This post attempts to explain why I feel sorry for anyone stockpiling on a worthless pile of:
1. It's a praise and dump project. 100% unsustainable. As a naive investor, do you really think this site can go on just fine without any moderation of content originality/claim of copyright issues?
Despite some content moderation, Amazon Kindle store already is a junkyard where new authors who make original content get suppressed by the jackasses who mix publicly available content into E-books.
We already see the first signs of Steemit becoming a junkyard, if it already isn't one. Random re-posted content from Huffington Post and various other sources get to reap the benefits on a per-luck basis.
Original content in niche topics mostly leaves the radar area with 0.00 or a few cents. That does not happen because a post is not useful - it may even have 25 up votes or so. But who cares. Around here, all profits must first be approved by a reputable board of North Korean whales. Or by an imbecile-whale who up votes anything slightly cannabis-related.
2. Even if Taylor Swift joins the platform and brings in a million members, the upvotes from her non-stockpiling followers cost 0.0000 after the initial "signup bonus upvote" is used.
I don't have a million followers (only have around 300 active), but I'd rather retain the trust instead of swapping it for some shitcoins that have no more intrinsic value than Bitfinex tokens.
Anyone sensible who has respect towards their customer base does not dump a follower into a pyramid scheme to gain the 7 bucks of shitcoin.
3. "Yo bro.. it's decentralized project on a block-chain.. they can't do shit about it. We're immortal, kinda like Bitorrent".
Do you know how many spin-offs of Kickass Torrents or The Pirate Bay are out there? - Tons. And why's that? Because unlike Steemit, these sites will raise like a phoenix and live on even after a DNS ban on the ISP level. They are resilient because of the quality of content. Looking for a new link to your favorite torrent site is worth the effort because it will possibly save thousands of dollars per year.
Would you mind doing the same just to read a blog post? Perhaps some will. As an author, would you mind updating broken reference links after the inevitable DNS-bans? Perhaps some will.
Still not convinced Steemit is a shitcoin?
There's a lot of genius in you. Go on, go all-in. Put your savings in Steemit and you probably will become a millionaire in no time. Before you leave, go get some OneCoin too, I heard this project makes millions too.
For anyone else, grab some popcorn and wait for a single claim of copyright violation from a reputable content producer. The developers of Steemit will cash out like rats running from a sinking ship.
