Is Steemit the facebook killer?
I don’t expect this optimistic dynamic to change anytime soon. Those that already feature Facebook stock in their portfolio should enjoy many years of steady gains. At the same time, Facebook is a technology company too, and this sector is incredibly volatile. Even Facebook as great as it is, cannot afford to be complacent.
A major, potential risk to the social media giant’s dominance is an open-source network called "Steemit". What makes Steemit distinct from the litany of social media garbage is that it runs on its own blockchain-powered cryptocurrency called steem.
Yahoo Finance‘s Daniel Roberts explains it like this: “Steemit users publish a blog post, it could be any length, any topic at all and other users can “upvote” it. The twist: Every upvote represents a small amount of steem power. Think of steem power as a representation of influence, because the more you have, the more power your upvote has to move someone else’s post up when you upvote it. Steem power can be converted to steem dollars, which at the moment trade for about $3.25 USD each.”
With Steemit, you get paid to do what you normally do on Facebook for free. If the platform did take off, Facebook stock would genuinely become troubled.
However, Mr. Roberts remains unconvinced. Despite the fact that the writer posted an introductory note on Steemit and made $120 in the steem cryptocurrency, he stated that Steemit becoming a Facebook killer was “a stretch.”
I take a far different approach.
There is a long way for Steemit to come even close to Facebook. Even if Facebook were to fall because of censorship and the distain towards Mark Zuckenberg, Steemit still needs to improve a lot before it can be taken really seriously, as people are more likely to move to other, more established platforms. Then again, when Steemit will rise, we - the ones here right now - will have a tremendous advantage; and we deserve every piece of it.