Things didn't become clear for them even after reading the whitepaper.
Ultimately IT and cryptocurrency people won't matter. They'll have way too much time being skeptics while normal people will join, blog and get paid.
RE: Steemit's main problem and why it can't be a scam
You are viewing a single comment's thread from:
Steemit's main problem and why it can't be a scam
I'm referring to the question of 'where does the money come from?' which is asked by everyone and so far none of them seem to be digging the concept of how Steem is generated.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
When you start to explain it like the company has a checkbook, obviously that approach will fail to explain the source.
In essence Steem just provides users with worthless virtual tokens, not money. The tokens only acquire value through the markets, because some investors are paying good money to buy them. Thus the users of the platform can cash out these worthless virtual tokens with bitcoins (which is another worthless virtual token that acquires value through investors) and then to cash.
So you have this type of answer:
-Where does the money comes from?
-There is no money. You are paid in tokens. These tokens you can then sell at the market for bitcoins and/or currency.
Or
-Where does the money come from?
-Investors (indirectly)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I've been having the same problems trying to explain Steemit to my friends and family, a few who are truly interested. You hit the nail right on the head with their first question...every time. I have already shared a few other faq articles with them, and I am absolutely going to share yours with them as well. Getting the word out there!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit