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

in steemit •  last year

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 Wired.com. 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.

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

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Andrew thank you for publishing this aritcle on wired.com for us! Ads on Google and Facebook for your story as seen at https://steemit.com/steemads/@jerrybanfield/ads-for-wired-com-story-featuring-steemit-on-facebook-and-google are starting today to make sure hundreds of thousands of readers see what you wrote!

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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 . . .

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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.

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

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Agreed

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Awesome collaboration! Great things happening from both of you!

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Nice work, @jerrybanfield!

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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!

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

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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 =)

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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 steemspeak.com 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 $1...it 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!

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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!

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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.

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That is the really good site

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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.

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You're right. I think so too.

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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?

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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!

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

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nice! steem cam token to pay the cam girls lol

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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.

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.

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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.

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Cool, welcome to Steem!

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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

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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.

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I agree with you @lukestokes

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

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I thought it was a good read too! Agreed!

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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

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Maybe we'll see Ned (and maybe Dan) on the front of Wired soon

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!

Out of everything that has been written about Steemit, your article is the best so far! If any of your friends consider committing Steemicide, make sure they call the hotline first! Well done Andrew! I tweeted the crap out of your article on Twitter, too!

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Thank you, @stellabelle

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yes andrew make sure you actually keep posting everyday now! You can even just give rundowns of the work you do outside steemit (like doing the same work for two different homework assignments lol) and you should consider writing a follow up to tha article on wired showing how you were able to make almost $1000 off this post on steemit and show how imteractiveit is, shyow how anyone reading the wired article can signup and say you will do your best to get the comments upvoted, liek for example i know me and stellabelle and my other steemit peeps would love to make a point of helping get upvotes to anyone joining after reading ur article to make a great impression on wired readers .... when you get teh right people on steemit to get your attention you start to see a whole different steemit that usual, in teh future mor whales and users will mean that feeling of iunetracting with whales and getting like $1 upvotes will hapen more often, soon more and more people will be buying their way into whaledom by buying steempower and being able to then give out $10 upvotes and this really allows someone to see the power of steemit .... when peopel are getting like 50 cents to a dollar per comment on trending threads it adds up and people should take screenshots of all the poeiple making money off popular comments... i think we should make people realize that even tho its not based on number of upvotes it still reflects the communitya nd if MORE people actualy USED steemit then 1000 minnows could outweigh 1 whale, and wheen ytou start seeing like people getting 10,000 1 cent minnow upvotes to give someone $100 on a comment THAT is when we will see those people who comment on reddit and youtube band make witty smart and funny remakrs, but who never get paid, THOSE are the ones who will be using steemit the most, peopel whpo have a history of making funny remakrs and getting lots of comment likes, well those people will be coming to steemit in wvaes, from otehr social media sites

like when someone like idubbz or ethan klien have a video on steemit then we will be seeing millions signig uop all going "Who else is here becaue of the EThan/idubbz video?" and so THAT is when the mass migrations will happen

OR when we all realize how easy we could get stemit posts on reddit to reddits front page if we al just use our thousands of reddit accounts (and have non redditor steemit users signup to reddit) and ALL upvote some posts we can amke about steemit on reddit, I am 100% sure we could "brigade" it to the front page, and yeah brigading is against teh rules on reddit but what we would be doing isnt brigading, we are all just on social media and we see a pro steemit post fo cousre we will all wanna upvote it, they wont eb able to stop it, reddit users might complain about how 'Oh every steemit user is just upvting these steemit posts on reddit" and our hivemind can out hivemind them lol they are a mas of slaves 240 millin slaves none of which get paid all making money for the tiny minority of peopel who own and work for reddit who share nothing with even the very top users who create a lot of content for reddit hah steemit is just automaticaly by default set to take all of reddits users AND thus their content by gravity alone! Like a lake at high altitude draining into the ocean, reddit has no way to keep their users especialy as more and more humans need jobs, so irts inevtable and the ONLY way reddit could save themselve sis releaseing reddit notes which they never were ever serious about in teh first place and they also said it would be "illegal" and ahhaha here is steemit totaly proving themwrong...reddit notes i found out was thge baby of a reddit employee who ended up getting fired and so no one cared anymore and the 20 million or so dollars set aside for it was just enevr give n out tgo all the top reddit yusers, it was gonna be a reddit crypto currency with boitcoin and dogecoin wallets and yeah woulda still not been as good and advanced and cool as steemit cuz still no curation no witness nodes no steem blockchain no reddit blockchain just another altcoin but with a big user base so ya would abeen valuable and useful within reddit but steemiutr just so muich better so much more potential.... redditors just can use dogetip bot (which got all of its balance million ro so bucks stolen by its creator who decided he would try gambling with it to "help" everyone and he just endedupo loosing it all lol

Steemit is going to have a LOt of new users from reddit.... we shoudl all be posting reddit stories!

Tai Lopez just talked about Bitcoin and ICOs on Ethan Kleins h3h3 podcast!!!! he STARTS the interview talkin about how a few buycks in bitcoin would be millions today just a fw years later, saying he wish he woudl abought bitcoin in 2010,

tai lopez even said hes invinting the "top blockchain guys" to his home next week to tell him about ICOs hah so expect tai lopez to join steemit very soon!

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Were you drunk when you wrote this?

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:D

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Hey I just pushed your comment Up oto $1.00 with my Upvote!

And about being drunk? lol no man i thinki was just tired and i wante dto get tmy thouights out nefiore sleeping and loosing em ....sometimes i just go and i cant stop and re write it or my ocd will kick in and ill styart rewriting everythinga d ill be there for hours! I just have to write and hit submit and move on or i will never get anything done! So what exactly made u think i was drunk? and why didnt you have anything else to say? just wondering why you dont like to post here very often, i wish you would!

Anyway thanks for the article and hey even got a reaction from @acidyo ! hey so did u watch the beginning few mins at least of that h3h3 interview with tai lopez so u can see hpow hes obviously getting totally into ICOs or at leats super JELOUS of how fast and easy people have been making money! peopel are making as much as he makes in a fraction of the time with almost no effort! hahaha tail lopez makes me realize even if crypto doesnt work out thers always the OTHER ways to make money onthe internet via marketing and dropshipping so imagine when they consolidate all of drop shipping and SEO into a crypto currency hahahah SEO coin will be huge man oh wait steem basically is that, but we need some sort of Adwords coin for google adwords, and an Amazon coin, we can make Smart mediaTokens (SMT) for all of these!

hey do u think it was a coincidence that your Wired mag article came out and then right afterwords steemit suffers a DDOS attack? You think someone was trying to send a message or stop Steemit from getting the traffic bump from the article? It wouldnt work really, i feel like it was just a message haha maybe a message from facebook!

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And facebook too
She shared it on fb

Fantastic!!!!!

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’.

Peace.

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.

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unless you mean the US dollar is also Ephemeral

Yes it is ;)

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

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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.

great reading!

That's a really good article that sums up what Steemit is. I hope a lot of people read it and come here to check it out. Steemit has some issues with spam and abuse, but the community is dealing with them.

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 https://steemit.com/@trans-juanmi
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!!!

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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.

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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!

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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 ;)

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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!"

Cool!

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' 😁

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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.

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hi i am beginner and i get a help from you to grow my upvote
contact me on alokch23@gmail.com
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 :))

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That is what I will do also.

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

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

Thanks for sharing! Links to your article and post were included in the Steem.center 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.

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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.

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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.

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IT IS EXELENT SYSTEM

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.

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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 Wired.com @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: https://steemit.com/joy/@teamsteem/welcome-to-steem . Just upvoted. @gold84

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@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 !!!

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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!

Great read! Thanks for sharing!

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

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.

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

thats where I re-found steem!

Excellent Article i loved reading your article

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!

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 :)

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!

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 :)

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!

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

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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

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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.

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

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?

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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.

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Fair enough my friend. Fair enough.

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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.

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.

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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.

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

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! :)

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!

Excellent article! You really captured the essence of steemit.

nice bro...you 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!

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

I'll just let my gif do the talking


.this is awesome!!!

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 getpocket.com. I shared the steemit link on theoldreader.com, since I don't have that Wired feed in my RSS subscriptions.

Great article and straight to point!

Read your post in Wired - great article man!! Maybe we'll see a few more heads popping in on Steemit ☺️
I see this post of yours made it big time too!! Nice!!

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

Awesome article Andrew. It should give newcomers a good sense of what steemit is and the potential it has to be the dominant format.

An article that will surely do steemit a lot of good. But even as an internal article for steemit users, its very interesting and encouraging.

Way to go @andrewmcmillen, thanks for giving this wonderful community a chance on such a big platform like Wired.com..... The steemit community is filled with people who are gearing for a common purpose which is to have a platform that pays you to share parts of you which is something the majority already does on other platforms and don't get paid for. The simple fact that steemit virtually turns people's "opinions" to cryptocurrency is magical in itself and that gives off a vibe that everybody's voice is actually worth something which is a rare thing to find in today's world.

Really great. How is the begging of your in Steemit

Congratulations on such a successful post Andrew! Brissie represent