Why its good Steemit didnt have ICO and has no Ads - Based on Case of MyCellium

fminerten1 (66) · 7 years ago

Maybe fair invite to start mining wouldn't hurt.

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kyle.anderson (60) · 7 years ago

Steem might not have had an ICO but they did launch the blockchain quietly a few times and most of the steem was mined before the introduction of Steemit. There is nothing inherently wrong with the ICO model other than many of the current projects not having any reason to have a token in the first place.

If you are going to do an ICO your token better have some economic value in your project. A prime example of a project with a useful ICO was Maker's MKR. Augur REP is another useful token in the Augur project.

There will be many more ICOs and many more uneducated investors getting involved. There will be a 'bubble'. Be careful and do your research.

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https://steemit.com/ethereum/@amexperts/all-ico-s-are-scams

amexperts (46) · 7 years ago

I just wrote a piece on ICO's here that may be of interest to others reading...

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moksamol (50) · 7 years ago

ICO is very risky but also high return if it is successful. It is depend on level of risk you want to take. I think it is also good idea if we do research on the ICO and milestone of the project. In addition, we can follow the progress of ICO and its price after 1 to 3 months on the exchange and review its work progressed before investing on it. I am not investor or trader of any experience in the market. This is just my views. :-) Be profit and have fun with cryptocurrency. Anyway, I am long on Steem and I like @Steemit.

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sumatranate (64) · 7 years ago

Hey Kyle! Thanks for the reminder of not following the hype. Information not emotion should drive most investors.

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kyle.anderson (60) · 7 years ago

Yeah that's not always the case here on steem :P I do my best to bring some pragmatism to this place...

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splintercellt (25) · 7 years ago

@kyle.answerson is there somehow i can get in contact with you, i have a partner thats looking for some advice in relation to starting our own ico/ coin.

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kyle.anderson (60) · 7 years ago

Kylejamesanderson.info

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fuckmylife (59) · 7 years ago

A sharp response from a sharply dressed man

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kyle.anderson (60) · 7 years ago

Comment after flag from @abit and @smooth. Nothing wrong with a flag - just hoping it was for reward disagreement. I don't think a flag is the right way to treat something that could be interpreted as steem criticism.

@transisto could this have been vote nullification from the whale experiment?

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someonewhoisme (54) · 7 years ago

Another reason why community tokens is a bad idea, steem is going to look like a scam fest when everyone and their brother can launch a token at the click of a mouse.

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ned (69) · 7 years ago

Tokens have a myriad of extremely positive use cases, just like a hammer is a useful tool that can be used to build value. Sticking with this example, Steemit, Inc. is only interested in supporting vetted, positive use cases.

I'm extremely keen to have CBTs in the chain before figuring out how to allow them on Steemit. This will empower all the Steem devs, such as Chainbb Busy Zappl and major website operators who I communicate with on a daily basis to take advantage of Steem-like tokens while benefiting STEEM.

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worldrealestate (25) · 7 years ago

I think your wrong on that friend. The community tokens are going to create this incredibly free market within Steem.

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someonewhoisme (54) · 7 years ago

Lol no. The community tokens are going to trade for BTC. Steem will be history

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contentjunkie (73) · 7 years ago

You were probably spreading FUD about ethereum too.

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someonewhoisme (54) · 7 years ago (edited)

All ETH tokens are trading for BTC. Keep your assumptions to yourself please.

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contentjunkie (73) · 7 years ago

I didn't make an assumption or say anything about ETH trading for BTC. Try and keep up.

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someonewhoisme (54) · 7 years ago

You didn't reply either, and your username is not contentjunkie,..OK got you

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jacobt (58) · 7 years ago

Won't these coins be on a sidechain? I don't know if you'd be able to sidestep STEEM in the process of buying/selling them. However, I can see where it might discourage holding STEEM for the long term, which is critical to the health of the ecosystem, currently.

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trevorlyman (54) · 7 years ago

This is what I think of the tokens, am I missing something? https://steemit.com/steemit/@trevorlyman/a-game-of-thrones-coin

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gigafart (57) · 7 years ago (edited)

If Steemit ever got ads, it would have to be opt-in, and the ad-viewer would receive a reward directly from the advertiser.

This is my understanding of the "attention economy".

It sounds tenable, although no one has pulled it off yet.

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alesuperlano (45) · 7 years ago

Cool!

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lvl (48) · 7 years ago

Points at BAT

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kingscrown (81) · 7 years ago

Very nice man!

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yoopstar (36) · 7 years ago (edited)

I love the way u think. Because. U already solved the problem for both sides of said discussion and it's free market as f

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cupidzero (58) · 7 years ago

I agree that ads are a viable option if they are introduced opt-in. I think Ivan the Tech nailed it when he said the first cryptoplatform to directly connect content producers and advertisers will essentially kill YT and FB. I wrote a little piece on it here: From Nothing to Facebook Killer in Two Years

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mossmanpete (43) · 7 years ago

suppose someone were to fork steemit with ads that provide rewards to writers and viewers... could be done today? or would that violate the copyright of the original poster since they did not explicitly agree to the revenue generation?

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soldier (71) · 7 years ago

Lessons For STEEM
Well not lessons as STEEM did it already but this just shows it did it good. If you have a cool product you dont need to do ICO and if you have others way to monetize (people buying tokens in this case) theres no need to make ads.
If Steemit gets Ads i bet somebody will fork for nonads platform. People hate ads this days. Top mobile wallet is now going down due to some bad decisions and its worth watching.

True story! I really agree with that!

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carface (63) · 7 years ago

I think Jaxx is adding Steem to their availble alt coins so that will be more good promo for us.

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eric-boucher (68) · 7 years ago

An ICO would have been absolutely insane, considering the influx of partakers as soon as the platform officially started paying out its very first pay out.

Wicked post, thanks, namaste :)

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cryptohustlin (65) · 7 years ago

It will be interesting over time how the "steem power" will be purchased to advertise on the platform plays out. But it for sure has value as it has proven. Great post :P

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sidwrites (58) · 7 years ago (edited)

If Steemit gets Ads i bet somebody will fork for nonads platform. People hate ads this days.

How so true.

As someone who has made money off of ads, I have personally found ads annoying.

So I changed my strategy.

I moved onto something that serves customers first.

And doesn't annoy them. :)

Glad Steemit is ad-free. With readable fonts.

Love it already!

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jonno-katz (52) · 7 years ago

I lost money on another ICO that the CEO of Mycelium, Alexander Kuzin, launched called Massnetworks.
It was what i thought was a good idea.
An idea that has now been taken up by the BAT ICO.
We gave money, have our tokens, but then no word from the developers and now our tokens sit there useless. I now see it as part of my crypto learning experience. But it was an expensive lesson.
Stay away from anything this Mr Kuzmin has to offer.

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sneakgeekz (56) · 7 years ago

Wow Im sorry to hear that. I been along time Myc wallet user and almost got in on the 1st ICO but at the last minute decided not to. I'm so glad I didnt after reading this post. Thanks for sharing your experience.

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https://steemit.com/ethereum/@amexperts/all-ico-s-are-scams

amexperts (46) · 7 years ago

I believe this will be the case for many...

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freedomnation (57) · 7 years ago

ICOs are replacing bitcoin hacks. Those scammers just evolutionized their technique of stealing. Neither will EOS have ICO which is a fair resolution. Don't get lured into the abyss of false ICO's nowadays people, stay safe out there.

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flyingmind (49) · 7 years ago

Hello, I may be wrong but I'm thinking that if Steemit is not selling ads, and doesn't have companies paying for the attention of Steemers, then all that is happening is that the money from investors is being redistributed to people who publish and vote and then it's all a huge ponzi scheme. Because there's no real demand for the Token... I'd actually feel more comfortable seeing ads and knowing that someone is consuming steem and trying to buy our attention. The problem I see with promoting content is that people don't go often enough to that section and so there's no real benefit for paying for that... If I'm wrong, please correct me, I honestly want to know (if it's not a ponzi scheme).

Regards

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8 votes

onthewayout (59) · 7 years ago (edited)

Ponzi schemes promise high returns, The Steem blockchain does not promise anything, Ponzies require that you "invest". You are not required to invest in Steem to earn the currency. The Steem currency itself has value:
1-Three second confirmations of transactions (irreversible in about 40 seconds).
2-No transaction fees.
3-Built in escrow capabilities on the blockchain.
4-The blockchain can handle thousands or tens of thousands of transactions per second (if not more).

To solidify the value of the currency (and not depend on the speculative value of it) the community needs to start using it more and more as a payment method for goods an services. And also direct Fiat bridges need to be opened.

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kingscrown (81) · 7 years ago

If you want to give money to authors ytou like (ie me) you buy SP to upvote them, if you want to kill people you dont like (ie some people dont like gavvet user) then you buy SP to downvote them.

There is also traders who never post or come here but trade the coin for profits.

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rgeddes (67) · 7 years ago

Go on Poloniex and watch any number of coins being traded (for not a lot of good reasons) - Steemit is what differentiates Steem from other Crypto's..

Steemit is hard to "do". It takes time to get traction - but eventually people give YOU money...

If someone on here asks you to give them money out of your pocket.. thats something different.

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cryptobarry (58) · 7 years ago

I can show you 100 shitcoins from the 2013 boom that people were throwing money at. There will be a cutting off of the fat in this boom too.

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sidwrites (58) · 7 years ago

What "new" coins do you think will survive?

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cryptobarry (58) · 7 years ago

Who knows but I'll tell you this: Tezos is going to be the biggest smash hit of 2017 or the biggest money pit we have ever seen in crypto. Spend those Bitcoins wisely.

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everyway (32) · 7 years ago

I'd say DECRED.

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skylineking88 (53) · 7 years ago

I like jaxx for the fact it has more then one coin and adding more.

Never tried my cellium wallet but to just screw all them ico buyers is just shity and seams to be a bit to common in the cryptospace

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fuckmylife (59) · 7 years ago

I would even more scared of loosing my phone if I used this app. Hopefully they have a backdoor kill switch.

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5 votes

kingscrown (81) · 7 years ago

Often you can do backup of all keys :)

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fuckmylife (59) · 7 years ago

Cool . After loosing my bit coin wallet years ago Ive lived in constant fear of loosing another crypto wallet.

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mk40 (55) · 7 years ago

Hopefully with the successful ICO of BATS we'll see an advertising revolution in the coming years and wont have to worry about places like Steemit introducing ads!

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kingscrown (81) · 7 years ago

Oh BAT and Brave are amazing. 100% i love this browser, some time ago i wrote its review even

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mk40 (55) · 7 years ago

I'll have to go back through and find your review! As with most things, I feel like succeasful marketing for user adoption is going to be a key point for growth of Brave. I'm pulling for them though!

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sidwrites (58) · 7 years ago

This.

Waiting for an advertising revolution.

Now you also got me curious about BATS! Any good place to learn more?

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mk40 (55) · 7 years ago

@sirwinchester actually had an awesome post about BAT and it's ICO. Their website also has great information! Enjoy!

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patrickmohr (49) · 7 years ago

Jaxx wins my vote , simply because of the shapeshift funktion :-) Hard to beat an in app trading exchange..

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8 votes

stackin (78) · 7 years ago

Will be trying out Jaxx!!

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patrickmohr (49) · 7 years ago (edited)

Tried various different wallets but I like Jaxx´s UI the most because it's very simple and with dark background so you can check your balance incognito in the dark ;-)

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stackin (78) · 7 years ago

Downloading as we speak lol

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patrickmohr (49) · 7 years ago

You can do it ;-)

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stackin (78) · 7 years ago

WATERBOY ACTION HAHA

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patrickmohr (49) · 7 years ago

:-)

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everybitmatters (45) · 7 years ago

I have to agree. That's one reason I got Jaxx. That and the multiple choice of coins.

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patrickmohr (49) · 7 years ago

;-)

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beanz (68) · 7 years ago (edited)

Steemit is basically a platform that pays for ads. Steem Power is used to boost visibility as well as payout.

Since steem power is worth money, it is actually used to pay for payouts + advertising space just by keeping it powered up. The reason it's so hard to onboard new users to steemit is because the main page is filled with more adverts than any other "social media" site.

I agree with the rest of your post, just disagree that steemit doesn't have ads. Due to the political system created by the existence of whales everything that gets a good payout is an ad.

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coldpie (37) · 7 years ago

So we're advertising in an attempt to sell our ideas, stories, thoughts, copied words etc etc. It's monetised socialisation - no idea if this can work, but look forward to finding out.

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contentjunkie (73) · 7 years ago

"Steemit is basically a platform that pays for ads."

Not yet. That is the missing piece of the puzzle that everyone is speculating on. We all know attention can be monetized but so far it hasn't been done on Steemit.

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beanz (68) · 7 years ago

I agree it's not monetising attention. Just monetising the advertising itself. It wouldn't be that way if people with less power were allowed to use their downvote without retaliation from the more powerful, but it didn't turn out that way.

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ragnar14 (40) · 7 years ago

Freewallet for Android is open source & supports multiple cryotos.

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forykw (64) · 7 years ago (edited)

Yep, it's another alternative. It supports STEEM already. Just don't like the fact that there is a wallet per coin... it should be all integrated in my view. Maybe it will become later.

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stackin (78) · 7 years ago

Great information right here... people are learning everyday about what's the good and the ugly about Cryptos!

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arcange (73) · 7 years ago

Congratulations @kingscrown!
Your post was mentioned in my hit parade in the following categories:

Upvotes - Ranked 1 with 921 upvotes
Pending payout - Ranked 3 with $ 1404,07

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vmsolutionsltd (47) · 7 years ago

@kingscrown, ICOs are too revolutionary a concept to just disregard as a guaranteed path to failure. As @moksamol mentioned there are many successful ICOs and the payout can be massive. Personally I tried to get in on the BAT ICO but missed it by a millisecond. I think that one is going to do great considering they have the creator of Javascript on board. I agree that ads on this platform would be completely ridiculous and unnecessary and at the same time they already have anonumous ads on the Steemit rich list: https://steemwhales.com/

I repeat ANONYMOUS ADS, wrap your head around that one.

Steemit is a very promising platform and as it evolves, if high quality, honest, informative posts, like the one you just did here, can win out over Steem-bait trash, then Steemit will be the best site on the internet, hands down.

But let's not pretend like it doesn't currently have its share of shady shit. I think that is why they put the "beta" next to the name, so we the community can test it.

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bulleye88 (39) · 7 years ago

The fact is most people who buy into ICOs dont even know what they are getting into. Recent ICOs don't even give the token holders any shares in the company other than the promise for a small percentage of the profits which may not even in forthcoming. Many of these buyers are in it for a quick buck to make a quick exit once there is a small price appreciation. However, as most ICOs have turned out, they are just holding on to the baby. If they have left their bitcoin and ether in their own wallets, it would most likely have done better. So before you buy into any ICO, it is best to do a bit of research instead of following the herd blindly.

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elevator09 (71) · 7 years ago

great post

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philywilly (25) · 7 years ago

All aboard the Steem train! Next stop is the MOON!

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dailylight (41) · 7 years ago

Very nice ! Xapo wallet is good right? I don't no lot about cryptocurrencies that's whay im asking stupid questions. Please give me a answer somesone. thank you.

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https://coinjournal.net/former-mycelium-employee-quit-token-sale-funds-used-vacation/

transisto (74) · 7 years ago

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eduardo88 (41) · 7 years ago

free bitcoin!!https://freebitco.in/?r=2211478

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mikeyue (6) · 7 years ago

like the thinking

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artedellavita (64) · 7 years ago

Thanks for sharing this!

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idon2099 (30) · 7 years ago

Nice post.

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dududagrav (46) · 7 years ago

good one dude :)

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veerall (50) · 7 years ago

Thanks for the share bro.. will download it today itself..

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hanyean (40) · 7 years ago

Please don't start with the ads. That kills the beauty of steem. 😰

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ahmadhassan (51) · 7 years ago (edited)

interesting post man. good to follow you. @kingscrown

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locos (44) · 7 years ago

I think Jaxx is the best multi-currency wallet and they have announced they will be adding around 80 more currencies.

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yendyaybar (38) · 7 years ago

Mmm interesting , thanks

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christoryan (57) · 7 years ago

very nice information on the Mycellium .

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shahzaibniazi (36) · 7 years ago

Yeah Amzing Love it

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mattclarke (68) · 7 years ago

There's nothing stopping individuals from including ads in their content.
Their followers and readers can decide what sort of quality and quantity the market will abide.

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rgeddes (67) · 7 years ago

agreed

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ptytrader (44) · 7 years ago (edited)

Thanks @kingscrown. True I noticed these ads on Mycelium they are starting to annoy me plus the fees are going up. I like @steemit great community to learn from the Pros like you. Follow back.

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plainbroadcast (39) · 7 years ago

And another incredible post from @kingscrown loved the Info and I'm totally agreed with your opinion, selling out and going for the ads money it's not the way to build up a new and interesting concept! Glad to be a part in it :)

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viralcutz (53) · 7 years ago

nice info share by @kingscrown thanks

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alchz (33) · 7 years ago

What a crazy system I wonder how it will all work out

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leprechaun (56) · 7 years ago

Wallet development is otherwise an purely altruistic endeavor. How do the authors of Bitcoin Wallet, Jaxx, Coinomi, or Electrum make money? They don't. At least not from their wallet software. The author of Electrum has asked users to donate to Electrum server operators rather than to him. To me, some will pay for wallets with more features and security. Look at those who use Armory. Most people have to get new computers to run that.

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rosher72 (55) · 7 years ago

I think it is always good for steemit to stay this way of zeroing any ads and the like. Just pursue their focus on improving the community.

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moataz (53) · 7 years ago

I have no problems with ICO as long as they are worthy. People should invest at their own risk and use their own judgment.

Always balance the risk/reward.

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alonv2000 (30) · 7 years ago

bubble אח שלי יקר

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trevorlyman (54) · 7 years ago

Interesting! Ad rates are not the greatest anyway, so I don't know how much will be gained from adding them.

I think Steemit could benefit from a few more social networking features, like a photos section. I'm not sure if photos in that section should be non-voteable or not.

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hatemmkh (55) · 7 years ago

give me a follow.

thank you in advance.

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erickjongo (54) · 7 years ago

Ads are disgusting but creating tokens is not a good alternative either, Steemit is working just fine and will continue doing so

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buzzbeergeek (73) · 7 years ago

Hey! I used that for my first ATM transaction! People are always asking me how come there are no ads! It has been bugging me too I admit! Do you think advertising steemit on coinmarketcap would be a good idea? A banner or something?

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joey-cryptoboy (55) · 7 years ago

Fantastic Article!

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nitza (49) · 7 years ago

Aqui se aprende lo bueno y lo malo, y se toma una decisión y listo

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kiranpsingh98 (40) · 7 years ago

knowledgable post man. Well, I use Iocalbitcoin to buy, sell, send and receive bitcoins and it has a low transaction fees too. soo that works for me.

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motowngold (49) · 7 years ago (edited)

Bitcoin stocks on a tear last few days a something new and exciting to consider. Here is the latest one I did a quick write up about, up 100% just today. Links in the article to the other ones as well.
https://steemit.com/cryptocurrency/@motowngold/1-more-bitcoin-stock-coin-citadel-cctl-0003-share-at-time-of-writing

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allmonitors (74) · 7 years ago

great insights, thank you for the information

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blocklab (59) · 7 years ago

really interesting view on this...

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cryptofun (33) · 7 years ago

Steem will be 10 times worth in next 10 months! :) Invest in STEEM!

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deveerei (68) · 7 years ago

I am currently using Jaxx. I also have 'Coins.ph' as my main BTC wallet, since that's the only one that's working here in the Philippines. Coins.ph is actually very useful, it also holds our local currency, we can top up our mobile phone loads and even pay bills directly with it, on top of that, they have awesome rewards and referral programs.

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e-saber (52) · 7 years ago

Interesting stuff! I like it

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edges (46) · 7 years ago

I have Mycellium wallet it was good to use, there are many products out there...
A one stop shop where you can store and trade your crypto's would be the ideal solution for me. Similar to Jaxx

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sidwrites (58) · 7 years ago

What about the ads? Comfortable with them?

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edges (46) · 7 years ago

Haven't noticed any ads to be honest. Using Android version.

But atm have many wallets, would like to consolidate. Down to minimum needed.

Would that be Jaxx or some other app/exchange... I'm unsure?

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elevator09 (71) · 7 years ago

interesting post , thanks for sharing

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allmonitors (74) · 7 years ago

interesting and very informative, thank you!

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cryptoviking (56) · 7 years ago

ICO's are a big risk. It's best to stay away unless you are willing to lose the investment or believe really strongly in the company.

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everittdmickey (73) · 7 years ago

I hate ads.
Ads have driven me away from TV
Away from FaceBook
and I use adblocking software on my browser.
it wouldn't be so bad if ads weren't so STOOPID...and invasive.

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fiord18 (14) · 7 years ago

На Jaxx отзывы почитайте..))..не советуют..

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jegatx (37) · 7 years ago

good post!

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hicmaster (52) · 7 years ago

see more at: https://steemit.com/bitcoin/@hicmaster/cryptocurrency-market-cap-soon-over-110-busd

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tosomethingnew (40) · 7 years ago

I see the start of steemit really fishy. They founders got just lucky that it got attraction and powers it now by itself. So a bad start, but they created something greater!

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danlupi (66) · 7 years ago

loved ur article kings crown, wondering if you can help me out if you like my article. https://steemit.com/steem/@danlupi/what-crypto-to-buy-investing-in-anything-but-bitcoin-is-still-investing-in-bitcoin-how

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