Steemit is Bitcoin&#x27;s Killer App | Evidence, Numbers, &amp; Analysis

dantheman (73) · 8 years ago (edited)

And what happens when Fiat exchanges add Steem Dollar gateways?
Can bitcoin even handle 1M users transacting that frequently?
Bitcoin may be a bottleneck if it attempts to stay in the loop between users and cashing in and out.

More details here: https://steemit.com/bitcoin/@dantheman/can-bitcoin-scale-to-keep-up-with-demand-created-by-steem

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ladeblah (39) · 8 years ago

That is a good point. I would say that this level of traffic should be good for bitcoin and other crypto systems. As if bitcoin gets bogged down THAT bad, someone will come in and provide a service that fills the need. That is the beauty of capitalism.

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4 votes

zer0sum (53) · 8 years ago

Bitcoin will never adapt. In the "killer app: scenario, Bitcoin will be out of the loop. Other alts will blow by Bitcoin.

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eeks (68) · 8 years ago (edited)

Great point. It can play out a couple ways, right? More than I could ever list. But here are some potential scenarios.

Certain Bitcoin community members may see these microtransactions as spam and not want newbies who write posts about fashion tips as part of their version of Bitcoin. So maybe they work to repel them, and keep Bitcoin cloistered at a social level and tx limited at a technology level.

Or maybe the bottleneck forces change to happen. Where the case and value for adapting the Bitcoin technology become more clear one way or another.

Or maybe it becomes a place for Lightning to shine.

Or Bitcoin faces Steem developing its own fiat bridges and other bridges, which will likely happen anyway (you know better than I, obviously), and sees its critical mass barrier eroded on a relative basis.

But if Bitcoin is the bottleneck AND gets ditched, I still think this is good for Bitcoin, because it would represent so many fresh people getting exposure to overall cryptoworld.

It's going to be fun to watch. Exciting times.

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9 votes

senseiteekay (66) · 8 years ago

This is true. I had a nightmare last night that this happened haha

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hackecon (28) · 8 years ago

The site's exchange could allow for alternative currencies to be traded for Steem thus reducing the load on BTC. A shapeshift-esque implementation may work.

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eeks (68) · 8 years ago

Another Stellabelle example post from today. It's a great success story and probably difficult to replicate but she went for it and made it happen.

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stellabelle (75) · 8 years ago

Thank you.

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zer0sum (53) · 8 years ago

I'm excited because of all the excitement.

knircky (73) · 8 years ago

When doing the calculations i think we need to work with %ages.

1200 users per day seems huge today. But if we have 1m users 1200 new users would likely be less than users becoming passive and indicate decline. I am sure the grow is going to be a %age of the currwnt size of the network until we have reached a plateau.

On the other this is the first of its kind of business case combining social with blockchain. It is likelely flawed and there might be a better way. The qurstion is is steem the new yahoo or is it google. I feel it has found a new way of doing somethi g but i am bot sure it cannot be improved.

sjt10369 (38) · 8 years ago

Great article! I'm brand new to Steemit and crypto currency in general. Your article really got my mind running about what the future holds.

I have a question that I can't find an answer for, how do I upvote this article or others? I haven't posted any content yet. Do I need to so I can see the vote buttons?

eeks (68) · 8 years ago

You hit the arrow that is to the left and pointing up below articles and replies. Everyone can upvote. Cheers.

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3 votes

sjt10369 (38) · 8 years ago

THANK YOU eeks! I've been reading #steemithelp articles trying to find that out....such a little thing but obviously very important!

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bitcoinuserx (40) · 8 years ago

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nufcrichard (34) · 8 years ago

I like steemit, but it is basically medium isn't it? I'm not sure it is the killer app you think it is.

eeks (68) · 8 years ago

Yeah, it's better than Medium potentially. But maybe also Yelp. Why not start doing food reviews and tag them. Or maybe Tripadvisor with travelling. Or maybe Wordpress with blogging posts under your @ name. Or why not also Facebook with ephemeral aspects of your life shared. We don't know what it will be. It could go in a lot of directions or all of them. But it's pushing ahead and fast.

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stellabelle (75) · 8 years ago

"Look around, boys. We're all the same. The Reddit communities, BCT, every Meetup ever, Core devs, Classic devs, the entrepreneurs that run decentralized start-ups, the investors, the traders, the hodlers -- all predominantly 18-45 year old men. We're all in the 1% of techno-literacy".
This post really cleared up many realities. Thanks a lot. Myopic and one- dimensional perspectives naturally occur when one set of demographic makes rules for all. This is not ideal. As more diverse people become whales, things will shift.... It's not going to happen quickly though,

thesteemmatrix (33) · 8 years ago

Accurate and excellent summation about the crypto market in general. The population hardly knows yet alone understands Bitcoin and you will get deer-in-the-headlight blank stares if you talk about any of the other 1700 other currencies! Steem is easy to use and understand hence faster adoption. There is also a reason to use it. Their privacy policy is a little weak and if they were not US based I would not have signed up, so some improvement in privacy needs to be tightened up but with wise insights Steem could become a long-term viable system if everyone tries to make it so without undermining it.

stellabelle (75) · 8 years ago

Wow, just wow. This was great. Thanks for the shoutout. I researched Bitcoin in early days and was intrigued. However, I had some reservations about the dark web and this caused me to not want to get involved . Women tend to stay out of male-dominated spaces. Women have a deep, subconscious fear of rape. Steemit and specially @dantheman have really made this space safe for us. If Dan wasn't running this ship and instead it was being run by a guy with shallow ideals, I would never have joined. Dan's non-violent approach is creating massive wealth. We are all quite lucky.

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eeks (68) · 8 years ago

You deserve it. It's also a huge unmitigated home run for crypto have found a way to get more people involved.

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craig-grant (75) · 8 years ago

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9 votes

watershed (43) · 8 years ago

Glad to hear you're doing well with steem. Keep the videos coming Craig.

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gregm (67) · 8 years ago

Great post... I totally agree. This is going to be huge.

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7 votes

sephiroth (55) · 8 years ago

Where and how can we see how many accounts are being created per day?

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https://steemle.com/charts.php

eeks (68) · 8 years ago

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7 votes

sephiroth (55) · 8 years ago

Thanks!

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mikemiziner (49) · 8 years ago

one thing we now for sure is that steemit will grow and fast. I was speaking to a seventeen year old yesterday about who new nothing about crypto, called me back this morning and said that he is now fascinated with it.

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leksimus (51) · 8 years ago (edited)

Nice thoguhts and effort put into post. But lets be realistic. Althrough steem gives you free money and account at start with 6$ value ATM, and its easier to get in and use.
How much vaue is in it?
I'm sure people will come to platform at exponential rise rate for some time, since all people that are into cryptocurrency will come and all of those that will see this as the train to come to it easilly .I'm sure community will have major benefits from that.
But naming your blog and those point you put in blog that is killer app is just over the point IMHO.
Lets hope this strenhgten this community of crypto, and educate people in better ways for using it not killing Bitcoin or thing you mentioned in title post, becuse all that 99% of major population knows about crytpocoins is that Bitcoin exists. Killing BTC would be killing steem as well.
Variety of crypt just helps it and one or two strong ones makes it just like modern corporate world.
Please be sensitive with your title names and be real, focused on quality that you own and not clickbait.
Best regards.

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3 votes

eeks (68) · 8 years ago (edited)

Leksimus-

I am guessing that English is not your first language so that probably caused some confusion. "Killer App" is a term in English that means "Really Awesome Great Thing That Makes Everyone Want to Use Something." It's an expression used a LOT in technology and business.

Killer App definition

I am saying that Steem is GREAT for Bitcoin and GREAT for BTC holders.

Cheers,
eeks

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8 votes

stellabelle (75) · 8 years ago

AGREE

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watershed (43) · 8 years ago

Steem will be a stellar gateway for all things crypto. Exciting times in the future. Full steem ahead!!!!!!!

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justoneartist (55) · 8 years ago

Great read, hope Steem works out good.

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sebsebzen (44) · 8 years ago

Wow. I've just joined and I'm impressed!

How could I miss out on this?
When was the crowdfunding / ICO?

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sylv3se (49) · 8 years ago

The future seems promising as I read this kind of articles.
I hope its going to be a great success.

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dafar (37) · 8 years ago

Are you sure these 1200 accounts per day are real people?

Holy fuck

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juliano (37) · 8 years ago

Steemit is really killer bitcoin? I don't no man.

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blakemiles84 (67) · 8 years ago

Not "killing bitcoin" but an app that is a great use case to help bitcoin and crypto in general

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magix (42) · 8 years ago

I 'm excited to be the first to use steemit!
:)

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tyanderson (46) · 8 years ago

A post worthy of my hourly Upvote. Done.

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alexpc (25) · 8 years ago

it will be like youtube but for bloggers

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eeks (68) · 8 years ago

I'm not sure I follow that one. How do you mean?

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stellabelle (75) · 8 years ago

Yes

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sammy242 (36) · 8 years ago

Don't under estimate anything

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locks (29) · 7 years ago (edited)

Thank you! People like you make our community great. Old post I know, but it's feel still just as relevant now. As a new user I love Steemit, it's exactly what I've been looking for in the Crypto community. Reddit can be a little aggressive for my taste and the fact that Steemit is so much more visibly diverse is fantastic.

Completely agree that the imbalance in gender diversity makes the crypto community weak. This is something we need to actively seek to change as a community. It's unfortunate that anonymity on the internet seems to bring out people's worst traits and as a consequence the internet can be an extremely hostile place for women. Given that the crypto community is largely online (and a skewed demographic as you mentioned), I think we need to be especially mindful of this fact and make a concentrated effort to make blockchain technology for everyone.

Great post! I especially loved this:
"We all use the expression "hodler" like it's a thing. This is all great. But none of this is normal. Not even a little bit."
That killed me! Thanks again!

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mephdxa21 (35) · 8 years ago

Right on!! Steemit will definitely help pique interest in others

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dicov (53) · 8 years ago

Thanks for the info!

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lighthil (72) · 8 years ago

This is the real open community, real decentralization world.
We are seeing to right now.

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jamessmith (43) · 8 years ago

I think Steemit is amazing but is there any chance, as happened with BTC in the early days, that it gets described as a Ponzi scheme?

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eeks (68) · 8 years ago

Yes. And those pieces on Bitcoin were stupid and misunderstood what a ponzi is. Network effects DO NOT equal ponzi. But network effects define value in a hyper-connected world. Facebook, Uber, Google, eBay, Microsoft are all businesses that are built on network effects.

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stellabelle (75) · 8 years ago

👁👯

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kevinwong (76) · 8 years ago

Love your commentary style. Bookmarked for reference!

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glib (53) · 8 years ago

I love the enthusiasm but Steemit is not a Bitcoin app (I'm suprised @dantheman didn't say this bluntly in his reply post). It would more accurately be described as a blockchain app, and it certainly has a long way to go before it dethrones the original, achetype blockchain app: Bitcoin itself.

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condra (67) · 8 years ago

I imagine STEEM and Bitcoin will be crypto buddies. As far as I know, STEEM can only be converted to FIAT via Bitcoin, for now.

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glib (53) · 8 years ago

Yes, Bitcoin is simply the intermediary between fiat and steem right now. They won't really have anything to do with each other once that is decoupled, besides having some overlapping users. Saying that Steemit is Bitcoin's killer app is like saying "converting your dollars to quarters to play the arcade is fiat's killer app".

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blakemiles84 (67) · 8 years ago

But you're assuming that use of steem will have no impact on general awareness of bitcoin or crypto in general. I've yet to understand how this does not compute in the minds of bitcoin maximalists (not saying you are or aren't one).

Also, arcades were a killer app for fiat.

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glib (53) · 8 years ago

I DO understand that; I mentioned the two would have overlapping users partly for that reason.
Calling Steemit Bitcoin's "killer app" because its an on- off-ramp to fiat, would make Bitcoin the killer app for basically all altcoins.

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faddat (66) · 8 years ago

Steemit and bitcoin are two peas in the pod. And while I tend to agree with you about Steemit having a long way to go before dethroning bitcoin, I think that is really just a question of the web user experience at this stage. Once that is set, then I see no reason that steemit wouldn't steal most of Reddit's users, and most of Quora's users.

If steemit integrates webtorrent, it can begin to compete directly with YouTube.

The list really goes on and on. I'd also love to hear about attempts to integrate with MaidSafe.

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glib (53) · 8 years ago

You can read my post regarding switching from Reddit: https://steemit.com/steem/@glib/take-the-rid-of-reddit-challenge-with-me

I wouldn't say Bitcoin and Steemit are "two peas in a pod" at all. All they really share is the fact they are crypto-currencies and each use a blockchain. That definition would make all cryptos "peas in a pod". I think there probably are some more people learning about Bitcoin since they have to sell steem to get bitcoin so that they can do anything with that "money". Once there is a direct steem <-> fiat pipeline they won't really have much to do with each other. Also, the two have rather different use cases right now. I'm rooting for both, but I have much more long term faith in bitcoin.

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wojooo (48) · 8 years ago

Im wondering how much value has Steem, its fresh currency and charts is still grow up :O

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goodgame (36) · 8 years ago

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