Gambling on the blockchain

steevc (73) in cryptocurrency • 7 years ago (edited)

View this post on Hive: Gambling on the blockchain

Steem is no longer decentralised and may steal your funds. Use Hive instead.

7 years ago by steevc (73)

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katharsisdrill (71) · 7 years ago

The idea about making a technology that promoted quality content has been around for a long time - Slashdot's karma system for example.

Steemit has a strong libertarian ideology behind it and is a bit undecisive in what it has to achieve. I am of course interested in a platform that promotes quality blogging, but I also know that the hunt for money is a driving force in the way value is added to the network. I am here for the money myself at least partly (I am also here because I am interested in ways quality content can be monetised by the creator directly skipping the classical middlemen like record-companies, editors and gallerists). I think @felixxx wrote an interesting piece, but as everybody else I can only second guess what will work and I do think that no technology will force a community to behave in a special way - only the people involved can shape that - so like you I try to behave like a good citizen and upvote quality, but...

steevc (73) · 7 years ago

It's going to be interesting to see how it scales. Ned wields a lot of power, but doesn't seem keen to take action on abuse. I've seen reports on where Steem gets distributed by official accounts and some of that looks dodgy. It can all come back to haunt them

voxxov (42) · 7 years ago

Great article Steve. Agree things are really volatile and lost money on some LTC thinking it was all going to go up. The trick lies in selling when its up and buying when its down. The trouble is predicting what is up and what is down. The best thing is to leave whatever crypto people buy alone and hope it'll be worth 10000 or 20000 in 4 years. Better chance than winning a scratch card IMHO. Alternatively write a self published book and rake it in.

steevc (73) · 7 years ago

I wonder about just buying some of a few coins using my Steem and just holding onto it. We just can't tell what will happen.

voxxov (42) · 7 years ago

You are more advanced in knowing how to do stuff on steem. How do i even get my steem converted....?

steevc (73) · 7 years ago

You can sell it on various exchanges. I've used Blocktrades to get Bitcoin before. As you may have seen my Bitcoin-powered debit card has been killed off, so I need other ways to extract something I can spend. I know there's LocalBitcoins and others, but Bitcoin seems a poor way to go given the fees. I'm keeping an eye out for better alternatives.

voxxov (42) · 7 years ago (edited)

You can trade bitcoin for euros on Coinbase. I assume you can bet the Euros to go to an account?

steevc (73) · 7 years ago

I've got a coinbase account, but I've heard it's hard to get your money out. I'll keep looking and see what others say

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goldendawne (69) · 7 years ago

They tend to be sceptical about cryptocurrencies in general

Every news report, or newspaper article, I have seen calls cryptocurrency a risky market. Really? Just like penny stocks or the stock market itself isn't risky.

What gets me is how all these news reports and articles quote financial advisors who have NO IDEA how cryptocurrency even works or what it is.
They automatically downplay the future advantages and the monetary risk and call it a bubble. Again.. the credit card, student loan, sublime auto loans and housing market aren't, or have never been, a bubble?

If these news reports would get a cryptocurrency expert to speak and quote then maybe the general public would understand it. BUT the big banks don't want their customers or investors knowing of the positive when it comes to cryptocurrency. SO let's hush it and create this negative view of it.

steevc (73) · 7 years ago

It's still a pretty new field and far more volatile than the markets they know about. I'll see a story about Bitcoin crashing in the paper, but it will already have recovered by then. Blockchain has great potential, but few of the coins have really justified their price with real applications, so there is an element of bubble to it. The boss of Ripple was richer than Mark Zuckerberg this week, but he can't point to billions of users of his product yet. I find it all fascinating, but don't feel the need to gamble much on it myself.

cutemachine (62) · 7 years ago

Agreed, there is much gambling in the crypto-space at the moment. And it will last, like speculation in Fiat will never stop.

The fascinating thing is the blockchain itself and there will be much good things coming out of it. Like , for example, Steemit.

steevc (73) · 7 years ago (edited)

I want to see Steemit meet its potential to change the lives of millions. It can empower those in countries where a few dollars can feed a family or pay the rent.

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cutemachine (62) · 7 years ago

We should develop Steemit to a point where it can feed europeans too :)

voxxov (42) · 7 years ago

It'll convert to Euros? Great, it'll be worth a lot of pounds! :)

goldendawne (69) · 7 years ago

I have not invested a single penny into steemit or steem; or any other cyrptocurrency. Everything in my wallet has been earned; which in all honesty is why I like steem/it so much. It is my hard work, diligence and dedication. If it goes up, I win. If it goes down, I'm upset of course, but I am not actually losing my own money from the bank account.

steevc (73) · 7 years ago

I bought a little Steem with Bitcoin I made on faucets and things, but the rest has been earned. I have spent some. I wouldn't have my new guitar without Steemit.

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teamhumble (74) · 7 years ago

we influence others from doing and explaining the why, this is a good piece on doing so. super important lesson you put across to not use money you don't have or BORROWING for purchasing into these volatile markets. good advice!

rosargia (40) · 7 years ago

Great article! I usually don't play "games" that involve coins bet, however last year the cryptocurrencies seemed a great opportunity to earn some money and I decided to try with just 200$ with the purpose not to spend a single additional penny. I read a lot and invested in some cryptocurrencies I found interesting such as ADA, SIA and so on. Now I've 10 times the "initial bet" and I think I will keep these currencies for at least one year without buying or selling and see what happens.

Regarding Steemit, I think that it is really important to introduce some methods to check posts quality! It's full of articles with nothing written, just a copy paste of a link or image which earn a lot of money. While other interesting articles get few votes. For example, I'm trying to start my E-Learning blog also on Steemit, but I always get less than 10 upvotes per post. I've not understood yet what could be a good strategy to make posts more visible and gain followers and upvotes thanks to the content quality, so that they don't get lost among all other useless posts.

jumowa (65) · 7 years ago

I like steemit staff seems to take it's time and do things right, ofc idk for sure. Maybe it's traffic based but I and a friend of mine who tried to register, still couldn't get in. It's been months. I too am waiting for a approval of another account.

steevc (73) · 7 years ago

You can bypass the signup process with Anonsteem, Vessel and other tools. It just costs some Steem, but may be worth it

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stav (59) · 7 years ago

Interesting post Steve. I've gambled a little with spare change over the years but have always been cautious not to get drawn in.

My granddad had some success on the stock market many years ago. I say success, he turned a few pence into a few pounds as a hobby - he was in it for the long term though.

Many people seem to be into these things for a quick win these days. I like Steemit because the people and content interest me; it (like this post) will make me go away and maybe study something else or ask myself questions.

steevc (73) · 7 years ago

I think it really is a form of gambling. The successful people tend to do their research, but in both there can be manipulation behind the scenes. Gambling just isn't my thing

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investwarrior (56) · 7 years ago

i like that steemit increasing and increasing, about price in my opinion its pumped because of smt , so people buy it more because they want to be first in smt rally. About youtube video abusers i reported around 300 of them to steemcleaners , but they cant downvote them because dont have permission from ned, i tried to msg to ned in telegram , but he is too busy no answer in 3 weeks and i think its too small of a problem to him, but i calculated they receive around 4k steem per day, if it continues they can receive more and more amount from reward pool . I even had idea to make spambuster account, but not sure how to find support and delegation .

steevc (73) · 7 years ago

I think Ned needs to take action if he wants Steemit to not sink into the mire

dandelion (53) · 7 years ago

Good points. I am of a similar mind. Yes, sometimes it’s nice to boost a post for visibility, as a minnow without much steem power. But I hope people are mindful to do that for posts that offer a genuine value to their audience.

And yeah speculation is risky! It is a fun game for some, but I prefer the long game and to invest in platforms that have missions I believe in (such as Steemit).

steevc (73) · 7 years ago

I'm okay with minnows getting a little boost, but others are just exploiting it for maximum quick profit. That deprives others.

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moemanmoesly (67) · 7 years ago

I have been trading and been pretty successful (so far) Steem has been rewarding also but i don't plan to power down any time soon all in all 2018 is shaping up to be a big year for cryptocurrency.

jolbakk (52) · 7 years ago

Good read and topical post. Every cryptocurrency post I've read in the media, even on the Estonian (home country) ones, are sceptical about crypto. And almost everytime it's only about BitCoin. In my opinion really one sided approach.

basicstoliving (58) · 7 years ago

I have some friends that like to play on binance and they do ok. I have done it in the past but do not care much for it.

partho0202 (0) · 7 years ago

steevc (73) · 7 years ago

Have fun on Steemit. A good strategy is to keep the conversation going in the comments. Include your opinion and ask questions. That will make people want to engage with you

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partho0202 (0) · 7 years ago

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everything-4you (53) · 7 years ago

i am agree with this point of view
(Support those doing something original and not just ripping off the work of others.)

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knowledge-4light (41) · 7 years ago

Yeh steemit is really good plat form and i am agree with you we should promote and support quality work on steemit

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rohit12123 (56) · 7 years ago

This article is fascinating...

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mpalanyi (46) · 7 years ago

I hate spams! To hell with everyone spamming and am not yet to spam.

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sheikh27 (61) · 7 years ago

we are happy ti earn some coin and make it real money, no need to gambling where we can stay here for safe.

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raihan12123 (43) · 7 years ago

Interesting post

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steave (30) · 7 years ago

the graphs are showing real growth of cryptocurrencies and it is really helpful.

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