Steem has plenty to learn. But at least Steem is backed by a network of witnesses that can be voted out. There will not be any voting out the corporations who pay $10 million to run one of those 100 nodes on FB. It’s not decentralized. It’s going to suffer a lot of issues based on that alone. At least Steem is not backed by a basket of fiats. Crypto does not need to be pegged to another asset but they played it safe with regulators and banks by creating a so called stablecoin. It will not stay stable when inflation and the death of the dollar come. All fiats are going to feel that. Any of the securities included in the peg will most likely feel that.
Facebook has a lot of years of mainstream adoption on Steem. That’s something we can learn from. But the problem with adoption on Steem is the level of apps do not quite live up to what FB, IG, and others can do. You’re talking mobile apps with video embedding and live-streaming from the app. You’re talking more than just photo filters, but 360 camera capability, and all the crazy video filters that IG and SnapChat offer in app. You’re talking private groups on FB. They just simply offer more and have a huge development lead that Steem needs to catch up ok. No Steem app offers these yet, and new features roll out quickly on mainstream social media.
The other part is the sign up process and in reality a lot of the content we see. And we won’t even talk about bid bots, and drama relating to disappearing acts we see with delegates Steem to projects that just vanish. All these things are red flags for new people in general, specially if they have a brand, following or reputation to uphold.
But even with those challenges, real crypto is real crypto. And FB is not real crypto.
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