RE: Steemit: the attention economy on the blockchain, can we all row together to the finish line and win?
Dear @shortsegments
Finally I've found some time to catch up and read few previously bookmarked posts.
It then occurred to me that we are in the middle of yet another revolution and many don’t yet see it.
Perhaps it's because scale of current revolution is nothing comparing to FB (even back in the days)?
The revolutionary concept of Steemit is that the company which created the application, like Facebook, doesn’t get to keep the majority of the profits.
The company actually creates a system where people get paid for both their content and their attention. The two things making Facebook owners rich right now.
I partly agree. However content creation and attention to this content is not the reason why FB owners got rich.
They found ways of monetizing it with ads. And ads require solid targetting to be profitable. That in return require collecting users data.
Similar business model won't work for Steemit. Unfortunatelly we're creating content and enjoying rewards (often dumping them on the market). But at the same time its obvious that Steemit didn't figure out ways of monetizing this content and attention.
So we've "revolutionary" social media - and very broken token economy. Hopefully one day it will change ... somehow.
Solid read. Upvoted already.
Yours, Piotr
I see your point about Facebook monetizing the attention through directed advertising. I think Google does this also.