From A to Z Business Blog 03 - Amazon and Steemit Merger a Natural Fit
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Amazon and Steemit Merger a Natural Fit
Last year cryptocurrency on the whole took a dive with Bitcoin leading the way from an all-time high of over $20,000 to the $3,000 range in 2018.
And while Bitcoin has seen a recovery recently with the price pulling in at around $12,000, thanks in part to Facebook announcing the launch of a new digital coin Libra, Steemit has continued to struggle with its currency price now hovering around .20 cents.
Aside from a general downturn in the crypto economy, and the rise of Facebook as a competitive adapter, Steemit’s currency price issue can be traced to the Ethereum approach of allowing others to build Smart Media Tokens (SMT) on the Blockchain thus devaluing Steem currency.
The lagging price of the Steemit currency market most likely contributed to DLive bolting to the Lino Network.
While this might seem like bad news there are silver linings in the clouds.
Steemit remains a popular global crypto blogging social media site that boasts over a million members. Steemit also acts as a hub for a diverse crypto community with different tokens on different sites, and a gentleman’s wager on Bitcoin or Ethereum.
Steemit has a lot of veterans in this space, while Facebook looks to introduce the rest of the world to this cryptic community.
Only Facebook looks to drive this digital financial application into the future with the possible ability of exchanging merchandise for bit money. This acceptance of cryptocurrency by corporate producers of commodities remains the Holy Grail of this emerging global online financial institution.
Imagine digital money flowing through your router with the evolution of the digital economy. Make your money online, and spend it online in an open secure bazaar.
It’s a utopia that Facebook looks to build . . .
Only there’s one big loser in this developing trend, Amazon.
Amazon led the way into the digital retail space crushing brick and mortar store chains across the country for years. Only recently Walmart has been pushing back with an expanded online presence.
Amazon holds a distinct advantage over Walmart in the publishing world however.
It’s this distinct vertical market branding that makes the Amazon purchase of Steemit so enticing to industry insiders.
Buying Steemit gives Amazon a million veteran crypto bloggers that could be merged into Kindle Direct Publishing (KDP), Amazon Product Reviews, and Amazon Marketing Services.
Steemit’s reward system gives power to these enthusiasts adding a dynamic social media platform to the Amazon online world. And the rewards generated could be used for product purchases on Amazon in a way that competes with Facebook’s venture.
There are already crossovers from Steemit to Amazon Kindle. For example the book, Steemit Blog: Contests
Jeff Bezos just sold $1.8 billion in Amazon stock and he should buy Steemit.com.
Thank you,
From A to Z
Steemit Blog: Contests – A vertical vision of an Amazon and Steemit merger
https://www.amazon.com/gp/product/B07MVPT72Q?pf_rd_p=c2945051-950f-485c-b4df-15aac5223b10&pf_rd_r=JJKTKWBJWMDK97NQAVRR
I Won’t Give You Up - Almost Here
I wrote a review of the book on Amazon, but they never published it. Maybe I'll try on my other Amazon account, Rhythm Prism.
I don't understand the business end of Steemit (or anything) but you seem to :)
Thanks @agmoore. No worries.
Have more understanding about publishing and online retail.
Like what Steemit has tried to do and we'll see if Facebook can cross the finish line with it. If so, Amazon will probably consider something like this to stay in business along with Walmart and other companies.
If Corporate America wants automated trucks and cashiers they're going to have to provide humans of the future with a new means to make money.
My thinking is that Steemit figured it out. Only they might be before their time.
This is a great idea! The market cap of STEEM is just 66 million right now :astonished:
Wow. Jeff could still have a billion and change after the purchase.
To listen to the audio version of this article click on the play image.
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Thanks again for the audio @tts. Going to write my next blog about this experience.
https://soundcloud.com/cyemela/amazon-and-steemit-merger-a-natural-fit
These sound great. Looking forward to hearing about the process in the next blog entry.