The content on Steemit and value of STEEM is also at their complete mercy.

The ideas for Steem had just started forming and from there we put a real business plan together and co-founded Steemit.

The latest figure I found for the number of Steemit users put the average monthly users at 26,000.
The more STEEM power you have, the more influence you have on the Steemit platform.

The most common way to verify your identity is by posting a link to your Steemit profile on a website or social media account which you are already known for having such as Twitter, Facebook, LinkedIn, a blog, or photography site.

The other aspect of Steemit is the fact that there's a strong developer community contained within it. I've learned a huge amount of new information that I doubt I could get anywhere else.

The overall effect is that the Steemit reward system currently has something of a casino feel to it, as the promise of big payouts and a general air of unpredictability spurs the creation of a huge range of content, and makes some users overnight successes almost at random.