Tag Archives: week in review

The Dood’s Steemit Review!

steemit logo So, I finally got over 100 followers and decided to do a steemit review. I figured once I reached a hundred followers I would have a pretty good grasp of the platform and be able to write a fair review. I’ll admit right now, when I first signed up on the platform I was more than a bit skeptical but as time progressed and I used the platform regularly I did end up falling in love with it.

For anyone that may not know what Steemit is, it’s a social network / blogging platform that pays you in cryptocurrency for your posts. Payment is made in the form of STEEM, which is the platforms cryptocurrency, and the amount you recieve is basically determined by the popularity of your posts and the amount of votes each post recieves.

I should state two things right from the start. I was more than a bit skeptical when I first signed up, and I never read the white paper.

My reasoning for not reading the white paper was simple. First off The Dood’s a bit lazy at times and this was one more white paper that I’d have to read. Also, I wanted to look at this as just another social networking platform. Most people don’t read the TOS/EULA of social sites like Pinterest, Facebook, and Google + and I wanted to approach this from an end user point of view. Most people aren’t concerned with the inner workings of their social site, they just want it to work.

With that said, my first impression was that Steemit was a sparse and under-developed platform. I did however keep in mind that the site was still in beta. This is made perfectly clear to all users with the company logo in the upper left hand corner of the site that reads, “Steemit beta”. Fair enough, they’re still working on it, and this was pretty obvious in August when I signed up.

steemit beta

On a side note, I actually signed up earlier with a different account but didn’t take it seriously till STEEM hit $4.00 each on the exchanges and The Dood lost his password to his original account. At that time, people were still waiting to be allowed to cash out. I had earned $50.00 but just didn’t take it seriously.You can bet I kicked myself in the ass when my 50 dollar account was now worth a couple hundred and I lost the password and couldn’t cash out. Derp! First Steemit lesson learned, guard your Steemit password just like any other cryptocurrency wallet credentials. If you lose the password there is no recovery option.

So I’ve been using the site for about 4 months since my initial rocky start. I can honestly say that the site continuosly and consistently improves with new features being added all the time. The once sparse site now allows users to include avatars, profile info in the header, sharing tools, and a way to keep track of followers along with many other improvements made over time. It’s obvious that given enough time, Steemit will not only compare but probably surpass the user experience of just about any other social site available today.

The blogging platform itself reminds me of a cross between Blogger and Reddit. You can post articles and content you create in a blog style format, and your followers can comment and share additional information with you in the comments section like on Reddit. Users have to be Steemit members in order to comment on posts and interact with other users.

The interface is user freindly and comparable to anything you might find on Blogger or WordPress. A first time user can use the built in editor to create a post, and more experienced users can use either markdown or html to format their posts. Either way the interface is fairly straight forward and intuitive allowing most people to create a well formated asthetically pleasing post on thier first attempt.

Steemit editor

Easy to use Steemit Editor

One of the features I don’t like and that many new users seem to have a problem with is image hosting. Images have to be hosted by a third party. This is easily remedied by using a service like Imgur but it can be a little overwhelming to new users. There are however many tutorials throughout the site that teaches you how to accomplish image hosting, and the friendly users or (Steemians) are extremely helpful to new users. My understanding without reading the white paper is that each post is hosted on the blockchain, and adding images to all that data would be a burden on the blockchain.

This leads me to the people. Steemit users or Steemians are truley wonderful people. Most users are very polite, friendly, and eager to help new users get accustomed to the interface. Help is as simple as asking in a post or even leaving a comment asking for help. Most of the users I’ve interacted with on the site are very pleasant, and conversation and interaction is highly encouraged amongst users.

The community is diverse and you can find just about any topic imaginable to talk about. Topics range from politics, cooking, health and wellness, to crafts, wildlife, cryptocurrency and just about anything else your brain can think of.

As far as cryptocurrency wallets are concerned, the Steemit wallet is really easy to use.If you’re transferring STEEM to another user it’s as simple as entering their username, the amount of STEEM to send and entering your password. If you want to transfer to an exchange like Bittrex or Poloniex you just enter the exchange name and place an account number that you recieve from the exchange in the memo box so they know which wallet to put your STEEM in when it hits the exchange. This is a really easy process for people that know and understand how cryptocurrency works, but people new to cryptocurrency do seem to have a hard time getting set up on an exchange and learning how to move around cryptocurrency. Again the friendly community comes to the rescue and help is as easy as just making a post asking for people to help you. The community on Steemit is really great, friendly and helpful.

The platform wallet breaks down into four ways to save your STEEM, you can save it as STEEM, STEEM Power which increases your voting power, and STEEM dollars which are always worth one dollar of STEEM. There is also a savings account you can use to save.

This post is really about the steemit platform, but I’ve read that there are Windows and CLI or Command Line Interface wallets available for STEEM the cryptocurrency. Personally, I don’t think this is an issue unless you start to acquire thousands of dollars worth of STEEM, and some people on the platform do. Then you might want to look at other ways of securing your earnings. Leaving large amounts of cryptocurrency in an exchange is never a good idea either.

So I could go on and on about the platform and the Steemit wallet but this is a review and not meant to be a tutorial. If your really interested in how this all works I suggest you read the white paper, the link can be found at the bottom of the post. For the sake of not turning this review into a dissertation I’ll finish up with some pros and cons.

I’ll start with the cons so I can end on a positive note and because there really isn’t a huge downside to this platform. For some reason the wallet permissions give you 4 public and private key pairs. I don’t understand what these are for and have never had to use anything other than the main password. I’ve heard these are important for future upgrades and services the platform will offer. For now they’re just confusing.

New users to cryptocurrency have a hard time using exchanges and cashing out. Although most people comfortable with using cryptocurrency will find it easy and intuitive, new users get a little nervous cashing out, transferring around their crypto and signing up on a exchange. It would be nice if there was an easier way for new users, this however is a problem that faces all cryptos in general.

Post voting. I’ve experienced nothing but positive voting for the most part. I have heard some people complain about unfair voting practices when posting something controversial or extremely spammy so it’s worthy of mentioning. I’ve had a couple downvotes but never experienced what some people might refer to as “Vote Bullying”, but there are many people that complain about it. If a whale or someone who has accumulated a lot of STEEM Power in their wallet doesn’t like your post they can downvote it. The voting system may not be perfect and may need some improvements over time but for the most part it seems to work. Again the devs are always tweaking things so I’m sure if this is a problem it will be remedied eventually.

My final con and it’s a big one for me from an investors stand point. The payout structure seems fair, but I don’t understand it completely. Again, read the white paper. Now I want it understood that this isn’t sour grapes or “oh I want more STEEM for my posts”. Without naming names, some internet celebrities receive several hundred to over a thousad dollars for a single post. One guy made over $100,000 in a week posting on the platform. These payouts seem a little extreme. Some published authors don’t even make this on their first book deal. These guys are making this with blog posts. For that I say congratulations, but this isn’t my issue with it. My issue with this is that this will amount to millions of dollars of STEEM liquidity that sooner or later will be dumped back into the market. It would seem to me that if just one of these guys decided to dump all their coin, and these things happen from time to time, it would wreak havoc on the market price of STEEM. Maybe there’s something in the white paper that safeguards against this, and I know users aren’t allowed to cash out their STEEM Power all at once, but this just seems like a recipe for disaster and could explain the downward trend of STEEM since it was at $4.00 a coin back in July.

Now for the pros! There’s a lot of them. I started out as a skeptic and ended up a believer. I love the idea of people being rewarded for good original content and Steemit does that well. I love that it introduces many new people to cryptocurrency. I love the usability of the platform and the large audience you are instantly connected with. I love the simple easy to use wallet. I could go on and on with all the things I love but my suggestion would be to just sign up on the platform and see for yourself. It may take some time to build up your following, and may take some time to start earning STEEM, but in the end I think you’ll find the experience fun and rewarding.

On a final note, I would strongly encourage anyone into blogging and social networking to give the platform a try. The community is large and growing all the time, and most of the users are extremely friendly. From an investors stand point I’m real bearish on STEEM the currency. I’m watching the market closely and waiting to see a bottom start to form and consolidate before I even consider hodling as an investment long term. I hold some earnings in my wallet, transfer a small portion each day into STEEM Power, and trade the highs and lows on the exchanges regularly. Hey, a traders got to trade! It has proven to be a fun and volatile market to trade. My personal opinion is that if STEEM can maintain a healthy market, and the dev team continues to improve on the platform at the rate they currently are, Steemit should have a long healthy life in the cryptosphere. Regardless of the end, this will be a history making project that will probably change the face of social networking as we know it. Steem on brothers and sisters! Steem on!

If you want to find out more about Steemit you can use these links. Thanks for reading and hope you decide to follow me on Steemit!

Steemit White Paper

Sign up on Steemit

Follow The Dood on Steemit

Last Weeks Cryptocurrency News In Review

Last weeks news.

Last weeks news recap.

Another interesting week in bitcoin. These are just a few of the headlines that dominated the cryptocurrency and bitcoin space over the last week. For the latest news and happenings in the cryptocurrency community, please follow my twitter.

Brave bitcoin browser raises 4.5 million USD and readies for 1.0 launch

‘Bitcoin Browser’ Brave Raises $4.5M, Readies for 1.0 Launch

If Ethereum didn’t already have enough problems; a dev has come forward and made claim that Ethereum is his intellectual property and the project idea was stolen from him. In order to take his battle to an international court he has started an ICO to raise money for the legal fees that will be associated with the case.

https://cointelegraph.com/news/developer-prepares-ico-to-beat-ethereum-in-stolen-intellectual-property-case

One of the largest bitcoin exchanges made a shocking announcement their exchange had been hacked and lost 120,000 bitcoins. The Hong Kong exchange claimed losses of close to 70 million USD.

Major Bitcoin Exchange Bitfinex Suffered From The Theft of 120,000 BTC

Ethereum just can’t stay out of the headlines. Vitalik Buterin announced that even if ETC overtakes ETH he will not support Ethereum Classic.

https://cointelegraph.com/news/vitalik-buterin-wont-support-etc-if-it-takes-over-eth

Kim Dotcom has announced Bitcache for the new and improved return of mega-upload. Although still vague on how the new file sharing site will operate, rumors have it that every file share will be accompanied by a small micro transaction of BTC.

https://torrentfreak.com/megaupload-2-0-will-link-file-transfers-bitcoin-transactions-160805/

Bitfinex made an announcement that the losses from the hack may be shared by all remaining btc holders on the exchange. All users would have an estimated 30% of their holdings shaved to cover the lost bitcoin from the hack. Later in the week it was reported that a class action lawsuit has already been filed by distraught users not willing to share in the loss.

Bitfinex ‘Leaning Towards’ Bail-In, Haircut for All BTC Traders

More Troubles Brewing for Bitfinex after Socializing Losses?

The defense team for convicted Silk Road operator Ross Ulbricht has filed a reply brief questioning the fairness of the trial that led to his prosecution. The case is full of corruption, with agents even sentenced for the theft of Silk Road bitcoin, yet Ross Ulbricht was sentenced to life in prison basically for operating a website.

Ross Ulbricht’s Reply Brief Questions the Fairness of His Trial

It’s never a dull moment in the world of cryptocurrency. For the latest news, rumors, and announcements happening in the crypto space, please follow me on twitter.

Last Weeks News In Review 7-25 to 7-31

Last weeks news.

Last weeks news recap.

A lot happened last week. Although this barely scrapes the surface, these are some of the stories that peaked The Dood’s interest.

Well Ethereum dominated the news for another week. It looks like the Ethereum report around here but it seems all that anyone talked about last week was  Ethereum and Ethereum Classic. A lot of interesting news got buried in the headlines. After the first 5 Ethereum articles I get into some other altcoin news.

Kraken and other major exchanges announced support and interest in ETC helping to fuel its price rise while the price of ETH began to lower.

https://news.bitcoin.com/kraken-ethereum-classic-coinbase-freeze

Vitalik Buterin addresses the “Classic” crowd.

http://www.coindesk.com/ethereum-vitalik-buterin-classic-blockchain/

The hardfork of Ethereum seems to of made users susceptible to a replay attack vulnerability.

http://www.coindesk.com/rise-replay-attacks-ethereum-divide/

51 pool announced a 51% attack against the Ethereum Classic Network. In the Dood’s humble opinion this doesn’t really seem like the type of behavior the cryptocurrency community should be condoning if we ever want to be taken seriously.

http://www.newsbtc.com/2016/07/31/51pool-attack-plans-51-network-attack-ethereum-classic/

Finally we have a Step by Step guide to splitting your ETH and getting your ETC from the original chain.
https://steemit.com/ethereum/@pauls/ethereum-fork-step-by-step-guide-to-safely-splitting-your-eth-etc

In a survey on my twitter feed out of 45 votes 78% supported ETC over ETH.

Had Enough Of The Ethereum News?

In other news 🙂

A Miami Judge dismissed money laundering charges against a Florida based bitcoiner stating that bitcoin wasn’t money. This was followed by mixed reactions from the bitcoin community. Many felt the ruling diminished bitcoin’s intrinsic value as a legitimate currency, while others celebrated that it opens the door for legal and tax loopholes that many bitcoiners worry about.

http://www.coindesk.com/court-reject-bitcoin-money-florida-espinoza-trial/

Breakout gaming appoints a board of directors following its ICO token sale.

http://bitcoinist.net/breakout-gaming-board-directors/

The NXT/Ardor Giveaway has begun and from now till October anyone with a Nxt balance in their wallet or on an exchange will receive an equal amount of Ardor based on their average Nxt holdings over a two month period. A price increase in Nxt seemed to coincide with the announcement.

https://cointelegraph.com/news/nxtardor-platform-to-make-blockchain-cheaper-and-safer

3,500 decryption keys to the Chimera Bitcoin ransomware were released to the public.
http://themerkle.com/3500-decryption-keys-for-chimera-ransomware-have-been-leaked/

The Bitcoin community is beginning to fight back against ransomware.
http://bitcoinist.net/private-public-partnership-ransomware/

Lisk developers announced new tools and services for the platform.
http://themerkle.com/lisk-developers-add-numerous-new-tools-and-services-onto-the-platform/

Zcash pushed back their release date to run additional security audits with the code.
http://themerkle.com/additional-security-audits-push-back-zcash-release-date/

On a final note, the Dood has returned to Steemit after losing his password and will be posting there from time to time. If you’re on Steemit, stop by my feed and introduce yourself or say hi!
https://steemit.com/@the-bitcoin-dood

And there you have it. This really barely scraped the surface of what has been happening in the cryptocurrency communtiy last week. For all the latest news and information on what’s happening in the world of cryptocurrency follow me  twitter and for a more personal look at The Dood follow me on Tsu.

Top Ten Cryptocurrencies By Market Cap Week Ending 7-31-16

Not much changed since last week. Bitcoin still remains reigning champion. Ethereum is far behind in second. Steem is in third followed closely by Ripple in fourth.  Litecoin maintains the fifth position and maintained stability in the price category, holding strong at $4.07 USD. Ethereum Classic is in sixth and shows a nice price increase rising from .93 cents USD last week to $1.82 this week. . Dash takes the seventh position and also shows a small price increase of .06 cents USD. Nem stays in 8th, followed by MaidSafeCoin in ninth. The only change this week in position will be Lisk, falling to eleventh and being replaced by Nxt who now maintains the tenth position.

Ethereum Classic showed the best bang for your buck almost doubling in value over the week. Dash, MaidSafe, and Litecoin maintained value showing minimal gains but maintaining price stability since the previous week.

With the announcement of ARDOR for Nxt snapshots. I can only speculate, but the announcement seems to be a success and I think we will see continued growth in this market from now till October, unless excitement for Ardor fades.

It’s also worthy to mention the fight for tenth continues. With Lisk in the eleventh position, followed by Dogecoin in twelfth, and Monero in the thirteenth slot. All three coins are strong stable markets and hold a market cap within a few thousand dollars of each other.

For more coins listed by market cap, check out coinmarketcap.com.

Market cap totals

Cryptocurrency coin market cap for week ending 7-31-16

Disclaimer: Coin market cap top ten is posted for reference and commentary. Nothing in this blog is meant as financial advice. All posts are opinion and solely posted for the purpose of discussion. Seek a duly licensed financial professional for investment advice, not some jackass on the internet who calls himself The Dood! Happy trading !

The Week In Crypto Ending 7-17-16

A lot happened last week in cryptocurrency and these few articles barely cover it.

Kim Dotcom came out and boasted the return of MegaUpload and claims to be incorporating bitcoin into the platform.

https://bitcoints.com/kim-dotcoms-reloaded-mega-upload-2-0-have-bitcoin-support

The bitcoin halving came and went. The halving came and went without any major fireworks on the exchanges. If anything we seen a consolidation of price between the $645.00 and $660.00 price range.

http://bitcoinist.net/industry-report-halving-came-went/

FileSharing Company SeaFile Dumps PayPal and Incorporates Bitcoin Into The Platform. Are we beginning to see a trend here? Two filesharing companies going the way of bitcoin.

File Sharing Company Seafile Drops PayPal in Favor of Bitcoin

Altcoin Users Can Now Pay BitPay Merchants In Altcoins Through Shapeshift. This is great news for altcoin traders.

Altcoin users Can Pay Any BitPay Merchant Through Shapeshift.io

Mark Karpeles CEO of defunct bitcoin exchange MT.Gox released from jail on bail.

Report: Mt Gox CEO Mark Karpeles Released On Bail

Canadian bank ATB Financial has collaborated with Ripple and tech firm SAP to send the first international interbank blockchain payment to Germany’s ReiseBank

Canadian Bank, Ripple and SAP Send First Int’ Blockchain Payment

After many users complained about the basic security measures the company used for the platform. The Steemit platform ended up getting hacked for $85,000 USD.

Steemit Hacked for ‘$85,000’ as Users Complain of Weak Security

The price of NXT rose slightly with the start of wallet snapshots and free ardor for all NXT holders. Snapshots will be taken every hour of NXT holders between

The price of NXT rose slightly with start of wallet snapshots and free ardor for all NXT holders.July 15th ( Start Height: 870400 ) to October 12th ( End Height: 1000000 ). Every NXT account’ balance will be averaged between these 90 days. At the end of snapshot, the equivalent amount of Ardor tokens will be automatically sent to user accounts as an asset.

The Return of MOJOcoin. A tweet from @Mojodevs stated that MOJOcoin is back. Apparently the head dev for the project was hospitalized and is now out and has returned to the project. The Dood’s currently working on getting an interview with these guys.