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RE: Steemit is Bitcoin's Killer App | Evidence, Numbers, & Analysis

in #bitcoin9 years ago

I love the enthusiasm but Steemit is not a Bitcoin app (I'm suprised @dantheman didn't say this bluntly in his reply post). It would more accurately be described as a blockchain app, and it certainly has a long way to go before it dethrones the original, achetype blockchain app: Bitcoin itself.

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I imagine STEEM and Bitcoin will be crypto buddies. As far as I know, STEEM can only be converted to FIAT via Bitcoin, for now.

Yes, Bitcoin is simply the intermediary between fiat and steem right now. They won't really have anything to do with each other once that is decoupled, besides having some overlapping users. Saying that Steemit is Bitcoin's killer app is like saying "converting your dollars to quarters to play the arcade is fiat's killer app".

But you're assuming that use of steem will have no impact on general awareness of bitcoin or crypto in general. I've yet to understand how this does not compute in the minds of bitcoin maximalists (not saying you are or aren't one).

Also, arcades were a killer app for fiat.

I DO understand that; I mentioned the two would have overlapping users partly for that reason.
Calling Steemit Bitcoin's "killer app" because its an on- off-ramp to fiat, would make Bitcoin the killer app for basically all altcoins.

Steemit and bitcoin are two peas in the pod. And while I tend to agree with you about Steemit having a long way to go before dethroning bitcoin, I think that is really just a question of the web user experience at this stage. Once that is set, then I see no reason that steemit wouldn't steal most of Reddit's users, and most of Quora's users.

If steemit integrates webtorrent, it can begin to compete directly with YouTube.

The list really goes on and on. I'd also love to hear about attempts to integrate with MaidSafe.

You can read my post regarding switching from Reddit: https://steemit.com/steem/@glib/take-the-rid-of-reddit-challenge-with-me

I wouldn't say Bitcoin and Steemit are "two peas in a pod" at all. All they really share is the fact they are crypto-currencies and each use a blockchain. That definition would make all cryptos "peas in a pod". I think there probably are some more people learning about Bitcoin since they have to sell steem to get bitcoin so that they can do anything with that "money". Once there is a direct steem <-> fiat pipeline they won't really have much to do with each other. Also, the two have rather different use cases right now. I'm rooting for both, but I have much more long term faith in bitcoin.