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      "body": "article possibly stolen from here: https://www.cryptocoinsnews.com/steem-soars-1000-bypassing-litecoin-can-work/",
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      "parent_permlink": "cryptocurrency",
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      "permlink": "ryan-x-charles-on-choosing-bitcoin-and-why-steem-can-t-last",
      "title": "Ryan X. Charles on Choosing Bitcoin and Why Steem ‘Can’t Last’",
      "body": "<html>\n<p><br></p>\n<p><img src=\"http://i67.tinypic.com/zsp99t.jpg\" width=\"311\" height=\"162\"/></p>\n<h1><strong>Charles: Steem ‘Can’t Last’</strong></h1>\n<p><img src=\"http://i68.tinypic.com/k35dn4.jpg\" width=\"640\" height=\"360\"/></p>\n<p>The Yours platform, which like Steemit pays users who upload quality &nbsp;popular content, is still in its test phase, with a limited preview set &nbsp;for later this summer. “… One of the top questions we’ve been asked is ‘why bitcoin?’” Charles wrote in a <a href=\"https://engineering.yours.network/articles/2016-07-14-why-we-are-sticking-with-bitcoin/\">blog post</a> Thursday.&nbsp;</p>\n<blockquote>By leveraging &nbsp;bitcoin, we can take advantage of the largest blockchain technical &nbsp;ecosystem including open source software, documentation, standards, and &nbsp;APIs, as well as the largest blockchain social ecosystem including &nbsp;companies and experts.<br>\n&nbsp;</blockquote>\n<p>Steemit had been <a href=\"https://news.bitcoin.com/steemit-pays-users-massive-growth/\">paying its users</a> &nbsp;in its own currency, Steem dollars, using a separate blockchain. In the &nbsp;post, Charles specifically outlined Steem dollars as an example of what &nbsp;he described as “the very approach we determined wouldn’t work.” “Although &nbsp;we are delighted to see blockchain social media a reality, we worry &nbsp;that Steem can’t last,” he wrote. “The burden of building not just a &nbsp;community and a technical platform, but also a novel cryptosystem and &nbsp;supporting economy, is extremely high.” He noted that while building a platform on legacy Bitcoin blockchain &nbsp;parameters meant developers “would have full control over our &nbsp;blockchain’s technical properties to suit our community’s needs,” the &nbsp;problems associated with forging everything from scratch outweighed the &nbsp;advantages.&nbsp;</p>\n<h2>Timely Words</h2>\n<p>Charles’ post was seemingly released while news of <a href=\"https://news.bitcoin.com/steemit-hacked-weak-security/\">Steemit’s hack</a> &nbsp;was still confined to smaller circles. Instead, he offered that in &nbsp;hindsight, it was fortunate Yours had not been built on Ethereum. “A few months ago I wrote an article called ‘<a href=\"https://engineering.yours.network/articles/2016-04-03-why-im-sticking-with-bitcoin/\">Why I’m Sticking With Bitcoin</a>,’ &nbsp;which was about why Yours was not using ethereum… Since then, the DAO &nbsp;was hacked and the enthusiasm around ethereum has dampened,” he &nbsp;concluded. “The timeliness of my article was an accident, but it &nbsp;reassures our stance.”&nbsp;</p>\n<blockquote>Like any good &nbsp;scientific theory, the bitcoin theory has not yet been nor can ever be &nbsp;proven, but so far has withstood every&nbsp;attack.<br>\n&nbsp;</blockquote>\n<p>Steemit meanwhile has restored functionality to its website after amounts of up to $85,000 had been stolen, with CEO Ned Scott <a href=\"https://steemit.com/steemit/@steemit3/first-update-to-july-14-security-announcement-from-steemit-ceo-ned-scott\">announcing</a> “potentially compromised accounts” with balances over $100 being ring fenced. “After &nbsp;conducting further analysis and following hack containment procedures, &nbsp;Steemit has been able to narrow the potential number of compromised &nbsp;accounts,” he wrote in the update. “As a result, we can ensure these accounts are restored to their rightful owners. This process has been completed.” He added that partner exchange Bittrex was still analyzing wallets, &nbsp;after which deposits and withdrawals of Steem dollars would reopen.</p>\n</html>",
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      "parent_permlink": "steem",
      "author": "ellok",
      "permlink": "steem-chasing-ether-in-market-cap",
      "title": "Steem Chasing Ether in Market Cap",
      "body": "<html>\n<p><img src=\"http://i67.tinypic.com/2r6isty.jpg\" width=\"725\" height=\"483\"/></p>\n<p>&nbsp;Steem is next in line to be at the second spot if the cryptocurrency market remains as it is today in coming months. The digital currency behind <a href=\"https://steemit.com/\">Steemit</a> decentralized social media platform, which rewards posters and voters online, overtook <a href=\"https://daohub.org/\">The DAO</a> &nbsp;to be the world’s fifth most valuable cryptocurrency following its &nbsp;1000% plus growth in the days following Steemit’s first cryptocurrency &nbsp;payout on July 4.&nbsp;</p>\n<h2>Steem’s rise</h2>\n<p>As of July 3, according to figures from coinmarketcap.com, it was on <a href=\"https://coinmarketcap.com/historical/20160703/\">the fifteenth spot</a>&nbsp;with &nbsp;market cap of $15,009,110 and a 24 hour trading volume of $8,351. Lisk, &nbsp;Monero, Nxt, Litecoin, Dash and others were all ahead of it. A week later, Steem moved to <a href=\"https://coinmarketcap.com/historical/20160710/\">the seventh place</a> &nbsp;with just NEM, The DAO, Litecoin, Ripple and Ethereum between it and &nbsp;the top currency, Bitcoin. At that point, its market cap had risen to &nbsp;$53,255,780. By Sunday July 17, a week later, its market cap has risen to $296,231,190 to clinch <a href=\"https://coinmarketcap.com/historical/20160717/\">the third place</a> &nbsp;on the list of top cryptocurrencies. It has now pushed Litecoin and &nbsp;Ripple behind. This leaves it on the trail of Ethereum which has a &nbsp;$935,944,265 market cap, a drop from its $982,972,205 on July 3. Whether Steem will be able to maintain its growth or even &nbsp;gather more steam against the top two currencies is as good as anybody’s &nbsp;guess. Users sharing their beneficial experience with Steemit has &nbsp;worked well to push its subscriber base though we can’t say how long &nbsp;such would last.&nbsp;</p>\n<h2>Ethereum’s hard fork</h2>\n<p>However, the pending Ethereum hard fork to recover the &nbsp;funds from the DAO exploits after it was hacked in June is worth &nbsp;watching out for. Planned to occur at block 1,920,000, which should be on &nbsp;July 20 or 21 depending on time zone, the reset promises a move of all &nbsp;the money into a smart contract that can only reimburse investors. The Ether's price increase in May was attributed to the rise of The DAO - or the distributed autonomous organization. Hopefully, the hard fork would bring back the magic that would push Ethereum into a growth trend.&nbsp;</p>\n</html>",
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      "parent_author": "ramveerapratap",
      "parent_permlink": "re-ellok-blockchain-innovation-announces-the-release-of-the-simple-fast-and-secure-bitteller-atm-20160720t151042147z",
      "author": "ellok",
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      "title": "",
      "body": "yup... but it from the owner/the team.. how make it save",
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      "parent_permlink": "steem",
      "author": "ellok",
      "permlink": "steem-soars-1-000-bypassing-litecoin-but-can-it-work",
      "title": "Steem Soars 1,000%, Bypassing Litecoin, But Can it Work?",
      "body": "<html>\n<p><img src=\"http://i67.tinypic.com/zsp99t.jpg\" width=\"311\" height=\"162\"/></p>\n<p><strong>Steem, a new digital currency created to incentivize the use &nbsp;of Steemit, a new experiment in social media, has exploded in the past &nbsp;few days, taking third place after Ethereum, with a current market cap &nbsp;of more than $200 million, but can this actually work or is it just a &nbsp;fad?</strong> Ned Scott, CEO of Steemit, speaking to <em>CCN</em> described the platform as:&nbsp;</p>\n<blockquote>A social media website built completely on the public &nbsp;Steem blockchain, which brings all the benefits of cryptocurrency and &nbsp;immutability to social media. &nbsp;Beyond that, users get paid to post and &nbsp;vote, similar to how miners are paid by Bitcoin.</blockquote>\n<p>The platform has attracted increasing interest with now more than &nbsp;2,000 active users posting and voting. In the past few days, it has &nbsp;begun attracting mainstream attention due to its experiment in &nbsp;incentivizing content production and voting (curation). It has even &nbsp;attracted a following with some users, such as <a href=\"https://steemit.com/@pfunk\">pfunk</a>, saying that they find the platform “fairly profitable, fun, complex, [and] challenging”:&nbsp;</p>\n<blockquote>“I think its biggest effect is that it encourages creativity with an interactive community and financial incentive.”</blockquote>\n<p>I signed up a week ago under <a href=\"https://steemit.com/@aquentson\">aquentson</a> &nbsp;to better understand the experiment and experience it first-hand. &nbsp;Although I tried to see if I could undertake some curating, I did not &nbsp;really find anything compelling, therefore logged out. The user &nbsp;experience leaves much to desire with the submission process requiring &nbsp;far more clicks than reddit and users unable to link a headline &nbsp;directly, but these UX problems may be fairly easy to solve. &nbsp;Incentivizing quality discussions in social interactions through money &nbsp;is a far more difficult problem. From a technical perspective, the voting algorithm is fully public. &nbsp;To game, it requires about two minutes for anyone who can code. Although &nbsp;Steem’s <a href=\"https://app.box.com/s/hmq5p0skko40vi55f8pi4j631sqe3los\">whitepaper</a>, &nbsp;which is bereft of any technical explanation, says there are numerous &nbsp;measures to combat vote gaming, all such measures are public, informing &nbsp;coders of exactly how to make the bot look just like another steemer. Reddit uses incredibly complex measures to combat vote gaming while &nbsp;having a hidden algorithm and still often fails. The gains can be &nbsp;considerable even when no direct money is involved, while the cost &nbsp;almost nonexistent. Therefore, many are highly motivated to find the &nbsp;exact rules of the hidden algorithm by trial and error for the purpose &nbsp;of creating legitimate-user bots. With an open algorithm, streemers are &nbsp;just paying bots, but even with a hidden algorithm, as money is directly &nbsp;involved, it is very hard to see how this problem can be solved or even &nbsp;minimized. If we suppose that the decades-long hard problem of vote gaming is &nbsp;solved in a technical level, steem creates an even harder problem – &nbsp;getting the balance right in incentivizing intrinsic behavior, such as &nbsp;sharing, chatting, getting involved in public discussions, etc. The main &nbsp;reason for using steem rather than, say, reddit, is because of direct &nbsp;payment, but when money is involved people tend to become more selfish, &nbsp;more strictly rational and are more keen to disregard ethics or morals. My first post on the platform was one of the <a href=\"https://steemit.com/ethereum/@aquentson/ethereum-reaches-unanimous-agreement-to-hardfork\">biggest news stories</a> &nbsp;of the year. I posted it on the website immediately after the article &nbsp;was published, but barely gained any votes. Instead, it was copied &nbsp;within hours and the copied post gained far more attention, even though &nbsp;submitted much later. The platform is unlikely, therefore, to become a place where people &nbsp;casually submit or comment with the monetary aspect as just a bonus, &nbsp;but, primarily, a platform to make money. For ordinary users, sharing &nbsp;something interesting is likely to be a boring or annoying experience as &nbsp;no one wants to see their submission at 1 cent, which feels insulting, &nbsp;or stolen by others and see the stolen submission gain $200 while theirs &nbsp;barely gets much attention. Much of the content, therefore, may be left &nbsp;to bots or “professionals,” with the end result likely to be bland. Intrinsic behavior can be motivated by monetary incentives, but it is &nbsp;a delicate balance and far from a trivial problem. Certainly not as &nbsp;easy as straight up giving money to posters and voters which &nbsp;incentivizes unaltruistic behavior and turns a relaxing social &nbsp;experience into work. There are some spaces where money simply should not have a direct &nbsp;role. If a user is paid to read, the reading experience changes. If a &nbsp;user is paid to share, the sharing experience changes. If a user is paid &nbsp;to comment, the commenting experience is no longer the same. What &nbsp;previously was a huge gathering similar to hanging out with friends, &nbsp;steem turns into work with the focus not on relaxing or passing the &nbsp;time, but going through boring content to find the one that will gain &nbsp;most votes and thus most money with the majority barely receiving cents &nbsp;while bot operators or professional “marketeers” grab millions.</p>\n</html>",
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      "author": "ellok",
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      "author": "ramveerapratap",
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      "title": "",
      "body": "Guess it need more security... more portable...more the ppl eye on it for lifting theft",
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      "author": "ellok",
      "permlink": "re-stealthtrader-re-ellok-decentralized-storage-platform-sia-comes-out-of-beta-20160720t150953523z",
      "title": "",
      "body": "lets shake some money Y_Y",
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      "title": "Blockchain Innovation Announces the Release of the Simple, Fast, and Secure BitTeller ATM",
      "body": "<html>\n<p><img src=\"http://i64.tinypic.com/15yyfia.jpg\" width=\"640\" height=\"337\"/></p>\n<h2><strong>The World’s Most Affordable Bitcoin ATM</strong></h2>\n<p><strong>Austin, Texas (July 7) – Blockchain Innovation, announced &nbsp;today the official release of their highly anticipated Bitcoin ATM, the &nbsp;BitTeller. With the growing popularity of cryptocurrency; developing and &nbsp;producing the BitTeller was a no brainier for blockchain Innovation. &nbsp;The BitTeller is a small but powerful Crypto­ATM system&nbsp;designed to &nbsp;provide a safe and simple way to buy Bitcoin and other cryptocurrencies. &nbsp;The BitTeller is portable and easy to move to different locations, but &nbsp;also provides multiple methods for securing it permanently.</strong> At a time when consumers and business owners are reluctant to remove &nbsp;the banking institution from the process, the BitTeller ATM is being &nbsp;released to the cryptocurrency industry. How does the BitTeller work? The ATM owner loads the BitTeller’s &nbsp;wallet to a desired amount. They can then put the BitTeller in their &nbsp;place of business, home, or meeting hall. It is then ready for friends, &nbsp;customers, or anyone to purchase coins with cash. At the end of the day, &nbsp;the owners can remove the bills and reload the system as needed. A &nbsp;notification system is also available to alert the owner via email for &nbsp;issues such as:<br>\n low balance, system errors, and daily status reports BitTeller updates &nbsp;its’ data every two minutes from multiple exchanges to make sure pricing &nbsp;remains accurate. BitTeller also allows ATM owners to customize their &nbsp;pricing by adjusting how much they earn with each purchase. “After months of development, prototypes, and testing, we are proud &nbsp;to introduce the BitTeller ATM to the cryptocurrency industry” said &nbsp;Blockchain Innovation CEO, Jonah Dorman. “We strived to design an ATM &nbsp;that is affordable to even the smallest businesses or individual. I &nbsp;believe we have achieved that, and delivered a system that both users &nbsp;and owners will find simple to use, and most importantly, safe.” About Blockchain Innovation: Blockchain Innovation is a leader in &nbsp;large mining operations, coin development, hardware sales and more for &nbsp;Bitcoin, Litecoin, and other alt­coins. In business since 2015, &nbsp;Blockchain Innovation comprises of individuals with many years of &nbsp;experience in all kinds of development roles across multiple industries.</p>\n</html>",
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      "permlink": "re-ellok-decentralized-storage-platform-sia-comes-out-of-beta-20160720t150437612z",
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      "body": "Nice!\n\nI attempted a funny post to help newbies not be intimidated by whales :D\nhttps://img0.steemit.com/0x0/https://media1.giphy.com/media/dtIQYbWfzB5nO/200.gif\n\nhttps://steemit.com/money/@stealthtrader/when-your-not-a-whale",
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      "body": "yup... keep calm and stay cool ^_^",
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      "parent_author": "",
      "parent_permlink": "steemit",
      "author": "ellok",
      "permlink": "4frwzc-steemit-may-become-killer-app-as-it-looks-to-draw-1-mln-bitcoin-users-yearly",
      "title": "Steemit May Become Killer App As It Looks to Draw 1 Mln Bitcoin Users Yearly",
      "body": "<html>\n<p><img src=\"http://i67.tinypic.com/zsp99t.jpg\" width=\"311\" height=\"162\"/></p>\n<p>&nbsp;The exponential rate at which <a href=\"https://cointelegraph.com/news/coinmarketcap.com/currencies/steem/\">Steem</a> grows may put on fast track a solution to the scaling issue that the Bitcoin community faces. Steem is a digital currency behind <a href=\"https://steemit.com/\">Steemit</a>, &nbsp;a&nbsp;decentralized social media platform which rewards posters and voters &nbsp;online. Scaling Bitcoin has become a hot button issue in the community. &nbsp;This is the process to increase block size from its current form in &nbsp;which the network can only support up to seven transactions per second &nbsp;to process more like Paypal achieves with about 100 transactions per &nbsp;second, and as Visa does with about 4,000 per second.&nbsp;</p>\n<h2>In the wake of the Steemit hack</h2>\n<p>Recently, Steemit was hacked, <a href=\"https://cointelegraph.com/news/www.cointelegraph.com/news/steemit-website-hacked-ceo-promises-to-reset-accounts-in-48-hours\">with about 260 accounts compromised</a>. <a href=\"https://cointelegraph.com/news/www.wachsmanpr.com/meet-the-team/\">David Wachsman</a> responded to those who claim the hack was intentionally organised by Steemit itself as false. He wrote via email:&nbsp;</p>\n<blockquote>“Without even presenting it to the Steemit team, I can tell &nbsp;you that the insinuation is completely outrageous and false. Once the &nbsp;issue was identified, the Steemit team worked heroically and tirelessly &nbsp;to protect its community. The Steemit team continues to work &nbsp;extraordinarily hard to get things back to normal as swiftly as &nbsp;possible. CEO Ned Scott may post updates to the situation on the Steemit &nbsp;website from time to time, and we plan on sharing those with the media &nbsp;simultaneously whenever possible.”&nbsp;</blockquote>\n<h2>Overtaking the DAO</h2>\n<p>With Steemit being touted to be the bridge that has the &nbsp;ability to bring people who have no interest in cryptocurrency into its &nbsp;world, Steem overtook <a href=\"https://daohub.org/\">The DAO</a> &nbsp;to be the world’s fifth most valuable cryptocurrency following its &nbsp;1000% plus growth in the days following Steemit’s first cryptocurrency &nbsp;payout on July 4. &nbsp;After the $1.3 million giveaway, the number of &nbsp;transactions, posts, votes and new users signing up to Steemit’s &nbsp;decentralized Reddit-like platform tripled. In a media release its CEO, Ned Scott, says:&nbsp;</p>\n<blockquote>“After the successful payout on July 4, consumers have seen &nbsp;that our system really works. Everyday users are jumping onboard our &nbsp;social network and many early adopters have benefited. People have &nbsp;started saying that they have paid their rent with money earned on &nbsp;Steemit. Others have bought cell phones, washing machines, and even paid &nbsp;their electricity bills. We have constructed perhaps the first &nbsp;Blockchain application that anyone can use. Content creators and &nbsp;curators have enjoyed earning valuable crypto rewards through a fun and &nbsp;seamless experience.” &nbsp; &nbsp;&nbsp;</blockquote>\n<p>Steemit is on track to become one of the largest and &nbsp;fastest growing cryptocurrency projects worldwide in less than three &nbsp;months of its inception. As Steem reaches millions of people in the next &nbsp;year, it could possibly choke Bitcoin's capacity if all the people were &nbsp;to use Bitcoin as a gateway to buy in and/or cash out each month. <a href=\"https://steemit.com/@eeks\">Eeks</a>, in a <a href=\"https://steemit.com/bitcoin/@eeks/steemit-is-bitcoin-s-killer-app-or-evidence-numbers-and-analysis\">post</a>&nbsp;on &nbsp;Steemit, wrote that Steemit is the killer app Bitcoin has been waiting &nbsp;for to bring fresh and diverse people into Bitcoin and into &nbsp;cryptocurrencies. The writer says Bitcoin companies and their products do &nbsp;nothing for people outside the one percent who know and use Bitcoin. He &nbsp;cites <a href=\"https://purse.io/\">Purse.io</a> &nbsp;as the closest thing to a Bitcoin killer app to convince those outside &nbsp;the cryptocurency community but, as yet, hasn’t had much luck. The same &nbsp;applies to <a href=\"https://openbazaar.org/\">OpenBazaar</a>, &nbsp;Bitcoin gambling and P2P lending sites, who have not provided a reason &nbsp;for those people to care about Bitcoin or a need to have it, except for &nbsp;speculative purposes. In an analogy, the writer concluded, based on available &nbsp;figures, that the new social media site could acquire at least a million &nbsp;Bitcoin active onboard users in a year.&nbsp;</p>\n<blockquote>“And if it happens as I expect, Steemit will acquire 1 &nbsp;million or more people onboard per year. That's 1 million people &nbsp;becoming more comfortable with crypto, finding it usable and relatable. &nbsp;That's a huge win for Bitcoin and crypto. The value of any &nbsp;cryptocurrency are the people involved and the network effects they &nbsp;bring, all enabled by the underlying technologies and their usefulness. 1 &nbsp;million more active users into the cloistered world of cryptocurrency &nbsp;seems like a valuable breath of fresh air. Steemit, despite not even &nbsp;being a Bitcoin project, looks like it has the potential to be Bitcoin's &nbsp;killer app. Bitcoin holders rejoice.”&nbsp;</blockquote>\n<p>In a <a href=\"https://steemit.com/bitcoin/@dantheman/can-bitcoin-scale-to-keep-up-with-demand-created-by-steem\">post</a>&nbsp;by &nbsp;<a href=\"https://steemit.com/@dantheman\">dantheman</a> on Steemit, the writer says:&nbsp;</p>\n<blockquote>“If Bitcoin and other cryptocurrencies wish to benefit from Steem's &nbsp;attraction of new people to cryptocurrency, then they will need to solve &nbsp;the scalability problem much faster than previously anticipated. &nbsp;Failure to scale means the market could pass them by altogether.”&nbsp;</blockquote>\n</html>",
      "json_metadata": "{\"tags\":[\"steemit\"],\"image\":[\"http://i67.tinypic.com/zsp99t.jpg\"],\"links\":[\"https://cointelegraph.com/news/coinmarketcap.com/currencies/steem/\",\"https://steemit.com/\",\"https://cointelegraph.com/news/www.cointelegraph.com/news/steemit-website-hacked-ceo-promises-to-reset-accounts-in-48-hours\",\"https://cointelegraph.com/news/www.wachsmanpr.com/meet-the-team/\",\"https://daohub.org/\",\"https://steemit.com/@eeks\",\"https://steemit.com/bitcoin/@eeks/steemit-is-bitcoin-s-killer-app-or-evidence-numbers-and-analysis\",\"https://purse.io/\",\"https://openbazaar.org/\",\"https://steemit.com/bitcoin/@dantheman/can-bitcoin-scale-to-keep-up-with-demand-created-by-steem\",\"https://steemit.com/@dantheman\"]}"
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      "body": "Good news! Bought some siacoins, so goodluck to developers",
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