Invitation to Steemit – a blockchain based social media platform

As some might already suspect from some of my previous posts, I am a cryptocurrency enthusiast. As of now, there is another crypto-project founded by two libertarian anarchists that I find extremely interesting and that I would like to share with you.

In this post, I’d like to introduce this project called Steemit, a new social media platform where content creators (bloggers) can earn money with every ‘upvote’ (comparable to ‘likes’ on Facebook) they receive from the community. I am not encouraging my fellow note writers to quit posting articles on Notes on Liberty, but I would recommend them to share their articles both here and on the Steemit platform.

So what is Steemit?

“Collectively, user-generated content has created billions of dollars worth of value for the shareholders of social media companies, such as Reddit, Facebook, and Twitter. Steem supports social media and online communities by returning much of its value to the people who provide contributions by rewarding them with virtual currency.”

Steemit is most similar to Reddit, but with the important difference that you can monetize your blog. You can take a look at my first two ‘hits’ on Steemit for proof that you can monetize your blogging skills:

Steemit was founded half a year ago by entrepreneurs Ned Scott and Daniel Larimer. Daniel Larimer has been a familiar face in the cryptocurrency scene as the founder of Bitshares, which currently ranks as the 19th largest cryptocurrency in market cap on www.marketcap.com. Steem itself, the currency that drives steemit, has risen in prominence among other cryptocurrencies. According to www.marketcap.com, Steem is now the 4th largest behind Bitcoin, Ethereum and Ripple.

The concept behind Steemit is very simple, and you don’t need in-depth knowledge of the workings of cryptocurrencies to start writing (and curating posts) and earning some money. If you have a facebook account or a reddit account, you can sign up at www.steemit.com. At first sign up, you will receive $10 worth of Steem Power – I will later get to Steem Power to explain what it is. Once you sign up you can immediately start submitting posts or comments on other people’s submissions. You can earn money through both ways.

The website is still in beta, and you may argue that it is not as user friendly as Reddit or other social media networks, but the pace in which applications have been rolled out on the platform in the one month that I have been using it is impressive!

A chat functionality with private messaging, a functionality to follow other writers, and weekly insights in your earnings have for example all been added in the past four weeks.

Steemit roadmap

This, however, is just the beginning. The founders of Steemit have far larger plans than just creating a blockchain based social network. The social network is the means to attract enough users of its currency (Steem and Steem Dollars) that a full-fledged market place based on these currencies can emerge. The first step is to increase the user base, but next steps are to create a market place in which people can trade goods with Steem and Steem Dollars and where Steem will grow in such prominence that it will compete with already existing fiat currencies like the USD, Euro, GBP, Yen, and RMB. We are still far off from this actually happening, but it’s great to see these kinds of experiments with the free market.

Is Steemit a scam?
I have read about people who have called it a scam, but the funny thing is that you don’t need to put any monetary investments in the platform to submit an article and earn some money. Normally in scams, you are encouraged to give away your money for little or nothing in return. With Steemit, all you need is to create content that the community values and in return you will receive some money.

Steem, Steem Power and Steem Dollars
Lastly, I’d like to say some words about the three tokens you can hold when using Steemit: liquid Steem, Steem Power and Steem Dollars (SBD).

Liquid Steem, or simply Steem by name, is immediately convertible to bitcoin and fiat currencies as USD. People who would like to speculate on the price of Steem can hold it to sell at a higher price.

You can also convert your Steem into Steem Power. Steem Power gives you, if I am not mistaken, interest of approximately 0.7% in Steem Power per day. Holding Steem Power is like holding a stake in the long-term development of Steemit as you can only convert 1% per week of your Steem Power in Steem and exchange it for bitcoins and fiat currencies.

Steem Dollars are tokens pegged to the USD at an exchange rate of around 1 : 1. People who don’t like the volatility of cryptocurrencies can hold Steem Dollars.

For more information about Steemit, you can read the Steem White Paper or watch this excellent interview of its founders:

I hope that I have triggered your curiosity about Steemit, and I hope that you will take this invitation to post your content not only on Notes on Liberty, but also on www.steemit.com. Please don’t forget to follow me once you are on Steemit. You can find me at www.steemit.com/@chhaylin.

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7 thoughts on “Invitation to Steemit – a blockchain based social media platform

  1. What is the community like, if you don’t mind me asking? Is it like 4chan and filled with the alt-right? Or more like tumblr and filled with Sjw-ites?

    • The community is quite diverse. I think that it had initially attracted mostly libertarians, anarchists and technologists. So far, I haven’t seen any SJW-like articles yet. Although the politics section is part of Steemit and much of the politics section is libertarian, I have found that it is just one small section. The ‘successful’ articles are very diverse. A few days ago we had Jeff Berwick (www.dollarvigilante.com) and Larken Rose who were trending and earneds thousands of $. But we also have had a trending dance video, travel blogger, mathematician, futurist, stripper and even a make-up tutorial.

      The community, I think, is also very inclusive. It’s rare that people downvote you unless people find out that you are stealing other people’s content or are faking your identity. One nice example of this ‘self-policing’ mechanism is a post by a ‘heroin addict’ who submitted a story of her struggles with heroin. At one point her post was worth $3,000+ until someone found out that it was a case of identity theft. When word spread out about it, the post received so many downvotes that its value went back to $0.

  2. “Normally in scams, you are encouraged to give away your money for little or nothing in return. With Steemit, all you need is to create content that the community values and in return you will receive some money.”

    I’m not a creator of content; that’s part of my day job. I’m a consumer of content. Any reason I should go there compared to other sources of interesting reading?

    • You also receive rewards for curating content by upvoting other people’s posts and by commenting. That could be a good reason to join it. Content-wise, I’ve found that most articles are not as long and elaborate as here on Notes On Liberty. They are mostly short (pretty rare to see posts longer than 1,000 words) and easily digestible. 🙂

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