Three reasons why Steem will fail
Steem comes with concrete, original ideas to improve how we appreciate content. Having said that, Steem is in it's infancy.
If Steem fails, here’s my best guess why.
- Steem may well be the new MySpace Social media is a trillion-dollar idea, at least. It’s an idea which has begun to realise its significant potential. But it’s not enough to have a great idea. Implementation is key, just ask Facebook. The creators of Steemit have yet to show us that they can provide an implementation worthy of the lofty aims of the platform. Which leads us to the next reason…
- Steemit is reinventing the wheel. The Steemit website, which for now is the main incarnation of the Steem concept is a very basic website that has a collection of articles. Much of the content is of a lower quality than we’re used to seeing on the internet from reputable websites. The exciting part of Steem is its method of monetizing content. Steem should work with existing platforms to reward writers and encourage quality content.
- Allocation isn’t fair Writers don’t earn Steem dollars in proportion to how many people like their content. There’s a complicated system that allocates rewards according to how many VIPs (“Whales”) like the content. If five hundred people read and like my article, surely it shouldn’t matter who those people are. I understand that it’s part of a mechanism to protect against abuse, but the talk of and pandering to “whales” isn’t classy. People are less likely to join a club if they feel at a disadvantage from the start. Having said all the above, in my opinion Steem is an outstanding concept and I can see lots of potential. I intend to write my next article about how it could revolutionize a couple of industries that are long overdue some disruption.
How would you make allocation fairer? Without some sort of proof of stake, the site would just get filled with bots :(
It's a tough question, but the average user needs to feel that they have an impact.
Let's hope your prediction is false. :-)
I don't think Steem would fail, but the reasons you say is not at all bad to ponder about...hmm time to put on the thinking cap :)
I'm still on the fence. I just saw too many posts about how wonderful it was and wanted to play devil's advocate :)
certainly agree - what is the value of articles that pander to 'whales' - this is akin to being a panhandler - may he who has the fanciest signage WIN.
I can see the points, but on the third one you need to remember that if all viewers (or upvotes) would be equal in power, this would only attract people to create armies of bot accounts to give mad amounts of views for the posts.
Whales are no VIP users, they are either users who have invested money on Steemit or have been successful on Steemit (usually members for a long time), which gives them more impact on the posts.
We all make a difference, but we're not equal in power. This is not only a bad thing, even though it might seem like an issue for some.
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Hi! This post has a Flesch-Kincaid grade level of 7.5 and reading ease of 69%. This puts the writing level on par with Tom Clancy and F. Scott Fitzgerald.
That's quite a complimentary bot you have there!