Early Adopters & The Success of the STEEMIT Experiment; An M.I.T. Study on Technology Diffusion
The Experiment
Back in October 2014, the MIT Bitcoin Club took part in an experiment where all the MIT Undergraduates would receive $100 worth of Bitcoin. 70% of the MIT Undergraduates signed up for the program, installed a wallet and received their $100 in Bitcoin. The premise of the study was to see how technology diffusion is affected when naturally early adopters are truly early or delayed in using or accessing new technology.
70% of MIT Undergraduates participated, and 25% of those students were designated as natural early adopters due to their place on the sign up list, as well as by a survey that was conducted as part of the experiment to help ensure that these students tended to be early adopters of innovation. All the participating students where then randomly split into two groups, 50 % received Bitcoin early, and the other 50% were delayed in receiving their Bitcoin. The 25% of the students who were designated as “natural early adopters” were randomly selected to be in one of the two groups, early or late to receive their Bitcoin.
Why STEEMIT Haters Exist
The MIT Study goes on to provide results that show that the students flagged in the study as Early Adopters, almost doubled their cashing out of Bitcoin when their access to the technology was delayed. The trend of cashing out of the new Bitcoin Technology continued among Early Adopters no matter what control variables were tried in the study except one. When the naturally early adopter was isolated, and/or was unaware that he was “late to the party,” then the Early Adopters tended not to cash out of Bitcoin early.
I call these Early Adopters that reject the technology “haters.” The MIT study concludes that the reasons these naturally early adopters of technology “cash out” early from Bitcoin, or stop using new technologies is “social in nature.”(Catalini/Tucker 19) The argument against STEEMIT can be that it is a Ponzi scheme, or that “Steem was pre-mined” and is therefore a scam coin. Some of these arguments might have merit, yet there is no “Perfect” crypto-currency. Even Satoshi mined many Bitcoin before anyone else, and still has them locked away. Therefore, these types of natural early adopters that reject a new technology do it because “they aren’t the first ones” to promote or discover it. and therefore reject it and “hate” on the new technology with technical arguments. These naturally early adopters of technology reject viable new technology when they are not at the forefront or leading edge. It is as if the personal identity of these early adopters is lessened or damaged when they are not “leading the way,” and therefore they have no choice but to reject or “hate” on a new technology that they are behind on.
STEEM, It will Survive!
As of earlier today we, the naturally born early adopters of this new crypto-technology called STEEM, are 75,000 users strong. (SEE MY POST) There are a few naysayers out there against STEEM, but they are early adopters who’s pride will not let them follow the rest of us. According to the MIT Study, we, the early adopters, 75k strong, will lead STEEM to success. As early adopters we will not only help others acquire information on STEEM, but we will be an influence on how it is adopted by businesses and peers around us.
It has been put into question about how @dan and @ned started STEEMIT.COM. Some feel that it is a scam coin or that it will simply fail and fall flat on its face. This MIT STUDY reflects otherwise. The study concludes that if early adopters are delayed or kept from accessing an innovation in technology, that these same early adopters will reject the technology and influence their peers in the same manner. Since we are the Early STEEMIT Adopters at 75,000 and counting, we will be the ones positively influencing our families, friends and associates. If in the next 3 months, we each could encourage 5 people we know or are acquainted with to join STEEMIT.COM, that would mean 375,000 Steemit Users. If those new 300K users would get 5 more STEEMIT users each, that would be 1,575,000 STEEMIT USERS. The future bodes well.
@streetstyle
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- 75K STEEMIT USERS
sources:
MIT STUDY
pics: pixabay.com
Let's try to wait little longer before selling our STEEM:
"In follow-up studies, the researchers found that children who were able to wait longer for the preferred rewards tended to have better life outcomes, as measured by SAT scores,[2] educational attainment,[3] body mass index (BMI),[4] and other life measures.[5]"
https://en.wikipedia.org/wiki/Stanford_marshmallow_experiment
I don't think the cashing out was due to being an early adopter at all. Instead people have reference points in their heads. They know it is rare for an investment to double for example, so when they are holding something that has doubled, it makes sense to cash out before it falls back down again.
The bitcoiners who obeyed this instinct would have sold in the great bull market of 2015. Those who didn't will have watched the $1000 top and be kicking themselves for not selling.
@aenor , in the MIT Study, you see that the students that were considered natural early adopters and delayed in receiving their BTC, sold their BTC very early in the experiment. It was further demonstrated that it was more of a personal decision based on social status that determined whether they adopted the technology or not.
Nice one @streetstyle.
Encouraging post!
I think it is very encouraging how quickly it has grown. Yes, there are growing pains, but it would not be normal if there weren't any. Thanks @papa-pepper
full $teem ahead!
Excellent insight, this was a great read.
I bet you say that to all the bloggers @driv3n lol Thanks though. Much Appreciated.
full $teem ahead!
Haha I promise not all of them!
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Excellent post. Thank you for taking the time to put it together and post it. I am bookmarking for future reference.
Steem on,
Mike
Thanks @etcmike , It is appreciated.
full $teem ahead!
I think scientists severely underestimate the demand for freedom, free speech and an end of corporate/govt censorship.
That is fueling Steemit!
I agree @profitgenerator I think many people. I think many of us put on the blinders, go about our daily tasks/lives and let others worry about it. Hopefully platforms like STEEMIT.COM and currencies like STEEM let the governments of the world know that "it is the will of the people" that they ultimately serve.
full $teem ahead!
ps. any chance at an up vote for the article?
Very interesting article. Thank you.
thanks @team101 Keep commenting and replying. Up vote your own comments. Come back for more.
full $teem ahead!
Hi Streetstyle, finally you also have a Steemit success. Enjoy.
https://steemit.com/introduceyourself/@steempowerwhale/i-am-steempowerwhale-and-i-am-here-to-upvote-your-lifetime-dreams
Thanks @steempowerwhale for the support.
full $teem ahead!