Steemit: The Posting Platform that Pays in Cryptos

Has anyone heard about Steemit here on ATS? I'm surprised I haven't heard more about this up and coming platform on places like ATS, being that ATS is a very forward thinking community. Steemit is a platform where you receive rewards in the form of a cryptocurrency (called "Steem Dollars"), which can also be converted into BitCoin and ultimately into dollars and other [fiat] currencies or cryptocurrencies.

Steemit - About

Steemit is a social media platform where everyone gets paid for creating and curating content. It leverages a robust digital points system, called Steem, that supports real value for digital rewards through market price discovery and liquidity.

Now it's not the same feel as ATS or other social networking sites, and based on my research I think it has under 200,000 users (many less active users if I had to guess).

There is a 7-day delay between the time you earn your rewards and when you can actually redeem your rewards. If you want to "cash out", you need to convert your steem dollars into bitcoin (BTC), and from there you can use an exchange to get US Dollars or whathaveyou.

However you do not need to pay a single penny to participate (although you do have the option of "purchasing" Steem or Steem Dollars with other [fiat] currencies), and after 30 days or so of contributing my account went from being worth $0.50 to $33.00 simply from commenting and posting a few things that I would have otherwise posted on other sites without getting anything back.

I prefer ATS for many reasons, but I also like having the option of posting on a separate platform with a different audience, especially when I know i can receive payouts in the form of cryptocurrencies.

Let me know if you guys 'n gals have any thoughts on this idea, and feel free to PM me if you are curious about what else I've learned after a little more than a month on Steemit.

I'd also love to know if anyone on ATS is on Steemit or is interested in checking it out. Thanks in advance my friends... onward and upward

Sounds like an interesting way to temporarily capitalize on a marketing promotion of their service. Obviously the payout will become lower over time, until nothing is paid any longer. i see no reason why we shouldn't make easy quick cheddar for something already being done for free right??

I will look into based solely on your testimony here, and hopefully it does what it does.

a reply to: worldstarcountry

The appeal for me is that there this supports the blockchain movement, cryptos and alternative channels for transacting and contributing outside of my small rural bubble where I am physically located.

Not to mention I can have conversations or just stay up to date with a community of people who are up-to-speed (for the most part) with cryptocurrencies and forward-thinking movements. Let me know what happens my man

It sounds interesting. How do they generate income?

It sounds like a good idea since it motivates independent writers to post interesting articles.

a reply to: nOraKat

Wiki explains a little more about the concept and how it is funded, through Steemit Inc. Company - Dan Larimer and Ned Scott are the founders of something called Bitshares and released Steemit in 2016. This is is from the Wikipedia page:

The general concept is similar to other blogging websites or social news websites like Reddit, but the text content is saved in a blockchain. Using a blockchain enables rewarding comments and posts with secure tokens of value. Images can be uploaded and hosted on Steemit. Other multimedia content must be embedded from other web hosts. For formatting, there is a WYSIWYG editor. Users can also opt to use Markdown formatting with HTML elements. User accounts can upvote posts and comments, and the authors who get upvoted can receive a monetary reward in a cryptocurrency token named STEEM and US dollar-pegged tokens called Steem Dollars. People are also rewarded for curating popular content. Curating involves voting comments and post submissions. Vote strength and curation rewards are influenced by the amount of STEEM Power held by the voter.[4] Steemit has a reputation system, where new accounts start with a reputation of 25. An account's received votes can influence its reputation up and down, incentivizing online etiquette.

Currently there is a 9+% inflation rate per year on the Steem cryptocurrency, so (like US Dollars and the Federal Reserve essentially skimming huge amounts off the top), but you can always convert to Bitcoin (and then other currencies afterward) to avoid loss through inflation.

en.wikipedia.org...

I have been waiting for confirmation since Friday.
Look's to be a looooong queue.

a reply to: Norge

It takes anywhere from 2 to 5 days to get that confirmation email. Even once you receive it, it seems to take another 12-36 hours before you can actually log in, but it should be worth the wait.

One of my closest friends has made 3 different accounts because she didn't write the password down the first time and other roadblocks prevented her from using the 2nd account she made. Finally with her 3rd attempt she's now on and been posting since yesterday and it's off to the races!

I need moneyyyy

Very intresting. Round of applause for you and your posts. Im just stalking through them as there so informative and are bringing me out of the dark ages Looks to be lots of great infornation on cryptocurrency on stremit, made an account too check it out further. Ty.

My profile has yet to be approved (dr34m) so yeah I need help...???

a reply to: nuk3m

I made a profile it has been approved, read t&c and a hole heap of info about the site but have not dived in extensively yet. It would be beneficial to be quite open, transparent and forward with your social media profiles presence accross all platforms. I am not on FB, Twitter or anything apart from ATS. So a large river to cross.

They've announced the new SMT. If this takes off, there's going to be some much better off folks.

Even ATS could have it's own SMT. Smart Media Tokens. I can't quite wrap my head around how it all works yet but it generates crypto instead of dollars through ads. Quite innovative.

Why when you do the research do you find some people claiming that S-t-e-e-m-it is a scam

They claim that when you look at who's making most of the money - It is going into the hands of the founders, their friends
and a relatively small number of posters, regardless of what they post. [just saw a post where an 'incrowder' was getting over 150.00 for talking about someone defacating in the park]

They claim that they are endlessly being solicited to invest in steem to gain power to make more money, true?

How much do you have to invest to become a 'whale' [so called big shot that controls payouts]. - Sort of like the PIGs in
Orwell's "Animal Farrm" The PIGS take it all and control everything!!!

"You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time. l
- Abraham Lincoln [attributed to]