The Dollar Vigilante (TDV) began with a concept in mind.
In the 1970s there was something called bond vigilantes. George Soros was one of them and was actually one of the (fairly) good guys back then. I've written how he was corrupted by power and is now a bad guy here.
Back then, the good guys kept governments and central banks somewhat restrained by shorting (selling) government debt (bonds) whenever they felt like the government was going into too much debt or if they felt the central bank was printing too much money.
If I was younger and the internet existed in the 1970s I would have been called The Bond Vigilante.
But, a funny thing happened on the way to where we are today. Governments went into unbelievably more debt AND the central banks printed money at unheard of rates to buy the bonds themselves.
This eliminated the ability of bond vigilantes to keep governments and central banks in check. As well, all those who had attained massive wealth lost any interest in restraining governments and central banks and now support them going into more debt and printing more money as it enriches the elites.
Seeing this, I began to call myself The Dollar Vigilante and the idea was that the only way to restrain and fight this system now is to sell the fiat currencies, like the US dollar, themselves (and it just so happened it is also the best way to salvage your assets and make money in this environment as we have shown making 200% in the last year at the TDV portfolio).
The question soon became, however, "sell your dollars for what?"
Gold and silver were obvious choices. But when asked, "What will replace the dollar as currency?" my answer, in 2010, was "I'm sure the free market will come up with something."
Then I discovered bitcoin in 2011 and my first thought was, "They already have!"
It's been five years since and bitcoin has grown massively in terms of value and usage. And, new services come on stream every day which further the usability of bitcoin, like bitcoin ATM/debit cards such as E-coin/Wirex or Coinbase's Shift card, to name a few.
But, bitcoin still isn't what you would call mainstream. 99%+ of people you meet on the street have barely heard of it, much less use it actively. That will change over time, of course, but currently it is not gaining massive mainstream adoption.
That leads to the question that has been asked for years, "What will it take for a cryptocurrency to gain rapid, mass adoption?"
The first currency that I have seen that has that potential is Steem.
WHY COULD STEEM BE THE CRYPTO TO CRACK THE MAINSTREAM BARRIER?
Steem is very, very young, so this is highly speculative. It is not a sure thing by any means.
However, if Steem, through the platform, Steemit, can gain massive market share in social media... which is absolutely possible... Steem could be the gateway drug to get the public into cryptocurrencies.
How? Well, one of the biggest barriers to adoption is the question of how to get cryptocurrencies easily into the hands of the masses.
With bitcoin, still to this day, it is somewhat of a process. Unless your employer or client already have bitcoin and have expressed a desire to pay you in bitcoin, the main way to attain bitcoin is to go through the process of opening an account on an exchange (which sometimes, especially in the US, can be as difficult as opening a bank account), transferring in funds and then understanding how to trade dollars for bitcoin on the exchange.
Most people, dumbed down by the government "schools" (indoctrination camps) and fed thousands of hours of propaganda via television programming (and it's called programming for a reason) and other entertainment, have little to no ability to think. They mostly are only able to repeat what they were taught in school and to parrot the information they see in the media.
For them, trying to even understand what bitcoin is and go through the process to acquire it is far beyond their capability.
And, that's where Steem comes in.
If Steemit and other social media platforms yet to come, which are based on the Steem currency, gain widespread adoption (and I see no reason why they won't if the currency can continue to function) then we will see millions, if not tens of millions, if not hundreds of millions of people on these platforms.
They'll be attracted by their favorite celebrities who will eventually find their way onto Steem after they find out they can make money for posting their content, rather than posting to Facebook or Twitter, where the platform itself makes money from their audience.
Once on Steemit (or other iterations, like a Steem backed Twitter which I'm sure is in the works), they'll notice that their activity is generating them something called "Steem dollars". For most it might just be a few dollars worth over time, but they will notice it.
At that point they will want to know what they can do with these Steem dollars.
And, just right there, the problem with getting the currency into the hands of the masses is solved.
While 99% of regular people may not own any bitcoin, over time, perhaps 10-20% of the general populace will have at least a few dollars of Steem. Driven by self-interest they'll actually spend some time to figure out what they can do with it.
One of the first things they will notice is that they can trade it for bitcoin.
And then, voila. Everyone has some bitcoin... and Steem would have its own market too.
And before you know it, the general populace has been exposed to cryptocurrencies.
From there, as many know, people begin to realize the value of having these currencies and eventually, over time, they begin to use cryptos regularly. You owe your neighbor $20 on a football bet? The question will soon be asked, "Do you take Steem or bitcoin? It's easier for me to transfer it that way rather than walking over to your house and paying you with cash."
In that way, you can foresee, that Steem could be the way that cryptocurrencies get integrated in the lives of every day people.
WILL IT HAPPEN?
WILL Steem become the gateway drug to cryptocurrencies? It is far too early to answer that question. It is only a few months old and there is a long way to go before it does (but a long way, in today's realtime, instant world, can be months, not years).
CAN Steem end up being the gateway drug to cryptocurrencies? Absolutely!
And that's why I'm here.
The Dollar Vigilante wants to see the entire world move to non-government/central bank currencies which will quickly see the collapse of central banks and big government, leading the world to peace and prosperity like we've never known it.
I will be anywhere where there is a glimmer of hope of that happening... and I'll be here at Steemit either until it succeeds in that goal or until it fails and we then look to the next thing that could rid the world of central banks and governments.
In other words, I'm here until the end.
@dollarvigilante Spot on. I have been saying this for ages.
Steemit is the killer app that all other cryptocurrencies have been looking for (even bitcoin). It immediately gives value to STEEM in a way the normal person can understand.
Plus they don't have to go through the sometimes ridiculous barriers that an ordinary person would encounter trying to get hold of Bitcoin or even worse another altcoin.
They can make an account on Steemit in minutes. It works just like so many other platforms they already know.
They make their first post, curate or comment and then BAM - they get payed and they have their first cryptocurrency.
They don't even need to know what a blockchain is or how cryptocurrencies work.
They just need to be able to blog, comment, vote or use a social network - all skills 99.9% of the population has.
If they later get curious about how it all works then they can delve deeper.
That is the genius of what @ned @dan et al have created and that is why I believe this has the potential to eclipse Bitcoin eventually in terms of market cap.
Hell if I'm honest I think it could be bigger than Facebook, Youtube, Medium, Reddit and Twitter combined because here you get payed for your content instead of having your information mined and your money taken away by a third party.
This is the future and I'm glad I'm here early. We might one day be telling our grandchildren - "I remember the early days of Steemit before they were one of the biggest companies in the world."
Good to have you here mate and so nice to see you get it:)
Been watching btc since the beginning. I understood what it was and its potential but wasn't computer savvy enough to take advantage. Then coinbase came along. My first purchase of btc was March 2013. I bought five for a total of $321.21 or equal to $64.28 each. So I have to say at this point in the game Steemit is a no brainer. Btc is the king of money online and Steemit will be the king of social media online. Steemit will introduce the masses to crypto. This the facelift btc needs to hit 10,000. If you haven't power up yet its a good time to get in. Steemians will be running the world sooner than you might think. This is what crypto needed in order to make the world a much better place in a very short period of time. This technology will allow humanity to make a consensus on what is important and what needs to be done to make the world a better place for all humanity. It will also insure the survival of the species. Mark my words.
You've been saying this for ages? For about a month or longer :)
https://steemit.com/bitcoin/@eeks/steemit-is-bitcoin-s-killer-app-or-evidence-numbers-and-analysis
Great post:)
Ages ain't what they used to be
The best version of steemit allows steemit users to transfer steem dollars to/from their fiat bank account directly on steemit, or even a steem dollar debit card. Then there's no need for bitcoin, only as another option
I think the goal is to get rid of USD not bitcoin.
having to learn about or deal with bitcoin is a problem for steemit becoming mainstream, so users will need a steem dollar debit card so they don't have have to deal with bitcoin
Steem dollars are pegged to USD which is a dying currency. The short term stability of it is good for payment, however good luck storing your wealth in that.
@snowflake
As long as the interest rate is higher than the practical inflation rate for the USD, you are protected from USD inflation with the Steem Dollar.
Isn't that kind of the long term vision on Steem Backed Dollars?
I believe craig-grant idea sounds great - especially with the debit card. However, single option alternative may also mean putting all our eggs in one basket, and that may be dangerous since someone else controls the debit card operation and feeds into the traditional banking system that we would like to avoid. So we are going to be safer with multiple deviant options that aren't controlled by one source - the banking cartel. So I'm favorable with the debit card and other options as backups.
yes, bitcoin should always be an option, but not the only option, if bitcoin is the only option then steemit can't go mainstream
@thecryptofiend Your comment here, "They don't even need to know what a blockchain is or how cryptocurrencies work." I believe is the key to mass adoption.
Most people are clueless as to how the Federal Reserve works, or even how they manage to leverage their power over money into a system that by it's very design controls people by controlling the flow of currency. Many people know nothing about how our currency systems work, but they blindly follow their structures every day. Most don't care how the system works, they only care if their next paycheck will clear and how that in turn will hopefully keep food on their tables...
Sadly for many years ignorance has been equated to bliss. I for one however, feel that our newly budding Age of Information (and the Internet) will gradually change ignorance from a method of indoctrination into a choice one can opt-out of by simply choosing to research it from the comfort of their own homes.
Such a method of self learning was difficult if not all but impossible until the past couple decades and I fully support it in it's entirety 110%.
I worry about the patronizing condescension shown to 'most people' around here. What kind of anarchists want to persuade the ignorant masses to adopt something so that they - the so-called anarchists - can cream off the value thus generated (see all posts on the topic of 'it's a good time to get in' to cryptocurrencies and make loads of cash etc)? Take DV's telling comparison of himself with a young George Soros, for example. Soros broke the Bank of England because he was a good guy fighting the system? Give me a break. He did it to make loads of money.
He also did it with the help of inside intelligence (Soros, I mean).
I wonder how many users truly believe this, and don't just want to attract upvotes through sycophantic hyperbole.
Do I think Steemit has the potential to introduce masses to crypto? Sure.
But my crystal ball isn't clairvoyant enough for me to make assertions about its success.
I don't mean to sound rude, I just think euphoria doesn't benefit anyone. It just makes the front page look like a pump-fest, and fills people will over-expectation.
Well he did say it's just speculation.
If I didn't believe it I wouldn't post it. I didn't say it was a certainty I said it could happen. There are no guarantees obviously so I understand your concerns.
Please add Ebay and Paypal to the list! :)
The question of Steem being the gateway drug to mainstream Cryptocurrency usage as well as bring an end to the establishment of Central Banks and Government seems impossible. However, I must admit that it not entirely impossible. One might choose to agree or disagree with me. Thank you.
@thecryptofiend Nice use of et al. It reminds me of peer reviewed studies! :)
You mean these guys.
I was going to flag this @carlidos because it looks like you are begging for votes by posting the same picture twice in the comments, but giving you the benefit of the doubt because of your reputation score.
I'd ask that you please refrain from posting the same picture multiple times (posting a different one with different text is great, but this specific picture doesn't add to the conversation IMO).
Others may disagree with me, but this is why I am writing to you and not flagging. I guess a "warning" because if everyone were to do the same, I think the comment section would be devalued.
That being said, I do love the graphic you have created (hopefully it was created by you or you have permission to use it from the author).
Thanks I didn't even notice I thought I was editing the same dang post. Yea it was done by me. Apologies
No problem :) didn't want to flag because I do really like that graphic :)
Thank you yea part of my book series I am doing.
thats why we need to draw media attention and pull in big names. Together we can do this: https://steemit.com/steemit/@vapekings14/bring-mark-zuckerberg-to-steemit
Great comment, just followed ya.
The process @dollarvigilante described is far too complicated than just signing up and buying bitcoin in coinbase. Get real.
The problem with cryptocurrencies right now is that they have way more corruption and fraud rather than the FED and Banks combined. Every few months you hear about millions been stolen left and right from wallets and scam coins popping up and out of existence. And then ancaps forget about it and move onto the next project. I am an ancap myself but I prefer not to be dellusional.
@theycryptofriend and the rest of the cheerleaders
wakey wakey.
https://steemit.com/anarchy/@kyriacos/a-little-something-for-the-dellusional-anarchists-of-steemit#comments
I co-founded a software as a service ecommerce shopping cart company which now services thousands of stores. We were one of the first platforms to integrate with Bitpay back in 2013 so all of those merchants could now easily accept bitcoin. Almost none of the merchants bothered to turn it on. We also accept bitcoin as a method of payment for FoxyCart services and in the past three years only one (1) user ever paid us in bitcoin.
Merchants only care about what their customers demand. I blogged about bitcoin from our company website, and we emailed all of our stores about it and they just didn't care because their customers weren't throwing bitcoin at them. It was a solution to a problem they weren't experiencing.
This is why I also think Steemit could be the first killer app for mass adoption of cryptocurrency. My wife, after three years of me trying, created her first bitcoin wallet because of Steemit. She came here for the photography contests (thanks @jamtaylor!), and she likes fighting plagiarism and identity theft.
If Steemit survives as a social media platform (many others have tried and failed), then the inevitable result is cryptocurrency in the hands of many, many people.
Very well written, @dollarvigilante. This is, so far, one of the best pieces I've seen explaining the importance of this experiment. I'm happy to be here with you to enjoy the ride.
Why did she create a bitcoin wallet to come to Steemit? Haha sounds like she's got cashing out on her mind.
She didn't create the wallet "to come to Steemit" but to cash out some SBD she earned after already being on Steemit. You can read the whole story here.
Can your SAAS integrate with ATG?
What do you mean by "ATG"? We support over 90 payment gateways. You can find out more here.
ATG is the Oracle ecommerce platform. I'll try to reach you on chat
I've been reading your work and listening to you for a while now. You have an unreal ability to recognize new technologies that are going to change the world as we know it. I've noticed a common theme: all these things are decentralized (ex. the internet, bitcoin, and steemit). I'm excited to see if steemit can live up to its potential!
Also, Jeff, considering all the unwarranted flaggings you've been receiving, you may be interested in my post about how steemit's flagging system needs to be overhauled. Let me know what you think about my proposed solutions: https://steemit.com/steemit/@shenanigator/steemit-s-current-flagging-system-will-lead-to-unwanted-censorship
Steemit is the alternative to corporate ghettos that Facebook, Reddit and Twitter are. Just like Bitcoin is the alternative to central banks.
I'd like to hear devil's advocate arguments about the options someone like Zuckerberg might have at his disposal to try and retaliate against a decentralized social media platform like Steemit. I'm hoping the common wisdom here can build a strong case for how Steemit is (or can become) unstoppable by any money-laden centralized entity.
I think the biggest threat to steem is the government coming in and shutting it down for copyright infringements.
The counter to that is 10 more will probably spin up the very next day they do it.
I am pretty sure Steem will get the jump on any attempt by the established businesses by quite a distance. Unlike bitcoin it's gaining market cap right out of the gate. Network effects will start to kick in soon once the first flush of adopters start to tell their friends about how they are making money directly out of their writing instead of it being used to profile them to target them with advertising. By the end of the year there will be chatter starting to appear outside of the initial adopters' sub-communities on the other networks.
I ditched facebook a couple of months ago and I am not missing it at all. But this also primed me to jump on Steemit. Although it follows the model of Reddit, I was never even slightly interested in it, for me it's only slightly more credible a venue than 4chan. The reputation of Reddit for being a pesthole of trolles is legendary.
🚩 Yup. Sounds familiar. Like this post from last month. :)
I knew I'd seen a similar title before.
I upvoted your article . I have seen this before .
It's a good turn of phrase but people always use it for their crypto projects. https://m.reddit.com/r/dogecoin/comments/32fujo/is_dogecoin_the_gateway_drug_of_cryptos/
https://www.deepdotweb.com/2015/04/13/ziftrcoin-the-future-of-cryptocurrencies/
https://steemit.com/steem/@steempower/steem-the-gateway-drug-into-digital-currencies-for-the-masses
Indeed, similar and uses the "gateway drug" idea and has some similar points, but not a real plagiarism like we see 50 times a day. One could say at most it's inspired by your video, but not quiiite sure I can feel comfortable flagging it myself, but have no issue with you doing so.
The concept of it being a "gateway" to cryptocurrency is something I think I heard from Dan or Ned ( or maybe it was you? ) But that's not quite enough to say it's plagiarized. There are no direct quotes and it's in his language style not yours and yeah... Others will have to make their own assessment if it's flag worthy. I say borderline at best compared to many others.
I feel your pain, Piedpiper. Do what you feel you gotta do.
My 2cents.
don't worry. nobody accused anyone of plagiarism and flagging was not recommended :P
;)
You truly are a boon for this place
We must best the state goons in the race
Steem in the blockchain is huge vision
Even if some sneer at it in derision
Some may have blasted you hard
They owe you an apology card
You were flamboyant and boisterous as you strode through the door
Yet because of you that very same door is open for more and more
Thank you for committing to the fight
Hopefully together we can set things right
Echoing my thoughts exactly... I have a few concerns though..
Some of the people I've helped push onto Steemit have completely thrived, pushing themselves up to dolphin level within a couple of weeks. While others thought the way to riches was to copy and paste articles they'd read elsewhere.
Some people just have zero value to offer.
The biggest barrier I see to adoption is competition. There's no competition on facebook, just post your meaningless status updates, connect with your friends etc etc.
Are people ready to put themselves on the line and offer their value? I don't know, the amount of people that have had tantrums and left at this stage is ridiculous.
I agree that this is the most adoptable crypto, but I don't think it's current 'get paid to blog' format will mean much in the long run in building an economic system independent of our current government controlled farce.
My money's on the sidechain apps.
@wingz America had the chance to embrace and utilize one of the greatest communication, information, education, sharing, creative and business platforms in the history of man ... Facebook ... and what did they do with it ? "Some people just have zero value to offer. The biggest barrier I see to adoption is competition. There's no competition on facebook, just post your meaningless status updates, connect with your friends etc etc."
NOW there is a new Intelligence integrated designed blockchain platform for the IQ crowd to embrace and utilize to OUR potential in all forms of knowledge and creativity . Steemit.com .... SCREW the SHEEPLE !
Read More, Reason More ... JTS
There is a bit of a learning curve. Copying links to youtube videos without credit, without any comments, same with photos, etc. That usually lasts a day or two and then people start to catch on. This problem you described will continue because this being a new paradigm it does involve some new ways of thinking. I'm fine with that, I think if we recognize people stuck in that learning curve we can try to help them get through it faster.
I'm not sure about the sidechain apps, I think other models similar to steem will come up for alternatives.
The benefit of the sidechain apps is that the steem dollar will be transferable. It's all about the steem dollar.
All of these other models can be stuck onto steemit with very basic programming. A twitter, a facebook etc.
Good article. I also can imagine steem sparking the mass adoption of cryptocurrencies. The way steem and steemit drive me to want to produce great content is really something!
And I don't think I'm alone. In fact, there's something about this model that's irresistible to people. People work more when rewards are randomized to a degree. We work much harder than "makes sense", and harder than we would if we received the same payout but in regular increments instead of random. It's the World of Warcraft model applied to cryptocurrency.
Steem also benefits from the fact that people don't have to invest money directly. I think people are more willing to put time into something than money, even if the opportunity cost of the time is greater than investing money directly.
I am standing here too. I may not be a big name yet, but I still commit to fight for steem, steemit, and other steem blockchain creations.
This is the first feeling of HOPE that I've had for awhile.
Prior to that I'd pretty much resigned myself to only keeping my family alive through dark times. I didn't see any realistic way to fight back that they hadn't shut down and made nearly inaccessible.
This is huge... absolutely huge.
EDIT: I had other projects to give my priority to, but I have largely been focusing on steemit.com for the 4+ weeks since I've been on it.
I agree with this, and you can easy tell that development to price speculation has really picked up with blockcain technology.
Compare bitcoins run from 0.4 cents to 1200$, took 5-6 years, now with Ethereum it only took them around 2 years to reach 20$ with even less time on exchanges. With Steem it seems to have gone even quicker, mass adoption will be amazing for Steemit! Can't wait for an exciting future! :)
That's great to hear @dollarvigilante!
It's gonna be awesome! Yes, can't wait!
Not a fan of goverment or central banks either always taking my money and spending it on stuff that does nothing for me. What happens when there are 5 or 10 of these steem type platforms?
@halo xoxo
That's how bitcoin started so why not. Imagine how rich you'll be if it hit bitcoin levels. For that to happen we all have to play our part and actively be involved. It won't just happen by itself. Spread the word! We're lucky to be early investors. Great post :)
We are in love with STEEMIT
Don't forget the role the government and corporations have played. Without them we'd have no need to search out value and wealth in alternative places.
Hahaha ... That's a good one. It's like they've given us a gift and pushed us away from fiat :) Great point :)
For every action there's an equal and opposite reaction.
True :)
Yup, Steemit is the beginning of the pushback against attempts to turn the internet back into a one to many propaganda machine. I expect it won't be the only one and by late next year it will be as big a buzzword as 'blockchain' with tens of new startups in the area. But Steemit will be like the bitcoin.
The only concern I have is attacks on the system. I'm sure the devs are already looking into how to mitigate this. Bitcoin's first exchange got attacked hard and now again, the biggest has been attacked. I think part of the risk there has already been addressed by eliminating a password recovery system and encouraging very strong passwords.
@wakeupnd ... Hummm sounds oddly familiar ... Oh yes .. England to America ...
Well said
This is hands down the most quality post dollarvigilante put up so far. Therefore I am upvoting him for the first time.
Steemit was definitely my "gateway" into the world of crypto currency. I'd heard of Bitcoin before, but never owned or trained any, and I must it's as addictive as any drug out there!
I got on Steemit just earlier today, but I'm a computer scientist and understand cryptocurrencies more than your average person. This evening I brought an accomplished blogger on board that doesn't know what even bitcoin is. This is how it goes mainstream ;-)
@hunterisgreat This kinda feels like when Radioshack started selling TRS 80's ...! A new chapter ...
I think you're 1000% correct about more celebrities coming on board, as it's a no-brainer if you're already producing sought after content in the other arenas. And yes, I do believe that it will snowball into funneling many of their subscribers to join and check out Steemit.
steemit could easily be the gateway to mainstreaem usage although "cashing out" needs to be simplified the vast majority of people don't want to have to visit trading sites and exchanges.
shapeshift could help
"The entire world move to non-government/central bank currencies which will quickly see the collapse of central banks and big government, leading the world to peace and prosperity like we've never known it." Sounds great to me and a much more honorable fight then to invade the poor for lying psychopaths that profit from it... well said vigilante.. Cheers
IMO one of the key barriers is removing bitcoin mediation both ways. Steem has gotten rid of it to an extent on the buy side (because you can post and earn steem without buying it for btc), but on the sell side you still have to sell your steem for btc (and eventually cash if thats your thing)
IMO thats one of the forces pushing value down on the exchanges. If you want some, you don't necessarily have to buy it. So people only hit the exchanges cashing out (for the most part)
Steem really is a gateway "drug" into cryptocurrency. Almost everyone in the world has one or more social media accounts.
The fact that you can post like you would to any other site and be successful without needing to know what goes on behind the scenes is brilliant. People become interested once they have made the money, not before. There are plenty of articles to explain what to do next and slowly educate the users about what steemit is and how bitcoin/blockchain technology works.
With the greed that America tends to have when anyone interrupts a mega money business like banks or credit card companies, I can expect a large fight to put up before the masses fully embrace steem and future innovations on the blockchain.
I'm confident that the minds that are working right now behind the scenes have some great solutions to problems we haven't even thought up yet.
I can see steemit expanding and blockchain technology to include voting, secure emails, and easily understandable smart contracts.
I learn a lot from your posts and woul like to share yet another photoshop superhero comic book cover with @dollarvigilante shooting the current government (metaphorically) and creating bitcoins in the process. Hope You enjoy it!
nice post @dollarvigilante
About Soros you' re right, Soros who Funded Color Revolutions, Who funded the Disinformation Of The Panama Papers, Who Funded the Refugees to Europe and much more. I'm not totally sure if he was real bond vigilantes though...
Steem can in fact end up being the gateway drug to cryptocurrencies but the main reason is also technical. It's the first blockchain / crypto combinaison that allows this high scalability since it's based on Bitshares technology.
It's a matter of "Transactions per second" and transaction fee (Steem has no transaction fee) :
VISA handles on average 2 to 4000 transactions per second (tps) and has a peak capacity of 56000 tps.
Bitcoin is for instance restricted to a sustained rate of 7 tps due to its protocol restricting block size to 1MB.
Paypal has an average of 115 tps.
If Reddit were operating on a blockchain it would require an average of 250 transactions per second.
Steem is capable of at least 1000's of transactions per second and is built on the same blockchain technology as BitShares which has publicly demonstrated to be designed from the ground up to process more transactions every second than VISA and MasterCard combined.
To achieve this industry-leading performance, Steem has borrowed lessons learned from the LMAX Exchange, which is able to process 6 million transactions per second.
Steem uses a Delegated Proof of Stake consensus mechanism and is built on the Graphene toolkit which is capable of 100,000 tps...
You can also check my post on Why steem need Asia to scale and how we plan to grow in China
Great information for everyone!
After reading just this information it's a no brainer @ekitcho
Love the clean cut clear info right to the point!
Ok i know i will not make friends with you when i say this, but this.... In the 1970s there was something called bond vigilantes. George Soros was one of them and was actually one of the (fairly) good guys back then......was too much for me ! George Soros was never one of the good guys, he killed thousands of his own people in Lithuania under the Nazi Death squads !! So this right there is serious misinformation with which your start you article which gets paid 4000 dollars !!? Oh maaaaan !!
@dollarvigilante Excellent article. I have seen many of the things that you mention in a way that lots of residents of the so-called developed countries have only heard about.
I lived in Honduras and Venezuela and could see how the value of fiat money just disappears when the government (I actually mean the people in government) only thinks about their own (and those they are in cahoots with) pockets and how to fill them fast, with complete disregard for the wellbeing of the rest of the people.
First Honduras, where I grew up in the 80s started suffering from a devaluation of its currency and then Venezuela, where my mother is from and who we had to get out of as fast as possible, suffered a horrible complete collapse of their currency. In fact, people who worked for almost 40 years to have a nice retirement and during their working life earned much more money than what was normal in countries like the US or Germany, now have a retirement that is not even worth what's required to live a week on. The equivalent right now being just about $25 a MONTH!
So, definitely, steemit can be a life saver especially for people in those countries suffering now the consequences of the complete disregard for the future generations that governments are constantly showing.
Just my 2 cents!
Only one flag in two hours?!?!?! Your doing something wrong.
I almost feel bad for hopping on the curation reward train.
Thank you for this interesting post, I start following you from now! Indeed the interesting thing in Steemit is that it can get adopted by almost all the world population as a social media platform.
These people will earn Steem, they will be a crypto user without ever having the intention and without having to invest a penny. If you own the crypto currency already it makes much more sense to investigate what the possibilities are.
Steemit and bitcoin will support each other in the rise. Bitcoin will profit from the explosive growing user base of Steemit and Steemit will profit from the infrastructure of bitcoin.
I really agree with your goal to get rid of government and central bank currencies. Lets make Steemit and Bitcoin huge!
steemit is great , not bn on facebook for 2 weeks so far.
as you can see whales love Content worth reading Well if any one is interested I made a sick story about steemit and the whales. Here https://steemit.com/steemit/@carlidos/the-adventures-of-ned-and-dan-powering-up-the-whales-book
Another gadget that can take a hike.
Im curious to hear thoughts on your.network if possible? You have quite an eye for this.
Money goes to money...be at a place at the right time.
You're simply implying that when Central Bank collapses and together with the Universal Fiat, US Dollars, cryptocurrencies will have a chance to take over. Well, for me, I dont think so. Why? what about bigger countries other than US? What about British pound, CNY, Dinar or Japan currency? Are they not considered to be influential enough and has the capacity to take over? Think again.
Ill give you a better example. Assuming all countries boycotted the US and its financial system, China could take over, because China is one of the most biggest supplier of raw materials and that will boost the value of their currency, Yuan. Well the goodnews is they adopt bitcoin and other cryptocurrency now. If youre a chineae business man and you choose to use cryptocurrency, can you buy goods to a certain country that never appreciates the value of a crypto? Well, you can't. And that will force you to use the FIAT. See the Picture? You just can't destroy a certain currency that we all been using the whole time, not now, not later.
For my conclusion, I could say that cryptocurrencies are Goods to buy Goods; in a way that it will be more faster, convenient, with zero fees and lastly decentralized.
Thanks for reading guys. :)
A lot of currencies will go down at the same time - the British Pound will go down with the rest of them
There is a lot of speculation that the idea is for the various currencies to go down together in order to bring in a new one-world currency
Steem is a game changer already and the popularity is growing and growing :D
A main property of all coins is acceptance. We need to address it first, if we want Steem to be a coin. For now, it is just a digital token.
there's no end @dollarvigilante 8]
I think we are thinking the same thing. I literally posted my first blog post on this steem thing about how to do it politically which is to use the Article 5 of the US Constitution to call for a Constitutional Convention during which you could accomplish this. See it here: https://steemit.com/money/@titusfrost/how-to-end-the-federal-reserve-using-article-5-of-the-u-s-constitution-and-crypto-currencies
Greate!
Steem have good promotion opportunities:
We are living in 21st century, when every one have internet at least at mobile devices. My grandma knows what is google.
I am web-developer and Search Engines Optimisator, so my professional opinion is:
It is a greate social system:
1.Authors are writing new post for a steem and generating !content!.
2.People are googling and finding articles.
3.People are happy.
4.People knows what is Steem and may be writing new articles.
P.S.: content must be unique.
P.P.S.: need and html tags in comments.
P.P.P.S.: sorry for my english, I am from Russia.
The end of central banking and government assumes that government will not preemptively strike at something that threatens it's power. It is slightly naive to assume that people who dedicated their lives to acquiring power will easily give it up. Now can things change in 100 years? Maybe, but not in our foreseeable future. That is not to say it is not worth working towards the right thing, if you believe it being the right thing, even if you won't get to see it.
While there is great potential in block-chains and cryptocurrencies for a lot of things, I just cannot see them as some sort of panacea for getting rid of government. The moment they mainstream, regulation will start flowing for such a "dangerous" thing. I mean, won't someone think of the children?
I think your comment about getting cryptocurrency into the hands of the masses is spot on. My evidence? My 79 year old mother is posting on Steemit and having a ball. She's telling her friends about the "chain block"(not a typo) and is diving in head first. This platform makes it easy and fun to explore Bitcoin and Steem. That in itself is a huge accomplishment.
Its possible that cryptocurrency or blockchain tech working side by side with central bank, instead of competing each other?
With any currency, including cryptos, the value revolves around velocity, or usage. As long as the currency has a large acceptance, which being part of a social media vehicle can help, can reach a level where this velocity can be obtained. Competition will create the best product, as Synereo and others can motivate innovation in the market.
Wonderful post! Love that you explained the dollar vigilante and how you got your name. I am sure many of us are here to stay specially after seeing your idea of what steem it and Bitcoin will be in the future.
You get an upvote for the "killing of the central banks"-comment. I just hate these mutter-fickers. ...
I always thought the best thing for this world is a complete reset. Take all the government houses to the woodshed. Americans are especially fat and lazy living off uncle Sam's bitch tits. The republic was perfect but it never last. We have the blood thirsty vipers, that will always find the top office.
Jeff having vision for the future is one of the skills people like me admire about you. I sure hope you are right about Steem but if it is not Steem that does it something else will bring about crypto adoption.
Steem will be one more step in the ladder to mass adoption of crypto.
Steemit is a great place to find hope in a decentralized future! It will attract many for sure, cheers mate!
Buckle up people, it's gonna be big!
WOW!
This is an awesome post and to me very obvious. You hit every point clearly and accurately on the head. There really isn't anything I can say that would "make it better" I guess I mostly want to say I totally agree and thanks for the post!
I am really really inspired by this platform/community as it has potential to be truly revolutionary! I have been an activist and vigilante for 12 years and have been successful enough to draw the attention of the FBI and even a $350,000 full black ops swat raid on my operation. There are many aspects of this platform that support freedom and profit in a transparent and responsible way. I feel that Steemit has the most potential of any cryptocurreny operation to be "mainstream" or simply to be used by the most people. I also feel if there is any chance of putting Fascistbook in their place its this for sure!
I just wrote an article today about why I feel Steemit is Revolutionary and how superior it is to Fascistbook. I would be honored if you would read it and let me know what you think.
Thanks again~
Best Regards~*~
https://steemit.com/revolution/@quinneaker/why-steemit-is-so-important-and-even-revolutionary#@miki/re-quinneaker-why-steemit-is-so-important-and-even-revolutionary-20160813t024032747z
I agree with you @dollarvigilante.. It's easy to see how STEEM Power is like a savings account, and the STEEM Dollar really could be used like a currency.
With a STEEM/STEEM Dollar wallet or even if a Steemit app was released everyone could easily pay for things like how we would've with bitcoin.. Only this time there is a HUGE possible marketplace right here!
Just like dan and ned talked about they are wanting to have an Amazon like market place and the STEEM Dollar would be the token that pays for everything!
I have been watching TDV for years, and at first I thought we'd see an SDR dollar released, but then with China backing the Yuan with gold I thought that might be what floods the global economy, but now even the Chinese are investing in cryptocurreny.. So what better crypto than one with a growing userbase and already possible market place?
I wish I would have bought bitcion when you were advocating it early on. I've been following you ever since! Now , I may get some bitcoin soon!