Steemit competitor, Yours, gains traction
Hey dreamers...I mean..Steemers
I’ll start by saying that I do not own the video or the article I’m sharing. I happen to stumble upon it and thought I would share with the community to get their points of view.
I’ll also add that I’m a newbie to Steemit (and proud) so while I would love to give you all an in-depth analysis between the two platforms and have my post make it to the front page….I can’t.
https://www.youtube.com/watch?v=o-VwZqpXYXY
Here are some of the points I found interesting in their blog:
- The platform will be sticking with Bitcoin. By doing this the owners of Yours are able to “take advantage of the largest blockchain technical ecosystem.”
- Yours ‘worry’ that Steem can’t last. Security, scaling problems and the burden of building and supporting the community and a technical platform is extremely high, they go on to claim.
- They’ve had a huge number of open-source contributors and believe that because there are already a large number of companies that service bitcoin ‘they won’t have to do everything” themselves for the project to succeed. They go on to saying they have the largest blockchain community to reinforce their efforts.
Source: https://engineering.yours.network/articles/2016-07-14-why-we-are-sticking-with-bitcoin/
Again, reason for this post is to hear what some of the more knowledgeable users on Steemit (honestly) feel about this platform.
SO,
- Do you think this has potential?? Why or why not?
- Does it pose a threat to Steemit?
- Will the fact that it's running on Bitcoin be the deciding factor?
Let’s get the discussions going below.
Cheers and keep learning!
This ponzi accusation is the very same accusation that bitcoin had to deal with back in 2010, 2011 when it started out. Every new currency gets accused of being a ponzi, because it is only the early visionaries that see the value. It is very interesting how the roles change. In the start of bitcoin it was the gold bugs that vehemently charged bitcoin for being a ponzi. Now, (6-7 years later) it is the bitcoin (maximalist ?) that are making the charge against the new up-coming digital currencies. Life is funny.
They state in reference to bitcoin: “take advantage of the largest blockchain technical ecosystem"
As a person who is fairly familiar with bitcion and bitshares/steem capabilites I would be very interested to hear what - (other than blockchain hash rate ?) exactly they think the advantages of this "largest blockchain" has over the Steem block chain. As I see it, they are at a great disadvantage for many reasons, the first being the steem is custom made for the particular application...... very fast confirmations, no fees, flexible & responsive monetary policy... etc etc. Bitcoin can not match this.
At least, all the Ponzi risks are gone with Yours
Would you like to explain how?
cheers
Yours users' account value is backed by BTC not by a new cryptotoken. I wrote an article explaining a little more you can view here
Pretty good article I must say @desmonid . Good read.
Thank you very much
My impression is that this has some legs... But I guess people need to bring their own bitcoin and pay to view/see content.
Although some see the steem currency as a ponzi scheme or as a problem - I dont think that is fair. Steem and steem dollars are backed by the site and the social connections / knowledge made here. Given that facebook, twitter and other social networks are worth billions on the stock market, i believe steem can legitimately issue this cryptocurrency. The price might fluctuate in the meantime. Some will profit, some will lose. But those who invest in the site long term will see the biggest benefits
Why do some people vew Steem as a ponzi scheme?
Uhm..I'm asking for a friend .
It can have the appearance to an outsider of a financial system wherein the old investors are paid by the new ones with no real solvency to back the whole thing, which is what a ponzi scheme is.
And yes, although some people may see it as that, Steem has various applications such as a social media site, remittance payment network, blockchain technology site, creative hub - that I believe the value is justified.
Right, I understand what's going on but that doesn't change how the system as a whole appears to outsiders, and explaining away this natural skepticism is going to be a challenge our community will have to tackle to gain more traction.
Steem it will be great place, once transparency and fairness are achieved.
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Interesting
I will follow you to see your future posts! I give you a vote!
Absolute requirement to overcome is the network effects that Steem has, as well as the ease of use.
If it's confusing or challenging by any degree more than Steem, it will have troubles.
Great post!