A lot of fuss has been going around in the past few months. Steemit is kind of a social news platform that pays users with digital currency called Steem for posting and upvoting good content. Think of , but with a nice add-on of getting paid for your participation.
A bit of history about Steem
Steem (the digital currency, not to be confused with Steemit the website) was first described in a whitepaper in March 2016. Steem and Steemit were in Beta until July 4th 2016. Once the platform (Steemit) became live and payments were made to the contributors, the currency saw a 1800% increase in its price from $0.24 to $4.63. However, since then the hype dulled down and the currency has slowly declined back to $0.28.
This explosive growth and fast demise of the currency made people suspect Steem was perhaps just another Pump and Dump scheme. In such a scheme the founders and early adopters drive up the currency value through media hype and then sell off their coins at a huge profit. The people who get hurt by this are the late joiners who are stuck with a lot of coins that lost their value.
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
If you enjoyed what you read here, create your account today and start earning FREE STEEM!