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      "body": "This is a great piece and thanks for sharing. I'm happy to upvote and share this on [Twitter✔](https://twitter.com/StephenPKendal) for my followers to see. Following and looking forward to reading more of your posts. Cheers. Stephen",
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      "body": "<IMG SRC=\"https://img.buzzfeed.com/buzzfeed-static/static/2016-09/10/12/asset/buzzfeed-prod-fastlane01/sub-buzz-29053-1473523983-1.jpg?resize=625:414&no-auto\">\n\nClinton characterized half of Trump supporters as people to “empathize with.” She characterized the other half as “the racist, sexist, homophobic, xenophobic, Islamophobic — you name it.”\n\nHillary Clinton on Saturday said she regretted comments made to donors the previous evening in which she outlined what she sees as the two types of Trump supporters.\nFirst, there are those in the “basket of deplorables” — who include racists, xenophobes, and homophobes, and make up about “half” of Trump’s supporters, Clinton said. She called this group “irredeemable.”\nSecond, there are the people who “don’t buy everything he says,” but want desperately to see change. She said this group was worthy of empathy.\nIn recent weeks, the topic of racism has animated some of Clinton’s messaging, after she gave a high-profile speech about Trump’s history on race and the rise of the alt-right, a white nationalist movement that has been energized by Trump’s rise. Generally, though, Clinton has avoided characterizing Trump himself as racist, instead choosing to label her opponent’s statements as racist.\nHer full remarks:\n“I know there are only 60 days left to make our case — and don’t get complacent, don’t see the latest outrageous, offensive, inappropriate comment and think well he’s done this time. We are living in a volatile political environment. You know, to just be grossly generalistic, you could put half of Trump’s supporters into what I call the basket of deplorables. Right? The racist, sexist, homophobic, xenophobic, Islamophobic — you name it. And unfortunately, there are people like that. And he has lifted them up. He has given voice to their websites that used to only have 11,000 people — now have 11 million. He tweets and retweets their offensive hateful mean-spirited rhetoric. Now, some of those folks — they are irredeemable, but thankfully they are not America.\n\nBut the other basket — and I know this because I see friends from all over America here — I see friends from Florida and Georgia and South Carolina and Texas, as well as, you know, New York and California — but that other basket of people are people who feel that the government has let them down, the economy has let them down, nobody cares about them, nobody worries about what happens to their lives and their futures, and they’re just desperate for change. It doesn’t really even matter where it comes from. They don’t buy everything he says, but he seems to hold out some hope that their lives will be different. They won’t wake up and see their jobs disappear, lose a kid to heroin, feel like they’re in a dead-end. Those are people we have to understand and empathize with, as well.\n\nThe remarks came at an LGBT-focused fundraiser in New York City that included appearances by Laverne Cox and Barbra Streisand.\nOn Saturday morning, Trump responded on Twitter, describing the remarks as “insulting.”\n\n<IMG SRC=\"https://s16.postimg.io/oams523id/1111.png\">\n\nHis running mate, Indiana Gov. Mike Pence, also denounced the comments during a speech at the Value Voters summit in Washington, DC.\n“Hillary Clinton’s low opinion of the people who support this campaign should be denounced in the strongest possible terms. The truth of the matter is the men and women who support Donald Trump’s campaign are hardworking Americans,” Pence said.\n“Hillary, they are not a basket of anything. They are Americans and they deserve your respect,” he said to cheers from the conservative audience.\nPence compared the remarks to 2008 comments by then Sen. Barack Obama who said some conservative voters “cling to guns or religion.”\n“No one with that low opinion of the American people should ever be elected president of the United States of America,” he said.\n\n<IMG SRC=\"https://img.buzzfeed.com/buzzfeed-static/static/2016-09/10/14/asset/buzzfeed-prod-fastlane01/sub-buzz-28843-1473531188-3.jpg?resize=625:461&no-auto\">\n\nOn Saturday, Clinton released a statement in which she said she regretted her phrasing:\n\n\"Last night I was ‘grossly generalistic,’ and that’s never a good idea. I regret saying ‘half’ — that was wrong. But let’s be clear, what’s really ‘deplorable’ is that Donald Trump hired a major advocate for the so-called ‘alt-right’ movement to run his campaign and that David Duke and other white supremacists see him as a champion of their values. It’s deplorable that Trump has built his campaign largely on prejudice and paranoia and given a national platform to hateful views and voices, including by retweeting fringe bigots with a few dozen followers and spreading their message to 11 million people. It’s deplorable that he’s attacked a federal judge for his ‘Mexican heritage,’ bullied a Gold Star family because of their Muslim faith, and promoted the lie that our first black president is not a true American. So I won’t stop calling out bigotry and racist rhetoric in this campaign. I also meant what I said last night about empathy, and the very real challenges we face as a country where so many people have been left out and left behind. As I said, many of Trump’s supporters are hard-working Americans who just don’t feel like the economy or our political system are working for them. I’m determined to bring our country together and make our economy work for everyone, not just those at the top. Because we really are ‘stronger together.’\"\n\nTrump then released a statement of his own, calling Clinton’s comments “the worst mistake of the political season:\n\n\"Isn’t it disgraceful that Hillary Clinton makes the worst mistake of the political season and instead of owning up to this grotesque attack on American voters, she tries to turn it around with a pathetic rehash of the words and insults used in her failing campaign? For the first time in a long while, her true feelings came out, showing bigotry and hatred for millions of Americans. How can she be President of our country when she has such contempt and disdain for so many great Americans? Hillary Clinton should be ashamed of herself, and this proves beyond a doubt that she is unfit and incapable to serve as President of the United States. I will be President for all of the people, and together we will Make America Great Again.\"",
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      "body": "@@ -1,12 +1,109 @@\n+%3Cimg src=%22https://media.coindesk.com/uploads/2016/08/Screen-Shot-2016-08-12-at-2.48.08-PM.png%22%3E%0A%0A\n When an obsc\n",
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      "body": "When an obscure cryptocurrency with a total market cap of approximately $14m skyrockets to over $400m, people take notice.\n\nBut, when that cryptocurrency forms the backbone of a social media entity rewarding people for creating content, sometimes with thousands or tens of thousands of dollars for single posts, excitement and skepticism ensues.\n\nLaunched in March and gaining prominence in July, Steemit, a self-described \"blockchain-based social media platform\", has seen this level of notoriety in just its first few months of operation. To date, it has polarized blockchain experts while winning scores of newcomers to the technology.\n\nThe brain-child of Daniel Larimer, founder of BitShares, and Ned Scott, a former financial analyst, Steemit aims to provide a place for individuals to create content, promote the content they believe is good and comment on stories — all while earning money.\n\nBut Steemit is more than just a website for earning spare change.\n\nIt’s an actual blockchain built on a piece of technology developed by Larimer called Graphene, which allows for the deployment of application-specific blockchains.\n\nScott, in interview with CoinDesk, explained that the team only had the idea for Steemit back in January and, because of the Graphene framework, they were able to quickly roll the project out.\n\nThe rest, like most things in the blockchain space, is a bit difficult to explain.\n\nThe pop\n\nFor the first few months, there wasn’t much talk about Steemit.\n\nWhile there were early miners and people contributing content, the real big bang didn’t come until 4th July. When the dam opened, $1.3m worth of stored-up blockchain-based currency called \"steem\" was released to those that had been participating on the platform.\n\nScott explained that, while all of the blog posts, comments and upvotes that had occurred on the site pre-July 4th were all on the blockchain, the rewards users had been promised for their contributions had not been distributed. The underlying idea was that the team wanted to continue testing the platform, finding bugs and fixing them prior to a rush of new people signing up.\n\nHe cautioned that, no matter how diligent the development team is, there are going to be bugs and that they wanted to ensure that Steemit was safe and secure for everyone.\n\nNevertheless, 4th July was a day that they had all been looking forward to.\n\nScott said:\n\n\"What happened on 4th July, it was like a three-month long day that finally ended. Today, the rewards pool distributes in a continuous matter. On that first day, it was sort of this moment that had been building up.\"\n\nAnd with that pop, users who had been watching their balances rise were instantly rewarded.\n\nOne currency, two smart contracts\n\nPart of the confusion with Steemit lies in the different ways that the currency is presented to users.\n\nAt the root is the currency Steem, which is the typical transferrable, fungible, freely moveable token akin to bitcoin, ethereum or any other cryptocurrency. But that same Steem can be put into two different types of smart contracts depending on the particular utility an individual wants.\n\nThe first is called Steem Power, which provides utility and leverage. Steem Power is the backbone of an account's voting-potential. In other words, the more Steem Power an individual has, the stronger their vote is on Steemit.\n\nScott explained that the team wanted to provide a mechanism by which individuals could take a long-term interest in the project, while allowing others to continue with their speculation. In the white paper, Steem Power is compared to long-term capital commitments, similar to what a venture capitalist might do.\n\nWhile users can invest their money instantly, there is an expectation that it will take time to see a return on that investment.\n\nIn the case of Steem Power, should a user want to convert back to the base currency of Steem, it will need to occur in 104 weekly conversions.\n\nThe second smart contract is called Steem Dollars. This is a debt-like instrument that promises to distribute $1 worth of Steem to the token holder at some point in the future.\n\nScott explained:\n\n\"[This is] the blockchain telling the holders of Steem Dollars that, at any point in the future, the blockchain will convert their Steem Dollars into a dollar’s worth of Steem after a seven day conversion process.\"\n\nThis seven-day conversion process is meant to minimize the ability to create arbitrage attacks by market timers. If the Steem Dollars were convertible to Steem immediately, a user could take advantage of a difference in price, convert their Steem Dollars into regular Steem and earn more than the $1 worth the smart contract intended for it.\n\nBecause it is a stable debt instrument, users who hold Steem Dollars miss out on any Steem price increases. If Steem is worth $1 and this conversion took place, the individual would receive 1 Steem for every Steem Dollar they owned. If Steem rose to $2, the individual would receive 0.5 Steem for every Steem Dollar they owned.\n\nTo compensate for the locked value, Steem Dollars accrue interest. At time of story, users that hold Steem Dollars will earn 10% a year in interest, paid out in Steem Dollars.\n\nRewards for writing and curating\n\nThere are two methods of earning Steem on Steemit.\n\nThe first is by writing a blog post. As that blog post accrues votes, the amount of Steem that will be distributed to the writer increase.\n\nHowever, every vote on the site is not worth a flat amount of money. Instead, the amount earned is based on both the number of votes an individual receives and the amount of Steem Power a voter has.\n\nFor example, if one user had 1,000 Steem Power and another had 10,000 Steem Power, it's clear that the latter has a more powerful account than the former. The effect of each of those two people voting on a piece of content is not equal; specifically, the user with 10,000 Steem Power's vote is worth more.\n\nThis has resulted in the development of a sort of whale chasing culture, whereby writers hope to convince the large Steem Power holders to give them upvotes. A vote by Scott or Larimer has been seen to increase the value of a post by hundreds of dollars, resulting in a pile-on effect where others chase the post.\n\nTo incentivize this sort of voting, there is also the curation reward paid out in the form of Steem Power. If a post does well, you earn more Steem Power than if a post doesn’t do well, thus incentivizing you to only vote for content that you believe is high quality.\n\nFurther, not every vote from the same account is equal in value. Voting on multiple pieces of content reduces the strength of each of your votes depending on how much time passes between each vote. Scott explained voting power by comparing it to certain video games.\n\nHe said:\n\n\"It’s a lot like Diablo or something where you have mana. What happens is, if you're casting a lot of spells, your mana decreases and then it generates over time. The same is true of voting power. You have to put some thought into votes because you don’t want to waste your voting power.\"\n\nThere are two reward pool distributions.\n\nThe first is approximately 12 hours after the post has been submitted. The reward, denominated in US dollars, is released to the writer divided evenly between Steem Power and Steem Dollars. Voters receive the reward entirely in Steem Power. The second reward pool distribution occurs one month later.\n\nDelegated proof-of-stake\n\nA blockchain without security is not one anyone would have faith in.\n\nSteemit gains its security from a delegated proof-of-stake algorithm, first developed for Larimer's BitShares project, which is a variation of proof-of-stake. A true proof-of-stake algorithm, such as peercoin, relies on those who hold the currency to verify transactions.\n\nThe more currency held by a wider variety of people, the more secure the network is.\n\nIn a delegated proof-of-stake system, the community votes for individuals, called witnesses, to be responsible for verifying transactions.\n\nThe easiest way to think about it is proof-of-stake is true democracy similar to ancient Athens. Delegated proof-of-stake is more of a democratic republic, such as the US. By that logic, witnesses are like Congressmen, elected by the community to be responsible for securing the network.\n\nHowever, the analogy ends there, because witnesses can be kicked out of their job for not doing it, something the US Congress has been immune to for some time.\n\nScott said:\n\n\"It’s a paid position. We're not talking about four-year terms. We're talking about people with very specific jobs, which are to produce and verify blocks.\"\n\nIn total, there are 21 witnesses responsible for creating and signing blocks of transactions each time a block is made. The first 19 are voted for, as described above. Then there is a 20th witness, which is a random witness who might not have been in the top 19. The 21st witness is a miner doing typical proof-of-work.\n\nIn the Steemit white paper, the authors write:\n\n\"This process is designed to provide the best reliability while ensuring that everyone has the potential to participate in block production regardless of whether they are popular enough to get voted to the top.\"\n\nNew, but growing\n\nSince catapulting in value to over $400m, Steem has cooled to an approximate market-cap of $157m, but this still makes it one of the six largest cryptocurrencies on the space.\n\nWhile there are certainly naysayers, the reality is that Steemit continues to see more people signing up and participating.\n\nHowever, it’s not simply Steemit the social media site, but also the blockchain that has experienced tremendous growth. Scott said that entrepreneurs and developers have already created 50 different tools, such as Catch a Whale (which tracks where whales have recently voted) and SteemMarket (which lets users buy, sell and rent goods with Steem).\n\nNed said:\n\n\"The people showing up to use this are going directly to the blockchain. We don't have the authority to tell them not to. In fact, we implore it. What we set out to do is build an ecosystem and that’s exactly what’s happening.\"\n\nWhether they stick around past the excitement, though, remains to be seen.\n\nIf the stories of people paying off bills, buying family members washing machines and going on vacations is any indication, Steemit might have found a niche for content creators looking for ways to generate income.\n\nDisclosure: The author posted several articles on Steemit in conjunction with writing the report, for which he earned $2,400 in Steem.",
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