Quora Onboarding Initiative | Question Answered: How legitimate is Steemit.com?

How legitimate is Steemit.com?

Again, Steemit is just one application using the Steem blockchain.

Neither Steemit or the Steem blockchain are scams of any kind. They do exactly what they’re supposed to do when you sign up and start posting. Your post gets stored on the Steem blockchain and a seven-day voting period starts. Your rewards in Vests (Steem Power), SBD (Steem Backed Dollar) or STEEM are calculated and paid out based on a tally of stake-based upvotes and downvotes.

The truth is that no other social media/content delivery platform has ever paid so generously to content creators. In comparison to everything else, Steem is the best there is for any content creator looking to monetize their content. That’s because there is a hardcore community of believers in the platform and its future that buys the token to fund development, infrastructure and content creation on the platform. Also, Steem tends to float with the rest of the boats on the altcoin market which means that fiat is being invested in the tokens that comes from the general cryptocurrency investment community.

Frankly speaking, any content creator looking to monetize their content who posts videos on YouTube would dumb as a brick to refuse to cross post their YT videos to Steem and engage their audience on Steem. The money is pitiful on YT particularly for smaller accounts. The main reason for that is that to be monetized on YouTube or any other centralized mainstream platform, there typically exist thresholds to get over. You may need to have a certain minimum number of subscribers or something like that before ads are shown in the videos on your channel. Even now that altcoins are still reeling from the wider correction that started after the cryptocurrency market topped out early 2018 there is still a clear economic advantage to cross posting content to Steem. At the very least one has nothing to lose but some tens of seconds of time spent per video by doing so. How much would you have to earn to justify spending 20 seconds on performing a trivial task?

Steem pays content creators up front before their content has to generate a huge deal of attention from the outside world. Steem is so good to content creators that it should be a topic for a dissertation in behavioral psychology to explain why content creators on the internet are not climbing on top of each other to cross post all their content to Steem or to become primarily active on Steem.

Whether or not STEEM is a good investment is a different matter altogether. I think its greatest potential may not even be in content delivery but as a fast blockchain with transactions having no direct fees that is perfectly suitable for online games that involve the ownership of digital assets. The market cap of one such game, the collectible card game Splinterlands has doubled from two million dollars to four million dollars since last June. Players of such games require Resource Credits (a regenerable resource conferred by Steem Power or powered up STEEM) to play the games. That creates organic demand for the token. Because STEEM is now cheap, I’d say HODLing it now is a solid idea.

https://www.quora.com/How-legitimate-is-Steemit-com/answer/Markku-Jantunen

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