Is Steem the "non-technical Ethereum" rival of Bitcoin? Will Steemit be the spark that starts the rush of regular people into the cryptocurrency world?
I was a Steemit platform skeptic, but after a few days on here I now know that Steemit has a critical mass of participants and the right kind of publicity to alter the way we view social media. The success of the platform should help the Steem cryptocurrency in the short term. I can't say I believe in Steem, but that does not matter. What matters is that Steemit is getting new people interested in Bitcoin/Cryptocurrency and expanding the cryptocurrency ecosystem. It has given me a few Steemit ideas that I want to try out very soon. Below is my video that talks about Steem becoming a rival of sorts (in a similar way that Ethereum is a rival, but on a not-technical level) of Bitcoin.
I think it ms great that steem has been created and it will help drive more people to cryptocurrancy which means that everyone will benefit and grow
This is just the start of the long awaited influx! I see you are from Australia. I was in Sydney and Melbourne quite a bit from June 2015 until Feb 2016. Great place and they seem to like Bitcoin. I did a lot of videos about the Australian Bitcoin auction that just happened:
Man that's SO crazy I was just thinking this right before I clicked on Youtube and was seeing Ethereum crashing on Poloniex..
Like you say Ethereum wants to be the "crypto world computer" but maybe what Steemit is becoming is a lot more useful which is the "crypto world social network" :D
Sometimes the simple answer is the best answer. I think that in the period of time we are currently living through people want simplicity. People are not ready for smart contracts and DAO's, they are ready to be paid for social media though and they gladly will accept cryptocurrency.
Exactly everyone has always said that there was something that would replace bitcoin as an easily usable crypto currency.. and even tho Ethereum felt close.. Steemit just makes so much more sense and is easy for ANYONE to earn it without having to invest in a bunch of expensive mining equipment :/
Man that's some real word of wisdom right there!
Thanks! Another way of saying things is that Steemit is a cryto-platform for the current real world while Ethereum is a crypto-invention for the future technical world. I think Steemit's time is here, while Ethereum's time is at some point in the unknown future when many many more people are using Bitcoin.
Have you used OpenLegher before?
I have heard of it, but I have never used it.
But I do think STEEM is the direct result of why Ethereum is crashing right now..
Not at all. Ethereum dumping is long overdue: https://steemit.com/money/@r4fken/steem-is-hot-but-these-are-the-opportunities-for-bitcoin-and-ethereum-right-now
At this point I feel #Ethereum and Steem are separate issues. ETH will not stabilise until the hard fork happens and it probably crashes some more. Then once what done is done then corporate interests interested in ETH can pump it up again. If Steem eventually causes problems for Ether the Ethere is in big trouble. I don't foresee that happening though. Here is my latest post: https://steemit.com/steemit/@bitcoinmeister/video-from-january-where-i-recommend-that-twitter-incorporate-a-cryptocurrency-system-into-their-platform-and-where-i-describe
i've made so much on steem so far!!. this is unbelievable
This development has come out of nowhere. Hopefully this platform is something close to the crypto "Killer App" many of us have been longing for...
Well, in my opinion Steemit needs to be very simple and easy to use to be attractive for regular users not familiar with crypt-currencies. With easy to use I mean it must be easy and simple to change money into steem and back into real money, with a simple interface, without having to exchange via Bitcoin. And having three different tokens / currencies doesn't make it simple either. On the contrary, its quite complicated to understand. So I think Steemit still has some way to go to become "mainstream".
You are correct. One that first turned me off to Steemit was that there was no proper explanation of how it worked on the site and no explanation of what the 3 coins were. These were all things that took time to find and understand and I have an easier time understanding it because I am familiar with cryptocurrency. The mere fact that people can get paid anything attract all sorts of people here and the ones who earn will be "forced" to learn how to get their money. A crash course in Cryptos if you will. The dollar signs next to number on popular posts will attract mainstream attention it is a great marketing tool. Your points are all good though. Thanks for posting and check out my latest post: https://steemit.com/steemit/@bitcoinmeister/video-from-january-where-i-recommend-that-twitter-incorporate-a-cryptocurrency-system-into-their-platform-and-where-i-describe
Steemit is moving faster then a Olympic sprinter, I never seen a coin rank up so fast. But the cap thing may be an issue down the road.
The inflationary nature of the Steem coin is a big issue with me, BUT I think the Steemit platform could revolutionize Social media and thus keep pumping up the Steem coin value for a period of time while at the same time getting MANY new people into cryptocurrency and Bitcoin. Steemit is my interest, the Steem coin will not be the big story at the end of the day.
https://steemit.com/steemit/@stompy/why-poloniex-not-add-steem-the-story
Thank you for sharing, as I always appreciate the vids. All the best to you, Adammeister, the Bitcoinmeister!
Thanks so much. I always appreciate the support!
I think so
i've made so much on steem so far!!
I am glad to see confidence in the two of you. I am glad to see despite my posts relative "old age" on Steem that it is still getting comments. Steemit is for the people!
Well I don't think so. Ethereum has great backing (KPMG, Microsoft, several VCs ...) so they are here to stay. Steem on the other hand provides great simplicity. Anyway, cryptocurrencies are generally not competing but, as a whole, bringing more and more adoption to the masses.
I agree that on a certain level cryptos are not competing and when one has a spike in popularity it can only help the entire cryptocurrency ecosystem by bringing in new people.