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Subject:So. I joined Steemit.
Time:01:21 am
Been a while. Good to see us still clinging grimly to what used to be the best place on the internet. I got love for LJ; so many great conversations, so many friends I made without meeting. Good times.

So. I joined Steemit a few weeks ago. For those of you who haven't heard of it, Steemit is a hybridized blogging/social media site that literally pays you in Likes.

Well, Upvotes. Same thing.

How is this possible? To answer that, I'd have to explain Steem cryptocurrency which would in turn require me to explain cryptocurrency in general which would lead to explanations of bitcoin and the blockchain technology. The latter is easy; it's basically just servers but decentralized. Random people all over the world keep a big copy of all transactions on their system and a vast majority of them have to tally or transactions won't go through. Prevents cheating and scamming and hacking. Also, cheaper.


Oh yeah, that's this year's yearlust by the way. Money. I realized about two years ago that being poor is only fun in your twenties (because *everything* is fun in your twenties) and there is nothing noble or clever or closer-to-earth about being a broke-ass nigga. Yes, I am black and I am using my privilege. The privilege of being able to call myself a quasi-reclaimed racial slur. Woohoo. Deal with it.

Anyways. Bitcoin. Cryptocurrency. Look them up. If you don't already know.

Steem is a crypto that is earned on the Steemit aite by posting quality content that people like. They upvote your poat or comment and 7 days later, the payout is available for withdrawal. It is completely free to use, extremely clever in design and has enough enthusiastic techies in the membership that it has become self-correcting to block and counter griefers and scammers and people who try to game the system.

Turns out once money is involved, people get active. Who knew?

My favorite description of it (coincidentally my own) is that Steemit is the single moat elegant way of converting literacy into lucre that currently exists.

So. I will be crossposting between there and here quite a bit since my content is similar on both platforms anyway. Comics, movies, writing, cryptocurrency, other such thinkwank.

Thanks for reading. Let's get this money.

PS
Oh, I'm steemit.com/@edumurphy if you want to take a look.


PPS
For game balance purposes, Steemit doesn't let you use more than five tags per post.

Oh LJ, how I have missed you!!
comments: Piss or get off the pot! Previous Entry Share Next Entry


__marcelo
Link:(Link)
Time:2017-08-23 08:59 pm (UTC)
*thinky face*

I'm curious: How's the conversion to more generally spendable currency? (both ease and rate) Do they earn it by ads and then distribute it back to authors using Steem, or do readers buy Steem?
(Reply) (Thread)


razorsmile
Link:(Link)
Time:2017-08-24 06:05 pm (UTC)
Converting to more generally spendable currency is pretty simple: you send your Steem Dollars or Steem to blocktrades.us and convert to your preferred cryptocurrency. For most people, that's Bitcoin. From Bitcoin, you can now change it to cash in your bank account by whatever means you prefer.


Well, I've seen your writings on blockchain so I assume you are familiar with bitcoin and bitcoin mining?

Well, Steem started out with mining (GPUs and all that) then become the underlying currency of the Steemit blogging platform. In essence, posting and commenting on Steemit is how it is mined now.

When someone clicks Like (well, Upvote. Whatever), the money you get paid doesn't come out of their pocket but out of the pool of Steem generated by the entire Steemit network. However, the more Steem the person doing the Upvoting has (in the form of Steem Power*), the more powerful their upvote is. Also, upvote strength decreases from 100% with each upvote unless given time to regenerate (thus explaining why we can't all upvote each other into trillionaires)


That said, users are perfectly capable of buying or selling Steem from/to others. No ads, unless you count users advertising their own stuff in their posts.


*Steem Power is essentially ice to Steem's water. In effect, another form of Steem that you can't (easily) spend or directly turn into other currency. Its purpose** in the Steemit network is serve as the measure of your Steem Power i.e. your upvote strength. The more Steem Power you have, the more money your upvote is worth and thus the more people will seek to attract your attention. So that you can upvote their posts and/or comments.

In effect, an ass-kissing contest meets old-school patronage like in Renaissance Italy. Lot like real life. LOL.


** Its other purpose is to keep large chunks of Steem locked up and not being spent left and right, thus stabilizing the currency to a degree that most cryptocurrencies do not enjoy.

Edited at 2017-08-24 06:10 pm (UTC)
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__marcelo
Link:(Link)
Time:2017-08-24 10:16 pm (UTC)
Sounds interesting. I wonder about the other side of the Steem/BTC trade - speculation? building a base to re-monetize upvoting power?

Even without that it's a clever way to deal with some of the problems of most content voting systems, but the interface with the real (well, you know) economy is where the trick seems to lie.
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[icon] So. I joined Steemit. - razorsmile's journal — LiveJournal
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