Apply the same logic to Bitcoin. Answer your own question then get back to us.
RE: The Great Steem Debate: Berwick VS Sovryn - Steem Discussed for Hours on National Radio!
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The Great Steem Debate: Berwick VS Sovryn - Steem Discussed for Hours on National Radio!
Lots of people keep asking that same question yet it seems very few want to apply that logic. I tend to believe that this platform is starting to cause fear among the bitcoin evangelists. Bitcoin does not have to be the only revolutionary digital coin to come out of a revolutionary technology. In fact it will be replaced some day in the future by something better, faster, and easier to use.
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Well, I'm not a Bitcoin evangelist by any stretch of the imagination, and I firmly agree with you that Bitcoin does not have to be the only revolutionary digital coin to come out of the block chain idea.
I'm about as wary of Steem right now as I was of Bitcoin, say, five years ago.
As far as the question is concerned:
Bitcoin has value because its users have decided it has value.
Ditto Steem.
Move back on the tree a little bit to the origination ideas, though.
The investors in Steem are handing over a cryptocurrency redeemable in another cryptocurrency which people already believe has value. And what the investors are buying with what they hand over is the content on this site. Yet they do not seem to be monetizing that content in any way.
To put it a different way, at first blush Steem appears to be operating on an Underpants Gnomes profit plan.
I'm willing to believe that that's not the case ... if someone wants to provide a reason to believe that other than "I'm going to darkly hint that you're a frightened Bitcoin evangelist if you don't."
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Bit coin doesn't promise to pay out anything to users. If you send someone 1 bitcoin for goods or services, they get 1 bitcoin. Yes there is an emission schedule for miners to bootstrap currency distribution, but its well-understood.
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And that is all Steem does. There is an emission schedule for miners (blocks) and in time it will be well understood.
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