Crucial Distinction Between Steemit (Platform) and STEEM (Cryptocurrency)

Just wanted to make a video providing some clarification around the very important distinctions between Steemit the platform, and STEEM the internal cryptocurrency that underpins it.

One is entirely risk-free, the other is a risky investment that should be recognised as such (even if it's potentially very profitable).

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Although I haven't made any cash out of steemit, I still enjoy it as an opportunity way to earn some money. No capital risk is the key.Hopefully the adoption rate is higher than the inflation rate in steem.

Greetings @louisthomas! Do you think Steemit has what it takes to be one of the top 10 global social media platforms?

We do! Are you willing to help us do what it takes to fix steemits vulnerabilities so we can bring this platform to the mainstream?

I represent an media alliance with over 10 million followers. We see that steemit needs a few small, but very important changes to make it to the next level.

Please share your solutions with us! And help us attract the attention of steem developers. Share your wisdom and thoughts with us at
https://steemit.com/steem/@earthnation/solutions-to-bring-steemit-to-the-mainstream-discussion-thread-share-your-solutions-help-us-attract-steem-developers-attention

Together, we will bring steem to the Mainstream!

Well now you have :). And the adoption rate is currently orders of magnitude larger than the inflation rate.

Community Liaison, Steemit

Do you have any idea where I could find information on the adoption rate of Steemit? And Thanks for the vote

https://steemdb.com/accounts has all of the accounts. There are 10 accounts per page so multiply that by the total number of pages. If you compare day to day you can compute the rate that way or go directly to the blockchain

@andrarchy Thanks for info. Great to hear this "adoption rate is currently orders of magnitude larger than the inflation rate.". I have invested all what I have in STEEM. And I would love to see that STEEM grows in Values... :)

Hey tony10 there are many ways to make a killing with crypto right now.. One of the best ways is using this company here https://goo.gl/5SXPWy you can earn 1% daily profits off your investment..pretty amazing and I highly recommend.. take care and good luck

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Hey Louis, loved the video. I DM'ed you on steemit.chat and would love to chat.

Community Liaison, Steemit

Good thinking making a point to differentiate the two. I'm an SP advocate for power users so I'm dropping some of my older posts on it :)

  1. Why Should You Consider Accumulating Steem Power?

  2. Why Should You Consider Putting Your Extra Time, Effort, and Resources Into Being Part of The Collaborative Commons?

These are great articles. I'm new to Steemit, but I realized pretty quickly the value of having and accumulating SP. I've really enjoying becoming part of the Steemit community!

Very good points you bring up @louisthomas.

I think when looking at a cryptocurrency it is imperative to look at the underlying blockchain. With that, I think what separates one platform from another is the development that is taking place. This is especially true when a blockchain is relatively new. The biggest question is what is going onto that blockchain which will be used by people.

Steemit is just an app..so is DTube....busy.org....etc.... On the blockchain, those do not have the true value, it is the blockchain. As more apps are developed which people use, then you will see the value of the blockchain increase. Of course, this might or might not be reflected in the price of a currency since that is set by the market forces which can either get ahead or trail the development.

I posted a couple articles the last couple days about why I am so bullish about STEEM in spite of the negative comments about steemit's present technical gaffes. Overall, I am a big believer in the SMT market....that is a great way to lead millions upon millions of people to the steem blockchain. Notice I said blockchain and not necessarily steemit. Nevertheless, them being on the blockchain helps everyone who has STEEM.

Thanks for the video.

That's an awesome article just to let you know this is an amazing way to make bitcoin http://bit.ly/2ylZWDe

Hi Louis, first of all I really respect you, and enjoy your content. Thanks.
I wanted to let you know that I saw your last video on Steemit, and I didnt get the impression you wanted us to buy STEEM. I think you simply suggested we consider using the platform, in conjuction, or as replacement to Youtube.

Since that video about Steemit I've registered here on Steemit and am very excited about where this could go.

Before you I didnt know anything about Steemit, and now each day Im happily logging in, posting content and Im really excited.

Anyways, Im excited about this platform and grateful that you introduced me to this platform, so thank you!

That's awesome! Great to hear that you're enjoying the platform. Best of luck!

Greetings @louisthomas! Do you think Steemit has what it takes to be one of the top 10 global social media platforms?

We do! Are you willing to help us do what it takes to fix steemits vulernabilities so we can bring this platform to the mainstream?

I represent an media alliance with over 10 million followers. We see that steemit needs a few small, but very important changes to make it to the next level.

Please share your solutions with us! And help us attract the attention of steem developers. Share your wisdom and thoughts with us at
https://steemit.com/steem/@earthnation/solutions-to-bring-steemit-to-the-mainstream-discussion-thread-share-your-solutions-help-us-attract-steem-developers-attention

Together, we will bring steem to the Mainstream!

Good video. Thanks!

Hi Louis!

Just an information for you. You linked to Dollar Vigilante interview, which is from Aug 2016. It is important to know that on Dec 6 2016 a lot of rules changed, like A LOT! Inflation was reduced from 100% per year, to 9.5% per year, in hardfork 16 rewards are given acording to linear rule...

I just wanted to let you know :)

Nice video and I know better on both of steem and steemit platform now.... Thanks buddy...Honestly, i didn't know much the differences of both before..i just operator it....but now you make it clearer...

You are clever enough to understand from where the new STEEM comes. STEEM has inflation (about 10%) which is 5 times more inflation that fiat currency....

I mean 5 times more inflation that most strong fiat currency. And that inflated money goes to you, me and other stakeholders in the steem echo system...

Hey crypto-guru, I just wanted to comment that I disagree with the idea that 10% is 5 times the inflation of fiat. I understand where you got that, Canada and USA use something called CPI to measure inflation for their purposes and it reflects an annual inflation level of about 1%, but it excludes many household purchases, including mortgages.

There are other measures of inflation which try to focus more on normal househould purchases like fuel, housing, groceries, etc, and they can often have much higher inflationary figures.

In Canada we have something called SHS, the "Survey of Household Spending" which collects detailed information about household expenditures for consumer goods and services by conducting an interview. This system commonly produces an annual inflationary figure about 3%, but again it doesn't measure everything and there are still other metrics that can be applied.

So inflation can be much higher than we the goverment suggests, it depends how we measure, and what we exclude, and how we weight the various components of that measurement. And this issue matters because if inflation is actually greater than the government believes then that has reprocussions for the profitibility of our long term investments: example, if we buy a Government bond with 2% interest returns, but inflation is 3%+, we lose money on that investment.

Something to keep in mind.

If you want to know more you could read this article:

https://beta.theglobeandmail.com/report-on-business/economy/economy-lab/cpi-doesnt-fully-measure-household-inflation-and-it-wasnt-meant-to/article15551986/?ref=http://www.theglobeandmail.com&

I personally does not believe on paper currency in it's present form. The paper currency is designed to grow wealth of few people (maybe 0.0001% of world population). However, fiat currency (especially USD) is not controlled by government. Government is just the front end. It's controlled by few people who own the banking system (and who also control the Governments all over the world)...

Damn!I didn't get to upvote within first minutes :( however a guy with $1,247,566.08 Wallet value did it :) well done!

Wow! That’s a lot of vote power!

I started to invest in steem 1 months ago!!
First i wasn't sure about the return!!now feels great!!!

Great video @louisthomas! Good break down, my technique when I first started was to buy few thousands steem to give me a lift and earn it also at the same time. :)

cheers louie laaa .. resteeMed via @cnts

That's why I will only earn Steem. The ROI on Zero investment is Infinite !

Its the same as ETH or BTC - demand for token supply. Use cases increase so will the demand for Steem. Steem has a 9% inflation per year. If Steem becomes the back bone of the social decentralized web it will be worth a fortune.

Next thing to read: the Smart Media Tokens white paper:
https://smt.steem.io

Steemit is for me better than facebook ans instagram, but i think they should redesign the lay out. The layout is just too flat and difficult to find your own post back. But overall its a great platform.

Great video, accurate distinction.

Everyone here needs to check out Bitpetite. They have an actual product that solves a real life problem and provides incredible returns. The just added Monero as an investment option to go along with Bitcoin, Litecoin, and Ethereum. I get instant withdrawals every hour, it's sick!!
https://bitpetite.com/?aff=tps8068

That's an awesome and informative post

If ya'll want a strong investment plan visit https://bitpetite.com/?aff=kipparinga (bitpetite) Its a bittumbler that privatizes btc transactions using other currencies. You as an investor get paid dividends from fees they charge people to use their service.

You can invest your BTC, ETH, LTC and or XMR into bitpetite for either;
6 weeks - 4.5% daily and 1 % on weekends. Total return - 147% (47%, 100% being your original investment)
9 weeks - 3.6% daily 1% on weekends. Total return - 180% (80%, 100% being your original investment)

They recently updated their server to allow almost instantaneous withdrawals - you get paid hourly through dividends and can withdraw on demand. (within the minimum amount which is less than 5 dollars)

I would deem it low - medium risk as of now -

Good luck and happy investing :

Nice video. No one would have explained better !!!

Your Post is Awesum!!! Thnx

I'm new here but I'm happy to join the community! :D

Nice interpretation @louisthomas you well said .. steemit is the only platform from where we can gain lots of knowledge about vast areas, interact with different people and communities simultaneously we can earn some sort of money also..

Nice video. No one would have explained better !!!

I would like to buy steem power. How would I do that? May someone post a link for me please.

Excellent that point out. These kind of confusion always be present on discutions about SteemIt. Great!

Hi Louis, first of all I really respect you, and enjoy your content. Thanks.
I wanted to let you know that I saw your last video on Steemit, and I didnt get the impression you wanted us to buy STEEM. I think you simply suggested we consider using the platform, in conjuction, or as replacement to Youtube.

Since that video about Steemit I've registered here on Steemit and am very excited about where this could go.

Before you I didnt know anything about Steemit, and now each day Im happily logging in, posting content and Im really excited.

Anyways, Im excited about this platform and grateful that you introduced me to this platform, so thank you!

Excellent post, @louisthomas. It makes the distinction between Steemit and Steem most explicit. Of course, they are also related, to the extent that the Steem cryptocurrency serves as a reward system for civil behavior on the Steemit social communication platform. It gives the community a tool to reward good conduct, as well as punish bad conduct (such as trolling, spamming, plagiarism, fake profiles, and fake readership. And this, for me, is what makes the platform far superior to Faebook and Twitter. I just heard a revealing statistics today: Twitter deletes about 450,000 profiles per day that are found to be fakes. By failing to implement a mechanism to encourgae good conduct, both Facebook and Twitter have set themselves up for abuse by any corporate or governmental entity with deep pockets and a desire to generate propaganda.

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Your video helps me lot to understand more about steem and steemit. thanks.

I think such variant view and the resulting actions are the key for the platform to grow at a sustainable pace. Otherwise, accelerating Steemit adoption might result in either bunch of cash hoarders or people looking for a quick cash, excess of either of which will tinker with market clearing mechanism.

Very informative. Thank you for the disti ctionbetween the 2. Im sure more people than just myself benefited from your co tribution. Keep up the great work.

Good explanation. I like to experiment with the steemit platform and with the possibility to earn money, have to learn more about it e.g. steem and the relation with steem dollar. Maybe you could shed some light as you explain things very well.

Thank you for the video. It is good to have your additional insight.

Steem is a great opportunity for the future!!

hiii i am jacklien i am new on steemit
plz follow me and help

Very nice points, a lot of newbies don't seem to get the difference between the steemit and steem(I know I didn't when I started), this will be very nice info for them

Thanks for the post Louis. There seem to be a couple of interviews with Tone Vays. Is this the specific video you referenced: https://steemit.com/steem/@dollarvigilante/the-great-steemit-debate-tone-vays-vs-jeff-berwick-ponzi-scheme-or-paradigm-shift

Yep, these things needs to be reminded sometimes :D

Awesome post, Keep it up!

@mdo, why are you posting the same comment multiple times? You will end up getting flagged for spam...

That was a connection error.
comments has been deleted.
thanks for reply.

Nicely done on explaining the difference... should be useful for a lot of people, and even should be "required watching" for many newcomers because I think it's a common point of confusion.

That said, the two aren't completely disconnected... when big news is announced that affects the future of Steemit the social site, it usually results in a spike in activity and price of the Steem token.

Yep, these things needs to be reminded sometimes :D

yu powr down yor stemit in my wallet- i keep safe for yu until you realiz yor misteke.

Thanks for this.
Its a big help to those new in this kind of flatform. Like me

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Just sign up and earn 50 UTN = 10$
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Hey Louis, loved the video. I DM'ed you on steemit.chat and would love to chat.

Community Liaison, Steemit

How to earn bitcoin without investment checkout my thread.
https://steemit.com/cryptocurrency/@vnyrox/how-to-earn-bitcoin-without-mining-and-investment
Follow for more @vnyrox

Really good stuff and very informative Mr. Thomas!

I know you are using a point and shoot camera to do a real quick video, but may I suggest (without shit-posting of course) that you use image stabilization feature? A bit distracting, but only a bit.

Besides that, great content and look forward to more informative short videos.

My understanding as it goes, and correct me if I'm wrong.

Steemit = platform gas that fortifies the community, no risk involved because it is community voted.

Steem = erc-20 token for exchange -> all cryptos are volatile at the moment

Also I notice that you should link your knowledge base for the video.

According to an article I read from coin journal sums up my input on the current crypto market:

"Buterin stated:

“It is an established fact that ninety percent of startups fail. And it should also be an established fact that 90 percent of these ERC20s on CoinMarketCap are going to go to zero.”"

Ref: https://coinjournal.net/vitalik-buterin-90-icos-will-fail/

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