My story about Steemit for Backchannel: 'The Social Network Doling Out Millions in Ephemeral Money'

in #steemit5 years ago (edited)

I'm Andrew McMillen, a freelance journalist and author based in Brisbane, Australia.

I've been watching and participating in Steemit for about a year, and I've just written a feature story about the platform and currency for Backchannel, a technology-focused media outlet published on An excerpt from my story is below; click through to read the full article.

The Social Network Doling Out Millions in Ephemeral Money

Steemit is a social network with the radical idea of paying users for their contributions. But in the crypto gold rush, it's unclear who stands to profit.

Every time you log onto Facebook, Instagram, or Twitter to share a photo or post an article, you give up a piece of yourself in exchange for entertainment. This is the way of the modern world: Smart companies build apps and websites that keep our eyeballs engaged, and we reward them with our data and attention, which benefit their bottom line.

Steemit, a nascent social media platform, is trying to change all that by rewarding its users with cold, hard cash in the form of a cryptocurrency. Everything that you do on Steemit—every post, every comment, and every like—translates to a fraction of a digital currency called Steem. Over time, as Steem accumulates, it can be cashed out for normal currency. (Or held, if you think Steem is headed for a bright future.)

The idea for Steemit began with a white paper, which quietly spread among a small community of techies when it was released in March 2016. The exhaustive 44-page overview wasn’t intended for a general audience, but the document contained a powerful message. User-generated content, the authors argued, had created billions of dollars of value for the shareholders of social media companies. Yet while moguls like Mark Zuckerberg got rich, the content creators who fueled networks like Facebook got nothing. Steemit’s creators outlined their intention to challenge that power imbalance by putting a value on contributions: “Steem is the first cryptocurrency that attempts to accurately and transparently reward…[the] individuals who make subjective contributions to its community.”

A minuscule but dedicated audience rallied around Steemit, posting stories and experimenting with the form to discover what posts attracted the most votes and comments. When Steemit released its first payouts that July, three months after launch, things got serious.

Cryptocurrencies like Bitcoin are only worth whatever value people ascribe to them, so there was no guarantee that the tokens dropping into Steemit accounts would ever be worth anything. Yet the Steem that rolled out to users translated to more than $1.2 million in American dollars. Overnight, the little-known currency spiked to a $350 million market capitalization—momentarily rocketing it into the rare company of Bitcoin and Ethereum, the world’s highest-valued cryptocurrencies.

Today, Steem’s market capitalization has settled in the vicinity of $294 million. One Steem is worth slightly more than one United States Dollar, and the currency remains a regular presence at the edge of the top 20 most traded digital currencies. It’s a precipitous rise for a company that just 18 months ago existed only as an idea in the minds of its founders.


To read the full story, visit Backchannel. Above illustration credit: Lauren Cierzan


Andrew thank you for publishing this aritcle on for us! Ads on Google and Facebook for your story as seen at are starting today to make sure hundreds of thousands of readers see what you wrote!

Extremely well written. This will be a classic reference piece as an article chronicling Steemit at the edge of mainstream adoption.

I wasn't aware that the "weighted voting system places greater value on votes placed by the older accounts of early Steemit adopters" though. I thought it was exclusively financial in its calculations . . . most whales were also early adopters . . . which could be what was being alluded to . . .

It does only depend on the steempower, not sure what he meant by that exactly. Reputation for instance doesn't get your more voting weight.

But we may have stumbled onto something here - working rep into a part of weight calculation might not be a bad idea. 🌞

Awesome collaboration! Great things happening from both of you!

Nice work, @jerrybanfield!

Jerry, just wanted to say thank you! You are the person who captivated my attention and introduced me to Steem. I not only am beginning to believe in Steem, but I believe in you! As a spiritual man, I believe that our generation is awakening to our power as the people, and I believe Steem is a platform that will bring this wealth change to people who care about people. You reached me, and so you are reaching many!

I agree great move steemit is growing pretty fast. 😀 😃 😄 😁 Have a wonderful day!

indeed a absolute worth reading and thank you Andrew . its high time make your eyeball busy on steemit , specially on those time people wasted on other social media. highly encouraging writing.

Nice Andrew! It's succinct and pointed enough to pique someone's interest.

User-generated content, the authors argued, had created billions of dollars of value for the shareholders of social media companies. Yet while moguls like Mark Zuckerberg got rich, the content creators who fueled networks like Facebook got nothing

This is a powerful message, and one that resonates with a certain kind of folk =)

Upvoted ur comment to 45.55 hey man @itchykitten so youre back now?? I expect to see you posting everyday man! You GOTTA! We need people like you man, u gotta just keep posting your daily life! u gotta just post post post man you had it DOWN in your first post! super long posts with lots of photos! i remember your mini home on wheels u made! I wish we could see more of that!

You gotta start posting a LOT man! come on the discord chat and come chat or voicechat with us its @fyrtsikkens 's chatroom for everyone on steemit to mingle and its a great place to meet wha;les and witnesses nd steemit employees i even have met some Steemit executives like @sneak there who dropped some early news about some secret new features and also told us about the new steemit app comin out, when that gets announcedby the execs the price of steem will spiek again just liek with the smart media tokns announcement!

anyway man u should post everyday again u seem to get viral FASt here and we need you man!

Now about Facebook, remember, facebook at around 300 billion is around 1000x the marketcap of steemit which is like 300 million dollars so when steemit gets as big as facebook we will see steem go up 1000 times from $1 to $1000 and anyone with $1000 in steemit will have $1 million dollars! Way better than owning shares of facebook stock!

And there WILl come a day when Facebook asks to "buy" steemit and after we turn them down with teh answer of how they phsyically cant buy it,they will just think we are p;ayuing hardball and theyll just keep offering a bigger and bigger ampunt untill someone just tels them to simply buy steempower LOL and then they will and theyll be stuck helping the price of steem go up like crazy! If someone bought like all the steem there is to buy, probobly what a few million? the price would go way up and they would have to then WAIt for someone to come and sel some steem to be able to hve any! Thats the SECRET of steem and its price and WHY it is valuable! people who get paid get paid in SBD and so that gets traded internaly and on exchanges but hah the steem is actually being purchased more than its being sold, if u look atthe graphs, so interesting, the state of the steem network posts i believe that show like how much steem is sold and boughte veryday and i mean ifpeople are just seling mor ethan they buy that means the porice of steem would be faling which was hwta happebed from the beginning last summer to marcgh of this year just a drop because more were simply selinga nd cashing out than ever powering up but NOW the amount of steem owned by believers in steemit is over the majority fo steem because the price of steem never seems to drop below 1 dollar so basically no one wants to let it get cheaper than 41 because peopel start buying it up as being REALy cheap when it goes below $ never goes below $1 and never really getrs to like 90 or 80 cents for very long because someone instantly buys some up to get that deal! And the $1 price being like a constant is because the people selling dont have anything left to sell! hahah see when you have steemit whales who believe in steemit holding most of al the steem , then they can just refuse to sell any of it and just help keep theprice to go up up up and also people just dont get that steem is boughta nd sold like bitcoin and steem is also mined like bitcoin but not proof of work just proof of stake with delegation, and DPOS delegated proof of stake is very new and effcient and will alow steem do keep itself free of transaction fees and simply a mroe useful crypto currency for things liek microtransactions or obviously for social media but jere is the deal, steemit is new and not many people use steemit compatred to redit or facebook BUt to say there arent many people yusing steemit is a godamn lie. To think that even 100,000 people is not a lot of people is so arogant! And there are around 300,000 to 400,000 accounts on steemit now and even if half of them are individual people , or even if you use the only 30K active users a day stat, that is still pretty amazing that in just a year we gorta brand new social media of the ground with basically no advertising and using the users to advertise and that they "willed" over a quarter of a billion dollars into existence and THAT should be our selling point! Let people talk shit and let the insecure naysay and question it! They will see that steem is going to remain valuable and that YES That 300 Million to 400 million marketcap is accurate and real ! some people incorrectly believe that crypto is only "real" when it gets translate into your fake fiat bank account LOL such a lost perspective! Steem will only impress us and we should all take courseson internet mareketing and pay for youtube ad roll viodeos to p[romote steemit just like @jerrybanfield did on youtube and facebook ! You use the rewards from your steemit poist to pay for ads to promote your own steemit page (and steemit itseklf of course at the same time!) and you end up getting new followers AND paying for teh ad using money from steemit so in a way it can not cost you anything!

Wow! That's quite the welcome message Ackza. Thanks =) I do intend to be posting more...It's been exciting to see everyone. I'm not thinking much about the price of steem. It's gonna do what it's gonna do, and I just want to write.

I was really sad after ChanChan got hit by a car =( Anyway, looking forward to being around here more often, thanks for the great welcome back!

Yes, remember that you are not safe with Facebook, you work so they can suck the profit out of you and therefore they sell your privacy to marketing agencies to spam you with all kind of ads so you can spend your money online.
Facebook has become online shop instead of social media site, that's why people must gather and join Steemit. It's benefitical for all.

That is the really good site

Less and less people are using Facebook because better alternatives already exist. If Facebook doesn't change their tactics, soon people stop using it because none of the interesting people are active anymore. I see a lot of accounts of for example celebrities where all the posts are actually written in Instagram or using apps that aggregate external blog posts. A good test is to comment on someone's Facebook profile or page and count how many hours or days it takes to get a response other than a mere like. Some people just batch like all comments on their Facebook, Instagram and Twitter posts to make followers and friends think they are really active. What matters to other people is the quality of the actual replies to the comments or that "friends" actually comment back something meaningful in your own posts.

I wasted my time on facebook posting, sharing and liking hot chicks and never rewarded or compensated.
Steemit platform is better or the best currently.

What if the porn industry will follow Steemit platform?

good idea! write a post about how pornhub or xhamster could use steem blockchain to allow users to submit porn that people couldn't remove and that people could profit from and maybe we could make it a hard fork of the steem blockchain , NSFW steemit post is all yours! write a long post about it! thats how u start getting yourself a big following!

And soon you will be getting rewarded for liking photos of hot chicks on steemit!

No need to hard fork, wait for SMTs to come out and make your PORN token.

nice! steem cam token to pay the cam girls lol

We already are, as well as other similar platforms, pre-empting the Establishment's plan to do away with cash. After all, we ARE the oldest profession, and no-one's going to stop us plying our trade.

You're right. I think so too.

i think the beauty of this platform is that it's making a real use of cryptocurrency that people are actually earning and trading in steem. I have seen people offer jobs for people to make logos etc in return for steem and to date this has really been lacking from other cryptocurrencies which, have only really been used for trading and storing, buying and selling. This platform allows crypto to begin being used as a currrency the only thing i worry about is how much content is about crypto currency. I think the ideal scenario is crypto currency blending with the real world and this is close but only if it doesn't end up with every single trending post being about crypto currency.

I could not agree more. We need various communities with their content to join. I am working on that! Have a project to bring an ecosystem of fine artists onto the platform. Will likely issue an SMT to help us get going with the project. It's been a year-long project and we are finishing our WP and business plan this week. Good timing with the SMT announcement.

i want to say that i am so excited and i want to thank steem team and founders that gave us this opportunity to share our thoughts for better world where future is brighter and people are working in favour of each other

well i believe steem among a few other cryptocurrencies like tokencard (tkn) and tenx (pay) have a real use case in our everyday applications and projections to technology. Who could have ever thought that there would exist some sort of decentralized social media platform, where user's could interact with themselves without the fear of loosing their privacy to a third party and also get rewarded some steem simultaneously. This so far is a bold step towards true decentralization and exorcising plagiarism in today's invention

Excellent write up! Thanks so much for giving Steemit a fair shake on such a popular website like Wired. We definitely need more publicity like this.

I thought it was a good read too! Agreed!

I agree with you @lukestokes

You're on point, buddy! Steemit all the way!

Agreed! More stuff like this from @andrewmcmillen and @jerrybanfield will get Steemit pushed further into the mainstream. And anyone can do this stuff! The two I mentioned are just leading by example.

Great article @andrewmcmillen! This is such a critical statement (below). Steemit represents an entirely new way to look at social networks on the web. Content has value, a tremendous amount of it. STEEM is positioning itself to flip the script and forever change the way in which we engage the internet.

"While moguls like Mark Zuckerberg got rich, the content creators who fueled networks like Facebook got nothing. Steemit’s creators outlined their intention to challenge that power imbalance by putting a value on contributions: “Steem is the first cryptocurrency that attempts to accurately and transparently reward…[the] individuals who make subjective contributions to its community.”

Andrew, this is fucking amazing! I love Backchannel and am blown away to see a full Steem feature on there. Thanks so much for getting us onto such a huge, legitimate blog!

Maybe Kevin Kelly will start poking around here soon o_o

Your account is now worth USD $1,300 + 418 and counting :D

A very well put together article, you have rightly weighed the various aspects, and I'll be definitely sharing this around! It'll be easier to convince people with all the points jotted down within a reputable article.
Steemit isn't magic, neither rocket science, nor a get rich scheme. Its a social media site that pays, we waste time on FB, rather use the same time here. Thanks!

Keep up the great work!

Fantastic article. The anecdotes about the early ideas and drivers behind Steemit were new to me and fun to read!
I even shared it to Facebook, which I almost never do! It’s a great piece to show to friends that explains and entertains better than I would in a “come join Steemit!” post.

Thanks for your encouraging words, in a time when this relatively new upstart is preparing to charter new waters for growing revenue.

Many who have been part of a ‘failed’ blogging platform are inspired to continue in quiet optimism that Steemit really is a revolutionary form of ‘social media’.


Wow this is so great @andrewmcmillen! Such an excellent and exciting development... and GREAT writing!! Well done!

This is awesome! I love that steemit is starting to get more coverage from the mainstream media, when I tell my friends and family about this site they assume I am insane or have been scammed.

Very informative article. Great to see it on wired. Thank you for spreading the word.

Why call it Ephemeral Money? I have transferred some to Bitcoin and Litecoin and exchanged for US dollars.... unless you mean the US dollar is also Ephemeral.

Value of US dollar is seriously inflated as federal government is essentially bankrupt due to running solely on loaned money. Any government should run mostly on tax revenue for a currency value to be considered "realistic". Anyone still remember how low Italian lira was before they move on to using Euro? You would need bucket of coins just to make a local phone call on payphone.

unless you mean the US dollar is also Ephemeral

Yes it is ;)

Because it's not a real article unless it has a clickbait title :p

Wow! Tha was a really great read :) I would love to ask you something @andrewmcmillen. I have a spanish profile where I post in spanish and also translate interesting posts to spanish language too. Here is the profile
The question is, can I translate the article to spanish? It is ok for u? I will link to ur profile and original article, of course (I always do as u will se on my profile). It is a really good article about Steemit and should be translated to as many language as possible from my point of view. Just let me know ina comment.
One of the best part among many...

Yet while moguls like Mark Zuckerberg got rich, the content creators who fueled networks like Facebook got nothing. Steemit’s creators outlined their intention to challenge that power imbalance by putting a value on contributions: “Steem is the first cryptocurrency that attempts to accurately and transparently reward…[the] individuals who make subjective contributions to its community.”

Well done!!!

Hi, thanks for asking. I'd be fine if you translated the excerpt that appears above, but not the full article as you don't have permission from my publisher to do so. Thanks!

Pardon me if this is too personal, but did you make more $ writing this for backchannel or posting an excerpt on steemit? The reason I ask is to better understand writing platforms and incentives for writers.

Significantly more for Backchannel, at this stage...

Andrew I loved reading your article today and am hoping to start advertising it soon to help promote Steem!

Ditto @jerrybanfield, well constructed andrew, who would have thought that just over a year ago this would be as big as it is. In my estimate @ned will be bigger than FB and their peeps could wish to, in ten years or less, but time surely will tell. The future looks exceptionally bright indeed and it really is all thanks to Crypto's and Steemit. Cheers ;)

Yeah there are more than three hundred thousand people already I think. 😀 😃 😄 😁 Have a wonderful day!

Wonderful article. I'm fairly new to Steem and you've enhanced my vision for participating more. I'm tremendously excited about the expansive innovation with cryptos and the platforms they represent. This is one tremendous application of that innovation.

This is quite an interesting article for anyone to read and understand. I hope steemit will further evolve and even bring the type of interaction found on other social websites like facebook. Imagine communicating with your friends and loved ones while making money at the same time!

Great to see it going mainstream or maybe that should be "mainsteem!"


Я полностью с Вами согласен.Так как это правильное решение создать Steemit c её валютой.Спасибо всем,что есть возможность высказать свои идеи и мысли,при этом заработать денег.Ещё раз благодарю.С уважением,ваш последователь.

Thanks @andrewmcmillen, the writeup is charm to read. Yes, as crypto is bootstraping fiat currency, so steemit is doing same to the popular social media giants like FB or Twitter.

Great article well written

Such an excellent article!!!The moment I was introduced to Steemit, Dtune, DTube and other related Steem tools, it completely blew my mind, as you can see the potential of Steem so clearly :)

A very interesting story, and I'm interested to see what you make of steemit in a year or two once there's more people on board!

Very interesting!!! I will follow your article to promote this platform in my country. We launch an extensive advertising campaign in the mass media)))

Backchannel is one of my favourite places to read about these things.

really interesting post, I like the platform, with this application we can hone our ability to write d, with this application we can m3ngasah our ability to write and in each post rewarded it is no less interesting.
Here from the past we are lazy to read and write and in the end this platform out so that makes us aroused to write and read. Hopefully this platform can lead us more to positive.

Great analysis..but i feel steemit will unlock its true value in the near future. Only thing is right now, many are not aware of it. As people start to become aware and use steemit as their social platform its popularity will grow. Also, Steemit should create value for its investors. Then as investment point of view people will buy steem more and more.

Thanks for the post. Just found out how people can get money from posting, sharing,reblog...
This is a very good source of knowledge for all.

You are right, Steemit is not just an opportunity but challenge!

This is super! Now the 'general public' will get interested. Also, a lot easier for me to convince someone to try out steemit - "look bro, wried has a full article on steemit' 😁

Hi friiend help me as i am a beginner on steemit
Follow me upvote me @steemitglass

Hi. . .
I have read your publication and I found it great because you give a clear and simple definition of what is "steem". I hope you do not mind that I borrowed it for my last post in Spanish, just as I pointed out that the phrase is yours. Thank you for sharing your knowledge.

hi i am beginner and i get a help from you to grow my upvote
contact me on [email protected]
Follow me please also @steemiglass

This is great coverage for Steemit. We need this type of write up. Great work!

Get entertained while getting paid!!

I was a great post I kind of want to borrow some excerpts that I could use as motivation on Facebook and Twitter to bring more steem Ian's on board :))

That is what I will do also.

awesome! i'm a fan of backchannel and i just started on steem this week. really excited to see the community growing. great article!

It is a very extensive article, but at the same time is also very interesting. I did not know the origins of Steemit, which you have explained effectively.

Thanks for sharing @andrewmcmillen

Thanks for sharing! Links to your article and post were included in the wiki pages In the news and Steemit. Thanks and good luck again!

What are your thoughts on the quality of the content here? I feel like the cashing-out aspect could (and I see some of it, as a total newcomer) incentivize pumping out low-effort content to see what sticks.

Quality varies widely. At first, I was bamboozled by the flood of garbage posts, but I eventually found some great accounts to follow. @hardfork-series is an interesting one to watch, I think.

Cool can you let me know some of them? I am tired of reading bad posts, I already reduced the number of people I am following from about seven hundred to fifty. 😀 😃 😄 😁 Have a wonderful day!

Thanks for promoting steemit in such a popular outlet. The more exposure steemit gets better for all steemians. And thanks for sharing. Following, upvoted and resteemed. Have a nice day.

I am so interested in Backchannel. Just read your article and looking forward to more interaction and posts.

Congratulations @andrewmcmillen , we r much excited to know about it, wonderful job you have done.

Very good post!

We need such posts to make more value of our STEEM investments. 😜

Congratulations on your publication! It's a revolutionary system. This is just the early days. here's hoping for a bright future.

EXACTLY..........................IT IS GOOD SYSTEM

Very good ... I hope that after that you will make more articles. :)

Hopefully your article brings new users, good job

It's so great article, steemit need this kind of publicity so everyone can have a knowledge how steemit good.

Andrew, thank you for this simple yet very informative writing. I was recently introduced to steem, and have decided that steem is where I am riding with my investment in cryptocurrencies. As I am trying to get really more involved, and become not just an investor but a participating individuals I find articles like this to help me understand, so thank you!

Amazing Story for @andrewmcmillen - The STEEMIT community, Crypto Community, and the World need more writers such as yourself -
You have a wonderful way of bringing elegance, excitement, energy, equality and enigma to light when shedding STEEMIT and Crypto to the misunderstood masses! BRAVO

@andrewmcmillen the way you wrote the story behind STEEMIT makes it really easy to understand their intent, and this is true, it is a great initiative, perhaps one of the best in cryptocurrency today. STEEMIT will definitely help to transfer and redistribute wealth to people, and get the governments and banks out of the way, just like @teamsteem mentions in this post: . Just upvoted. @gold84

@andrewmcmillen thanks for the upvote. I am following you, after checking all the interesting post you write. Will definitey mention you in one of my future posts. @gold84

You have really give steemit a huge boost.. A lot of people will read your article and sign up on steemit to share their thoughts while they earn.. This is a great news.. You really deserve to be a witness. Keep growing the community

Andrew, I must say this was, for now, the best explanation of Steemit development by now. For a rookie like me, I'm really impressed, that I had no problems understanding your post. And now I will definitely visit your link. Great job!

FB is out Steemit will be in soon

Nice Post ! Steemit is a great social network which give people opportunity to earn money for their time they usually spend on internet. when we think about the time people spend every day on social network for nothing no earning, so we can imagine how many we can save or earning by posting or activating on Steemit ... a huge amount !!!

I agree. 😀 😃 😄 😁 Have a wonderful day!

Nice article, appreciated the succinct history and background on Steemit

That's great a piece of journalism! Love it when the graphics gel well with the content. Thanks @andrewmcmillen!

This is wonderful​, we need more coverage like that! Thank you for your hard work!

very well written information Andrew. Hope that would help promote Steemit creating awareness among new enthusiasts and yourself on other platforms too. Kudos to you.

Great read! Thanks for sharing!

Seeing this article was the reason I joined. Seems like an interesting concept.

Thanks for giving the community a fair hearing and writing for us on Wired.

In my opinion general public consensus on blockchains such as Steem is that they are confusing and unapproachable. This can be because any usage of the blockchain is compared to Bitcoin (understandably so) and Bitcoin has a history of usage in the illegal sense, making many people wary of the technology as a whole.

That is why it is so important for people like yourself to take a look at things like steemit in order to set the record straight. While some users of blockchain technology use it for illegal activities, many others simply use it for speculation/investing and new innovations in technology. As your investigation has found, Steemit is just a new form of social networking that gives everything back to the community rather than advertisers.

Even if you are done with your research, stick around :smile: . Steem is open to everyone!

Excellent Article i loved reading your article

thats where I re-found steem!

I have been using fb,insta,whats app and so on social media before I came to know about STEEMIT.From my personal experience those platforms holds nothing but a time wasting critera in my past life.Yeah truly. I also used Qoura and Yourqoutes like sites which on the other helped me on gathering knowledge and to get participate on various well build conversations.

After all steemit pays its users. When I got to know about it I was bit surprissed. Now I have been here on steemit for more than a month. I may have not able to gather much dollars but i made so many friends here :) which is a plus point of being here.

I truly loved your post and yet again it helped me to boost up my confidence level :)

This I see excellent! Thanks for sharing this article and helping to illuminate this awesome platform. I'm a musician, and anything that can help spread the word and authenticate the blockchain as a source for generating support and revenue for creative content generators, is incredibly valuable!

Impressive wording skills and extremely detailed info on Steemit. Being just a minnow, these kind of articles direct my next steps here. I have an observation though. This maybe the most positive platform I have ever been on but it can also be negative in a way. Most people want steem so bad that its tricky to grow especially as a writer. Since not most people read, they just upvote to make something off of it! I appreciate your guidance though :)

Andrew, that's a great piece of writing that clearly illustrates the SteemIt culture and the benefits of posting to SteemIt rather than "traditional" social media.

I think your article is going to be a huge asset to SteemIt and I thank you for writing about something that is not only cutting edge, but that is literally changing lives for the better!

thanks for giving Steemit more exposure, you brought up some interesting points and comparisons. I've been here a little over a year, I still think that there are a lot of talented writers here who don't get enough exposure or value given to them through the Steemit system, I hope at some point there will be improvements for those Steemit writers who are overlooked and undervalued

Interesting perspective. What kind of changes did you have in mind? Really curious. 😀 😃 😄 😁 Have a wonderful day!

Andrew, please, some crumbs for this ant! xxx

Only because you asked so nicely.

Nice job, i spend hours in facebook, instagram and twitter, making content and the only payment I receive are bills every time I want to promote my publications. Steemit is the future and we must promote it.

Hi @andrewmcmillen, do you personally believe Steemit is a positive influence on the Social landscape?

I love the platform, personally, but logically I see how the value has already been watered down from the Hard Forks and the inescapable fact of popularity earners that may have started at ground-zero and earned their way up the ladder, but now they can post drivel and make more money than 75% of the posts out there.

Do you think there is too much weight on the other side of the see-saw?

In response to your first question: I don't know. I think it's too soon to say. I'll keep watching. Ask me again in a year.

Fair enough my friend. Fair enough.

I don't think so, but I see what you are saying. More inequality is good for everyone sometimes. 😀 😃 😄 😁 Have a wonderful day!

Excellent Article .... up-voted and Resteemed.

Great story and awesome positive exposure for Steemit. I've suggested a Steemup in Brisbane on 4th November to coincide with STEEMfest2.

There are two camps in terms of content business model. One is to directly monetize contents, like paywall and subscription, the other is to indirectly monetize, via ads like facebook and twitter.
The problem of the first is that people didn't seem to pay for contents. The problem with the second is that only the intermediary, facebook and twitter, are getting paid. People who post contents are not.

Steem is an interesting experiment. It is using the second model, but is paying the content makers. I think it has potential to develop into a long-term viable model. But there are some risks that needs to be addressed. And the key is this.

People seem to behave differently when there is material incentive.

People are the most honest, when there is no money involved. We compliment a good kid when the kid did something good. But when people know there is economic incentive to compliment someone, people are likely to compliment too much.

So, I think the key is to promote honest behavior, yet still providing financial rewards. Not an easy task, but I hope to see this to be done.

Thanks for this thoughtful reply.

This was the article that led me here. So congrats, I figure there will be a new wave of people involved in the community here soon. The article was pretty highly ranked on Hacker News and that was how I found out about it.

Cool - nice write up, @andrewmcmillen. Just shared it w/my FB and Twitter networks. Glad to see more journalists on here - I think Steemit and other platforms like it are where our future is as an industry. Upvoted this piece and followed you.

Hi Andrew, I just love this post you've made. It throws more light on why we are here on the Steemit Platform. I believe that in the nearest future, Steemit will go a very long way in reshaping the entire social networking landscape. Thanks indeed!

amazing! I just read that article yesterday.. it was shared to me by a friend that is not a part of the Steemit community. I think it sparked his interest. Thanks for writing it! :)

I first saw this article on Backchannel and found it very informative! It motivated me to get more active with and, and to encourage others to do the same.

Excellent article! You really captured the essence of steemit.

Great article ! Explains very well the good ( and less good) points of the network for everyone out there!

nice have good skills of writing keep it up..i love your article..

I read your story and thought it was a very good write up on steemit. Well done. I found your story via a quick blog @apolymask did.

Your article brought me to steemit finally. This will be my first comment on a post in fact. Thank you for the informative piece!

Thank you fro posting an article on wired about steemit! Any publicity is good publicity!

i just hope you can write a follow up after you get feedbaxck on steemit and exlain how you were able to make $600 just from posting a steemit post ABOUT this article you wrote! THAT would actually SHOW wired readers how steemit is the real deal!

Excellent article. I like that it wasn't just a cheer-leading article, but took a very balanced perspective. I especially liked your closing paragraph:

As with any other cryptocurrency, the virtual bubble that surrounds this idea could pop at any moment, and all of that time and effort you’ve invested into earning Steem could be worth nothing—which happens to be precisely the same amount you earn when you post on any other social media website.

I shared the Wired link on on Facebook and recommended it on I shared the steemit link on, since I don't have that Wired feed in my RSS subscriptions.

Great article and straight to point!

I'll just let my gif do the talking

.this is awesome!!!

I loved your detailed yet to the point article. Between every time that bubble word came, I felt a bit uneasy!! 😅