steemit.com cryptocurrency whatsit

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steemit.com cryptocurrency whatsit

Post by pErvinalia » Thu Jul 27, 2017 6:24 am

Stumbled across this site a couple of days ago while researching articles on UBI. It's a social network / blogging platform that runs on an entirely different model. It combines the concepts of crypto-currency and blogging in a fairly fascinating way. I'm a bit noobish when it comes to crypto-currencies, so I'm still trying to grasp exactly how this thing works. But as far as I can work out it creates new currency when ever someone values something on the platform. Compare this to bitcoin where, as far as I'm aware, it uses "mining" of a set amount of bitcoin currency to create new currency. So it differs from bitcoin in that the currency isn't necessarily scarce (bitcoins are more like basing currency on gold or some other limited commodity), and that it's available to everyone to potentially create unlike bitcoin where you need serious computing hardware to create currency. The model, as far as I can work it out, would seem to fit in well with the concept of a UBI (and more broadly the concept of most money created as debt), in that money is automatically created whenever something of value is created/exchanged. I've just joined up and in one day I've already made about $15 just making two posts and liking a few things. I have my settings set to "reinvest" that money into what's called Steem Power, which is a sort of influence measure on the site. It also, if you were serious about this whole thing, helps stabilise the currency, as to convert Steem Power to Steem Dollars (which can be converted to bitcoin and then real currency) is designed to be a long gradual transaction.

So far there's a whole lot of crap on there (as you expect on any social network), but also some decent writing/photography and general news production. It seems set up to best benefit vloggers and writers (both fiction and non-fiction). So if you are a creative sort, it could be an avenue to get a bit of extra moola (I'm thinking of Tattachu here particularly).

Anyone know anything about it? If you check it out, report back here on your thoughts. It's definitely not an overt scam, as you don't have spend a cent to make money. You can buy Steem Power, but you don't have to do that. If your content is good, then it seems as if you can build it up organically. The obvious question mark is related to long term viability of the currency. So same issue that applies to all crypto currencies. But it seems to me that the model here is far more realistic and sustainable than the bitcoin model of scarcity and effective privilege needed to create wealth.
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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Thu Jul 27, 2017 7:13 am

I should also that it uses what's called "blockchain" technology. I'm only just learning about this stuff, but as far as I can tell it's a decentralised database approach that is basically censorship resistant. All activity is stored on the blockchain, and the blockchain is stored across the whole network.

So while there's a bunch of people on there trying to get rich quick, there's a hell of a lot of these crypto-geeks on there for who this is something way more than about making money. It's about a new/different way of doing things. There's an anarchist (and anarcho-capitalist) element to it, but unless it replaces state institutions and currency, you can choose your level of anarcho-ness.

One of the concepts I like about it, and this is something I used to comment on years ago, is that the people who generate the content and make a social media site valuable are compensated for it. Consider facebook etc and how much money they make from what is essentially fully private (and free) user generated content.

The next step in my learning is to try and work out how the currency maintains it's value in relation to real money. The FAQ states that the steem dollar is traded/regulated/something? to essentially peg it to the US$. I'm not sure how they go about that, and whether there's some ponzi-ism going on in that process.
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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Thu Jul 27, 2017 3:04 pm

Update: The money creation process I described is not accurate. Still trying to work it out exactly. I've seen reference to "mining", but it seems to be a different model to bitcoin. It also seems as though there is a set amount of new currency created every period of time. So the more "value" that is created in the community dilutes the share of the new currency each 'unit' of value gets.
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Re: steemit.com cryptocurrency whatsit

Post by Rum » Thu Jul 27, 2017 3:30 pm

Looks interesting. Just joined up.

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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Thu Jul 27, 2017 3:51 pm

what's your thingo? I'm @revo.
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Re: steemit.com cryptocurrency whatsit

Post by PsychoSerenity » Thu Jul 27, 2017 9:28 pm

Where does the actual value come from? I mean, if they can theoretically be converted in to real currency, there should be something about the website and the currency that is actually worth something to someone. I can't see that there's any advertising on there, and simply liking things on social media is not actually useful unless someone's harvesting data. There's always some value in the use of a currency like this for illicit trade, and I've always been rather put off the idea of profiting by supporting a currency that easily allows human trafficking and funds terrorism. I'd be very surprised if, like with most crypto-currencies, there aren't a minority of people who get extraordinarily wealthy while thousands of others find they don't actually get as much as they put in, when they try to cash out.
[Disclaimer - if this is comes across like I think I know what I'm talking about, I want to make it clear that I don't. I'm just trying to get my thoughts down]

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Re: steemit.com cryptocurrency whatsit

Post by JacksSmirkingRevenge » Fri Jul 28, 2017 12:41 am

:pop:
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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Fri Jul 28, 2017 12:49 am

PsychoSerenity wrote:Where does the actual value come from? I mean, if they can theoretically be converted in to real currency, there should be something about the website and the currency that is actually worth something to someone.
In theory, at least, one element of it is simply that people agree to value the currency. No different to other more regular fiat currencies. The challenge is maintaining that agreement long term. That's where the real value question comes in. And that's what could make it a bit 'ponzi-ish'. When I wake up more a bit later in the day I might put my brain to this and see if I can explain it.
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Re: steemit.com cryptocurrency whatsit

Post by Rum » Fri Jul 28, 2017 8:05 am

pErvin wrote:what's your thingo? I'm @revo.
They've validated my email but not confirmed membership yet. Will let you know.

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Re: steemit.com cryptocurrency whatsit

Post by JimC » Fri Jul 28, 2017 11:42 pm

Rum wrote:
pErvin wrote:what's your thingo? I'm @revo.
They've validated my email but not confirmed membership yet. Will let you know.
You do know that it is a front for the Lizard Lords, and that Galaxian has now infiltrated your system, don't you?
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Re: steemit.com cryptocurrency whatsit

Post by pErvinalia » Mon Jul 31, 2017 3:57 am

Among all the other random things I'm doing on there, I've managed to hook up with a bunch of poker enthusiasts who hold regular steemit tournaments (payout is in the crypto currency). I just played in my first tournament (actually my first poker game in more than a year) and came second and won a buck fiddy! :toot:
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"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
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"My penis is VERY small" - Cunt.

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Re: steemit.com cryptocurrency whatsit

Post by Rum » Mon Jul 31, 2017 8:04 am

Great. I still haven't had my account approved for some reason. The system is still in beta mode so I assume they are going pretty slowly.

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Re: steemit.com cryptocurrency whatsit

Post by Brian Peacock » Mon Jul 31, 2017 8:32 am

PsychoSerenity wrote:Where does the actual value come from? I mean, if they can theoretically be converted in to real currency, there should be something about the website and the currency that is actually worth something to someone. I can't see that there's any advertising on there, and simply liking things on social media is not actually useful unless someone's harvesting data. There's always some value in the use of a currency like this for illicit trade, and I've always been rather put off the idea of profiting by supporting a currency that easily allows human trafficking and funds terrorism. I'd be very surprised if, like with most crypto-currencies, there aren't a minority of people who get extraordinarily wealthy while thousands of others find they don't actually get as much as they put in, when they try to cash out.
I presume the value created is a function of the estimated $-value of the domain based on it's traffic and links to-and-from - it's value as a platform for advertising/data mining etc. One might then divide that nominal value between participants based on their level of activity, perhaps. At some point real money might even change hands - minus an administrative charge no doubt.
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Re: steemit.com cryptocurrency whatsit

Post by JimC » Mon Jul 31, 2017 9:02 am

I have this idea.

Ratz coins!
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Re: steemit.com cryptocurrency whatsit

Post by Brian Peacock » Mon Jul 31, 2017 9:20 am

Great idea. What should we call it?

I propose: the 'Shit'. :D
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"It isn't necessary to imagine the world ending in fire or ice.
There are two other possibilities: one is paperwork, and the other is nostalgia."

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"This is how humanity ends; bickering over the irrelevant."
Clinton Huxley » 21 Jun 2012 » 14:10:36 GMT
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