I came across the useless ethereum token earlier this week. It reminded me of a story from the late stage of the dot.com bubble when a company (I can't remember the name) registered a something.com domain and made an IPO. The SEC documents told the whole story in plain English. They had no assets other than the domain name, no workers, no capital, no business plan, no hope of profit, no good reason for an IPO. All of it was in the first paragraph of the IPO announcement, but it still sold out and raised a whole load of money.
Then I came across onG while I was looking for competition that Steemit might face. The website looks nice, the bios of the investors look impressive. Their idea is something about a social media dashboard to bundle your social media accounts into one interface with a crypocurrency to pay you for your content - that seems a little fuzzy to me, I don't really get it.
Then I read the whitepaper. It seems that the onG team forgot to finish thinking about their idea before they jumped into fund-raising mode. They have a concept called Gravity that is like a time-weighted popularity ranking with a bunch of formulas to compute the Gravity of a post, but they didn't really explain why they compute it that way or what could go wrong if they get the formula wrong.
The comparison between the onG whitepaper and the Steemit whitepaper is night-and-day. I've actually read the Steemit whitepaper cover to cover twice. This is embarrassing to admit, but I get a little thrill from it. The writing is plain and clear, the ideas are clever and detailed - it is the work of brilliant people.
The best part about the Steemit whitepaper is that it demonstrates tremendous insight into how people, social groups, and markets work. That is the principle reason behind my support for Steemit. It lets individuals pursue their own interests, helps social groups form & interact, and uses market forces to hold the whole thing together. That is why Steemit will succeed.
You are obviously a Steemit believer, @cryptogee, so I'm not telling you anything you don't know. Maybe one of your followers will see this and decide to read the Steemit whitepaper. That would be a good thing.
Hmm, I beg to differ, but yes, at least it delivers on a promise, which I guess UET does as well :-)
Cg