Whew, that was a bit more then I was expecting lol. Most people like to throw around terms like "decentralized" like parrots in the cryptoworld. Truth be told most people dont really have a clue what this technology is and cant fully grasp it. Nor can it be explained in a simple write up, and would take a above average person of intelligence weeks to fully begin to understand. Therefor creating a endless debate on it potential, or if its a bubble and blah blah blah.. Truth is its much more then people realize, and its just now in the making of evolving into what everyone was hoping years ago. I think you will find in the near future that many doors began opening up in many different aspects that arnt fully understood by most at the present time. The decentralized part is really just a bonus at this stage, creating opportunity for the world. Hang in there, cryptoland is just getting warmed up. Nice article tho, well thought out.
Have a read of some of my other articles mate; I'm a huge fan of the blockchain technology and decentralisation BUT only in certain industries. Social media, for example, has the potential to be MASSIVELY disrupted by their decentralised counterparts e.g. Steemit.
My point of the article though, is that many people seem to automatically assume decentralised is better just because it's decentralised. In many business areas, decentralisation may be a negative because it slows down the decision-making process so much; just look at how it took Bitcoin around a year to make a decision about scaling - regular businesses can't afford to react so slowly.
Don't get me wrong, I'm a huge fan of decentralisation in particular business sectors still :)
no, its not being negative...its being honest and realistic. I keep thinking about the same problem and wondering why nobody talks about it. Maybe there will be solution for it, but for now there are too many unsolved problems. Decentralized is not always better.
Thank you. Even though I am very bullish on cryptocurrencies and the blockchain tech, I like to be critical too in order to ensure that I always remain realistic :)
There's a plus and minus to everything business. I'd like to say that Steemit definitely has the attention of big players like YouTube and Facebook. If you've noticed lately, YouTube has a lot of disgruntled 'whales' who are being demonetized with little warning.
They are placing their lures in the Steemit waters. However, I don't think they will ever fully pack up and leave YouTube; because, many have become quite wealthy on this platform.
The bottom line is, people who own and don't pay their 'employees' well, will meet the competition of sites such as Steemit. Something tells me, cryptocurrency is going to be a game-changer for social media that takes and gives zero back to its worker bees.
Peace!
I agree that many Youtubers will remain on there still. However, I also think that the majority of Youtubers who start using Steemit will begin making more money on Steemit so this will become their #1 site. Check out Jerry Banfield as an example; after just 2 months on Steemit, he is earning 20x more than his Youtube earnings even though he's been on Youtube for 2 years!
The pay on decentralised social media will always be SO MUCH MORE than centralised social media. The easiest way to think of it is this:
When you add a video of Youtube, it adds value to the website. You may receive 5% of this value via a payout from Youtube but they will retain 95% of the added value for themselves. With a decentralised equivalent, you will earn 100% of the payout.
When decentralised pays 20x more that centralised, for me, it's hard to see why more people won't want to join decentralised over centralised.
Literally, OMGoodness and Wow! were the two reactions I had reading this reply.
Jerry Banfield is definitely the 'man of the hour' as many Steemians are big fans of his. But, more importantly, the fact(?) that he's earned times 20 in 2 months on Steemit than 2 years on YouTube is...smh...jaw-dropping!
The little I've learned about Banfield is that he invested largely in himself to fast-forward to whale status. He's apparently a very smart man with a good eye for smart moves; because, again smh...he has made a strong case for investing to say the least.
I will definitely do a little more research to learn his primary strategy.
He has a mega following on YouTube. To become this successful, this swiftly, on Steemit means all of his followers would have to have become Steemians and started following him. Of course, that's clearly not what happened; so, I find myself wondering if his investing in self is the reason his wallet has blown up. Somehow, not down-playing his skills, of course, I sense there's a little padding going on. I would love to be wrong!!!
Clearly, the YouTube vs Steemit percentages make uploading via D-Tube (for newbies) a no-brainer. However, it makes sense to stay with YouTube...a case of not putting all the eggs in one basket.
It is so encouraging to be a part of a decentralized platform; because monetization on YouTube is topic-sensitive.
Lastly, thank you for this enlightening information! If what you've detailed is accurate, (and I'm sure it is :+) your perception is spot on.
GBY...
Peace!
I agree, the Etheriem network is doing fine and it's prettt much Vitalik, ergo not truly decentralized. I think the word is over used and doesn't apply to as many things as people seem to want it to apply to.
Hi @Heavey. I enjoyed reading that because while I might not share your opinion, it is nice to see an alternative narrative to the crypto beliefs that are swimming around. It helps me be critical and it keeps me on my toes instead of being complacent about ongoing developments.
I also really liked your examples, especially the idea of real estate shares, and I see your point about some areas benefitting more.
I will like to add a point. At the moment the sociopolitical situation is indicative of a massive shift in socioeconomic paradigms. We have used the current model for several decades, and while many have done very well out of it, and most 'developed' nations have improved their quality of life, the less industrialised nations might find that cryptos offers a fantastic opportunity for a 'level' playing field. Now in terms of population and potential resources, they far outstrip the 'West', so I can see how these nations might utilise crypto creating a shift in power and removing well established (shall we call them neocolonialist, might not be the right term) entities from the top spots.
Either way, I think cryptos will undergo a massive boom before they find their most effective habitats. And I am happy to come along for the ride!
Upvoted, resteemed and followed for some evidence based debate though!
Thanks for the follow. I'm following back. Trying to learn how to gain 'steem' with this system and make some money. Hope you enjoy my videos. Thanks again. Otis
Whew, that was a bit more then I was expecting lol. Most people like to throw around terms like "decentralized" like parrots in the cryptoworld. Truth be told most people dont really have a clue what this technology is and cant fully grasp it. Nor can it be explained in a simple write up, and would take a above average person of intelligence weeks to fully begin to understand. Therefor creating a endless debate on it potential, or if its a bubble and blah blah blah.. Truth is its much more then people realize, and its just now in the making of evolving into what everyone was hoping years ago. I think you will find in the near future that many doors began opening up in many different aspects that arnt fully understood by most at the present time. The decentralized part is really just a bonus at this stage, creating opportunity for the world. Hang in there, cryptoland is just getting warmed up. Nice article tho, well thought out.
Have a read of some of my other articles mate; I'm a huge fan of the blockchain technology and decentralisation BUT only in certain industries. Social media, for example, has the potential to be MASSIVELY disrupted by their decentralised counterparts e.g. Steemit.
My point of the article though, is that many people seem to automatically assume decentralised is better just because it's decentralised. In many business areas, decentralisation may be a negative because it slows down the decision-making process so much; just look at how it took Bitcoin around a year to make a decision about scaling - regular businesses can't afford to react so slowly.
Don't get me wrong, I'm a huge fan of decentralisation in particular business sectors still :)
there might be some hybrid solutions in the future
no, its not being negative...its being honest and realistic. I keep thinking about the same problem and wondering why nobody talks about it. Maybe there will be solution for it, but for now there are too many unsolved problems. Decentralized is not always better.
Thank you. Even though I am very bullish on cryptocurrencies and the blockchain tech, I like to be critical too in order to ensure that I always remain realistic :)
There's a plus and minus to everything business. I'd like to say that Steemit definitely has the attention of big players like YouTube and Facebook. If you've noticed lately, YouTube has a lot of disgruntled 'whales' who are being demonetized with little warning.
They are placing their lures in the Steemit waters. However, I don't think they will ever fully pack up and leave YouTube; because, many have become quite wealthy on this platform.
The bottom line is, people who own and don't pay their 'employees' well, will meet the competition of sites such as Steemit. Something tells me, cryptocurrency is going to be a game-changer for social media that takes and gives zero back to its worker bees.
Peace!
I agree that many Youtubers will remain on there still. However, I also think that the majority of Youtubers who start using Steemit will begin making more money on Steemit so this will become their #1 site. Check out Jerry Banfield as an example; after just 2 months on Steemit, he is earning 20x more than his Youtube earnings even though he's been on Youtube for 2 years!
The pay on decentralised social media will always be SO MUCH MORE than centralised social media. The easiest way to think of it is this:
When you add a video of Youtube, it adds value to the website. You may receive 5% of this value via a payout from Youtube but they will retain 95% of the added value for themselves. With a decentralised equivalent, you will earn 100% of the payout.
When decentralised pays 20x more that centralised, for me, it's hard to see why more people won't want to join decentralised over centralised.
That's just my take on it though :)
Literally, OMGoodness and Wow! were the two reactions I had reading this reply.
Jerry Banfield is definitely the 'man of the hour' as many Steemians are big fans of his. But, more importantly, the fact(?) that he's earned times 20 in 2 months on Steemit than 2 years on YouTube is...smh...jaw-dropping!
The little I've learned about Banfield is that he invested largely in himself to fast-forward to whale status. He's apparently a very smart man with a good eye for smart moves; because, again smh...he has made a strong case for investing to say the least.
I will definitely do a little more research to learn his primary strategy.
He has a mega following on YouTube. To become this successful, this swiftly, on Steemit means all of his followers would have to have become Steemians and started following him. Of course, that's clearly not what happened; so, I find myself wondering if his investing in self is the reason his wallet has blown up. Somehow, not down-playing his skills, of course, I sense there's a little padding going on. I would love to be wrong!!!
Clearly, the YouTube vs Steemit percentages make uploading via D-Tube (for newbies) a no-brainer. However, it makes sense to stay with YouTube...a case of not putting all the eggs in one basket.
It is so encouraging to be a part of a decentralized platform; because monetization on YouTube is topic-sensitive.
Lastly, thank you for this enlightening information! If what you've detailed is accurate, (and I'm sure it is :+) your perception is spot on.
GBY...
Peace!
This post has received a 5.66 % upvote from @booster thanks to: @heavey.
I agree, the Etheriem network is doing fine and it's prettt much Vitalik, ergo not truly decentralized. I think the word is over used and doesn't apply to as many things as people seem to want it to apply to.
Hi @Heavey. I enjoyed reading that because while I might not share your opinion, it is nice to see an alternative narrative to the crypto beliefs that are swimming around. It helps me be critical and it keeps me on my toes instead of being complacent about ongoing developments.
I also really liked your examples, especially the idea of real estate shares, and I see your point about some areas benefitting more.
I will like to add a point. At the moment the sociopolitical situation is indicative of a massive shift in socioeconomic paradigms. We have used the current model for several decades, and while many have done very well out of it, and most 'developed' nations have improved their quality of life, the less industrialised nations might find that cryptos offers a fantastic opportunity for a 'level' playing field. Now in terms of population and potential resources, they far outstrip the 'West', so I can see how these nations might utilise crypto creating a shift in power and removing well established (shall we call them neocolonialist, might not be the right term) entities from the top spots.
Either way, I think cryptos will undergo a massive boom before they find their most effective habitats. And I am happy to come along for the ride!
Upvoted, resteemed and followed for some evidence based debate though!
Nice post
Great Article- I upvoted
Thanks for the follow. I'm following back. Trying to learn how to gain 'steem' with this system and make some money. Hope you enjoy my videos. Thanks again. Otis