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RE: Steemit's new economic paradigm, or: Why Steemit might just work

in #money8 years ago (edited)

Thanks highly appreciate it. I am currently writing a tldr bot. So people can request a summary by typing 'tldr'.

I have multiple algorithms for creating such abstracts.

Here are 3 of them, which one do you think fits better?

A)
Shares are a representation of value, a form of money - though again, you can't go to the store and pay for your groceries with Facebook shares.
Given that money is merely a representation of value, does that mean that the illusion of money can be, in certain cases, indistinguishable from money?
When Fenton told Scrooge about his "mistake" of playing the fake commercial on television, Scrooge was ecstatic, because he knew the fact that people looking at the ads for Pep, talking about Pep, getting excited about Pep, meant that Pep had value in their eyes, and so his eyes turned to dollar signs.
Bitcoin changed the world to one where the power of money is in our own hands, and has the potential to be free from manipulation by powerful interests - giving the power to print money to many miners, rather than a handful of central bankers.

B)
We probably are going to see a bubble in Steem, if not several, if we're not seeing one already.
If we want to know where the money comes from, first we have to ask "What is money?"
It's curious that people think of Steem as "money", and say that Steemit is "giving away money for articles".
So, Thiel traded in his dollars for a different kind of currency.
Or later, when people paid $38 per Facebook share at the IPO, where did that money come from?
Fenton produced a commercial for a product that didn't exist, which people were willing to pay money for.
Many people like the idea, and many people have bought it.

C) In the summer of 2004, Peter Thiel purchased 10.2% of Facebook for $500,000, putting his valuation at approximately $5 million.
Likewise, when Thiel saw that people were using Facebook, talking about Facebook and getting excited about Facebook, he knew that Facebook had value in their eyes.
In the Ducktales episode, Crackshell sold the idea of a product so exciting and sexy that everybody bought it.
In Stone Soup, the soldier sold the idea of attempting to make the best soup anyone had ever tasted, and the people bought it.
This is a rather small thing in the grand scheme of things, but among cryptocurrency enthusiasts who have seen the amount of unconfirmed transactions rising to a 30,000 unit backlog, encouraging bitcoiners to pay larger and larger transaction fees, this may become an important selling point in the future.
Steemit combines those three paradigms in a way that makes information not only free, not merely accessible, and not only monetarily valuable to shareholders, but monetarily valuable to all of us, making most of the benefits of the ability to print money available to all of us.

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Hm... I guess C is the best one, but unfortunately they're all a bit confusing. I suppose because of the way my article is written, each of the summaries references things which aren't fully explained.

Sounds like an ambitious project, but it would certainly offer a lot of value, so good luck!

okay thanks. yeah to summarize a news article is far easier. but I'll give my best. the first version of tldr bot should be ready tomorrow :)
Speed has to be improved as well, would take aprox 20 secs to answer...

"Speed has to be improved as well, would take aprox 20 secs to answer..."

I wouldn't worry about speed. It's accuracy that people need. I thought C was best. I guess the algorithm still needs refining.

im sorry for you buddy,it looks like you got almost nothing out of it.
Look like a lot of effort,i hope more people will upvote you here for this reply.