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RE: STEEM-focused Content and The FIRST PRINCIPLES of Steem
Im so glad you covered familiarity being the reason the steem dollar is pegged to the USD. Ive been frozen out of a few crypto conversations for even suggesting it. In my mind steemit or any cryptocurrency will fail to go mainstreem simply because the adverage person doesn't like seeing a bunch of figures they cant immediately understand the value of.
(comment removed, misunderstanding)
I don't think I explained myself clearly as i was rushing due to low charge on my phone. when I say understand what i really meant was instantly recognise.
The average person may not understand the monetary system as a whole but they do know roughly what $100 is worth to them where as a figure such as 0.02567 BTC (note i have no idea what 0.02567 BTC is currently worth) means nothing. When you combine those sort of figures with a steep learning curve to understand how/why cryptocurrencies work it actually acts as a deterrent where as the figure of £100 acts as an incentive to people who's main concern is can they afford their kids birthday present.
PS the reason a lot of these systems are widely adopted is because we are taught that this is the way things are at a very early age when our minds are most adaptive to learning complex structures and most accepting of abstract concepts.
Ah I see, yeah I was a little confused by what you meant! Yes, you're exactly right