You are viewing a single comment's thread from:
RE: People Chastising Steemit Inc For Selling Both Ad Space And STEEM Are Not Connecting The Dots
My point is still valid. The price of STEEM would be in an even worse shape without Steemit Inc starting to sell ad space on Steemit.
I wasn't disagreeing with you about that.
I was pointing out that if the premise of the steem whitepaper - built on 'the attention economy theory' - was (is) fundamentally incorrect...
(hence the... 'oops')
I see.
I don't think it's fundamentally incorrect. The attention economy is a vast industry. Internet companies worth trillions of dollars put together have monetizing attention as their business model. The paper you gave a link to only says the attention economy has reached limits and is facing diminishing returns. I don't believe it will ever die. As long as there are consumers with purchasing power, their attention will be valuable. And when it comes to growth opportunities, there are still billions of people who have low but growing purchasing power.
But you are right in pointing out the limitations of the attention economy. Attention to be monetized is proportional to population size and the value of said attention is proportional to GDP. Fortunately, that isn't the only potential non-Ponzi source of valuation STEEM can have. Steem is useful as a platform for storing digital assets trustlessly, gaming, gambling and subscription-based services including services well suited for a blockchain platform such as proof of authentication for documents.