It promised a social network where writers were paid for content in a crypto currency, it wasn’t to be. Was its failure baked into its conception, or did it do what its creators wanted i.e. make them rich? Here are my notes …
Links
- https://steemit.com/@davelevy – what I put up
- https://steemit.com/steemit/@kyriacos/misconceptions-about-steemit-and-possible-solutions – was there an imbalance from day one? Yes, it seems that all block chains are founded with a stash for the founders.
- Why-crypto-should-care-about-justin-suns-steem-drama – the deathblow? Coindesk say, ‘The implications reach much further than just Steem or Tron, underlining the fundamental message of the “not your keys, not your crypto” mantra.’ March 2020
- On Decrypt, a Steem vs Tron: The rebellion against a crypto currency empire, dated August 2020. This notes the high proportion of Korean users, and that some people had become very wealthy and thus had large voting power. I was pointed at the decrypt article by this article on Hive Blog.
- The code was forked, and exists on hive.blog. Finding out what happened to the tokens and blockchains will have to wait for another day.
- https://lmgtfy.com/?q=what%27s+wrong+with+steemit or at google search, “what happened to steemit”
It looks like I joined in 2017. It ceased to be interesting for writers, particularly English language writers. The interests of the writers and ‘investors’ parted ways and people could not bring their reputation with them.
Is this another case proving that proof of stake cannot work, and that the vulnerability to crypto systems is the exchanges.