Steemit briefly mentioned in the Economist as the most elaborate working crypto-economic model.

in life •  3 months ago

On the plane home today I had a nice surprise.

There was a special report in the economist about fixing the internet.

It talks about how the internet should have made the world a less centralised place, but the opposite happened.

Part of the report is called 'Raiders of the killer dapp' (and that part is not behind a paywall, read it here.

Blockchain is mentioned as well as other blockchain projects but also Steemit!

When I read about Steemit outside of Steemit it always gives an extra buzz! Can't help it.


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"The most elaborate working crypto-economic model, however, is Steemit, an online forum which rewards its 1m or so registered users for posting contributions or rating content with real money in the form of steem, another sort of token".


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Most elaborate WORKING crypto-economic model, I like the sound of that!

But there is more:

"Moreover, many blockchain projects are themselves quite centralised. Almost all bitcoin mining happens in China and is controlled by a few firms (although the government is now trying to constrain the energy-hungry industry). And token ownership is often concentrated, too. Steemit, the online forum, is an extreme example: 90% of the “steem power” tokens are held by 2% of users, though the firm is trying to change this."


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The firm is trying to change this. Mmmm....interesting.

All together a cool article.

Although I wouldn't have mind a little deeper digging by them into steem (and not just steemit) but I'm sure that will happen some day :)

I must admit I enjoyed reading for two hours on the plane with no distraction of the internet.

It's been a while! :)



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Yea I agree I remember how decentralised the internet used to be now it seems these days you need a facebook account to register to many websites this is in a means to identify who you are, and then so other users can go check out the real you, anyway great find @exyle especially when your miles high and I must say I was also intrigued by "The firm is trying to change this." hmm really..

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Yeah, lets hope the future is decentralised :)

Greetings, Exyle

Well, that's pretty cool news about Steemit coming out. The more news out of our economy-linked platform, the greater the visibility we will have, attracting new users and investors, don't you think?

With respect to 2% of users to hold 90% of Steem power, I find that something very common and is that way in the whole world. Not that it is the fairest, but investors will always have capital to influence the system in which they are inserted. Who has capital to apply in Steemit and buy Steem, turning into Steem power, will have advantages in here, as greater visibility and earn more steem, because, compound interest here works!!!

Thanks for posting!!!!

Ahh! Drives me crazy that they call the platform Steemit rather than Steem. PSA, if you catch people doing this, please point it out. We're here for the decentralized network!

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Many make the mistake.

Great to know
as steemians we are part of something great.
Thanks for sharing and bring assurance to us.
Keep on postin'

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Thanks!

It is good that the Economist mentioned Steemit. I would have thought by now Steem would have had a full article in the Economist. I'm sure it will happen soon enough.

90% of the Steem Power being held by 2% of the users sounds about right as well. It sounds bad but is not as much as a problem as many would think. The creation of the rewards pool will dilute that concentration of wealth. I also expect many of the whales to powerdown and leave once Steem reaches a target price. This would be quite gradual so as not to crash the price.

That is good news @exyle. I have been seeing writeups about STEEM appearing in different places. It is good to see it getting some publicity.

The fact is that anyone who is looking at the blockchain industry, to find a real life use case, STEEM is about the only game going. The rest are still in the planning/projection stage.

STEEM is doing it...each day....tens of thousands of people operating on this blockchain...and it is only growing.

The future is bright....new apps like actifit keep showing up on a regular basis. There is going to be so much on here in a year or two none of us will be able to keep up.

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I can already not keep up :)

Hopefully someday it will be on the front cover. :)

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Baby steps, man. First the inside, then the cover.

"90% of the “steem power” tokens are held by 2% of users, though the firm is trying to change this."

What?
So after 1 year of hard work I've made it to the 2% club and now they are trying to change this?

Just kidding, I am still in the 98% club untill 2048, but I don't like changes in general. 😉

An interesting article, my friend and always interesting to hear the opinions of our ecosystem, especially from such sources, of course I was also surprised by the authors' statement about 90% of SP in 2% of users and the fact that the firm is trying to change it, the interesting opinion of the authors of the article, but still nice when the Steemit is spoken in the world! Thank you Mark.

Any publicity is good publiticty @exyle. The Economist Magazine is also the Magazine with the 1988 Cover of the change in Currency in 2018, I did not know if you already knew that...............

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That's a very famous cover! Let's hope it will be STEEM lol.

That's a very interesting piece in The Economist! The "working" part of the Steem blockchain seems to catch more and more eyeballs. Very nice... and unexpected mention of Steemit, I think!

Are you going into internet withdrawal? LOL

Cor blimey that is excellent stuff and is bound to drive some interest Steemit's way. I like that thing to change this line, fascinating!

So glad steemit is mentioned in the Economist, next will be an article on how steemit has changed lives and made some people millionaires. Hopefully I will be on that list :)

Yet another positive review about Steemit outside of the niche 😁 I hope your vacations have gone well, I’m eager to watch your vlogs again, there is a lot of noise around Steem 2.0 being almost ready and I would like to know your opinions about it.

Steemit getting the mainstream traction, how awesome...
A day will come when Outlets like The New York Times. The Guardian and The Economist etc. will do a full cover on Steemit and it allied app...Mark my words.

"The Economist" is a very conceptualized newspaper, extremely important that reflects on subjects like this.
As you said, every time I hear/read about STEEM outside of our platforms I completely love it and it gives me chills of confidence for the future.

I especially liked the fact that they recognize that there are a lot of projects that are very centralized. In my opinion this shows us that the "outside world" is making some research about crypto.

Gotta love this last little bit from the 'Raiders of the killer dapp‘ snippet:

But what if trying to re-decentralise the internet is a fool’s errand? That is what China’s leaders think.

I guess I’m a fool. I favor decentralization.

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I am a fool too!

LOL That's pretty cool to see Steemit get some coverage in The Economist.

I would have loved to see them talk about the blockchain more like you said and highlight the apps that a lot of us use daily.....Regardless of who holds the Steem Power there are still fantastic conversations taking place every day :)

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Yeah, it gave me a nice buzz! Let's hope Steem gets more coverage in the future.

Well yeah when ever I even get to hear apart from Steemit it does indeed gives a chill especially when someone tries to explain you what is Steemit and how it works ;)

It sure is sth great when you know sth and someone is trying to explain you that, well I faced that situation the earlier day.

While Steemit is sure going to go a much more in the future days.Lets hope for the best !

Hello dear @exyle, today I enjoyed the privilege and support with my vote as a witness of @blockbrothers, and if this is followed by any contribution, it will be a pleasure. Happy day dear friend.

Das sind doch schöne Neuigkeiten. Ich habe die 2 Textpassagen mal für die deutsche Community übersetzt.

"Das aufwendigste krypto-ökonomische Modell ist jedoch Steemit, ein Online-Forum, das seine rund 1 Mio. registrierten Nutzer dafür belohnt, Beiträge zu posten oder Inhalte mit echtem Geld in Form von Steem, einer anderen Art von Token, zu bewerten.

"Zudem sind viele Blockchain-Projekte selbst recht zentralisiert. Fast der gesamte Bitcoin-Bergbau findet in China statt und wird von einigen wenigen Firmen kontrolliert (obwohl die Regierung jetzt versucht, die energiehungrige Industrie einzuschränken). Und auch der Besitz von Token ist oft konzentriert. Steemit, das Online-Forum, ist ein Extrembeispiel: 90% der "steem power"-Marken werden von 2% der Nutzer gehalten, obwohl die Firma versucht, dies zu ändern."

Übersetzt mit www.DeepL.com/Translator

It feels strange kida strange to see Steemit being mentioned in a printed magazine,doesn't it?

It's amazing though.

Working is right!

I've been into the betas of other apps and they're so shit.

very beautiful story.i like this post.

Good job friend. i really like your post.

its absolutely beautiful thing to see blockchain technology in magazines 😍

I wonder what "firm" they are referring too.

What good news, and be part of this great network well eleborada. regards

Realy Nice this will bring more Attention to Steemit .

Ha, ha, ha. Even on the plane you're reading about Steemit in the Economist @exyle. Why am I not surprised?😍

I wonder what "the firm" is doing to change this.

That’s a great news! Even a bitcoin maximalist should be invested in some way in Steem!

...90% of the “steem power” tokens are held by 2% of users, though the firm is trying to change this."

That’s surprising! I wonder how this can be changed?

Now you know why @ned is doing a power down. He read this article.

That's pretty optimistic of them to write that they're trying to change the distribution, perhaps just alluding to flat voting methodologies that might be coming in the future. It's unfortunate that the initial distribution process really did scare away more potential serious investors.

@exyle. Thanks for sharing this. Some good press for Steemit!

steemit appearing on this magazine is a sure proof of unagureable success of this block chain

The Economist just topped NFLX ;)

Very neat find!!! Thanks for sharing @exyle
Steem On!!! Steem Away!!!

I think that this is fantastic news! However small it is, it’s at least getting the name out there more. That’s what we need currently!! I think more people need to see this. Resteemed!

Crypto overload mining in China

It means we are on the right track!!!!!!!!!

@exyle yes we are here for a decentralised network .crypto is for all of us and steem network will gonna become massive one day.

Great news! But like you said it is too centralized. I have seen shitty articles getting rewarded ridiculously. And then there comes lot of bots which automates the platform. Finally after 2020 or 2025 , only bots remain on this platform . Steemit model has to be reconstructed once again .

A true Steemit fan!

That means that Steem becomes better known in many places, in a short time we will become a bigger community! And that means better in every way

Whoa great things about steemit. Similar happens with me. When i hear about steemit from a stranger or read about it somewhere i get a boost in the self esteem and confidence. I believe steem is a good plat form and my doubts get abolish. Glad to hear about steem in the economist article.

awesome! thanks for sharing this!:)

I'm here strictly for "decentralization" and because other platforms censor terribly. Good article. Adds legitimacy.

Even if some of the other coins come and go, I think it is a given that blockchain in general is not going anywhere. My wife and I camp a lot on the weekends and I have started to give up trying to keep up with Steemit during that time. I just wait until the next week and do all of my catchup then. It is nice to have the weekend just to relax and unwind.

Steemify test: @ned

Thanks for sharing! Links to your post and the magazine's site were included in the Steem.center wiki page In the news. Thanks and good luck again!