[Cryptography] Steemit

[iang]

On 25/09/2017 12:27, James A. Donald wrote:

> According to Steemit documentation, it looks like a well designed 
> cryptocurrency that deserves to replace Bitcoin.
>
> Well, that is what it looks like.
>
> Except its front end is the steemit.com website, and any one website 
> can easily be seized by the feds.
>
> If actually decentralized, should it not be a bunch of websites using 
> a common crypto currency and a common identity system,

The users' major and important information lies on the blockchain. So if 
the website were seized by some Feds, then the open source (recent) 
could be downloaded and another website started up again.

The more important thing about Steemit is that it shows how to do a 
Dapp.  Along with Bitshares, it shows how to do a business that is 
entirely on the blockchain, serves people in a positive fashion, and 
does not actually need people t drink the blockchain koolaid in order to 
benefit.

Steemit is pretty unique in its exposition of positive-sum blockchain 
businesses.  Another that is starting up now with a 2nd version is 
OpenBazaar which is retail auctions of stuff for sale, for a range of 
crypto currencies.

In contrast, gaming (which is the big user) and Bitshares are zero-sum 
games.  The house always wins.  These are good for entertainment but 
they are not the foundation of an economy.  By definition.

> Remember usenet:  A common protocol, and an internal name system.  The 
> particular host through which you accessed it did not matter all that 
> much, because all hosts had to behave much the same.
>
> Should not steemit be something like usenet with money?
>
> The way usenet worked, anyone (meaning anyone's computer and his 
> client program) could join as a client by having an agreement with a 
> host, and anyone (meaning anyone's powerful and well connected 
> computer system) could join as a host by having an agreement with a 
> few existing members.

Yes, I'd agree.  There are some sites which also access all the media.  
I haven't followed it that deeply.

iang