The Coming Disaster For SteemIt and How We Plan To Help

The Coming Disaster For SteemIt

We see a major disaster coming for SteemIt and we know that we can profit from trading against Steem, but also can profit by contributing to SteemIt. What we see as a major disaster is that high quality users are leaving the site in droves, while low-quality users are sticking around. If SteemIt will survive, the opposite must occur.

Why is this happening? The main reason is that high quality posts and high quality content are simply not rewarded. We have first hand experience with this too - we told investors of two trades which (1) yielded 200%+ in a few days and (2) saved investors a 50% loss. Just as a comparison, we saw some Redditors highlighting this post as a possible pump and dump, and to their credit, the investment did crash 50% following the post. But why would poor-quality content get a lot of money, while something which profits you get next to nothing?

Don't worry - we're not fools; we don't share trades on here anymore.

How We'll Contribute To SteemIt

How we'll contribute above what we currently do is highlight what we feel is an overlooked post for the week by an "unknown," "low voted" or "low-ranked" author. We may add to this and do several posts for the week; for now, we'll stick with one because we suspect our readers aren't even reading our full posts either, much less another person's high quality content. For proof of this, we remind people of what we embeded in one of our posts:

In this paragraph, I will write words that don't make sense relative to this post for the specific intent of filtering out spam bots and spam posters. Anyone who's actually read the post will probably laugh in the comments or type something along the lines of how this is a good idea, though don't give away too much for other non-readers. Think of this as our little secret. We suspect many people aren't actually reading these posts, other than the first and final paragraph, so we want to bury the meat of this post in the middle of this post. This is to reward you since you are clearly reading what we're writing. This is a reason we also decided to not use an image for this post; nothing like words to keep the mob away right? Congrats, by the way - you have an attention span.

By the way, we laughed our butts off as we typed it. We do stuff like this, sometimes with rewards for people who read.

Because we value our followers, they will be our first check for a selection in that we'll look first at their content and move on from there. We also write about financial related topics, so the content will be in the same category. Ultimately, we're looking for the micro-minnows who are actually taking a lot of time to write out solid content while being ignored. We know how it feels and we want these people to stick around; still, we'd suggest - like we did - you might consider another place to go. Our criteria will be as follows:

• Followers are first part of the selection the selection process, if there are any micro-minnows with good content.
• Must be financial topics.
• We can agree, disagree, or hold no view of the post's content.
• The content must reflect work and thought. The work cannot include false accusations, baseless assertions, hype, or pump and dumps. See the below reasons for why - this ultimately harms SteemIt.
• If we highlight your content three times (or more), you'll be qualified for an interview with us, since this means your work is solid.

Additionally, we're not pretending to be angels here either; if SteemIt continues to make the mistake we're warning about, other alternatives, like YOURS or Synereo, will see us as trying to help with a very broken problem. They may want to consider what could happen if good content creators leave the site (they've seen the Steemle charts too). Ultimately, these may be the winners in the long run as people who really contribute great content move to them. We hope SteemIt follows our example and advice, so that it will last; this is in all of our best interests. This is part of why we founded the introduceothers tag - because introducing really great content from other writers will help this site succeed.

Iceberg Right Ahead?

Just because we highlight a person's work does not mean that we agree with their ideas. We may be taking the same trade, opposite trade, or not have an opinion on their trade at all. The same is true with finance - we may completely agree or disagree with the other person and we don't have to say whether we do or not. What we share simply highlights work we think is overlooked but is great work. Most of the nonsense some voters upvote is baseless assertions like "Lord Rothschild is a trillionaire" when, if ever contested in court, might really hurt SteemIt.

Stated another way: you may be financially responsible for content on your server node - if it's false content and a court views nodes as "maintainers of information" it could hold you accountable and fine you. In addition, if a lawyer proves in court that your upvote made more people see false content, the court may find you guilty and also fine you. Just because these laws don't exist now doesn't mean they won't in the future and I'll remind all of you that libel laws are still in tact. People have been fined for owning websites with false information; saying that "we have decentralized nodes with information" only means courts will just pass the fines to the owners of those nodes. This could then cause nodes to close down and what happens then?

In other words, SteemIt does not mean that we can get away with violating the law (and we shouldn't try anyway). We're trying to help SteemIt's case by highlighting good content, not baseless or meaningless content that ruins our party when lawyers show up to crash it (and they're coming if we're not careful). Even if you don't like us, you should agree that baseless content may end up attracting the wrong attention in the long run and I wouldn't want to be operating a SteemIt node when that day comes, or be someone who upvoted content that was libel. That in and of itself may cause problems if big contributors to SteemIt see the disaster ahead and start to exit. Again, this is why we wrote a post calling out someone's false accusation; we don't want to be guilty of false accusations and we want Steemians and others to know that this does not represent the majority of us at SteemIt.

We don't want this to happen - we don't want you or any server to be charged for these kinds of things, but that means that we have to exercise responsibility about how we vote on this site. Again, think before reacting and voting. Even if we don't like someone, does that give us the right to accuse them of something that's possibly false? We don't think so.

Bottom Line

Look, we'd like to see SteemIt succeed. But if it doesn't address what we've pointed out, it won't exist in the long run. In addition, if you're a content creator and you are using SteemIt as a major source of your revenue, be careful! In our retire early with cryptocurrencies, you will definitely want to stay tuned to the subscriber content in October, since one of our writers discovered a painful SteemIt gotcha. Relative to the course's continued success, this will be available exclusively to subscribers. If you like finance content in general, keep reading FinTekNeeks, as we have some great content coming your way (and some great past content). By the way, we were right about natural gas. Our trades keep routing that ole' S&P 500; and congrats if you're a regular reader. And remember, the contest is still on for followers.