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RE: Steemit competitor, Yours, gains traction
My impression is that this has some legs... But I guess people need to bring their own bitcoin and pay to view/see content.
Although some see the steem currency as a ponzi scheme or as a problem - I dont think that is fair. Steem and steem dollars are backed by the site and the social connections / knowledge made here. Given that facebook, twitter and other social networks are worth billions on the stock market, i believe steem can legitimately issue this cryptocurrency. The price might fluctuate in the meantime. Some will profit, some will lose. But those who invest in the site long term will see the biggest benefits
Why do some people vew Steem as a ponzi scheme?
Uhm..I'm asking for a friend .
It can have the appearance to an outsider of a financial system wherein the old investors are paid by the new ones with no real solvency to back the whole thing, which is what a ponzi scheme is.
And yes, although some people may see it as that, Steem has various applications such as a social media site, remittance payment network, blockchain technology site, creative hub - that I believe the value is justified.
Right, I understand what's going on but that doesn't change how the system as a whole appears to outsiders, and explaining away this natural skepticism is going to be a challenge our community will have to tackle to gain more traction.