Steemit Founder: Bitcoin Mining Model is Fountain of Youth for Mainstream Media

The current business model of social media doesn’t extend profits to the creators of the content. Besides, it is susceptible to censorship, as actors with enough power can exert pressure to block users or content that they don’t like.

“The mainstream media has lost power recently thanks to free speech enabled by the Internet,” explains Dan Larimer, Co-Founder of Steemit. “Fake news frequently circulate our media feeds, causing platforms and outlets to lose value and power. In response to this, they are proposing censorship as the solution, yet censorship does not give people the opportunity to think for themselves.”

The power to censor, in his opinion, is perceived by the masses as the power to manipulate. Fake news also has the power to manipulate the reality of anyone who fails to consider all options.

Cointelegraph spoke to Ned Scott, Steemit Founder, about the company’s new roadmap, the lessons from the hack, fake news, censorship and the future of media.