3 ms·

Despite all the criticisms here, this just validated Steemit as a real service that is now a real contender.

Kiro 9y ago
I don't understand why people on HN are so anti-Steemit. Disregarding the service is very patronizing to its users. It's obviously giving them something of value but HN is so quick on placing it in the same bag as some random scam ICO. Not saying the model is perfect though.
- adventured 9y ago
  > I don't understand why people on HN are so anti-Steemit. Because people on HN that have been around a while, have seen a dozen variations of this come and go, all the way back to the days of Flooz. Steemit will pop and rot, for exactly the same reasons that not a single system like this has ever worked long-term. What Steemit actually represents is a signal that the crypto-currency mania is nearing an end for the initial speculative wave. The big dump comes next, in which most crypto-currency experiments that have attention today will die off. There's nothing special about what Steemit is doing. They're slapping the latest hype train on top of what has been attempted for two decades. It doesn't work for a fundamental reason and there's nothing Steemit can do about that. It doesn't matter if you use a clone of Bitcoin as your foundation or an arbitrary tokenX with a different set of rules governing it. Slapping Bitcoin on the concept doesn't change the underlying broken premise.
  - Kiro 9y ago
    You make it sound like it's some random social network with an unrelated token connected to it. That's not how it works. 1. Reward from blocks mined are distributed to the highest voted posts. This is all part of the Steem protocol. Only a small percentage goes to the actual miner. 2. The whole database sits on the blockchain. It's completely decentralised. 3. The incentive to have more Steem on your account is that your upvotes are worth more. This is both the blessing and the curse since whales become powerful curators. On the other hand it gives an incentive to hold Steem unrelated to the monetary value. That's why I don't see any dumping happening any time soon unless Steem skyrockets in value. I simply don't agree that this has been tried before. It's a different story, even if it turns out to be a failure in the end.
  - andrarchy 9y ago
    Haha. I appreciate the attention you're giving our little social network, but you clearly know nothing about us. We've been around for well over a year and our founders and team members have been long-time members of the crypto community. We've been giving out rewards every day, our crypto is traded on many markets, the price is stable, and our userbase is growing exponentially. I'd love for you to give an estimate on when exactly this "dump" will come because I've been hearing this from people for a long time now. Probably as long as you have been seeing stuff like Steemit on HN, though that's obviously not true. Anyone with a rudimentary understanding of blockchain technology knows our tech is legit. Meanwhile Bitcoin, Ethereum, and Steem have made me a very happy man. Oh btw, how much have you made posting on HN? ;)

Kiro 9y ago

I don't understand why people on HN are so anti-Steemit. Disregarding the service is very patronizing to its users. It's obviously giving them something of value but HN is so quick on placing it in the same bag as some random scam ICO. Not saying the model is perfect though.

adventured 9y ago
> I don't understand why people on HN are so anti-Steemit. Because people on HN that have been around a while, have seen a dozen variations of this come and go, all the way back to the days of Flooz. Steemit will pop and rot, for exactly the same reasons that not a single system like this has ever worked long-term. What Steemit actually represents is a signal that the crypto-currency mania is nearing an end for the initial speculative wave. The big dump comes next, in which most crypto-currency experiments that have attention today will die off. There's nothing special about what Steemit is doing. They're slapping the latest hype train on top of what has been attempted for two decades. It doesn't work for a fundamental reason and there's nothing Steemit can do about that. It doesn't matter if you use a clone of Bitcoin as your foundation or an arbitrary tokenX with a different set of rules governing it. Slapping Bitcoin on the concept doesn't change the underlying broken premise.
- Kiro 9y ago
  You make it sound like it's some random social network with an unrelated token connected to it. That's not how it works. 1. Reward from blocks mined are distributed to the highest voted posts. This is all part of the Steem protocol. Only a small percentage goes to the actual miner. 2. The whole database sits on the blockchain. It's completely decentralised. 3. The incentive to have more Steem on your account is that your upvotes are worth more. This is both the blessing and the curse since whales become powerful curators. On the other hand it gives an incentive to hold Steem unrelated to the monetary value. That's why I don't see any dumping happening any time soon unless Steem skyrockets in value. I simply don't agree that this has been tried before. It's a different story, even if it turns out to be a failure in the end.
- andrarchy 9y ago
  Haha. I appreciate the attention you're giving our little social network, but you clearly know nothing about us. We've been around for well over a year and our founders and team members have been long-time members of the crypto community. We've been giving out rewards every day, our crypto is traded on many markets, the price is stable, and our userbase is growing exponentially. I'd love for you to give an estimate on when exactly this "dump" will come because I've been hearing this from people for a long time now. Probably as long as you have been seeing stuff like Steemit on HN, though that's obviously not true. Anyone with a rudimentary understanding of blockchain technology knows our tech is legit. Meanwhile Bitcoin, Ethereum, and Steem have made me a very happy man. Oh btw, how much have you made posting on HN? ;)