@wiser potentially but the success of this relies on people using it. thats the purpose of the product. Alot of other coins are slightly different in that respect. Valid not buying ICO - easily burned.
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I think the fact that there's an actual product makes the fundamentals good. Sure, there will be people who try Steemit and give up, but I suspect that has more to do with spending too much time on the trending page. A lot of people are going to keep posting here and do well because it's not just about the money for them. Those are the ones you want to keep anyway.