I just stumbled on steemit when I was re-searching, didn't know much about crypto currencies/block chain other than the reading about bitcoin.  Even I can tell,

This is going to revolutionize social media!! - 

People  who have made this possible, steemit team are modern day heroes  -Talk about democratization, people power and transparency :)

Long term success of this is where every user can  TRUST the system , which in in-built into the technology that runs steemit platform.  What I am not 100% clear on how is if the issuing of new STEAM currency is 100% controlled by algorithms and cannot be changed. For example, when you re-reimbursed the dollars for the recent hack, where did that money come from - Did someone manually issue new currency by pulling a lever somewhere and bypass the algorithm.

Is it Good Bye  Qoura, Facebook, Reditt?

Now - If this works seamlessly, why would anyone contribute content to redditt ? What about Quora?  Are they going to die, I think  they must do something similar?

Granted  today, steemit does not have facebook features, but in principle  STEEM  can back a facebook like functions and BOOM the pecking order has changed. New business models have to be created overnight to stop users fleeing platforms when they realise the danger.

Am I just crazy? - Or you think this is the beginning on new social media.  

ALSO, I haven't seen nasty comments/trolling  that can be found every where else on social media. By no means it's perfect - But I think this is a social media that  users can be really  PROUD off!

IN CONCLUSION:

What about the INCUMBENTS? - They will not go down with out a fight, they have LARGE Market Capitalization based on user Generated content - What will they do??

Fascinating to be witness this being played out!

WHAT DO YOU THINK ? 

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Love,

Thejasvi