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RE: Ask Me Anything Contest / The Best Questions Win SBD - Dragging You Up With Me Week #8
Wow thanks for my prize @d00k13 so unexpected but always appreciated
I've been thinking about steemits growth lately and If steemit were to go mainstream and we're attracting millions of users to use the platform what is stopping large brands like say Nike from buying in huge amounts of stake and using it to promote their content through say an official account and through a network of influencers they support and turn this into another advertising platform?
No problem buddy 👍
I don’t think anything is stopping large companies from buying in and promoting other then their fear of the unknown volatility and investors.
It would have to be someone like myself let’s say with sponsorship using my own money to buy in and promote my brands with my own influencers as I doubt investors are willing to risk so much on a platform with such high volatility and no formal paid advertising built in.
As an investor looking in, I can see many flaws in our system to gain attention from corporations including the manipulation of the payout system and flags. Cost of buying in and promoting plus paying for man hours to upkeep vs free social media’s with just man hours. On top of that the general views of most people here being fairly critical of the mainstream and many of those people holding massive stake with a following that could suppress nearly any promotions if they put their mind to it. Then a quick comparison of the Steem market vs BTC market also makes the platform look doomed forever working its way lower since the very beginning plus we are inflationary so supply will nearly always outweigh demand. Being a large stake holder doesn’t look like a profitable endeavour at a first glance without having a deep understanding of how to work the system.
The real issue I see is with scalability of the Steem blockchain. HF20 is a good example aimed to reduce spam for the sake of stress on the witnesses but imagine we did have millions of active users the load on our top 20 would be immense. We currently require 64gb of ram minimum for a witness to run the chain and as we expand this will grow drastically which will become unsustainable if the price of Steem does not rise.
In short I believe it will come with adoption but we have many hurdles to overcome first to get there and it’s not a bad thing imo as any money flowing into the platform is good for all of us.
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That is one hell of an answer and thanks for taking the time. I can see plenty of thought went into it. Yeah I suppose it may not be the most profitable long term excercise. I was just thinking as crypto grows and if we remain one of the most active crypto communities brands that catch on eventually will be licking hteir lips at the thought of getting in front of eyes of active crypto users such as steemians and steem dApp users.
You make some fair points about the self policing of the community that could mitgate paid advertising campaigns that don't seem to benefit the community
But yeah like you said all good problems to have lol! There are so many possiblities its an exciting time to be part of the platform
Your quite welcome and thanks for participating once again.
I do believe we will see implementation of some form of advertising but most likely it will come as a form of user endorsed adds with links in post, have you seen the DClick project? It seems to be aimed at starting this off but still working within the Steemit system but also linking external advertising for those who choose it.
Most definitely is a great time to be involved with Steemit, SMT on the horizon and all. I can imagine this time next year to have my own set of sponsorships or brands that help to continue my journey.
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