@denmarkguy..you're overqualified for this platform! lol. I mean holy moly! that is an amazing Bio involving the social media site world. Well, you are still here in Steemit, is it based on hope or faith?
and you said that one other content reward site was still out there, what is that one?
thank you sir for your excellent explanation!
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The distinguishing factor here is that there's no "company" that only has so much "cash" and then they are bankrupt. We get rewarded in tokens, the value of which is set by the open market. Sure, we can turn those tokens into fiat cash... but when we do so, there's no "company" footing the bill... an investor is buying my tokens.
And so, if I want my tokens to become worth more, then there's incentive for me to add whatever "value" I can, so as to maximize the value of Steem, in the long run.
The common argument seems to be "Yeah, but how will everyone get rewards, when there are 10 or 20 million users and only so much Steem?"
The hope/assumption there is that the token might increase in value to $20 or $50, rather than its current $1.25 or whatever. Same number of tokens, spread thinner, but each token worth 20x more. If you want to think really BIG, Facebook stock has a market cap of $600bn... so why couldn't Steem have a market cap of $600bn if true "mass adoption" happened? Sure, that requires $2000 Steem... but if the platform has 2bn users, that's not an outrageous idea.
I am also here because Steemit is sort of a prototype venue exploring a particular approach to UBI (Universal Basic Income), which may become important as robotics increasingly replace humans in the job market.
HubPages.com; started in 2006... it has reinvented itself a few times, but I still have articles there, and I still get occasional royalty payments. But it's very much an "article" site, rather than a blog site... and it's based around the traditional ad-revenue share model. On one hand, it doesn't pay much... on the other, I am still getting royalties on articles written ten years ago.
articles written ten years ago! lol. that's amazing but not my kind of site that's for sure.
Wow, this was a great response and I can see why you are doing so well here. I love the way you are being open-minded about Steemit and it's possibilities, it's amazing to contemplate on that!
So one of the keys to that kind of growth is to get ALOT more people to join and if investors see millions of active members then they'll see Steemit as a safer investment. And the more investment, the more the price will hopefully rise and then even more people will join.
I will be very interesting to see what happens in the future.
Thank you sir for your thoughts, expertise and opinions!