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RE: Hi, I'm Kyle. I've been a full-time Bitcoin writer for the past 2+ years. Now I'm trying out Steemit!
I think there may be value in something like Steemit. I'm just skeptical of the appcoin.
I think there may be value in something like Steemit. I'm just skeptical of the appcoin.
Kyle,
IMO, you cannot separate the native cryptoassets from the app. You cannot implement the economics of Steemit using Bitcoin today, and the economics are crucial to the key value proposition of Steemit, which is near-zero barriers to entry for mainstream users.
The "Bitcoin argument" goes that eventually all these technologies will be available in an implementation which has the Bitcoin blockchain underneath. IMHO, this very well might be the case, but this argument ignores two basic facts of life from technology and startup world: (1) sometimes generalist platforms aren't the best solution, and you need specialist platforms; and (2) time to market and aggregating network effects matter (ask Facebook, Google, and Amazon and not Friendster, Excite, and Jet).
Steemit so far has demonstrated both concepts pretty clearly in practice, and even if it fails tomorrow on post quality, there is now a clear path forward for such a system.
There are other compelling reasons to want to have -- to use your term -- appcoins, such as, for example, disrupting the world of fundraising and private equity. We write quite extensively about that on the CoinFund blog.
Edit: For clarity.
The only thing a website like this needs is digital cash (maybe not even that), and bitcoin already provides that. The appcoin seems to add a layer of complexity and volatility that is not needed. Having said that, I need to read more about how the economics work.
Except bitcoin is so slow per transaction rate. It sucks for use on a site like this. This blockchain is much faster and expansive. Start reading.
I disagree with that assessment. If that was "the only" factor, then ZapChain would be successful.
@kyletorpey Replying to first @.
Ok, I see what you're saying. Yet, it needs digital cash + special economics. If you implement those properties outside of a cryptocurrency, it's hard to get a point where the cash can be exchanged for real dollar value (you have to build an exchange). In the cryptocurrency implementation, it's hard to see how Bitcoin will be able to support a custom economics like this any time soon (and, especially, how it might be done in a fee-less way).
If you know, I want to hear it. But still, my impression is that by the time we find the answers, Steemit will add some more 10Ks of users.
Full disclosure: At this point, Steemit may be disproportionately compensating me for defending it.
@jbrukh not sure why i can't reply directly to your comment, so posting like this. zapchain and steemit have two completely different models (even when you take away the altcoin). zapchain isn't much different than reddit with changetip.
Maximum comment depth is 6. Hopefully a solution to this will be found soon. It comes up a lot.
Agreed, in 2 years there will most likely be a huge dump of the coins due to excitement; which is quite worrisome (edited to add possible solution to stabilize the future of steemit)
https://steemit.com/crypto-currency/@rogue91/idea-steemit-cap-of-1-000-per-post#@rogue91/re-kewpiedoll-re-rogue91-idea-steemit-cap-of-1-000-per-post-20160719t222401633z
No
You really need to do your research before making a comment like that.
Agreed. Apples to oranges. Not apples.
Sound logic
I AGREE! Thank you for posting. Hope you get this to snowball to the top!
I up-voted you too... BTW, should steemit let us steemers advertise using steem? Be sure to tell everyone you know to come vote here at: https://steemit.com/steemit/@kingtylervvs/if-steemit-ever-does-decide-to-advertise-there-is-only-1-way-it-could-work-in-my-opinion-debate
This is a democratic community decision.
