Why its good Steemit didnt have ICO and has no Ads - Based on Case of MyCellium

in bitcoin •  last year

MyCellium is a famous mobile Bitcoin wallet which you can get for both iOS and Android.

About being a wallet the coolest thing it had, it was kind of market where you could meet other users and buy/sell Bitcoins with them.

Everything was working fine, they even did a token sale and thats when trouble started.
Investors bought it, token didnt get anywhere (other than BitSquare) and none of promises were met.

Nobody trades it.

They got pretty nice money for it.

It was gonna be 5% of whats company worth and there were supposed to be dividends.

Lately they update their wallet software to 2.8.10 and.. started showing an really abusive ads.

Currently users are moving out of that wallet for others (theres plenty to choose).
Just for you ive installed this wallet to show how it looks like.

Lessons For STEEM

Well not lessons as STEEM did it already but this just shows it did it good. If you have a cool product you dont need to do ICO and if you have others way to monetize (people buying tokens in this case) theres no need to make ads.
If Steemit gets Ads i bet somebody will fork for nonads platform. People hate ads this days. Top mobile wallet is now going down due to some bad decisions and its worth watching.

Other Mobile Wallets

I know people will ask - ok what wallet do you suggest.
Im oldschool so for BTC i use Bitcoin Wallet - yes just google that. Simple and easy. Nothing fancy but works.

You can also go for Breadwallet or Jaxx that has more currencies.

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

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Maybe fair invite to start mining wouldn't hurt.

Steem might not have had an ICO but they did launch the blockchain quietly a few times and most of the steem was mined before the introduction of Steemit. There is nothing inherently wrong with the ICO model other than many of the current projects not having any reason to have a token in the first place.

If you are going to do an ICO your token better have some economic value in your project. A prime example of a project with a useful ICO was Maker's MKR. Augur REP is another useful token in the Augur project.

There will be many more ICOs and many more uneducated investors getting involved. There will be a 'bubble'. Be careful and do your research.

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Hey Kyle! Thanks for the reminder of not following the hype. Information not emotion should drive most investors.

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Yeah that's not always the case here on steem :P I do my best to bring some pragmatism to this place...

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@kyle.answerson is there somehow i can get in contact with you, i have a partner thats looking for some advice in relation to starting our own ico/ coin.

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Kylejamesanderson.info

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ICO is very risky but also high return if it is successful. It is depend on level of risk you want to take. I think it is also good idea if we do research on the ICO and milestone of the project. In addition, we can follow the progress of ICO and its price after 1 to 3 months on the exchange and review its work progressed before investing on it. I am not investor or trader of any experience in the market. This is just my views. :-) Be profit and have fun with cryptocurrency. Anyway, I am long on Steem and I like @Steemit.

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I just wrote a piece on ICO's here that may be of interest to others reading...

https://steemit.com/ethereum/@amexperts/all-ico-s-are-scams

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A sharp response from a sharply dressed man

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Comment after flag from @abit and @smooth. Nothing wrong with a flag - just hoping it was for reward disagreement. I don't think a flag is the right way to treat something that could be interpreted as steem criticism.

@transisto could this have been vote nullification from the whale experiment?

Another reason why community tokens is a bad idea, steem is going to look like a scam fest when everyone and their brother can launch a token at the click of a mouse.

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Tokens have a myriad of extremely positive use cases, just like a hammer is a useful tool that can be used to build value. Sticking with this example, Steemit, Inc. is only interested in supporting vetted, positive use cases.

I'm extremely keen to have CBTs in the chain before figuring out how to allow them on Steemit. This will empower all the Steem devs, such as Chainbb Busy Zappl and major website operators who I communicate with on a daily basis to take advantage of Steem-like tokens while benefiting STEEM.

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I think your wrong on that friend. The community tokens are going to create this incredibly free market within Steem.

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Lol no. The community tokens are going to trade for BTC. Steem will be history

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You were probably spreading FUD about ethereum too.

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All ETH tokens are trading for BTC. Keep your assumptions to yourself please.

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I didn't make an assumption or say anything about ETH trading for BTC. Try and keep up.

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You didn't reply either, and your username is not contentjunkie,..OK got you

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Won't these coins be on a sidechain? I don't know if you'd be able to sidestep STEEM in the process of buying/selling them. However, I can see where it might discourage holding STEEM for the long term, which is critical to the health of the ecosystem, currently.

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This is what I think of the tokens, am I missing something? https://steemit.com/steemit/@trevorlyman/a-game-of-thrones-coin

If Steemit ever got ads, it would have to be opt-in, and the ad-viewer would receive a reward directly from the advertiser.

This is my understanding of the "attention economy".

It sounds tenable, although no one has pulled it off yet.

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Cool!

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Points at BAT

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Very nice man!

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I love the way u think. Because. U already solved the problem for both sides of said discussion and it's free market as f

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I agree that ads are a viable option if they are introduced opt-in. I think Ivan the Tech nailed it when he said the first cryptoplatform to directly connect content producers and advertisers will essentially kill YT and FB. I wrote a little piece on it here: From Nothing to Facebook Killer in Two Years

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suppose someone were to fork steemit with ads that provide rewards to writers and viewers... could be done today? or would that violate the copyright of the original poster since they did not explicitly agree to the revenue generation?

Lessons For STEEM
Well not lessons as STEEM did it already but this just shows it did it good. If you have a cool product you dont need to do ICO and if you have others way to monetize (people buying tokens in this case) theres no need to make ads.
If Steemit gets Ads i bet somebody will fork for nonads platform. People hate ads this days. Top mobile wallet is now going down due to some bad decisions and its worth watching.

True story! I really agree with that!

I think Jaxx is adding Steem to their availble alt coins so that will be more good promo for us.

An ICO would have been absolutely insane, considering the influx of partakers as soon as the platform officially started paying out its very first pay out.

Wicked post, thanks, namaste :)

It will be interesting over time how the "steem power" will be purchased to advertise on the platform plays out. But it for sure has value as it has proven. Great post :P

If Steemit gets Ads i bet somebody will fork for nonads platform. People hate ads this days.

How so true.

As someone who has made money off of ads, I have personally found ads annoying.

So I changed my strategy.

I moved onto something that serves customers first.

And doesn't annoy them. :)

Glad Steemit is ad-free. With readable fonts.

Love it already!

I lost money on another ICO that the CEO of Mycelium, Alexander Kuzin, launched called Massnetworks.
It was what i thought was a good idea.
An idea that has now been taken up by the BAT ICO.
We gave money, have our tokens, but then no word from the developers and now our tokens sit there useless. I now see it as part of my crypto learning experience. But it was an expensive lesson.
Stay away from anything this Mr Kuzmin has to offer.

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Wow Im sorry to hear that. I been along time Myc wallet user and almost got in on the 1st ICO but at the last minute decided not to. I'm so glad I didnt after reading this post. Thanks for sharing your experience.

ICOs are replacing bitcoin hacks. Those scammers just evolutionized their technique of stealing. Neither will EOS have ICO which is a fair resolution. Don't get lured into the abyss of false ICO's nowadays people, stay safe out there.

Hello, I may be wrong but I'm thinking that if Steemit is not selling ads, and doesn't have companies paying for the attention of Steemers, then all that is happening is that the money from investors is being redistributed to people who publish and vote and then it's all a huge ponzi scheme. Because there's no real demand for the Token... I'd actually feel more comfortable seeing ads and knowing that someone is consuming steem and trying to buy our attention. The problem I see with promoting content is that people don't go often enough to that section and so there's no real benefit for paying for that... If I'm wrong, please correct me, I honestly want to know (if it's not a ponzi scheme).

Regards

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Ponzi schemes promise high returns, The Steem blockchain does not promise anything, Ponzies require that you "invest". You are not required to invest in Steem to earn the currency. The Steem currency itself has value:
1-Three second confirmations of transactions (irreversible in about 40 seconds).
2-No transaction fees.
3-Built in escrow capabilities on the blockchain.
4-The blockchain can handle thousands or tens of thousands of transactions per second (if not more).

To solidify the value of the currency (and not depend on the speculative value of it) the community needs to start using it more and more as a payment method for goods an services. And also direct Fiat bridges need to be opened.

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If you want to give money to authors ytou like (ie me) you buy SP to upvote them, if you want to kill people you dont like (ie some people dont like gavvet user) then you buy SP to downvote them.

There is also traders who never post or come here but trade the coin for profits.

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Go on Poloniex and watch any number of coins being traded (for not a lot of good reasons) - Steemit is what differentiates Steem from other Crypto's..

Steemit is hard to "do". It takes time to get traction - but eventually people give YOU money...

If someone on here asks you to give them money out of your pocket.. thats something different.

I like jaxx for the fact it has more then one coin and adding more.

Never tried my cellium wallet but to just screw all them ico buyers is just shity and seams to be a bit to common in the cryptospace

I can show you 100 shitcoins from the 2013 boom that people were throwing money at. There will be a cutting off of the fat in this boom too.

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What "new" coins do you think will survive?

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Who knows but I'll tell you this: Tezos is going to be the biggest smash hit of 2017 or the biggest money pit we have ever seen in crypto. Spend those Bitcoins wisely.

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I'd say DECRED.

I would even more scared of loosing my phone if I used this app. Hopefully they have a backdoor kill switch.

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Often you can do backup of all keys :)

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Cool . After loosing my bit coin wallet years ago Ive lived in constant fear of loosing another crypto wallet.

Hopefully with the successful ICO of BATS we'll see an advertising revolution in the coming years and wont have to worry about places like Steemit introducing ads!

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This.

Waiting for an advertising revolution.

Now you also got me curious about BATS! Any good place to learn more?

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@sirwinchester actually had an awesome post about BAT and it's ICO. Their website also has great information! Enjoy!

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Oh BAT and Brave are amazing. 100% i love this browser, some time ago i wrote its review even

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I'll have to go back through and find your review! As with most things, I feel like succeasful marketing for user adoption is going to be a key point for growth of Brave. I'm pulling for them though!

Jaxx wins my vote , simply because of the shapeshift funktion :-) Hard to beat an in app trading exchange..

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Will be trying out Jaxx!!

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Tried various different wallets but I like Jaxx´s UI the most because it's very simple and with dark background so you can check your balance incognito in the dark ;-)

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Downloading as we speak lol

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You can do it ;-)

download.jpg

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WATERBOY ACTION HAHA

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I have to agree. That's one reason I got Jaxx. That and the multiple choice of coins.

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Steemit is basically a platform that pays for ads. Steem Power is used to boost visibility as well as payout.

Since steem power is worth money, it is actually used to pay for payouts + advertising space just by keeping it powered up. The reason it's so hard to onboard new users to steemit is because the main page is filled with more adverts than any other "social media" site.

I agree with the rest of your post, just disagree that steemit doesn't have ads. Due to the political system created by the existence of whales everything that gets a good payout is an ad.

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So we're advertising in an attempt to sell our ideas, stories, thoughts, copied words etc etc. It's monetised socialisation - no idea if this can work, but look forward to finding out.

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"Steemit is basically a platform that pays for ads."

Not yet. That is the missing piece of the puzzle that everyone is speculating on. We all know attention can be monetized but so far it hasn't been done on Steemit.

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I agree it's not monetising attention. Just monetising the advertising itself. It wouldn't be that way if people with less power were allowed to use their downvote without retaliation from the more powerful, but it didn't turn out that way.

Freewallet for Android is open source & supports multiple cryotos.

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Yep, it's another alternative. It supports STEEM already. Just don't like the fact that there is a wallet per coin... it should be all integrated in my view. Maybe it will become later.

Great information right here... people are learning everyday about what's the good and the ugly about Cryptos!

Yes, you better believe! Ive been telling people this for a while lol good post. Confirms what Ive believed the whole time

На Jaxx отзывы почитайте..))..не советуют..

Bitcoin stocks on a tear last few days a something new and exciting to consider. Here is the latest one I did a quick write up about, up 100% just today. Links in the article to the other ones as well.
https://steemit.com/cryptocurrency/@motowngold/1-more-bitcoin-stock-coin-citadel-cctl-0003-share-at-time-of-writing

There's nothing stopping individuals from including ads in their content.
Their followers and readers can decide what sort of quality and quantity the market will abide.

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agreed

Mmm interesting , thanks

Please don't start with the ads. That kills the beauty of steem. 😰

Aqui se aprende lo bueno y lo malo, y se toma una decisión y listo

very nice information on the Mycellium .

Very nice ! Xapo wallet is good right? I don't no lot about cryptocurrencies that's whay im asking stupid questions. Please give me a answer somesone. thank you.

great insights, thank you for the information

loved ur article kings crown, wondering if you can help me out if you like my article. https://steemit.com/steem/@danlupi/what-crypto-to-buy-investing-in-anything-but-bitcoin-is-still-investing-in-bitcoin-how

good one dude :)

Thanks for the share bro.. will download it today itself..

The fact is most people who buy into ICOs dont even know what they are getting into. Recent ICOs don't even give the token holders any shares in the company other than the promise for a small percentage of the profits which may not even in forthcoming. Many of these buyers are in it for a quick buck to make a quick exit once there is a small price appreciation. However, as most ICOs have turned out, they are just holding on to the baby. If they have left their bitcoin and ether in their own wallets, it would most likely have done better. So before you buy into any ICO, it is best to do a bit of research instead of following the herd blindly.

interesting post man. good to follow you. @kingscrown

I think Jaxx is the best multi-currency wallet and they have announced they will be adding around 80 more currencies.

Nice post.

like the thinking

Yeah Amzing Love it

Fantastic Article!

Thanks @kingscrown. True I noticed these ads on Mycelium they are starting to annoy me plus the fees are going up. I like @steemit great community to learn from the Pros like you. Follow back.

And another incredible post from @kingscrown loved the Info and I'm totally agreed with your opinion, selling out and going for the ads money it's not the way to build up a new and interesting concept! Glad to be a part in it :)

nice info share by @kingscrown thanks

What a crazy system I wonder how it will all work out

Wallet development is otherwise an purely altruistic endeavor. How do the authors of Bitcoin Wallet, Jaxx, Coinomi, or Electrum make money? They don't. At least not from their wallet software. The author of Electrum has asked users to donate to Electrum server operators rather than to him. To me, some will pay for wallets with more features and security. Look at those who use Armory. Most people have to get new computers to run that.

I think it is always good for steemit to stay this way of zeroing any ads and the like. Just pursue their focus on improving the community.

bubble אח שלי יקר

Interesting! Ad rates are not the greatest anyway, so I don't know how much will be gained from adding them.

I think Steemit could benefit from a few more social networking features, like a photos section. I'm not sure if photos in that section should be non-voteable or not.

give me a follow.

thank you in advance.

Ads are disgusting but creating tokens is not a good alternative either, Steemit is working just fine and will continue doing so

Hey! I used that for my first ATM transaction! People are always asking me how come there are no ads! It has been bugging me too I admit! Do you think advertising steemit on coinmarketcap would be a good idea? A banner or something?

All aboard the Steem train! Next stop is the MOON!

thank you for the post.

knowledgable post man. Well, I use Iocalbitcoin to buy, sell, send and receive bitcoins and it has a low transaction fees too. soo that works for me.

Good post..Steem's good point is its simplycity and user friendly in my view...and no ads platform till now..

really interesting view on this...

Steem will be 10 times worth in next 10 months! :) Invest in STEEM!

I am currently using Jaxx. I also have 'Coins.ph' as my main BTC wallet, since that's the only one that's working here in the Philippines. Coins.ph is actually very useful, it also holds our local currency, we can top up our mobile phone loads and even pay bills directly with it, on top of that, they have awesome rewards and referral programs.

Interesting stuff! I like it

I have Mycellium wallet it was good to use, there are many products out there...
A one stop shop where you can store and trade your crypto's would be the ideal solution for me. Similar to Jaxx

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What about the ads? Comfortable with them?

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Haven't noticed any ads to be honest. Using Android version.

But atm have many wallets, would like to consolidate. Down to minimum needed.

Would that be Jaxx or some other app/exchange... I'm unsure?

interesting post , thanks for sharing

interesting and very informative, thank you!

ICO's are a big risk. It's best to stay away unless you are willing to lose the investment or believe really strongly in the company.

I hate ads.
Ads have driven me away from TV
Away from FaceBook
and I use adblocking software on my browser.
it wouldn't be so bad if ads weren't so STOOPID...and invasive.

I have no problems with ICO as long as they are worthy. People should invest at their own risk and use their own judgment.

Always balance the risk/reward.

good post!

I see the start of steemit really fishy. They founders got just lucky that it got attraction and powers it now by itself. So a bad start, but they created something greater!

Thanks for sharing this!

Wallets? Wee don nee no stinkin' walletz! Haha! JK! This is such a confusing subject especially for newbies like me. I've been looking into this with all the scary stories of "bad" wallets and "easy to steal your crypto" wallets. Any really good external wallet opinions would be appreciated. Preferably one that holds multiple coins. Someone suggested the Nano S? Thoughts cause I'm just simply dazed and confused.........

Congratulations @kingscrown!
Your post was mentioned in my hit parade in the following categories:

  • Upvotes - Ranked 1 with 921 upvotes
  • Pending payout - Ranked 3 with $ 1404,07

@kingscrown, ICOs are too revolutionary a concept to just disregard as a guaranteed path to failure. As @moksamol mentioned there are many successful ICOs and the payout can be massive. Personally I tried to get in on the BAT ICO but missed it by a millisecond. I think that one is going to do great considering they have the creator of Javascript on board. I agree that ads on this platform would be completely ridiculous and unnecessary and at the same time they already have anonumous ads on the Steemit rich list: https://steemwhales.com/

I repeat ANONYMOUS ADS, wrap your head around that one.

Steemit is a very promising platform and as it evolves, if high quality, honest, informative posts, like the one you just did here, can win out over Steem-bait trash, then Steemit will be the best site on the internet, hands down.

But let's not pretend like it doesn't currently have its share of shady shit. I think that is why they put the "beta" next to the name, so we the community can test it.

it's clear..!!
nice post kingscrown..

Ya I am still trying to figure this all out. How the heck do they monetize all of the content on here?

I will upvote you , great post .