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RE: Bitcoin No Longer the Ultimate Hedge King
Until they reveal the details of their crypto token and how it will be earned you can't really say it's competion. Other than steem clones (golos, yoyow) the only other aproach that has been attempted to merge social media and blockchain are just tipping platforms with a centralized solution for content storage (Yours network...for example).
Of course you are right. They may not succeed. But as an author for this site, I trust admins will do things as they should to form a competitor.