What I learned about steemit while I had to wait two days for the sign up

Finally I'm in. :-) When a friend of mine told me some days ago about steemit.com I was really excited to start writing here immediately. But I couldn't, because sign up was not possible. So instead I started to read about steemit. A lot. Whatever I could find. Here's the short essence of what I learned while waiting outside in front of the steemit door.

Mining coins by creating content

It was something like self-evident to me, that cryptocurrency was mined by completing complex calculating operations - like they did for Bitcoin. But the calculating work people are doing for mining Bitcoin is not really necessary for the creation of the cryptocurrency. It's only a way to make sure, that there is a limited supply over time and wide spread of the currency. So everybody can create it, but it should make them some effort. If you think about this, there is also another way to reach this goal - by mining coins with creating content. And as a cool side effect this would be a great tool for a micropaying writers. Thats huge. Imagine a reddit combined with bitcoin - or in other words: steemit.com

Establishing a new cryptocurrency is all about communication

Imagine you are technical able to create an altcoin. How would you promote it? Writing posts in bitcointalk.org or reddit? Yes, but then your're like all the others. It's all about communication. The more people know about your new coin, the more it gains usage and trust. People like usally what many other people like. Thats the celebrity effect. Think about a new brand for a beer. If all your friends tried it and talk about it, it's very likely, that you will try it too. So, why not making a communication plattform an integral aspect of your new cryptocurrency - or in other words: steemit.com

Rewarding long-time engagement through sell restrictions

As a lawyer working in the startup economy, I know how important it is to restrict the founders and the early staff from selling their shares in the first years. As asset holder they are highly committed to the success of the company. A cryptocurrency can be seen as well as a kind of startup. But how to build-in this kind of long-time engagement of the founders and early adopters of a new coin? Restricting the selling the newly mined coins makes no sense, because that's what the are made for. I never though about creating different kinds of coins in one currency. But that is an integral part of steem - which is differentiated in Steem, SteamPower (SP) and SteamDollars (SMD). So, selling restrictions for cryptocurrencies are possible - or in other words: steemit.com.

What now?

This is my first post. I just beginning to realize the possibilities of steemit. I am very happy that I have discovered steemit.com in this - still - early days. I will write on a regular basis about everything, that I am interested in. Like startups, blockchain, new technologies... So please remember my username: @capitalism

Why I choose @capitalism as a username? First, it's memorable. Second, as someone that was born in East Germany behind the iron curtain I really appreciate living in capitalism, where new ideas, hard work and a bit of luck can bring you a fortune and real freedom.

Thanks for reading.
Karl (@capitalism)