Topic: Steemit.com: Blogging is the new Mining - page 60. (Read 348532 times)

Here's the thing though. It has been almost a year now and so far the only thing steem has going for it is a shitty reddit knock-off.

Dan left a few months back to work on his own thing.

Plus, most of the steempower is held by a few crazy people who tend to only upvote eachother.

Right now, there is an account that has ~400,000 SP delegated to it and only serves to push anti-vaccine conspiracies. There's no chance of mainstream adoption when you have wackos like that running around.

By the way Steem is a 0 fee currency. If somebody would create a market for goods and services based on Steem, like Openbazaar is for Bitcoin.

Then Steem's value would skyrocket. At the moment it's only a social media. But it can be much more than that.

Disagree. The payouts on Steemit have nothing to do with price directly because there is a fixed payout no matter if there's only 1 post per day or 14k posts per day. The reason the payouts will affect the price of steem is because the entire Steemit platform relies on new blood. New blood won't pay to power up if they are earning $0.01 per post. The new blood reads the posts from a year ago when a popular post could make $1500 and they think they can make money. When reality sets in and they realize they can't make any money without buying in at a high amount (and then taking a big risk that the platform will be around for a year so they can recoup their power up investment), everyone bails and the price tanks.

Bullshit. The whales and dolphin accounts post crappy content all day long so they can get their author and upvote rewards from self-voting + votes from their followers who worship them in false hopes that these large steem power accounts might show some upvote love to their minions.

There is a TON of crappy content every few minutes. There are fake fan pages with NSFW content earning $50 because stupid people still up vote when they see skin. There's stupid memes and recycled Youtube content that is literally just a headline, 3 words and an image or video link making $ because they are posted by high steem power accounts.

Nonsense. The payouts on Steemit are actually a drag on the price not a boost.

If it pays out less, but only pays out to people who actually post great content (not plagiarizer shitposters, that copy paste newspaper articles), that gives value to Steemit.

Steemit can't last. None of the new users are making any money so they aren't going to invest. Watch it tank by end of year as user adoption shrinks and all the new users the last few months bail.

Someone smart said https://bitcointalksearch.org/topic/m.20285001 about Steemit:

The Steemit supporters seem to be celebrating the success of Steemit (200k users, 14k new posts per day), but the Steemit pyramid will come to an end soon. Here's why:

1. Rewards now are very little, often $0.00 or $0.01 for new users even with some upvotes. Because there is a fixed rewards pool, the rush of new users are all competing for that slice. While a year ago you could earn some decent $ posting even as an average user without the luck of a whale upvoting, now even with a dolphin account upvoting your post, you'll get make 10 cents. Motivation is not there to post.

2. Getting visibility and followers is really hard. They call it the grind - interacting with the community, building relationships, getting followers, aka social networking. But with 14k posts per day and growing, all the posts scroll past the first page in each tag so quickly, you get very little visibility. The success stories are the users who already have 100k+ followers on Youtube and bring them over. But those followers will give up after a week or two when they realize they can't earn much $ as an average user.

3. Since hard fork 19 (HF19), the dolphin and whale accounts are motivated to upvote themselves. The ability to earn $ curating other posts is very small compared to just upvoting your own posts or comments. This makes it harder for new users to earn and be discovered (one of the original premises of the platform).

4. There's a lot of crappy content. If you have 100k Steem Power and a few thousand followers, you need to churn out 2-4 posts a day to make your $100 to $300. The whale accounts that do upvote others tend to upvote the same few accounts, kind of like the 1% only doing business with other 1%ers. Good content is going unnoticed and crappy content such as bad memes, a few lines, reposting old videos, etc. earn $100+.

5. Bots, bots, bots. Some bots are good when they post useful comments or make upvotes to help new users, but most of the bots are just whale accounts auto-voting to maximize their rewards daily. Take the human interactions and curation out (even if they were limited due to the above reasons) and even fewer new users will earn rewards.

Conclusion: Steemit has a pyramid-like dependency on new money coming into steem to prop up the price. Users will start dropping off and new investors who may have looked to buy steem will shy away because it's too hard to earn now.  It was a good ride for a few people who made $100k or more, early whale accounts made 7 figures. Time to power down before the other whales do and tank the price.

P.S.: If steem drops back down to 10-cents, do you buy in and try to ride a rebirth?

Has any altcoin really succeeded without the use of traditional mining?

No, there are no free accounts. Someone pays for it. When you sign up on steemit.com, Steemit Inc pays for your account.

When they get around to it, if they feel like it.

lol the users on this site are full on retarded, 0% chance of it becoming mainstream

Guarantee it will be dead by the time 2019 comes around

But arent creating account on steemit free anyways?

It is, but there is a lot of queue for new signups. So if you want an account faster, you can pay for one.

But arent creating account on steemit free anyways?
Why would anybody want pay even 6 steem to do this for them?
Does not make sense man.

found this cool account creator yesterday.

requires another account to pay a 6 steem fee, but totally worth it if you have friends that don't want to wait for an account!

https://robertdurst.github.io/index.html

When did they change payout structure again? I saw that voting power raised after Hard Fork 19 but it seems like people's power reduced to %20 again.
For example when voting power is 5 cents before HF 19 become,
25 cents after HF 19 but now,
5 cents again.