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RE: Luke's Reply: Where Does The Money Come From?
I would also argue that part of the reason post payouts are so high right now is because not only are we getting paid the blockchain governed rewards but the value of those rewards on the market is being juiced by the network effects and implied future growth of Steem. Steem's early participants are very lucky because there's so few of us but the growth is so strong.
But Steem IS money in the same way that USD is money and the same way that BTC is money. Here's my TLDR reddit comment on money and cryptocurrencies.
Great point. I have trouble with the term
social contractand much prefersocial constructyou mentioned later in your comment. Contracts imply a signed, understood agreement. So much of culture and society is all over the place, in contrast.I do agree we early adopters are very lucky (if this thing continues to grow and be perceived as valuable). It's funny to think of this current price as "juiced by network effects" when, to me, the network hasn't really started to grow yet. When more and more people share Steemit posts on Facebook and Twitter with $$$ attached to them, that's when things are really going to take off. People will be like, "Wait, Marry Sue, you're on Steemit also?" We'll also get a little FOMO going too (fear of missing out).
Well it's a little bit of both though. Because there is an implicit social contract. If it gets pushes in the wrong direction too hard, you get a French Revolution. So many people underrate the interdependence of people. Well the price action is unsupportable based on what we are actually doing here. But you're also right that it may very well be crazy low compared to how fast it can grow. If this becomes FB size...I mean you'll pick me up in your hovercraft so we can grab a beer on my island.
Hah! Sounds good to me. I've been around cryptocurrencies too long to think that way though. :)