Always an opportunist, I like to share the Steemit and cryptocurrency story beyond the usual "preaching to the choir" routine. Today, I found a natural, organic way to include the Steemit network in another mainstream publication.
As you may know, I'm a regular financial columnist for InvestorPlace Media, and one of the hot topics of this year is the Snap Inc. initial public offering (IPO). The company, which makes -- in my view -- the ridiculous Snapchat app, is yet another iteration of the tired social media platform.
Snapchat faces so many challenges, with the primary concern being Facebook. As much as we love to hate this albatross, we have to respect the fact that a few hours ago, Facebook officially declared that it has two billion monthly active users.
It will wallop Snap six ways to Sunday!
A Silly Waste of Time
If for some reason Snap survives the Facebook onslaught, it will then have to contend with other social media competitors. I truly believe that Steemit could do significant damage right now because it revolutionizes the entire platform.
I hope this doesn't offend anyone, but Snapchat is for retards. Anyone that thinks puking rainbow diarrhea is funny has very serious mental and emotional issues. And any Snap user beyond the age of 12 is in dire need of professional help.
But more critically for the SNAP IPO, Steemit completely overturns the Snapchat business model -- whatever that is. Instead of sacrificing your dignity for free, why not get paid for it?
Why not indeed!
Steemit is the Superior Network
It's a small point but I will be driving it home. I made a similar argument about Steemit representing a core threat to Facebook. Realistically, we're at least looking at a few years before Mark Zuckerberg even blinks at Steemit. Nevertheless, with growing popularity, that day is coming.
For Snapchat, I will argue that that day is already here. I just can't imagine folks using Snap when they can instead engage the Steemit network, starting posting content, developing a brand, and ultimately, accruing serious financial benefits.
To me, it's a no-brainer. Once the general public comes to the same realization, that'll be all she wrote!
I've always wondered how the public would deal with crypto if it got the same attention as companies like Snapchat or Facebook. I think if we dumbed down the technology in crypto to speak the language of normal people and discussed the significance behind it, we would see crypto shooting for the moon even faster.
I can see where Snap would hit the news simply because it has financial implications to the market. Just imagine steemit being broadcasted in the same way, but with many more financial implications to both the market and to the user community!
Takes it to a whole new level!
Yup! I'm trying to bring positive coverage to the blockchain story because once society becomes "normalized" to the idea, it really is game over!
The best thing about Steem is that all sorts of tools can be build on top of just one blockchain!
The upcomming Zapple app for instance could be a real threat for Twitter!
Thank you for your review of the current social media landscape bullishmoney.
I have a few questions I would love you to explain further if you can find the time for it:
Even though Steemit does pay people for their contributions I cannot see the direct comparison of the Snap and Steemit. Is Steemit geared towards short real time status updates? Would those two social platforms ever compete for the same user base?
I have tried Snapchat before and what I experienced was that it provided a feeling of NOW which I have never seen in any other social media platforms before (at least to that extend).
Secondly, do you think Steemit will ever compete with Facebook? Same story again here. Facebook is good at status updates while Steemit does not credit those very much, here people tend to upvote deeper and more well researched (longer) content.
Also, Facebook has the event functionality. That functionality is what keeps me sticking to Facebook because I can coordinate events with my frieds. Steemit does not have that.
Thank you and take care
ronni
I will broadly answer for right now because I'm running short on time, but you can ping me later if you need/want clarification. Generally speaking, Steemit is unlike any other social media platform so I wouldn't necessarily look towards similarity of platform. I think the Steemit difference is what drives its competitive value against Facebook and Snap.
Although it's true that FB/Snap have distinct attributes, Steemit makes you money. For a vast majority of potential users, that's all they need to hear!
While I usually agree with you on most things this is one that I do not. I am sure you are much more versed on the business side of Snap, as I only know it from a user stand point. I do not believe Steemit will take users away from Snapchat as they are two completely different social platforms. Steemit (most like Facebook/Reddit) is a social platform (no need for further explination), while Snapchat is a way to connect instantly, using picture or chat with your friends. It's easy to use and yes, you can add silly faces to them. But your bias toward Snap seems to be limiting you in your ability to make a sound financial analysis on the matter. There are many adults, the numbers show, who use this platform often. So I don't believe there is much ground here for Steemit to take away many Snapchat users. Just my opinion.
Yes, I'm definitely biased against Snap but bias alone doesn't necessarily negate my bearishness. One of the key problems is the demo. Yes, they target the 18-34 crowd, but a whopping 71% are under 25. Furthermore, 77% of college students are daily Snapchatters. I can almost guarantee you that their tastes will change as they grow older.
Then you add the economics of it -- the majority of Snapchatters make less than $50K. With housing and rental prices going sky-high (and we discussed this before), advertisers know that this is a dubious demo who are typically out of the home, but are no longer living off mom and dad's teat.
I think that's the reason why the SNAP IPO has been horrible (among other factors). And because the majority of Snapchatters have less financial means, this motivates them to reward-based social media like Steemit.
Bump, set, spike! At least I tried not to agree with you for once....
Haha! Nah, I enjoy opposing views because it makes me think and keeps me on my toes. And you're right...I knowingly pandered to a biased crowd. I was just being lazy :)
Awesome. You should follow me to get some extra stories and news ideas -
I overview lots of crypto information. thanks
I'm of the same view @bullishmoney. All of these current day social media platforms will be experiencing major challenges by blockchain driven alternatives over the next five years.
And by major, you mean "extinct!" :)
Yes, I don't think any of them will exist with 5 years.
Thanks.., upvoted
Perhaps you need my post?
https://steemit.com/cryptocurrency/@vnukkarpov/top-10-services-for-analytics-cryptoeconomics-with-screenshots
Besides all this, the cryptos just aren't getting the same media marketing and promotional coverage as the big love children like: Fakebook, Twit and Crapchat .
Crapchat!? How dare you! :)
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Great content
Thank you! :)
Looking forward for the new SteemIt story!! :)
Thank you for the post.
Yup, I'm just doing my best to bring crypto normalization to society at large! :)
Nice work!
Haha! That was a hilarious scene! :)
They are copyiing from each other
Yes, indeed! Which is a problem for Snap because Facebook can truly have its way with the upstart piece-o-crap app because really, what is it gonna do? It's not unique in the slightest way...
Agreed..a valuation of 20 billion is absurd. I don't know much about Snap but as a ad buyer on facebook, etc why would I spend money on snap to advertise to 12 year olds? They don't have credit cards
Bingo! Many of my InvestorPlace colleagues have more or less articulated this very point...thank you! :)
Steemit has a lot to offer to people. I already realized that fact too.
Yup, I call it life-changing. I've made a crap ton more money here in two months than in four years of YouTubing!
I will start it!
New slogan!
Slap Chat!
:D
Slap Chat... holy scheisse that's funny! :)
Steemit is a major threat to the big social media corps. Even if the smallest users only earn $200 a year why the heck would people use anything else besides Steem? Unless you are sending birthday wishes or trying to connect to an old high school buddy what the point of FB or for that matter Reddit? The good content is starting to pile up on Steemit. The articles here are getting better and better by the day. Once Steem Communities launch its checkmate on Reddit. Personally, I think within two years Steemit becomes one of the major Social Platforms in world. Let me say. Nobody wants to post for free anymore once they see their vote is worth something. So what then in two years with FB? Once blockchain apps are running wild into the public. What's FB going to do to compete>>> decentralize? LOL.... The beauty of crypto and blockchains is that its a 1000X cheaper to run than a centralized company and the same goes for ICO's compared to Nasdaq>>> 1000X more efficient. In my view its like trying to run a newspaper company compared to a website. Who win over the most market share over time? Steemit will.
I'm in the middle of eating my Japanese-style curry, but damn, there's a lot of great points in your post! My mind wants to address them all, but the stomach is unwilling...I'm going to have to come back to this! :)
I think steemit is far superior as well. Looking forward to it growing even more 😊
And making money while you're at it! :)
Exactly! I keep trying to get people involved, but it's like talking to a wall sometimes. Haha!!
Yup, I know the feeling!