Crucial Distinction Between Steemit (Platform) and STEEM (Cryptocurrency)
Just wanted to make a video providing some clarification around the very important distinctions between Steemit the platform, and STEEM the internal cryptocurrency that underpins it.
One is entirely risk-free, the other is a risky investment that should be recognised as such (even if it's potentially very profitable).
Although I haven't made any cash out of steemit, I still enjoy it as an opportunity way to earn some money. No capital risk is the key.Hopefully the adoption rate is higher than the inflation rate in steem.
Greetings @louisthomas! Do you think Steemit has what it takes to be one of the top 10 global social media platforms?
We do! Are you willing to help us do what it takes to fix steemits vulnerabilities so we can bring this platform to the mainstream?
I represent an media alliance with over 10 million followers. We see that steemit needs a few small, but very important changes to make it to the next level.
Please share your solutions with us! And help us attract the attention of steem developers. Share your wisdom and thoughts with us at
https://steemit.com/steem/@earthnation/solutions-to-bring-steemit-to-the-mainstream-discussion-thread-share-your-solutions-help-us-attract-steem-developers-attention
Together, we will bring steem to the Mainstream!
Well now you have :). And the adoption rate is currently orders of magnitude larger than the inflation rate.
Community Liaison, Steemit
Do you have any idea where I could find information on the adoption rate of Steemit? And Thanks for the vote
https://steemdb.com/accounts has all of the accounts. There are 10 accounts per page so multiply that by the total number of pages. If you compare day to day you can compute the rate that way or go directly to the blockchain
@andrarchy Thanks for info. Great to hear this "adoption rate is currently orders of magnitude larger than the inflation rate.". I have invested all what I have in STEEM. And I would love to see that STEEM grows in Values... :)
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To the author of the post: While short links may be useful on some sites they are not needed on steemit. You can use markdown to format your links such as this link to steemit. It's as simple as
[steemit](https://steemit.com)Unlike short links this allows the reader to see where they are going by simply hovering over the link before they click on it.Hey Louis, loved the video. I DM'ed you on steemit.chat and would love to chat.
Community Liaison, Steemit
Good thinking making a point to differentiate the two. I'm an SP advocate for power users so I'm dropping some of my older posts on it :)
Why Should You Consider Accumulating Steem Power?
Why Should You Consider Putting Your Extra Time, Effort, and Resources Into Being Part of The Collaborative Commons?
These are great articles. I'm new to Steemit, but I realized pretty quickly the value of having and accumulating SP. I've really enjoying becoming part of the Steemit community!
Very good points you bring up @louisthomas.
I think when looking at a cryptocurrency it is imperative to look at the underlying blockchain. With that, I think what separates one platform from another is the development that is taking place. This is especially true when a blockchain is relatively new. The biggest question is what is going onto that blockchain which will be used by people.
Steemit is just an app..so is DTube....busy.org....etc.... On the blockchain, those do not have the true value, it is the blockchain. As more apps are developed which people use, then you will see the value of the blockchain increase. Of course, this might or might not be reflected in the price of a currency since that is set by the market forces which can either get ahead or trail the development.
I posted a couple articles the last couple days about why I am so bullish about STEEM in spite of the negative comments about steemit's present technical gaffes. Overall, I am a big believer in the SMT market....that is a great way to lead millions upon millions of people to the steem blockchain. Notice I said blockchain and not necessarily steemit. Nevertheless, them being on the blockchain helps everyone who has STEEM.
Thanks for the video.
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Hi Louis, first of all I really respect you, and enjoy your content. Thanks.
I wanted to let you know that I saw your last video on Steemit, and I didnt get the impression you wanted us to buy STEEM. I think you simply suggested we consider using the platform, in conjuction, or as replacement to Youtube.
Since that video about Steemit I've registered here on Steemit and am very excited about where this could go.
Before you I didnt know anything about Steemit, and now each day Im happily logging in, posting content and Im really excited.
Anyways, Im excited about this platform and grateful that you introduced me to this platform, so thank you!
That's awesome! Great to hear that you're enjoying the platform. Best of luck!
Greetings @louisthomas! Do you think Steemit has what it takes to be one of the top 10 global social media platforms?
We do! Are you willing to help us do what it takes to fix steemits vulernabilities so we can bring this platform to the mainstream?
I represent an media alliance with over 10 million followers. We see that steemit needs a few small, but very important changes to make it to the next level.
Please share your solutions with us! And help us attract the attention of steem developers. Share your wisdom and thoughts with us at
https://steemit.com/steem/@earthnation/solutions-to-bring-steemit-to-the-mainstream-discussion-thread-share-your-solutions-help-us-attract-steem-developers-attention
Together, we will bring steem to the Mainstream!
Good video. Thanks!
Hi Louis!
Just an information for you. You linked to Dollar Vigilante interview, which is from Aug 2016. It is important to know that on Dec 6 2016 a lot of rules changed, like A LOT! Inflation was reduced from 100% per year, to 9.5% per year, in hardfork 16 rewards are given acording to linear rule...
I just wanted to let you know :)
Nice video and I know better on both of steem and steemit platform now.... Thanks buddy...Honestly, i didn't know much the differences of both before..i just operator it....but now you make it clearer...
You are clever enough to understand from where the new STEEM comes. STEEM has inflation (about 10%) which is 5 times more inflation that fiat currency....
I mean 5 times more inflation that most strong fiat currency. And that inflated money goes to you, me and other stakeholders in the steem echo system...
Hey crypto-guru, I just wanted to comment that I disagree with the idea that 10% is 5 times the inflation of fiat. I understand where you got that, Canada and USA use something called CPI to measure inflation for their purposes and it reflects an annual inflation level of about 1%, but it excludes many household purchases, including mortgages.
There are other measures of inflation which try to focus more on normal househould purchases like fuel, housing, groceries, etc, and they can often have much higher inflationary figures.
In Canada we have something called SHS, the "Survey of Household Spending" which collects detailed information about household expenditures for consumer goods and services by conducting an interview. This system commonly produces an annual inflationary figure about 3%, but again it doesn't measure everything and there are still other metrics that can be applied.
So inflation can be much higher than we the goverment suggests, it depends how we measure, and what we exclude, and how we weight the various components of that measurement. And this issue matters because if inflation is actually greater than the government believes then that has reprocussions for the profitibility of our long term investments: example, if we buy a Government bond with 2% interest returns, but inflation is 3%+, we lose money on that investment.
Something to keep in mind.
If you want to know more you could read this article:
https://beta.theglobeandmail.com/report-on-business/economy/economy-lab/cpi-doesnt-fully-measure-household-inflation-and-it-wasnt-meant-to/article15551986/?ref=http://www.theglobeandmail.com&
I personally does not believe on paper currency in it's present form. The paper currency is designed to grow wealth of few people (maybe 0.0001% of world population). However, fiat currency (especially USD) is not controlled by government. Government is just the front end. It's controlled by few people who own the banking system (and who also control the Governments all over the world)...