Here is the one thing that will make or break Steemit as a Ponzi or Killer App
Steemit, is booming as a blockchain based social media platform, but it is also going through a whirlwind of controversy in Bitcoin land.
Here is what will make or break Steemit as a ponzi scheme.
Skip the intro if you get the basics of Steemit and go right to 'tha money!'
https://www.youtube.com/watch?feature=player_embedded&v=IXlg2Q8W5Ug#t=616
Sponsored by Bitsquare.io. Anonymous Tor based, easy to use, decentralized Bitcoin and Altcoin exchange!
https://steemit.com/bitcoin/@juansgalt/8-reasons-bitsquare-is-the-best-way-to-buy-and-sell-bitcoin
Hello! Remember you from your speech about Dash on some conference back in this year. Welcome to Steem! I made me follow your posts.
About advertisments I 100% agree with you. Here is my post about this topic.
Juan! Amigo! Berlin greeting! Cheerio!
Fabio! Amigo! :) : ) : )!
i just found this video on Youtube and made a post about it... Then I had seen the link to you. I like this video and some of the points in it. :)
If the post does well, i will send you all the steem dollars. I think your view has to get out again. Thanks :)
Nice report. I hesitate to use the term Ponzi here. Remember, Ponzi had a product to sell and you had to buy in to participate. None of that is true here.
Do you think your thinking might be too conventional? Bitcoin doesn't sell ads yet has retained it's value. In order for Steemit to pay out, only Steem needs to have value and just like Bitcoin, Steem can be used in other apps. I know that they are developing a marketplace and there are a few people kicking around an idea for a children's version of Steemit, a little more like Facebook, including a gaming platform where kids can spend their SD (or whatever that token is named)
As for ad revenue, I don't see why the most popular Steemians haven't already invited advertizers to purchase a blurb on their post in Steem, kind of like what Let's Talk Bitcoin does with their LTB token.
Anyways, glad to see you here. I thought I was following you but apparently I wasn't. I am now.
bitcoin is not social media or content platform. internet money and potential hedge against fiat collapse. That's its killed app, that's its product.
Being a global currency is a product.
Perhaps steemit can compete there, but it has fierce competition.
As social media however it has a different market and thus needs a marketable product.
What does steemit sell?
@juansgalt Again, you are conflating Steem with Steemit. While I agree that Steem would have fierce competition if they hadn't built Steemit, Steem in itself is an innovative cryptocurrency: very quick block generation/verification, ability to sidechain, a deflationary 10:1 reverse split every 32,000,000 blocks (which is about three years), etc. It may have taken years longer for Steem to mature without Steemit for sure, but that doesn't mean Steemit needs to place ads everywhere to remain successful.
As long as Steem has value, Steemit will pay. I just think instead of using the tired, old, ad revenue sharing model in this new paradigm, we should focus on giving Steem more value by utilizing the currency with new killer apps like Steemit and let Steemit be what it is and not driven by kissing ass to corporations and begging for money from them. Why be another Google, or Facebook, or Youtube. Use Steem when building your apps to increase it's demand, raising it's value and benefiting everyone who uses Steem, including Steemit. Can anyone say Steemsino? Steembook? Steembazaar? Steemtube?
If Steemit starts ad revenue sharing, then the advertisers get the power and dictate the direction. It happens every time.
Shake the old paradigm and embrace the new. Steemit sells itself. What you should be asking is what app can we make to increase the demand for Steem.
does are interesting ideas. I think there's some good opportunities here for a good product.
Thank you, this helped me to understand more, at least I think it did. Creating value, are those the words you used? I watched the video last night. What if the value is a large group of people using Steemit and using steem as their cryptocurrency of choice? The situation now would then be part of a growth phase, only that.
Very helpful video! I think I understand a bit more about Steemit. I just now realized Steemit Dollars and Bitcoin are 2 seperate crytocurrencies. I'm new to all this but fascinated!!
Rawwwr!
:D
Simply Great Information and Presentation
I found your video on YT, trying to find what is new about steemit there. Video is very good. I wrote about the same thing - lack of business model - few times.
I think, your trick with title of this post didn't work well. Steem is not and never will be (with current source code) a Ponzi, because it do not require pay any money to be able to earn money.
In worst case scenario, Steem can be just a bad investment for investors.
Nevertheless, you are right... finding business model will be critical at some point.
I would be happy to read more your content about problem with lack of business model - but please, do not call Steem a Ponzi, because it is not a Ponzi.
If you call Steem a Ponzi, you would have to call Facebook, Twitter and YouTube a Ponzi as well. Investors are aware, that they can invest in platform, but every social media platform right now have cost:
Employees of each social network are paid - that is normal to pay your employees. But if you will use all your money from investors for paychecks, they your company will bankcrupt - but this still has nothing to do with a Ponzi. This is just like companies works - centralized or decentralized - this doesn't matter.
PS. Upvoted, Subscribed.
Just found your video now and it helps so much to understand better that steempower is what I am interested in . I understand your point though regarding the need for income. Let's see .....things will develop