About Steemit

What is Steemit?

Steemit is a social media platform where everyone gets paid for creating and curating content. It leverages a robust digital points system, called Steem, that supports real value for digital rewards through market price discovery and liquidity.

Steemit claims to be a website that allows you to interact with its blockchain. The blockchain is a system where virtual currency is used to reward users who post, comment or rate posts. It’s kind of like Reddit but you are rewarded if people upvote your post with Steem, a digital token. The rewards are given out in 50% dollars and 50% steem power.

There are many things that can be done on Steem. You can write posts with photo and video links. You can upvote or downvote other’s posts. You get rewarded if your posts become popular on the website. The website claims this is all based on the blockchain, but there have been other website’s claiming to run their own blockchains without proof thereof.

Bitcoin publications – as they do with every new blockchain startup – claims it could be the “killer app” of Bitcoin. Only time can tell that.

Just four days ago, Steemit was hacked for $85,000, another high-profile hack in the wake of the $55 million hack of the DAO.

In an official statement, CEO Ned Scott said the hack had “been contained.”

User accounts and wallets are not at risk, and we hope to soon reactivate the steemit website to normal order. Any users whose accounts were compromised will be completely reimbursed.

So why don’t I care someone stole my post and profited big? Because I don’t expect the economy to work any other way, let alone the Internet. Some of the most successful individuals in history have made themselves successful on the back of others. We see that here in the Bitcoin Community. (How many people are riding the back’s of Satoshi, claiming to be doing good work for the community?) My lack of expectations results in few disappointments.

I hope that whoever stole the post and profited big on it gives some money away to charity or that they themselves needed that cash more than I did. They’re not to blame. Perhaps the naive who tipped the individual shoulder most the blame.

Disclaimer: The views expressed in the article are solely that of the author and do not represent those of, nor should they be attributed to CCN.

Featured image from Steemit.