Steemit - The Billion Dollar Social Media Giant Replacing Reddit &amp; Facebook

marketingmonk (71) · 7 years ago

If you'd like a link to the author of that BitShares video (me) here you go: https://steemit.com/@marketingmonk

$19.75

davidhay (56) · 7 years ago (edited)

MarketingMonk AKA Chris, thank you for producing such incredible content. I linked to your video in my youtube description and have also embedded it on this page.

$10.56

6 votes

rudiger (25) · 7 years ago

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mgood (53) · 7 years ago (edited)

@marketingmonk - Chris, I've followed you on YouTube The Cryptoverse, and now have discovered you here. You (and David Hay) are 2 of the most level-headed and knowledgeable guys on YouTube so it's a pleasure to have you now on Steemit. I have upvoted and followed you too.

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rberkness (49) · 7 years ago

Great work on that explainer video!

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daywalker1775 (47) · 7 years ago

Great video! I found you on steemit after I saw this video. I was like I know that voice, sounds like my daily cryptoverse. Keep up the great work and look forward to your steemit content.

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penguinpablo (75) · 7 years ago

Hi David,

I follow you on YouTube and watched your video earlier today. I mentioned your video in my latest post: https://steemit.com/steemit/@penguinpablo/steem-is-getting-a-lot-of-attention-lately

In your video you talk about the 100% inflation rate of Steem. This high inflation rate was months ago and today Steem has an inflation rate of about 8.5%. See page 2 of the Steem Bluepaper for more info about the inflation rate of STEEM.

Despite this, you made a good video. Thank you for telling your audience about this great platform :)

$3.00

9 votes

davidhay (56) · 7 years ago

Thank you for the correction. I got my information from an old post
https://steemit.com/steem/@arkanaprotego/why-would-anyone-invest-into-steem-if-it-is-so-inflationary

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5 votes

master-set (64) · 7 years ago

Following you on YouTube for a some time now.
And here you are on Steem! Great.

Subscribed.

$2.99

brianphobos (70) · 7 years ago (edited)

Hi David,
Great job! Your content is really valuable and I'm glad someone like yourself voices your concerns about scams like Bitconnect.

Now we know for sure this is your account! LOL There have been some high jackers in the past!

$2.14

cryptoedmi (25) · 7 years ago

John McAfee is bigger scam than BitConnect

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makximus (25) · 7 years ago

At least many investors have started to see through him.
But hes not alone either.

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tolkatore (55) · 7 years ago

Great video David, and I'm really looking forward to some of that Steemit exclusive first content you'll be rolling out soon! 🐳

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themonetaryfew (58) · 7 years ago

Glad to see you posting here!

I will be upvoting your content here on the steem blockchain, now I am sure this account is actually yours. Steemit or D.tube.

I love the genuine content you bring in your videos.

Keep 'm coming!

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n3r0 (49) · 7 years ago

Dan stated, that Steem Dollar is designed with a lower limit of 1 USD but no upper limit (like bitUSD). So it wil always be worth at least 1$ but it could go a lot higher.

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davidhay (56) · 7 years ago

If that was true BitUSD would have never been worth less than $1 and it dropped to sub $0.85 for a while.

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themonetaryfew (58) · 7 years ago

You might have a look at this video @exyle made today. In summary, there certainly is a way to make the SBD be worth around 1$. But maybe the time is not here yet: https://steemit.com/life/@exyle/6lqofqee

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n3r0 (49) · 7 years ago

SBD has been at $0.85 as well. I guess the limit is not perfect.(probably dependant on the amount that is backing bitUSD & SBD and the volatility of the currency.)

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newsandviews (56) · 7 years ago (edited)

Hi David, I really appreciate your excellent videos. Great to see you on Steemit now as well.

Maybe at some point you can also do a more in depth video summarizing the challenges with Steemit. I think the idea of a crypto-based platform for social media is great, but the incentive system on Steemit has very much to be desired. I appreciate that you are very common sense focused in your crypto analyses and we need some more visible Steemit community members to raise the flag on the issues on Steemit as well.

I'll give you just a few examples beyond what you touched upon very briefly as issues in your video:

Distributed value only comes from large whales that monopolize the rewards pool. This means that there are lots of Steemit factions and Steemit "circle jerks" where people hover around key whales to get fed through upvotes. This can't be the right way to drive good content.
Whale downvoting is a mess. This can really become censorship. Lots of whales have started to hate on @haejin because he makes too much with his extremely popular TA analysis. (Check out this example) It's about as childish and ridiculous as I've seen and has really become a small war on Steemit. People really try not to get on the wrong side of certain whales for fear of literally being destroyed by them through downvotes.
Tools for the searching and tracking of good content and similar content is basically non-existent. This means that as a small fish, you are never found on Steemit. It becomes a game of fishing for whales to get recognized. This is tedious and ridiculous as a mechanism for rewarding excellent content.
External reader views / views in general have no influence on votes (neither do the number of subscribers), meaning that it is all up to individual whales to give any real value to the minnows and support excellent content. This trickle down approach just isn't enough to support the many good content developers. Therefore many, including myself, get tempted to just walk away.
I hear lots of bitching about bots on Steemit by whales, but the only reason bots are so wildly popular is because the system is incredibly poor in allocating value in the current system. The consequence is that people realize they can get real value from paying for upvotes. This wouldn't happen nearly as heavily if the other incentivation mechanisms weren't so poorly designed.
Content aggregation is also a valuable service since the search and content tracking on Steemit sucks so badly. Someone making a lot of Steem from providing this was one of the issues that you mentioned in your video. Since it it so difficult to track all the good content, people upvote just being provided good content. Again this is a problem of the Steemit structure and search capabilities. Another issue is that there is no differentiation in valuation approaches in Steemit for original content creation versus the value of being a content aggregator.

Anyway, these are just a few of the issues that I can think of off the top of my head. There are many more.

Honestly, I've really struggled with Steemit as a platform because of these issues. I definitely appreciate it as an alternative to total crap like Facebook, but would very much appreciate seeing you also doing some more insightful analysis on Steemit challenges. Hopefully this might create more impetus to correct some of the problems on Steemit as well.

Again, welcome onboard!

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4 votes

petervroom (61) · 7 years ago

Great comment. The reward system is so powerful yet could also be its undoing. Such a complex game.

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newsandviews (56) · 7 years ago

Thanks a lot! Since I never got a response from David on it, I decided I'd write a full blown post on it. Hopefully you like the longer post on the topic here too

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katamori (50) · 7 years ago

Just a sidenote: Steem needs to improve a lot to overcome Reddit in creativity.

For example, there is no proper worldbuilding community here. Or a proper group of idunno, One Piece fans. Or Rimworld players.

These are examples for themes I love, but I'm yet to see a stable community around them on Steem.

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davidhay (56) · 7 years ago

100% agree, this platform has a long way to go but the potential is here and things are moving fast.

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nordin (42) · 7 years ago

we are just starting, this community will keep growing and it will be great!!
I'm only an week on steemit and I really love it

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katamori (50) · 7 years ago (edited)

And without the likes of you, the potential would be dissipated way too fast.

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n3r0 (49) · 7 years ago

The technology behind Steem and Bitshares is vastly underestimated.
If EOS can deliver on it's promises, it's going to be an absoulte killer.

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mgood (53) · 7 years ago

@davidhay - Glad to see you here on Steemit. I've followed you on YouTube for quite awhile and have enjoyed your level-headed evaluations of the crypto market.

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cryptoaction (38) · 7 years ago

yeah daivd on youtube is awesome

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bitcoinstocktips (25) · 7 years ago

Great video, personally I'm over mainstream social media and their advertising maximization model.

Especially Facebook.

They completely screwed over people who built up their fan pages over years only to make them pay to get their posts in front of the audience they built, paid for, and earned.

Personally, I spent over $10K building up one of my FB pages only to get rewarded with 1-2% organic reach in 2017. I recently shut down all of my projects on their platform. I'm done supporting this company that thinks it's too big to fail.

You can still make good money and add value to all parties involved. They got way too greedy in my opinion.

Not to mention their customer service is the worst I've seen in a long time. They are notorious for shutting down accounts without providing any explanation or process to get in touch with them to figure out what's going on. I haven't had this happen to me, but I know of a handful of people this happened to. They send a boilerplate statement to the effect of this is their final decision without citing any details of your page or reasoning behind their decision. I've heard FB enthusiasts say "you shouldn't be violating their rules in the first place" - to that response, I would say that I personally know people who are legitimate upstanding citizens/business people with Facebook accounts in good standing for several years and this has happened to them. These people lost thousands in revenue overnight without warning. This is good business?

The point is if something of this nature happens there should be a way to sort it out on the customer service side of things since we provide 100% of Facebook's content, the very content people go to FB's newsfeed to see, which drives FB's ad revenue. Their 2015-2018 business model is "maximum ad revenue, minimum customer service."

Steemit is a breath of fresh air so far and I hope it doesn't get greedy like its social media predacesors.

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3 votes

davidhay (56) · 7 years ago (edited)

I have a strong distrust for Youtube and Facebook. They are there to take my content, pay me as little as possible then charge advertisers as much as possible to offer premium paid services next to my free stuff. Steemit has a long way to go but it's a step in the right direction.

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cryptoaltcoin (46) · 7 years ago

Good to know...saved me time and money.

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octavianfeodot (52) · 7 years ago

Hey, @davidhay! It's really funny actually 14 hours ago when I went to sleep I was searching one video of yours to watch about steemit, as I've adopted this platform recently as well.

Today, while drinking my coffee I saw your video on youtube. I still do not understand exactly how the system works with these steem power, steem and steem dollars but I hope I'll find out using the platform.

I want to thank you personally here for you videos, you are one of my top 5 crypto mentors on youtube and your talks have influenced my way of thinking positively!🙏

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3 votes

davidhay (56) · 7 years ago

Thank you for the kind words. Steemit is difficult to understand because it is so fundamentally different from other web services. I didn't even touch on the delegated proof of stake system they use but I could make a 20 minute video about that alone!

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3 votes

tolkatore (55) · 7 years ago

Well, we definitely need a video on it, because I've been around for a long while now, and I still don't know how to do it.

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octavianfeodot (52) · 7 years ago

That's actually hilarious, the steemit system is pretty weird, right?

If you're intersted in posts of valuable content on crypto you can check out my blog.

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octavianfeodot (52) · 7 years ago (edited)

I'm looking forward your next videos, either if they'll be about steemit or not.

Btw I've made a blog post about the top 5 crypto youtubers I'm curently following and I've honestly included you into this. Feel free to give it a glance!

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kazish (61) · 7 years ago (edited)

man just dropped here after seeing your video, steem is the future of blockchain,and we all agree with that :)

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k-solomon (25) · 7 years ago

Reddit still great but not worth for making money 😂

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playlikeheath (25) · 7 years ago

Is Steemit suppose to eventually be more like Facebook or will it always be more like a Reddit type set up?

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rudiger (25) · 7 years ago

Interesting post, David. However, no matter how one turns it, there's a fundamental design flaw: the money that content creators receive eventually comes from Steemit investors. It does not come from ads. It does not come from the consumers of the content. Therefore, there's no point whatsoever in using Steem as a long-term investment. Even worse, content creators mostly benefit from Steemit, whereas investors mostly pay for it. As such, I would argue that Steem functions as a pyramid scheme - more sophisticated than Bitconnect, for sure - but still a pyramid scheme.

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gamblegrady (35) · 7 years ago

good video!! But I wish steemit was easier to use, and I hope they keep making their software easier to use... for example, I just tried to search for David Hay within the steemit site, but it google searched him and I could not find him within steemit. I kept trying and never could figure out how to simply search for a major player within steemit so that I can follow his page. I had to go to his youtube page and click his link from their.

Also, it is hard to see who has liked my comments and is very unclear. I have to take extra time to figure out who recently responded etc... Their is no notifications new messages or responses and they don't offer emails for notifications.

Also, I own Steem in Bittrex, but when I click "wallet" inside my steem site, it is only for Bitcoin...? Surely their is a way to send it here, but it is just not simple and easy to use.

I also don't know how to add a picture...? I pasted my URL from a pic on facebook, but it is not working. Are they going to make a phone app?

Their are a few other things... I just hope they make everything more simple on their site.

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llihlliw (25) · 7 years ago

Is this the real David Hay?

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culgin (71) · 7 years ago

Hey, have been following you on Youtube but just get to know that you are on Steemit. Immediately clicked on the "Follow" button :)

Great post and looking forward to more good content in the future.

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manish.jangra (31) · 7 years ago

I am a fan of you and your thought process. nice video sir

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petervroom (61) · 7 years ago

David, appreciate your content (found you on youtube). If you link the person that posts your videos (the other person - I think it's this video you mention it) then I'll go and comment and link people who find that post to the OP so you get credit.

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musesmillions (32) · 7 years ago

As soon as I found out you had STEEMIT I found your profile and followed you...(which was as I typed this comment) lol.

It makes me feel better about STEEMIT being around and not being a ponzi knowing that you're doing it lol 😂

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khudgabbar (21) · 7 years ago

You do giveaways on youtube... Are you palnning to do same here?

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zebcorod (28) · 7 years ago

I hope it replaces Facebook and Reddit!!! That would be great

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ordi (25) · 7 years ago

I hope no! Looking at Facebook and reddit today I hope the steemit is a game changer and will get rid off all those fake comments and advertisement. We will see.

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jdank321 (25) · 7 years ago

Great video David. Hope more people start following you because I believe you have great value to add to Steemit.

Thanks for all the videos you do. I've been watching you for months on Youtube.

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siimland (46) · 7 years ago

Mad props for your outros. They're engineered to near perfection when it comes to getting the viewer to subscribe

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artus (37) · 7 years ago (edited)

The smart media token?

I think its a good idea to switch over on steemit.

How old is the bitshare video?

Still takes a lot a lot of time to earn here if you dont want to make videos

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sirconfucius (26) · 7 years ago

Big fan and I'm very excited to be apart of this platform! This is the future of blogs and youtube. Keep up the great work David, really enjoy your predictions and education on new projects

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rberkness (49) · 7 years ago

Thanks for this video @davidhay! Upvoted! Keep up the great content!

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ontheverge (54) · 7 years ago

Thank you a lot for telling people about Steemit on youtube :)

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dreamrafa (66) · 7 years ago

Your video pumped Steem price! :D

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cryptoexpo (25) · 7 years ago

really i truly believed steemit will going to revolutionize the social media world...its a great business model for everybody.

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dreamrafa (66) · 7 years ago

Man, you can (and should) ask people to flag those guy posting your videos... I guarantee you will find support from whales here... Many people just take advantages of youtubers who does not post on steemit, dont let him!

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extremesetup (34) · 7 years ago

Glad to follow you here as well, check also my channel for more blockchain related videos.

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rotang (25) · 7 years ago

I like ALL your content David. I've only just opened a Steemit account. To me right now this seems like an excellent platform to put a Creative Writing course to good use.

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dawu (25) · 7 years ago

always on point!

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cryptoaltcoin (46) · 7 years ago

Hey David,
Just want to say thank you for all of your contribution to the cryptocurrnecy community. I been following you on YouTube for a while now and I am glad to see you are moving your content over to steemit. Your one of my top 3. love your work , love how you keep it real honest and laid back during the happy hour nice bro...keep doing your thing.

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memesteemit (59) · 7 years ago

Thanks David, love your videos. I’ve learned a lot.
Was wondering if you or another user might answer my question as I am new to this platform.

If I bought 250 Steem Power 2 days ago, and today Steem price went up over 40%, how come my account value has not gone up in value? Does it take the system a day or so to recalculate account values based on the price of Steem? Does Steem Power not go up and down with the market price of Steem?
I know Steem Power is a long term investment, but, if you can cash out Steem Power over a 13 week time period, and get Steem in return, isn’t the Steem Power essentially worth the equivalent value of Steem at any given moment?
Any help is appreciated, cheers!

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enochkb (31) · 7 years ago

Hey David
Good to know this is your legit page. Your caution against bitconnect saved me tonnes of money.

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appone (46) · 7 years ago

I have been a fan for months on youtube. I am now following you here. great job. You are one of the most sober posters on cryptos.

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schuwall (41) · 7 years ago

I like Steem, but I also like the critical points David brings up at the end of the clip. It's basically the same thoughts/experiences I had as a small time steemian.

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marsell (42) · 7 years ago

steem is the future of social media !!!
great post, thanks for sharing :)

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brendube (53) · 7 years ago

Watched this on YouTube! Now I am here :)

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crazyfishman (39) · 7 years ago

Awesome video mate. It’s great to see you on Steemit!!!

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tehjay (34) · 7 years ago

hey :) I just checked DTube out because of your vids.

I wanted to upload some music because I mostly see crypto videos here :'D but my videos will not play. It says the format seems incorrect. Which format do you use for your videos? I used .wmv just like I would on YT, too.

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nordin (42) · 7 years ago

I'm following you on youtube for a couple of months now, I really like your video's and your input!!! I diddn't know you were on steemit so I followed you.

but you don't talk about ICO's, is there a reason or are you just not interested in them?
I could use your input on a couple of ICO's and I think from an investmentoppurtunity that they are great.

I have two in mind
arcblock (even with all the fud)
and medicalchain
what do you think about it?

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https://steemit.com/bitcoin/@shifat/robinhood-app-or-or-add-bitcoin-and-other-cryptocurrencies

shifat (7) · 7 years ago

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infidel1258 (67) · 7 years ago (edited)

Hey @davidhay, you might want to add some clarifcation next time on how the payouts work. The 0.31 cent payout you referenced in the video is not actually paid in USD value, and its kinda complicated but worth exploring.

How it works is, you get 75% of that pay-out, 25% goes to curators. Of the 75% you get paid 50% in SBD, and 50% in Steem. The Steem payment is made dollar for dollar, but the SBD's are paid out as if each SBD is worth $1.00 USD, which of course it is not currently. This ends up meaning payouts are significantly more than you might think.

If you earn $100 on a video post. You get $75 pay out. Of that $75, 50% will be paid in SBD, so you will get 37.5 SBD, and $37.50 dollars worth of steem (or about 5.75 steem).

The steem ends up being worth $37.50 USD, but the SBD payout is currently worth $268.50 USD (37.5 SBD x $7.16 USD per SBD).

I think its a bit more complicated than that, but that is how I understand it.

Also I saw this great video from another Steemian, he touches on Reputation, and Rewards on Steemit:
https://steemit.com/dtube/@brandonfrye/7cilbj7z

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infidel1258 (67) · 7 years ago

Wow, Bitshares at 0.004 USD?! Dang. #Missedtheboat.

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psychotherapist (25) · 7 years ago

The issue with Steemit, in my humble view, is that it is all very basic still. It is all just a blog. It even was difficult to find you by writing @davidhay as it uses the google search for any searches. I would like to be more active on this platform but I am finding it very confusing. Anyway, all the best to all!

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kenhudoy (61) · 7 years ago

excellent video and info. thanks for sharing this from a great guy.

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alphamanga (25) · 7 years ago

Good to see ya here mate :)

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ericthered (37) · 7 years ago

That was a great overview! Between your content (and others), I'm going to start taking the time to post my own content. It's a lot to learn, but seems worth it in the long run. Again, great content!

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ericdb (25) · 7 years ago

Thanks for introduce me to Steemit.. I follow you on both You tube and now here. :-)
Cheers ...

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kondojis (25) · 7 years ago

I find your talk on crypto coins very informative on youtube. I find a lot of other channels are more of a speculation, but it looks like you do a good research and provide information that is not usually on other channels.

Another thing I like is that you talk rather than speaking something off of the computer.

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luna33 (56) · 7 years ago

STEEM inflation is 9.5% bro, no one would buy STEEM if it was 100%

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natz04 (69) · 7 years ago

Hi david,
High david hay!folllowing your video at youtube men was so interesting.im so much glad for that information men.thanks for the info.im excited to follow your next video friend.keep up the good work!stay fit!

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cryptoaction (38) · 7 years ago

steem it the has the most transactions of any blockchain !!! says alot

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alfredvonhomburg (25) · 7 years ago

can we get some ether rain here also? I like the lottery thing on youtube :) don't know if it's easy to implement here also, but it would be a nice to have!

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areaka (25) · 7 years ago

That would be redundant. On Steemit, everyone's meaningful contribution to the community is recognized for the value it adds ( https://steem.io/SteemWhitePaper.pdf). Each post has USD value that is paid out at the end of the week - 50% to the publisher (e.g., David) and 50% to the curators (e.g., people like ourselves who upvote and contribute in the comment section).

By consistently producing high-quality videos, David engages a community that values "a show that takes the magic and mystery out of cryptocurrency and amateur investing". The values of the community are reinforced through members (aka subscribers) upvoting and commenting, which in turn increases the value of the content, as well as, the size of the rewards pool that gets distributed at the end of the week.

By engaging in high-quality/high-value content, you're effectively participating in an "ether rain" lottery; except on Steemit winning is guaranteed, the jackpot is proportional to your contribution, and you're paid in STEEM.

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davidhay (56) · 7 years ago

Preach!

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areaka (25) · 7 years ago

It's hard to not get excited about this stuff. Thanks for keeping it real!

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barrymtuck (42) · 7 years ago

Loved this video. Yes. Steem is a really nice concept without all the annoying ads.

Love you content David. Keep it coming.

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samtusta (28) · 7 years ago

Hi David, I joined Steemit after watching your very informative and pationate youtube video about this exciting plateforme. Wishing you the best!

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kacz (25) · 7 years ago

Hey David, I wanted to thank you for turning me onto SteemIt. I've truly enjoyed your YouTube Channel, and look forward to learning more about Cryptocurrency Investing.

Random question for you... and would love a video on this if you have time.

What is your process for researching new Cryptocurrencies to invest in? Also, who do you enjoy learning from in the Cryptocurrency space?

Thanks again for your terrific content!

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morford (25) · 7 years ago

@davidhay Finally got through the signup waiting period! Now to figure everything out!

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whyohbee (33) · 7 years ago

Great video mate, I love steemit. It's a real paradigm shift as far as the social media landscape. An exciting time to be an early adopter and enthusiast of tech in general!

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bigz84 (25) · 7 years ago

hi david love your work keep on sharing info ibelive its the biggest power we all can use happy to see you here on steemit and good luck to us all. looking forowed to follow your contant here

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tsmykowski (46) · 7 years ago

Yes! Found you here! I am a fan of your work and respect your honesty. I love Steem and when I say "Love" I mean it! I found it last February. I cant wait to start posting videos here on the DTube! Thank you!

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anandph (35) · 7 years ago

Hi David,

I have watched couple of your videos on youtube and like your rational approach about cryptocurrency. I have worked in the financial markets for couple of years. Been involved with the pharmaceutical & Biotechnology Industry for 15+ years, I am a retail trader myself and can relate to your videos its not about easy money but intelligent investing. However history tends to repeat itself and people fall in the same trap time and again.

I have upvoted you and following you. Your videos have been inspirational and I am going to share my knowledge and wisdom with the fellow steemit members to make this community great.

Thanks.

Regards
Anand

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renessecrypto (25) · 7 years ago

Great video david!

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thoughtdrome (25) · 7 years ago

Follow you on YouTube, and thought I would get started here, after viewing your video. There is somewhat of a ramp-up to getting the most out of this site, and they definitely need to get DTube integrated pronto!

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fingolfin (61) · 7 years ago

Hey, just caught your podcast. Wanted to make you aware that if you come across someone posting your videos you can report it at https://steemcleaners.org/abuse-report/ and the steemcleaners can take care of it.

Obviously we can't delete the post but as you are the original creator and you are actually here posting material we can remove the rewards of anyone attempting to post your stuff :)

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