The Social Network Doling Out Millions in Ephemeral Money ?

in money •  7 years ago 

Cryptocurrencies like Bitcoin are only worth whatever value people ascribe to them, so there was no guarantee that the tokens dropping into Steemit accounts would ever be worth anything. Yet the Steem that rolled out to users translated to more than $1.2 million in American dollars. Overnight, the little-known currency spiked to a $350 million market capitalization—momentarily rocketing it into the rare company of Bitcoin and Ethereum, the world’s highest-valued cryptocurrencies.

A million dollars is only 100 of these little things.

You can fit a million dollars into a backpack, literally. It’s not like I left the bank with a tractor carrying a crate of money. My million only weighed about 22 pounds.

The point is this—if you have large sums of money in a bank, be careful, because one day when you need it you might not be able to get it out right away.

Steemit is a social network that pays users for their contributions. But in the cryptocurrency gold rush, it’s unclear who stands to profit.

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