Interesting article by Josh Enomoto on Steemit vs. Facebook on Investor Place.
He finds in his analysis:
A major, potential risk to the social media giant’s dominance is an open-source network called Steemit. What makes Steemit distinct from the litany of social media garbage is that it runs on its own blockchain-powered cryptocurrency called steem.
Yahoo Finance's Daniel Roberts states:
With Steemit, you get paid to do what you normally do on Facebook for free. If the platform did take off, FB stock would genuinely become troubled.
Read the full article here.
Both authors are right. Steemit will unlock its full potential when it moves from the current beta version to full version and millions of new users start subscribing.
What is your view?
Agree with that. But Facebook will put its huge amounts of PR resources to work so as to stop this. I think we are still quite some time away from the moment where Steemit becomes a huge and public succes. Need to quadruple our numbers first.
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Yes, probably "competitors" will try to stop and blackmail the founders. @ned and team were already accussed of being driven by their own material interests. If more and more users accept Steemit, Steemit might reach break even quite soon. But Steemit neeeds more PR. The founders could also update Steemians more regularly about the developments.
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Let's not say kill FB, but take over FB. Is it pissible, yes, why won't a system that reward hard work fail against a system that doesn't? I think the main reason is: ease of entry!
Right now, it take you normally 6 days at least to get your account open. Then probably another week to understand how Steemit! works. How can Steemit get more users than FB!
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ok "taking over" sounds politically correct :-) Agree, on-boarding is burdensome. My wife - although interested in technology and more digital than me - lost patience. She subscribed but it was not encouraging just to receive § 0.01 for her first post. There must be some easement and UX must be improved. Otherwise it will be a platform for crypto community...
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This is a common problem of Steemit! Let's say this problem is fixed, then what? Do we really want to have the same or even more amount of users in Steemit than FB?
Or is it better off to have a group of ppl who shows certain kind of similarity, e.g. Crypto?
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Absolutely, will take some time but facebook is so repetitive and spammy now. Eventually the migration is inevitable in my opinion. Steemit has so much upside!
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I am just a little surprised that steemit is not getting viral much faster... Do we know the total number of Steemians?
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Last I read, it was just shy of 200k. It will go, things take time and once it does. Look out.
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200k.. Hm... that's interesting. Although there are users from so many different countries it seems not skyrocketing yet. Perhaps the steemit team tries to have a "controlled" grwoth. Is it possible that they slow down new subscriptions?
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Needs to be compared to facebook growth. Its probably similar at the start @steem @ned (can someone pull some stats? I might even go as far to say that @steem might be well ahead... But just guessing.
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I found this article on the early days of Facebook (or formely "thefacebook"). But Internet back in 2004 and in 2017 is not the same... Well, let's see. Would be great to write a retrospect article on the earyl days of steemit. @ned @steemit should start preparing their memories :-) And maybe there will be a cinema movie on steemit one day "The Crypto Network"
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Is there any word on when Steemit will move out of the beta phase?
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Thanks @wisbeech
There is no exact date yet as far as I know. Would be good to know...
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suppose it'll happen when it happens, just need to be patient.
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Steemit seems (and looks) more like reddit to me, so why the focus on Facebook (other than the fact that people would like an alternative to Facebook)?
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Take a look at what busy.org looks like. It's FB for Steemit and is looking really good.
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Perfect! Thank you for this @voidmu Very interesting stuff . although it looks like beta version, too
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Yes, I think so, or perhaps even alpha. There's also ChainBB which is a more "forum" style way of accessing the steemit blockchain. And Zappl is coming too which will be more of a steemit Twitter. That's the real power of steemit!
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Great, much appreciated. Didn't know about these sites.... eSteem works quite well. A little slow though...
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That's true. There is more similarity between Steemit and Reddit. However, I can imagine that the full version will introduce more features and make Steemit more user friendly. It is difficult to predit how Steemit will evolve exactly. But I agree with @detlev that there is huge potential
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I havent tried Reddit. But My cousin had been mentioning Steemit for awhile. Decided to try it out finally.. Love the site. beta version is nice and I am sure full version will be good also.
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I really don't think that Steemit will be the Facebook killer. Different niches, different goals.
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what is so different? I am curious how did you find about steemit and what was your personal motivation to subscribe @artz @neil-rothbard @ilyastarar @detlev @johojo @soniaa @rymlen? For example, I was researching on crypto coins and read about steemit. I find the beta version really charming because it feels a little like coding/programming (at least for me) :-)
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Yeah, I don't see steemit as a facebook killer. But I am interested in it for a few reasons: 1) I'm always interested in new tech/innovations and 2) I like to read a wide variety of news and ideas, so it seemed worth it to sign up. Unlike @osac, I don't like to program. :)
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Thank you @soniaa :-) I was bad in coding at school. Perhaps we had a bad IT teacher and I did'nt understand why for God's sake we re programming boring stuff.... Today, I really regret that I haven't started coding :-( But this whole crypto thing, the transfer from wallet to the crypto exchange is exciting and everyone willing to understand how it works can learn it... True, I also like to read the variety of news and ideas here. Fantastic. A completely new social media experience.
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Not long ago I started my way in blockchain technologies. I was reading some most visited blockchain resources and found an article about Steemit. I liked the idea and now I'm here to test Steemit concept)
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Happy so far with steemit? Tagging is ok but it is hard to follow all posts. Within seconds they disappear due to new posts...
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This is just my second day here - so I didn't have enough time to explore everything.
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My question is what would happen if Facebook bought out steemit? would steemit owners sell? would the steemit earnings plan be transferred to facebook and how would that look? Just thinking out loud..
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Hope this will never happen... they would find a technical solution for that. But I would leave most probably...
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Yes because I don't go facebook again
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In order to kill Facebook there has to be an exceptionally large introduction of users from 17-24. I haven't been here long but I'm not sure this is the platform to attract them. It may be be the reddit killer, though. Which honestly would be great. Reddit needs to get its shit together.
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OK; but especially users between 17-24 must find it attractive to earn money by posting. I think we should not underestimate the pwoer of being paid for posts and comments
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You're going to get a shit ton of dumb ass posts of reposted memes and stupid posts that people think will get them paid, at which point this thing will crash a burn. Focus on building a better reddit and make it a source of great information and communication and it will be legendary.
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I don't think Facebook will go anywhere tbh.
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But look what happened to Yahoo? search engines like Altavista disappeared... FB will still exist but new market players enter the stage. e.g. 3 years ago there was no snapchat...
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I hope so.
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judging from alexa statistics its about to happen:
http://www.alexa.com/siteinfo/steemit.com
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Yes it is.
Just check out these 2 blog posts of mine.
I set up a Facebook account just for this.
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Yes, the potential is huge!
But we have to improve usability to be ready for the volume / mass market.
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Agree, the beta version needs to be improved significantly
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Perhaps there could be an API which enables that steemit posts are immediately tweeted and shared on Facebook. Perhaps this helps to increase visibility. There are several Facebook groups for Steemit. It is a little surprising to me that the numer ióf members are still quite low. Don't know why. I think more Steemiamns should blog on steemit on the web rather than in this "closed circle". There is no need to covince Steemians but peopel who havent heard about steemit yet or don't believe in its potential
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Yes, Steemit has the potential to churn the seas for a number of social vessels. Its platform has upped the ante with its model of automated governance and fair apportioning of ecoin incentives. I have avoided other social platforms until now because they seem to play upon the worst and least-interesting traits of human ego. Steemit, on the other hand, seems to engage people in terms of their personal interests. And that's where value builds for others in the community, sharing personal discoveries and insights that are truly meaningful to the original author. In fact, I truly think that Steemit may beneficially affect the world as much as any other development seen in a very long time. It's capacity to automate and facilitate creative social culture is why Steemit is the most important leap in 1,000 years!
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Great analysis. Thank you @johojo for sharing your views! Yes, the major difference is that people on steemit share more meaningful content than on other social media channels. I have a facebook account and twitter but do not post much. The interactions here are far more interesting and people share their interests, dicoveries, taste etc. as you mentioned. Really excited to see how the platform grows day by day.
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In time, it will be. Steemit is becoming more popular.
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No it probably will not be, and no its not becoming more popular , Steemit has a very tiny audience in comparison to Facebook. That's not to say Steemit will not continue to grow, but this platform appeals to a different set of people.
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In time, Facebook will be the most contributor of members to Steemit. It will take time but can happen.
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We need more efforts and more multichannel marketing. Otherwise only people in the crypto community will find out. Not sure if FBs algorithm will slow down promotions in favor of steemit. Does anyone know if there are VC investors who invested equity in steemit? or are the founders "bootstrapping"?
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@osac nice to meet you. I followed you.
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Thank you @ilyastarar. Following back :-)
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Not touching the things I don't know, one of my blog posts about Steemit has catched on in my Facebook circle and the outcome (people joining steemit) has been massive. Hundreds of people done by now.
Yes, we need multichannel efforts. I have my blog and other social media where I have shared the idea (and tutorial) of Steemit. Let's see what happens in near and far future.
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Cool. I hesitated with actively promoting steemit. Just wanted to understand the concept better. But now I am convinced that it works well... it would be great tool if steemit would allow to invite friends via email or facebook integration. Currently, everything must be done more or less manually
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I hurried and started inviting. Yes, there's a lot to improve. Fb login won't work probably because it's blockchain based and has its protocols.
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Oh yes, that's a fair and good point. I think the benefits and advantages of the underyling blockchain technology should be explained to people more often.
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Yes, but this is still the beta version. Don't you think that the full version will be much more sophisticated? Even if ppl do not close down their FB accounts many of them might come oever to steemit. True: this platform has a different audience & user type
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I came to cryptocurrency two weeks ago and to steemit 10 days ago. There's a connection. But marketing and outreach can bring more people in it. Most of my followers (who joined on my invitation) are not crypto savvy at all yet they are here and learning. In time, they will learn crypto thing too when they have to do transactions in btc and stuff.
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Neither want to give up power, and have the resources to put up a fight.
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I've personally been on FB a lot less. I do think though that the blockchain format may intimidate some people from joining. I do see great potential with steemit especially with it having no ads or censorship.
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Yes! Since I got on here I haven't been on Facebook oh and hi!
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the potential is there to take the throne.
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I think as more and more people find out how easy it is to jump in and be a part of steemit that facebook public relations won't be very effective and may even work against fb because they be draining their resources trying to control something they just can't. This horse is waaay out of the barn. I don't think it will be too long before steemit nudges fb for all practical purposes out of the way.
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Great point - if Steemit continues to rise in popularity with more users joining each month, then Facebook certainly has some serious competition on their hands. Once blockchain and cryptocurrencies reach the attention of the mainstream media, platforms such as Steemit that reward you for your hard work will become part of the public conscience very soon. Get excited!
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I truly believe that Settmit can put a nail in the coffin of several of the social media sites like Reddit and could well make the likes of Facebook change their business model and start paying for content.
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Absolutely! Facebook really is just a good way to put your name into the public domain and interact with friends you know or people from your past. Of course there are other little bonuses, but the main things Facebook offers in value is making communication easier.
Well, Steem does that too and much more! The only difference is that Steem is largely anonymous, but some users choose to use their real names and identities and that is great.
I'd say Steem is better in every way basically minus the fact that if you want to use your real identity and connect with people then Facebook (or other big social media) are where to go.
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Thanks for joining the conversation @voice-of-apollo
Yes, Steem is largely anonymous partly because 1) there are no privacy setting like "only my friends can see" 2) users do not want to disclose how much steem (=money) they have. it is a little unsatisfying that wallets are public and you do not have the option to keep funds information private
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Thanks. I actually saw the funds information being public as a good thing, but this was my initial reaction. Isn't it better to see who is in control (or has more money)? In a way that gives more power to the users.
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I am not sure.. You can see the reputation score which gives a good indication on the "status "of a user. Probably tax authorities will soon start to check wallets :-)
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