Once Steemit matures and rapidly grows into a platform for millions to interact, won't the behemoths like Facebook, Twitter others, just adopt this ability - namely the ability to transfer value through likes?
They have the resources, tech know-how and will have their profits at stake as they see millions flock to steemit. Will we see facebook go the way of the Dodo? Or will it fight back .
I'm betting that it will most defiinetly fight to protect its market share but I'm hoping that Steemit by then will be a complete ecosystem, made up of marketplaces, sidechains and all the other features the devs have planned. This is atleast 2-3 years away yet so there's a while to go before anyone needs to be worried about their Steem. Although it is something to bear in mind long-term. Thoughts?
No, it's highly unlikely, at least not in the same manner, because they're for-profit companies. Steemit, at least in it's current iteration, doesn't really have a profit model built in. The "profit" comes from the ownership of STEEM and the continued speculative value of the market demand.
Facebook could do something similar to that and hold a portion of the assets. However, this would likely come at the cost of their current revenue model.
I just simply do not see this happening. There are really way too many factors.
I agree with much of what you said. I'm not contesting the economics of steemit or how profit is made. If I were to play devils advocate I'd argue that facebook, if they choose to adopt a similar reward system - introduce a fb share backed currency or tokens etc.. they could severely diminish the appeal of steemit to main street.
Why would millions flock to steemit when they could remain in fb or other social networks with their friends/followers they've built up over many years? For example, as much as I love Steemit (the short time I've been on it) if facebook suddenly implemented doller rewards for popular posts or curating, steemit couldn't compete!
Personally I think they'll have no choice but to monetize facebook for their users or will go the way of myspace and bebo. For me the question is when that time comes, how big will steemit be.
Facebook isn't really a blogging platform for unique content. YouTube has a somewhat similar model except only the content creators receive any reward and the comment section is horrendous. Reddit has the same sort of platform, but again a poorly designed interface to create meaningful posts. Steemit has the ability to allow users to post anything without censorship as long as it isn't spam or content that many people find lowers the quality of the user experience. Also many of the major social media services are supported through ads. This would be quite difficult to overcome for a giant company like Facebook. I agree that steemit has shaken up the game and others will respond, I'm not sure how well they will be able to copy experience people have here and the type of community it provides.
Ahh good response. I made this post because I genuinely wasn't sure how steemit could coexist in equal terms with theses giants but perhaps, it can. I hope so atleast :) True the censorship-free steemit does have an advantage there! And I take your points on unique content and ads revenue although If I was to be cynical, I'm sure they could find a workaround. I just hope steemit introduces more features and takes off! Although I made sound skeptical I don't want to get my hopes up to much as I've tied much of my fortune to steems lol
But if steemit creates a better interface for other social media sites, I'd deem that as a win. A fun conversation on YouTube comments could be great. Steemit will simply add value through forcing other giants to rework what many people wish was updated.
That could be one of the best repercussions of steemit. It'll change the whole damm internet! lol I am backing steemit for the win. Hope we can get a million users this time next year.
If it continues to be a place of unique content and great minds continue to generate engaging content, then I believe that is possible.
If there will pop up alternatives to Bitcoin, who are e.g. much faster than Bitcoin. Wont Bitcoin die?
No, because of 1st mover advantage which facebook has. It has over a billion users. Even if steemit reaches a few million in a short space of time, facebook could monetize their user base and introduce rewards systems which may dampen the attraction of users joining steemit
I thought you meant buy it originally. With the steem power taking 2 years to power down I don't know how they would buy it.
I guess they would buy the big steemit accounts which would give them influence over the direction. How eye they would never own it all.
No I mean that they could implement the same/similar reward system of where people are incentivized to use their platform. What I'm trying to say, couldn't facebook monetize their site for the users?
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