Quick recap of Steemit news stories in the last few days.
Steemit Is Like Reddit, But Where Upvotes Equal a Cryptocurrency Payout
At present, Steem has enjoyed an explosive growth in value in only a few months of operation, but with payouts for contributors coming from the creation of new currency, there have been accusations within the cryptocurrency community of the project being a pyramid scheme, with continued new investors required to keep the system afloat. Among other things, the nature of the three-token system has been criticised for creating an artificially high valuation of the currency: Almost all of the tokens in the system are locked up as Steem Power, but figures for the overall value are calculated by taking the market value of Steem—which has much more liquidity, but only represents 4 percent of the total supply—and applying it to all of the vested funds. In turn, the high value could then encourage people to buy into the currency as a whole at a price dictated by the subset; it’s difficult to know how the system of payouts would fair in the face of a slowdown in this new trade.
Social media platform Steemit’s cryptocurrency ranks 4th by market cap
After it gained momentum in July, catapulting in value to over $400m, Steemit’s digital currency (Steem) has currently cooled to an approximate market cap of $170m, which still makes it the fourth-largest on the market. Steem has outperformed the open source P2P digital currency LiteCoin and Ethereum Classic (ETC), which recently split from Ethereum after the DAO hack and the “Hard-fork” activated.
Steemit Is A Game Changer And Here’s Why
A good list of sources about Steemit.
EVERYTHING YOU EVER WANTED TO KNOW ABOUT STEEMIT – FREE TALK LIVE
Jeff Berwick appears on Free Talk Live to discuss the revolutionary new social media platform, Steemit. Topics include: what is bitcoin? Discovering Steemit, making $15000 on one post, is that money real, can you get it out? Steem dollars, Steem Power, how it all works, how to make money from your posts, the future of social media, is it censorship free? is it a scam or ponzi scheme?