog, you will not get more than a few $ per blog post. Afaics, not really worth it, except for perhaps people in 3rd world countries.

I still prefer steemit over lot other socil media projects. It basically gives incentive to write more and more. And that's enough for me to support. But I would never buy steem personally. Its working process is something unusual.

I like it more than Medium, because so far it has not censored me (although a couple Steemit/Steem whales have abused the downvoting feature to attempt to scold me just because they did not like my free speech rights). Medium censored me and Bitcointalk censors me. And I hate Medium forces me to use their WYSIWYG editor. That is why I stopped blogging on Medium and exclusively on Steem until I launch my own project to replace Steem with a more fair and economic system.

May I ask how much do you earn there? What is your account name there?

[popolite11]

I can say about steemit. When it was just new project - there were hundreds and hundreds articles who received 2000-6000$. But now what are there? Only 200-300$ per article.

Afaik, the $200 - $300 is mostly only going to whale sockpuppet bloggers or to those who have a good reputation with whales (or to a very significant following of dolphins).

If a whale doesn’t upvote your blog, you will not get more than a few $ per blog post. Afaics, not really worth it, except for perhaps people in 3rd world countries.

So same system, that only whales can decide who can earn or who not. It is very dissapointing system.
Hope in next social project this problems will resolved.

[cryptodoll]

STEEM is a double edged sword. I have been a part of STEEM for over a year now and have experienced its growing pains.

STEEM is a good choice as it does have a working product, has lots of members which has created momentum, and the price tends to be relatively solid, despite the usual highs and lows of any altcoin.

However, STEEM has some serious drawbacks. I think people get really excited to join STEEM as they see people making gobs of cash for blog posts, and then they try it and get barely even a penny. The problem is that STEEM is disproportionately assigned to the whales, and the whales only choose a handful of people to follow and upvote.

Getting the attention of a whale is practically impossible now as the userbase grows larger and larger. Therefore more discouraged users leaving the platform.

Another problem is that in order to upvote with any influence, you have to lock up your STEEM into STEEM POWER, and you cannot touch this money. It pays out over a 13 month period (I think? Maybe even longer . . .)

You could have $10k worth of STEEM POWER and barely make a vote count as 5 bucks. Yet another problem.

But, Steemit is a very fun platform and actually has lots of good tidbits of information, once you sort thru all the crap.

I think Steemit will be eventually drowned out by new decentralized social media players. It is only a matter of time. Long term STEEM investment? No. Swing trading STEEM fluctuations? Yes.

[chryspano]

It pays out over a 13 month period (I think? Maybe even longer . . .)

No, it's not even longer, it's just 13 weeks.

You could have $10k worth of STEEM POWER and barely make a vote count as 5 bucks. Yet another problem.

A $10k worth account not having the "power" to vove for $5 twenty times per day is not a "problem" imo, do the math. 

I think Steemit will be eventually drowned out by new decentralized social media players. It is only a matter of time.

IF this ever happens it will be something that comes out of EOS imo.

[popolite11]

STEEM is a double edged sword. I have been a part of STEEM for over a year now and have experienced its growing pains.

STEEM is a good choice as it does have a working product, has lots of members which has created momentum, and the price tends to be relatively solid, despite the usual highs and lows of any altcoin.

However, STEEM has some serious drawbacks. I think people get really excited to join STEEM as they see people making gobs of cash for blog posts, and then they try it and get barely even a penny. The problem is that STEEM is disproportionately assigned to the whales, and the whales only choose a handful of people to follow and upvote.

Getting the attention of a whale is practically impossible now as the userbase grows larger and larger. Therefore more discouraged users leaving the platform.

Another problem is that in order to upvote with any influence, you have to lock up your STEEM into STEEM POWER, and you cannot touch this money. It pays out over a 13 month period (I think? Maybe even longer . . .)

You could have $10k worth of STEEM POWER and barely make a vote count as 5 bucks. Yet another problem.

But, Steemit is a very fun platform and actually has lots of good tidbits of information, once you sort thru all the crap.

I think Steemit will be eventually drowned out by new decentralized social media players. It is only a matter of time. Long term STEEM investment? No. Swing trading STEEM fluctuations? Yes.

I was in steem just after 2-3 weeks after opening. And I tried to earn there. I wrote like in hell.
One time dolphin rate my post and I received about 300-400$ dollars.

System was same!!! If at that time whale rated somebody he will receive 500-1000$ dollars. And right after this other whales will rate this post and people received 2000-6000$ just for nothing posts.
It was just spending of ICO money! And that's is! And whales just can rate their posts and withdraw piles of money.

Whey I realised all this I just left from this site for ever.

Anyway. Idea is Super. Just need to change rewards system.