Steemit has competition on the way
Whenever a new brilliant Idea that is successful arrives on the market copy cats start jumping up all over the show and such is the case with Steemit as competitors such as #yours.network and others begin to hit the #market it was only a matter of time and the time it seems has arrived.
Competition is a good thing
Personally I view competition as a good thing it will force steemit into a position as it would with any other business to become more innovative which ultimately will result in a better experience for users, how the issues of cross posting will be addressed I have no idea and it seems content will become less and less unique as users post similar or the same content on each available #network.
Steemit will remain on top and the competition will stumble
My reasoning behind this statement is simple whereas others appear to be taking the route of using bitcoin or other altcoins steemit itself is a fast rising crypto currency home grown and as yet none of the others can compete with this, secondly steemit are the pioneers with their road map planned and layed out, #competition rarely have any road map at all as they are based on a copy system, thirdly #steemit has the name, they are already a brand and from what I have seen in my years having a good name counts at least 50% towards the success of the business.
What can the competition offer that steemit cannot ?
From my point of view the best any copycat will have to offer is higher tip / up vote rations however as they are not crypto currencies in themeselves such as steemit is this would be very difficult and costly to maintain this is the strongest single point that will differentiate steem from any of the wannabes.
In my view steemit is the one to back and nobody should allow themselves to be swayed by the competition I don not believe their #business models will be sustainable and will fade as quick as they arrive.
What are your thoughts on the competition?
Edit: current known competition is Yours Network and Akasha Project tell us if you know of any others
You hit the nail on the head, when you talk about the fact that the others are using existing cryptocurrency. This is a sticking point, because unlike Steemit, users will have to know at least a little something about cryptocurrency before they can start using the site.
Cg
exactly so @cryptogee and it leaves me wondering if they will have to "buy into" the competition using their own finances to start with or will they just be glorified faucets :)
I wonder if that really makes a difference because to cash out their Steem one still needs to jump through all the usual hoops
I have to agree with you steemit runs on its own steem !
I don't think of other projects as copycats, e.g. development of Yours has likely started long before Steem has been announced. Competition is a good thing indeed so we can pick ideas from different projects that has worked best. The ultimate winner in this crypto-social-network space might not have been born yet, this whole universe is in its early hot and expanding stages. It's like Web search of the 1990s, at first there were Altavista and Lycos (remember those?), then Google emerged and transformed the whole thing.
BTW what competing projects are there? Yours, Akasha, anything else? Let's make a list
I really like your analogy of Altavista and Lycos especially since I was around when all that was happening lol...lets not forget good old yahoo - yours and akasha are the only two I am certain of at this stage I did hear of one coming using #etherium as their currency but I do not know the exact name - a list is a good idea :)
Yours has been in the works for ages, it's not a Steem copycat. They seem to have missed some crucial things though:
Bitcoin is not ready to handle meaningful transaction volume.
The key innovation of Steem is avoiding tips in favour of voting on how to allocate a regular reward supply.
I agree Bitcoin is not ready to handle meaningful transaction volume :)