All Change at Steemit Amid Criticism and Plunge in Value
Social media site Steemit has announced sweeping “economic changes” following a 90%+ drop in value of its currency token, STEEM. Steemit: Changes ‘Reflect Wishes of Wider Community’. The alterations, published in a blog post on Friday, have already drawn criticism from the cryptocurrency community, which has been suspicious of Steemit since its rocky....
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Steemit announced on their website that they were hacked. The attack, according to them, has compromised about 260 accounts. A little less than US$ 85,000 worth of Steem Dollars and Steem are reported to have been taken by the attackers. In the security announcement CEO of Steemit Ned Scott said: “User accounts and wallets are not at risk, and we hope to soon reactivate the Steemit website to normal order. Any users whose accounts were compromised will be completely reimbursed.” Law enforcement informed. At the moment it appears that the virtual currency itself has not been compromised but....
The community requested hardfork to enforce change with the Steemit blockchain’s economic model has been completed successfully, the social news platform confirmed today. First revealed toward November’s end, Steemit CEO Ned Scott revealed that plans for a hardfork were put in place to address the inflation rate incurred by its token coin Steem and to encourage participation from short or mid-term investors rather than an over-reliance on early adopters. “The hard fork request was initiated by the community, and once we reiterated the recommendations, we received an overwhelmingly positive....
The exponential rate at which Steem grows may put on fast track a solution to the scaling issue that the Bitcoin community faces. Steem is a digital currency behind Steemit, a decentralized social media platform which rewards posters and voters online. Scaling Bitcoin has become a hot button issue in the community. This is the process to increase block size from its current form in which the network can only support up to seven transactions per second to process more like Paypal achieves with about 100 transactions per second, and as Visa does with about 4,000 per second. In the wake of....
The social media website Steemit that’s similar to Reddit has just announced it has distributed $1.3 million USD in the platform’s native cryptocurrency Steem. The website’s user base will have a lot more digital currency to earn just by posting original content on the decentralized platform. Steemit Users Rewarded. On July 5, the Steemit (steemit.com)....
The first ever Bitfilm movie competition starts on Steemit today. The users of this decentralzied social network can vote for movies they like the most. Why on Steemit? Steemit is one of the first decentralized social network where you can earn money by posting good content online. Unlike Reddit or Facebook - that they also have a heavy censorship, this blockchain-related platform uses a currency, called “Steem” (its value is around $0.23 per unit) to fund authors of the best content. Users, in fact, can donate a tip to the authors and let them earn online. Steemit is similar to PaymeaBit,....