Re: Steemit how can this thing be workable long term?
Reddit raised funds in 2014 at a valuation of $500 million. https://en.wikipedia.org/wiki/Reddit
Steemit is valued at >$300 million despite having <1/200th the market share of Reddit.
https://steemit.com/steemit/@skapaneas/steemit-analytics-comparing-david-and-goliaths
Reddit will generate $30 million revenue in 2016 but will likely still be in the red after expenses.
Steem will generate no revenue in 2016 and have MUCH higher expenses than Reddit because it's paying users for content.
Over-valued...
Steemit is valued at >$300 million despite having <1/200th the market share of Reddit.
https://steemit.com/steemit/@skapaneas/steemit-analytics-comparing-david-and-goliaths
Reddit will generate $30 million revenue in 2016 but will likely still be in the red after expenses.
Steem will generate no revenue in 2016 and have MUCH higher expenses than Reddit because it's paying users for content.
Over-valued...
You are comparing apples to oranges here. Steemit and Reddit are not even in the same market.
Reddit is in the Censorship business (blogs can be censored)
Steemit is in the free speech business (blogs that cannot be censored because they are protected by Satoshi's open source blockchain tech).
Why do apples and oranges cost differently when they are both technically foods?
Because they are in different sectors of that market.
Learn about market sectors and you will see that Steemit currently has no competitors therefore comparative market analysis is impossible.
It's like you are saying that since venezuela has a small GDP, then so should the USA because they are both "governments"
Or like saying, "the orange does not taste like a banana, so when will it's flavor change to resemble the banana since they both are fruits.
Different categories entirely.
You are trying to compare a business that has a monopoly in its sector to one that does not.
Unfortunately having content ranked not on what is the most popular but what has the most money behind it will effectively result in censorship because whales or large corporate interests can dictate what users primarily view.
Quote
Media integrity
Media integrity refers to the ability of a media outlet to serve the public interest and democratic process, making it resilient to institutional corruption within the media system, economy of influence, conflicting dependence and political clientelism. Such a situation enables excessive instrumentalisation of the media for particular political interests, which is subverting democratic role of the media.
Media integrity refers to the ability of a media outlet to serve the public interest and democratic process, making it resilient to institutional corruption within the media system, economy of influence, conflicting dependence and political clientelism. Such a situation enables excessive instrumentalisation of the media for particular political interests, which is subverting democratic role of the media.
https://en.m.wikipedia.org/wiki/Concentration_of_media_ownership
The Steemit system ensures viewers will in the not too distant future see a front page of either advertising or government sponsored political propaganda & views not supported by the largest corporate/political interests will be buried.
Assuming it survives to that stage this process will alienate users and freedom minded contributors. This was the downfall of Digg and also one of the reasons Reddit has had user revolts recently.