What’s up, guys. This is Tai Zen.
I’m getting a ton of questions about Steemit, a new cryptocurrency social media platform that’s coming out. In this video, I just want to spend a few minutes and talk with you what I’ve learned so far about Steemit. My buddy, LeonFu.Com, and I have been doing some preliminary tests on it.
As always, when we talk about a new cryptocurrency, I’ll give you guys some additional information later on whenever I get more information.
What is Steemit? This is the first thing that you need to know. There are 4 key elements about Steemit that is extremely important and set it apart from Facebook, Reddit, Instagram Snapchat or any other social media platform.
In the world of cryptocurrency, everyone has been trying to build a decentralized censorship-proof social media platform for a while now. The equivalent of this Steemit would be something like Akasha project that is being developed on the Ethereum network. The one that we’re talking about now is called Steemit. The closest thing to it is Reddit.
I will cover 4 things that make it different from the other ones. This will give you an idea about how important this new social media platform is.
The first thing is censorship-proof. The problem with all the current social media platforms we have including Facebook, YouTube, and Twitter is they’re all on centralized servers. It means the owners of those platforms just cut off any users’ content that they don’t like and prevent people from seeing it.
In Steemit, they cannot do that since it’s done on the blockchain. When you add something to the blockchain, you cannot come back and erase it or change it. One feature of blockchain is people can add to it, but it’s still going to be there. That’s the first thing that’s critical about Steemit platform. It is censorship-proof and you have to be aware of that.
I will use an example to demonstrate it to you. Recently, we had a shooting where this young lady was live streaming. Her boyfriend getting shot in the car of the police officer. As soon as the police made some controversy about it, Facebook removed the footage. However, there were some people making copies of that, so it’s really hard to get rid of. That’s what the censorship is about.
The second key element that makes the Steemit platform very powerful is how you get paid.
Now on Facebook, YouTube, when you are watching the videos such as mine, the only way that I get paid for is by paid ads. That can be annoying sometimes. A lot of viewers don’t like that and they have to pay YouTube Red subscription so that they can get ads-free videos.
What Steemit allows you to do is instead of relying on ads, content creators can get paid for the content they produce.
For example, when we produce quality content like our videos on the Cryptocurrency Market channel, we can get paid by the system Steemit. Viewers will start issuing by their votes. If the video is upvoted, we get paid by the viewers, not by the ad systems of Google, Facebook or Twitter.
That’s a huge difference because it’s the first time that anybody from around the world can create content for the Steemit platform and they get paid for it. For example, people in third world countries that don’t have a lot of money can create content on the platform and get Steam tokens. Then, they exchange those tokens for actual USD, EUR or Yen.
That’s the big breakthrough, in which the content creators are being paid by the viewers, not by the ad agencies and networks that are on the Internet. That’s the second key element that makes the Steemit platform completely different from the other social media platforms.
The third key element that makes the Steemit platform very unique is the people, who are “the curators” of the platform who actually view the content and upvote or downvote it, also get paid for their efforts on the Steemit platform.
Whenever you watch a video on Steemit and upvote it, I, the content creator, get paid for it. That’s what we know for sure. Furthermore, if you upvote good content, you also get paid for it for identifying quality content.
For example, when I make this video with the headline “What is Steemit?”, if you guys find that it’s a quality and original content, you get paid for upvoting it. If you find that that video has a poor content regarding the headline “What is Steemit?” and downvote, I’ll lose credit for it and it boosts your credit in case the majority of viewers agree with you.
For the first time in history on the Internet, we have a way where the viewers actually get paid for voting on which content is quality and which content is not quality. That’s the third key to the system.
The fourth key element that makes the Steemit platform completely different and unique from the other social media platforms is it has an anti-trolling mechanism.
For anyone who is new to the Internet and not familiar with trolling, it means people come and leave nasty or stupid comments on other people’s content. It makes a negative effect on the content. There are teams of trolls out there on the Internet that does it for fun. They go to content and criticize it.
For the longest time, no social media platform has a method in which to control or reduce the level of trolling. Stemit is unique due to this mechanism.
Let’s say that this video is a quality video content. Then, we have some idiot trolls that come and leave nasty comments on this video. What happens is if the community watch this video and agree that the troll was just trolling, and there are enough people downvoting that troll comment, in the future, those nasty comments will keep being downvoted and pretty soon they won’t even show up. The troll guy will lose money for doing such a thing.
Financially, it hurts someone who actually trolls a content creator on the Steemit platform. This is a great method because there is a financial loss to someone for being stupid on the Steemit platform.
It financially incentivizes content creators to create quality content. It financially rewards those who upvote quality content. However, it financially hurts the people who are trying to troll other content creators, the curators or other people who upvote or comment on quality content.
The last thing that makes the Steemit platform completely different is it rewards those who create original content.
Many of the guys know that our channel, Cryptocurrency Market, is the most popular and fastest growing cryptocurrency investment channel. It is run by me and my good friend, Leon Fu. We call him LeonFu.com. Because he’s so nerdy, we just add the “.com” behind his name to make fun of him and joke around with him.
In the past, when we put the quality content from our channel Cryptocurrency.market on YouTube, other people would grab them and put them on their blog. Then, they got ads revenue for it. In other words, they’re getting paid for the original content that LeonFu.com and I created on our channel. Moreover, they don’t give us credit for those videos. They just put our videos up on their blogs and stuff.
What Steemit does is it prevents people from stealing others’ original content. For example, if you see our video posted on someone else’s blog on Steemit, you can let the community know that is not the original content. If people want to see Tai Zen and LeonFu’s original content about how to invest in cryptocurrency, they can come directly to our Steemit channel or account. They can see it directly there first and not duplicate content on someone else’s blog.
There’s nothing wrong with someone taking our videos and having a commentary on what we say about a specific cryptocurrency. However, it’s obviously not proper to go and steal someone else’s content and not reference them.
That’s the fifth thing I believe that really makes Steemit different from any other platforms out there. I just want you to be aware of that.
This video is actually one of the first videos that I’m going to test to see how the Steemit platform works. When Leon and I create more content on there, we’ll back to you.
Mabe, you don’t know this, but on the tier-based ranking my buddy Leon and I set for different cryptocurrencies, we have 3 rankings. With early preliminary research that we have, we are going to give Steemit a B-tier. A-tier would be something like Ethereum or Bitcoin.
To summarize the reason why we give it a B-tier, there are 5 key elements to it. Firstly, it’s original and no one has done it yet. Secondly, it has the ability to be censorship-resistant. Thirdly, the viewers get to pay the content directly. Plus, the curators, who upvote and sort out all the content to see what’s good and what’s bad so that the rest community can know, also get paid for doing that. Fourthly, the system rewards people who helped to stop trolling by creating a financial loss for those who are trying to troll the network. The last thing is the original content.
Those are the 5 key elements that allow us to invest in the Steemit platform. I’ll get back with you once we learn some more about what’s happening on it. This video will be one of the first ones that we do to test that.
I notice that there’s a bunch of people watching here. I will answer a few questions before I sign off. Therefore, if you any questions, just leave the questions in the comments section and what country or city you are from
Bad News Triplets says: “If I power my Steem power, do I receive money from my estimated value?”
When it comes to what is the difference between Steem, Steem tokens, Steemit dollar, Steam power and how it’s pegged to the US dollar and everything, I will make some separate videos about that.
You might follow me and Leon for a while. You know that we always start off with the Steemit for investors. We are always the first one to discuss what it is. Then, in successive videos, we’ll go into more details about what is the Steem token, Steam power, how it’s locked up for 2 years, etc.
Trystan Kamis: “If you are an influencer and have a lot of fans, can you gang up on a user?”. Absolutely not, Trystan. That’s a good question by the way.
Let’s say there’s an upcoming channel as a competitor and I don’t like that channel for some reason. I tell all my subscribers to go and troll or downvote that one. If the upcoming channel report that and tell their audience to downvote our videos, the same thing can happen. If the community agrees with that, it will lower my channel.
You know by now I have guests on my channel. I bring different viewers and different people of interest that can help you improve your investment skills in cryptocurrency. Therefore, that’s not something that I would do anyway. That’s not my MO (Modus Operandi). We believe that we share all these videos with you to help you make some life-changing finances in the cryptocurrency world. It’s not our objective to go and downvote somebody else.
However, we will say bad things about something that we recognize it as a scam. For example, I have the most popular video about OneCoin Leon and I strongly believe that it’s an MLM scam and people should not invest in it.
As you can see, we did our best to make sure that it gets the most views so that when people search for it on YouTube, they are protected from that bullshit scam OneCoin.
Nonetheless, if somebody has their own opinion or have an upcoming channel, that’s not something I’m going to do.
I mean you are really seeing me bring Shaka Daniel from his channel Chase That Coin. He’s from New York. I believe he has good stuff about cryptocurrency. I listen to his channel and follow it. That’s the reason why I bring him on and kind of introduce him to it.
If you have a channel that’s worthwhile for the viewers of our channel, I’ll be happy to have you on as long as you share the same path where we are to help the public learn more about cryptocurrencies investments. If you talk about bogus cryptocurrencies that we don’t support or we don’t believe in, obviously we’re not going to support that channel.
Next question is: “Are you interviewing anyone today or just yourself speaking?” No, just me. I’m about to run out so I just want to make this really quick.
I’ve been getting a ton of questions about Steemit platform. One of the ways we know what cryptocurrency to talk about is because of our subscribers. When we get a ton of subscribers asking questions about the same cryptocurrency, we’ll start looking into it and researching it.
Leon and I admit that we were a little late to the Steemit. It came out in March, but we were so busy updating our subscribers with the DAO attack in the Ethereum situation and trying to figure out what is the right action steps to take. Therefore, we kind of fell behind on our research on other new cryptocurrencies and ICO.
Now, the DAO attack has been resolved and settled. We are going to go back and continue our research again.
Next question by Shelby: “The community can censor anything that doesn’t agree with their groupthink”. Yes. I guess you can. I mean I’m not trying to take advantage of the position I have of having the most popular cryptocurrency investment channel to talk shit people.
Our goal is to make a life-changing financial amount of money in cryptocurrency and help other people along the way. Our goal is not to bash the people because that doesn’t help us create life-changing finances.
…425: “Tai, you should post this video on Steem and make the video in Steem specifically.” I will post this on Steemit and I will make this video specifically for Steemit. From my research, right now, there is not a way to upload videos directly to Steem. That’s why I’m uploading this video to YouTube, then post it on Steems. Once I figure out a way to do, I’ll do that in the future.
Jero Back ask “Isn’t it the massive inflation problem?” I’m going to answer that in a separate video.
Fireflies say: “We miss you.” I miss you guys too. I enjoy making these videos. One of the things that were holding us back is the DAO.
One more question and I have to wrap it up because of my Indian driver.
“Is it good to invest in Steemit right now. Please answer.” People always ask me what I invest in. When you see me talking about it, there’s a chance Leon and I invested into it. Nobody knows what’s going to be the next Ethereum or Bitcoins. If somebody tells you that they know, that is bullshit.
What we do is we make small bets on each one of these and hope that it hits big. Therefore, if you have the resources to place a small bet on Steemit, then do it. However, if you don’t, then obviously don’t do it.
“Indian driver. Such as cliché.” It’s actually not a cliché. He is Indian. Can you give us the Indian accent real quick?
Indian driver: ….
Tai Zen: I’m not joking when I say that he’s an Indian driver.
Indian: When you make this kind of money, you can afford a good looking guy to be your driver. That’s the whole thing.
Tai Zen: Go warm up the car.
Indian: Whatever he says, just listen to him because who has a driver that can afford a Rolex?
Thanks for watching this video. We have lots of things to do in Buckhead today in Atlanta. I’ll catch you guys in the future video. I didn’t expect to have this many views since I just make a real quick update about Steemit.
If you like this video, give me a thumbs up. If you guys don’t like it, give me a thumbs down.
Later, we will post it on Steemit. If you guys can upvote it for us, It would be awesome. We’re testing out to see what happens when people upvote it and what it does, so we can all learn from this new Steemit platform.
If you have any friends or family that want to learn about investing in cryptocurrency, make sure you share this channel with them in the Steemit blog. I’ll see you in the future video.