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Daut    United States. Aug 10 2016 02:57. Posts 8842
I jumped into cryptocurrency research head first last week, trying to learn everything I could about Bitcoin, Ethereum, and Ethereum Classic. Soon after I started moving down the list of highest market valued currencies and I came across Steem, currently the 4th highest market cap (just over 200 million USD) of cryptocurrencies: https://coinmarketcap.com/

Basically, Steemit is a forum like reddit, but upvoting content comes with monetary reward in the way of their cryptocurrency Steem. Many of us have been providing valuable advice online for years with little to no compensation, so I jumped at the idea of this. Its benefits are obvious, and you can probably guess the downsides: many people post low content drivel, there is rampant plagiarism, and silly narcissitic posts by popular people have outrageous payouts. For instance, a playboy model wrote an introductory blog which received over $10,000. Yes, you read that right. It's hard to have blogs blow up like that and have huge payouts, but there are a few blogs a day that pay in the mid 4 figures. There are also rewards for commenting and upvoting posts early that blow up into big threads. The whole process needs a bit of tweaking, but I love the concept.

I did an AMA over there a few days ago and the blog brought in nearly $200. The poker following is small there, and the forum is new, but in an age where billion dollar websites such as HuffingtonPost refuse to pay its writers, I believe strongly in a website and cryptocurrency that has monetary incentives for users providing great content.

So, I wrote a blog detailing my PCA win. It's geared towards casual and non poker fans reading it, so there isn't technical range breakdown or anything of that matter, but I'm inviting you guys to come in and participate and you all can ask me anything you want there about poker, DFS, or anything else and I'll try to get to everyone, and I'll be giving away bitcoins to a few LP users.

So here's what you need to do:
1. Go register an account at https://steemit.com/create_account
2. go to this thread: https://steemit.com/money/@daut44/wha...0-000-in-a-poker-tournament-at-age-22
upvote, follow me, and leave a comment
3. post your username on this forum

I'll put everyone who comes over into a randomizer and I'll give away .1 bitcoins to 4 different people. That's roughly $60 each for $240 total. I don't expect to make money on this blog (will very likely lose money), but I do want to promote cryptocurrencies and the concept of forum users being paid for providing valuable content.

You can either accept your bitcoins to a wallet, I can send them to your Steem account, or if you don't want bitcoin, I'll send you $50 on paypal (want the bitcoin value to be more to promote cryptocurrency)

Have a trip this weekend so will run this for 48 hours then randomize. Let's say 7pm PST on thursday, or 0300 LP time that day

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NewbSaibot: 18 TIMES THE SPEED OF LIGHT. Because FUCK YOU, DautLast edit: 10/08/2016 04:16

Stim_Abuser   United States. Aug 10 2016 05:04. Posts 7499

I think the idea of a monetary reward for good content on forums is a great one. A lot of the most entertaining, helpful, insightful, and informative things I've ever read have been posts on forums. It's time people providing the great content get a piece of the pie.

Hey Im slinging mad volume and fat stackin benjies I dont got time for spellin n shit - skinny peteLast edit: 10/08/2016 05:04

Daut    United States. Aug 10 2016 05:06. Posts 8842


  On August 10 2016 04:04 Stim_Abuser wrote:
I think the idea of a monetary reward for good content on forums is a great one. A lot of the most entertaining, helpful, insightful, and informative things I've ever read have been posts on forums. It's time people providing the great content get a piece of the pie.



All I can think every time I read a pseudo-intellectual on the site make a post is how I wish Loco had been posting instead of some ass clown and been paid for the philosophical perspective he's brought for years. But things take time, and I believe the smartest and most insightful people will end up in communities like this. The site is still in beta, so I'm willing to look past the downsides and am only considering it's potential.

NewbSaibot: 18 TIMES THE SPEED OF LIGHT. Because FUCK YOU, DautLast edit: 10/08/2016 05:10

Santafairy   Korea (South). Aug 10 2016 05:14. Posts 1317

sounds good, all of us who haven't tried crypto currency need an excuse, I'll check it out

It seems to be not very profitable in the long run to play those kind of hands. - Gus Hansen 

Daut    United States. Aug 10 2016 05:43. Posts 8842


  On August 10 2016 04:14 Santafairy wrote:
sounds good, all of us who haven't tried crypto currency need an excuse, I'll check it out



When I first started learning about bitcoin, the idea excited me, but I mainly got into it looking to make a +EV investment. Despite learning about technology that could potentially change the world, I just looked at it as a possible money maker. And I was dismayed that I got in too late and figured there would be no other opportunities in the cryptocurrency space.

Then I learned about Ethereum. Imagine a world where lawyers, debt collectors, escrows all subside to the way of computer code smart contracts that execute automatically. And on top of that, imagine a world that was completely decentralized. Free trade and pure capitalism are beautiful concepts: I have something which is common to me but valuable to you, you have something which is common to you and valuable to me, we can trade them and both profit. This is not a zero-sum game, it is a win win. Regulations and corrupt oligarchies running countries are examples of centralized power, and the goal of crypto is decentralization. That's what makes blockchain technology so incredible. And once cryptocurrencies start adapting Proof-of-Stake rather than Proof-of-Work like bitcoin has, transaction fees will drop to virtually nothing (and they are already pretty low in bitcoin)

NewbSaibot: 18 TIMES THE SPEED OF LIGHT. Because FUCK YOU, Daut 

GoTuNk   Chile. Aug 10 2016 06:07. Posts 2771

I smell a fellow libertarian, and I usually enjoy your posts. There was one in particular but I can't remember it now.

Read, upvoted, etc.. "gotunk".


PanoRaMa   United States. Aug 10 2016 06:55. Posts 1655

Cool, thanks for the intro on Steem. What are your thoughts on ETC in the short/longterm?

Upvoted but don't need to be in the giveaway, gl to someone else

http://panorama.liquidpoker.netLast edit: 10/08/2016 07:07

FMLuser   Canada. Aug 10 2016 07:01. Posts 45

I am excited about crypto currencies as well but what do you think of all the hacks? Like Ethereum managed to do a hard fork successfully after a hack but is down from its 21$ high. It's not really Ethereum or bitcoins fault but problems with the exchanges. Also the way these crypto currencies are valued as commodities rather then a currencies needs to change, too much speculation going on imo. You can't really rely on a currency that fluctuates so much, makes it hard to use. Imagine if you got paid from a job with bitcoins, you get paid on Friday have to pay mortgage or rent a week later but bitcoin value drops by like 5% in that time....TILT. Its still a very exciting field thought. I can see more decentralization of other sectors like energy or water becoming possible in the future as technologies like solar, desalination and water purification improve and become cheaper. Steemit user name fmluser. Some really good other reads on this site enjoying it.


PuertoRican   United States. Aug 10 2016 08:35. Posts 11178

I registered + upvoted + followed you + left a comment.

My username is: puertorican


Side note: I used Reddit to register, and found out I have an 8-year-old account that I forgot about. I think I made an account to help bump a friend's thread or something back when Starcraft 1 was still popular, and never went back to Reddit since.

Rekrul is a newb 

Daut    United States. Aug 10 2016 09:53. Posts 8842


  On August 10 2016 05:55 PanoRaMa wrote:
Cool, thanks for the intro on Steem. What are your thoughts on ETC in the short/longterm?

Upvoted but don't need to be in the giveaway, gl to someone else



although it wasnt intended to be one, i think ETC is basically a pump and dump. the Ethereum foundation, many developers, and now the miners are all siding with ETH. The hash rate and price ratio between ETC/ETH has been steadily dropping and the price of ETH is rising faster than the price of ETC is falling. One chain to rule them all please, and I side with Vitalik. I think the hard fork was necessary, can't have a malicious hacker owning 15% of a currency while it's basically still in beta and a few months before they play to move to Proof of Stake (would be easier for him to create a monopoly)

NewbSaibot: 18 TIMES THE SPEED OF LIGHT. Because FUCK YOU, Daut 

Daut    United States. Aug 10 2016 10:01. Posts 8842


  On August 10 2016 06:01 FMLuser wrote:
I am excited about crypto currencies as well but what do you think of all the hacks? Like Ethereum managed to do a hard fork successfully after a hack but is down from its 21$ high. It's not really Ethereum or bitcoins fault but problems with the exchanges. Also the way these crypto currencies are valued as commodities rather then a currencies needs to change, too much speculation going on imo. You can't really rely on a currency that fluctuates so much, makes it hard to use. Imagine if you got paid from a job with bitcoins, you get paid on Friday have to pay mortgage or rent a week later but bitcoin value drops by like 5% in that time....TILT. Its still a very exciting field thought. I can see more decentralization of other sectors like energy or water becoming possible in the future as technologies like solar, desalination and water purification improve and become cheaper. Steemit user name fmluser. Some really good other reads on this site enjoying it.



I'm waiting for more info on the Bitfinex hack, I see stuff pop up on my feed but don't want to make any assumptions til all the info is in. But it does seem like BitGo and Bitfinex fucked up royally in some way.

As for The DAO hack, it was bad code and likely an inside job. Not Vitalik or Vlad imo, but someone higher up in DAO. I actually wrote a blog earlier today about the price relationship of ETC/ETH, the hash rate ratio of ETC/ETH, and the overall price of ETC+ETH relative to USD. My basic conclusion was that ETC/ETH price and ETC/ETC hash rate correlate and trend in the same direction long term but oscillate around each other due to mining and investing opportunity costs. What I mean by that is, when the ETC/ETH price ratio is higher than the ETC/ETH hash rate, miners see a more profitable situation for their mining and move to the ETC chain while investors/speculators see a lower hash rate, assume the price is untenable and sell. And when ETC/ETH was at it's highest point overall the ETC+ETH was at it's lowest point overall, but now that ETC is dropping the overall price of ETC+ETH is rising. As I said in a previous comment, ONE CHAIN TO RULE THEM ALL!

Bitcoin is running into more problems than just volatility. There is a long standing debate about blocksize and transactions have been pretty slow lately. It would be hard to pay for small things like a cup of coffee as of now and to do so they would need to increase blocksizes, but that requires a hard fork. It's a bit messy, but I think once bitcoin reaches the ~$3000 price level it will be a bit more stable and acceptable as a global currency.

And I think Ethereum is the future of contracts. There may be competitors, for instance I believe Rootstock is going to be a smart contract based attempt using Bitcoin as it's currency instead of Ether. But regardless, smart contracts will learn from the DAO mistake and improve in the future

NewbSaibot: 18 TIMES THE SPEED OF LIGHT. Because FUCK YOU, Daut 

Daut    United States. Aug 10 2016 10:02. Posts 8842


  On August 10 2016 07:35 PuertoRican wrote:
I registered + upvoted + followed you + left a comment.

My username is: puertorican


Side note: I used Reddit to register, and found out I have an 8-year-old account that I forgot about. I think I made an account to help bump a friend's thread or something back when Starcraft 1 was still popular, and never went back to Reddit since.



thanks. reddit is pretty cool but a giant rabbit hole. the content is still higher than steem is currently due to people doing it for intellectual curiosity rather than pandering for profit, but I still have higher hopes for steem because think of how much extra effort will be put in when people realize they can monetize their posting

NewbSaibot: 18 TIMES THE SPEED OF LIGHT. Because FUCK YOU, Daut 

Daut    United States. Aug 10 2016 10:07. Posts 8842


  On August 10 2016 05:07 GoTuNk wrote:
I smell a fellow libertarian, and I usually enjoy your posts. There was one in particular but I can't remember it now.

Read, upvoted, etc.. "gotunk".



thanks, saw you in there

NewbSaibot: 18 TIMES THE SPEED OF LIGHT. Because FUCK YOU, Daut 

AndrewSong    United States. Aug 10 2016 12:06. Posts 2339

Holy fucking shit, we're slaving in poker bickering on who played the last button and ur over there laying out in the sun gettin Cali tan and sipping the good life juice. Coach me please?


ggplz   Sweden. Aug 10 2016 12:29. Posts 16630

Posted, subbed & upvoted. Name ggplz
<3

if poker is dangerous to them i would rank sports betting as a Kodiak grizzly bear who smells blood after you just threw a javelin into his cub - RaiNKhAN 

Ryan Neilly   United States. Aug 10 2016 12:53. Posts 1252

awesome write up Ryan, left a comment, neilly774, quite sure i followed the procedure correctly

keep em comin man!


Spitfiree   Bulgaria. Aug 10 2016 16:34. Posts 8402

You guys do realize that valuable content = money passively right?

That idea is insanely good. I bet the guys that made the site will make tons of cash in a few years if all goes well.
There was the same concept of a facebook type of site, but it seems to have died sadly

P.S. Isnt 1 BTC worth 600-700$?

 Last edit: 10/08/2016 16:41

ggplz   Sweden. Aug 10 2016 17:22. Posts 16630

0.1 BTC m8

if poker is dangerous to them i would rank sports betting as a Kodiak grizzly bear who smells blood after you just threw a javelin into his cub - RaiNKhAN 

Daut    United States. Aug 10 2016 17:49. Posts 8842


  On August 10 2016 11:06 AndrewSong wrote:
Holy fucking shit, we're slaving in poker bickering on who played the last button and ur over there laying out in the sun gettin Cali tan and sipping the good life juice. Coach me please?



It was a blessing and a curse. My lack of focus and competitiveness ruined my poker ability and players like you passed me by years ago, but it led me to other things. DFS is quickly drying up, but despite advances in computing and worries that bots will pass us in any industry there are always new opportunities with a poker player skillset.

NewbSaibot: 18 TIMES THE SPEED OF LIGHT. Because FUCK YOU, Daut 

Daut    United States. Aug 10 2016 17:50. Posts 8842

have fmluser, ggplz, gotunk, neilly, puertorican down for the drawing. In all likelihood I'll just change the payouts and split .5 bitcoins between everyone who enters cause I wouldn't want to leave people out

NewbSaibot: 18 TIMES THE SPEED OF LIGHT. Because FUCK YOU, Daut 

 
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