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RE: Why do I think that steemit will fail?
IMO if steemit is to suceeed it will need an automated way to determine value. Machine learning with community consensus on how the bot is operating may be a solution. It would also need a way to verify identity and have equal voting weight among users.
It should work as as soon as people will realize that Steemit is all about quality content, not nudity and funny cats images. Identity checks? Well, this may not work with cryptocurrency :-(
Identity as in verification that you're a living person.