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Steemit, an Honest Review

Updated on October 10, 2017
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What is steemit?

"Steemit," is a social media website where people who join can get paid for submitting high-quality articles.

The way the system of Steemit works involves sharing original authored work, amassing a following, and receiving up-votes that increase payment for an article based on the value of the up-votes received.

The website is highly promoted on YouTube with several videos of people who claim to have made hundreds to thousands of dollars on just one single article.

After being a member on Steemit for six months, and building a following of over 875 people, I've learned a few very important things about the website and the system.

If you are a member of Steemit, or considering becoming one, this is an article you don't want to miss.

My personal Steemit account

A screenshot showing my number of followers, the number of people I am following, and my current reputation.
A screenshot showing my number of followers, the number of people I am following, and my current reputation. | Source

Earnings from six months of work

After six months on Steemit, my earnings, (pictured below,) show that I made a total of $482.00.

However, that number is not accurate based on earnings alone.

I actually earned around $250.00, and the rest of my account value is based on my own money that I moved to Steemit from my Bitcoin account. So, after six months of sharing articles I earned in total a little over $250.00. I submitted 1475 articles. I put a lot of very hard work into Steemit to make what I did.

Total earnings

A screenshot of my total earnings over the past six months.
A screenshot of my total earnings over the past six months. | Source

Why most people will never become whales

Most people who join Steemit with hopes of striking it rich, will not ever make it to "Whale," status.

While doing some personal general research about Steemit I came across a Bitcoin Forum where a blogger shared information on the value of "steem," itself, along with links to the public wallets of the co-founders of Steemit.

The article states that the co-owners are "powering down," their personal accounts each week and withdrawing the sum of two-million-dollars.

I've searched for the actual statistics involved with Steemit, hoping to find the actual number of active members. However, I could only find a few posts that covered small amounts of information about the users on the website and the different nations in which they live.

Without knowing the actual amount of current active users, it's impossible to calculate the percentage of steem that is being withdrawn each week by the co-founders themselves, to determine how those withdrawls effect the overall value of steem. I personally saw the value fluctuate, normally between less than a dollar per-steem, to around a dollar and a half.

If the co-owners actually do hold 80% of all available steem, that leaves only 20% of steem left that can be allotted among the members and authors of Steemit.

The highest paid members on the steemit platform, (the whales) have a high-level of control over where the remaining 20% of steem goes, and most of the whales have come up with ways to increase their own incomes rather than investing time into helping newcomers advance on the site. They seem to have little interest in the lowest levels of people on the Steemit platform,(the minnows) other than building up numbers because a lot of little "minnows," adds up quickly to large dollar amounts in the accounts of the Whales.

What are curation trails really about?

There are curation trails that are set up to combine larger amounts of money in order to give slightly higher valued up-votes to the articles that are curated. However, the owners of any of the curation trails are usually the only people making large amounts or money based on these trails. Those who follow any particular curation trail will earn small amounts of "interest," based on the value of up-voted articles made by the main account holder.

There are no checks and balances in place, so the owner of any curation trail can up-vote their own articles using 100% voting-power based on all of the trail follower's account values combined. A trail owner can also have more than one account. In fact, they can own several different accounts and use the combined voting power of their trail followers to up-vote all of their personal and proxy accounts. They can also use their voting power to up-vote their own friends. Check out the "steemstats" page of any trail owner, to see the percentage value they use when up-voting different articles that belong to specific people. By looking into these things, anyone can find answers to questions about who may actually be benefiting the most.

Occasionally trail owners will use their voting power to give a high up-vote to articles that are not among their inside groups. In the six months that I was there, I received one up-vote that was worth around $70.00, and because the post received this single high up-vote, other members began up-voting in droves hoping that they would earn a percentage of the overall final value of the article.

I myself used to watch for posts made by regularly high earners on steemit, and I tried to be among the first to up-vote those articles. The content didn't much matter, as there are certain whales who earn well over $100.00 per-article, so up-voting their work was a sure way to make a small percentage of curation earnings.

Personal Observations


  • Most articles shared on steemit will not earn more than a few dollars. Most actually earn less than 0.25 cents. This can be verified by simply scrolling through the blogs of different members.
  • The whales basically control the majority of steem that isn't owned by the co-owners.
  • Many of the whales seem to be only interested in keeping their personal money flow high, and use different tactics to keep their earnings in place. I've personally read several articles posted by excellent writers who were beginning to do well, when suddenly they began to get flagged and down-voted for no apparent reason. When accounts are down-voted the owners of those accounts lose reputation numbers, which effects their earnings, making it not worth the time to share their articles.
  • If you are simply looking to make a few extra dollars a week, Steemit might be the place for you. Just don't go there expecting to be a high earner, because that will likely never happen.

Links provided upon request.





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    • Annkf profile image
      Author

      Betty A F 3 months ago from Florida

      There is an issue with many of the "whales," who monopolize the system. Not many others will make the kind of money that a few are making on the site. The idea is a good one, and is set up as a social network that is more worthwhile than sites like Facebook. I don't post there any longer. However, I have kept my SP stored there as it gains interest, and it has. Unfortunately, the system does not allow a person to withdraw all of the earnings at once. So even if it expands, it takes at least a six months to withdraw your earnings in portions. I have withdrawn some, and transferred it into bitcoin.

      There are some good things about it, but the idea of getting rich and making a living off of your articles, (like the whales are doing,) isn't going to happen unless your SP increases like Bitcoin did.

      Thank you for your comment Eric Farmer.

      There's also a newer site called, "Yours," that I find to be very promising. The earnings are based on Bitcoin, Lite Coin and Bitcoin cash. Here's the addy if you want to check the site out.

      https://www.yours.org/

    • EricFarmer8x profile image

      Eric Farmer 4 months ago from Phoenix Arizona

      I joined Steamit recently. I am not sure if I would want to commit to a site like this. That is to write original content just for it alone. I posted a few small things that earned pennies at best but I am not trying too hard.

      I like the idea of how you earn on this system but I don't like how you can only earn for about a week. This to me persuades against writing content for longevity and more for writing what is popular right now.

      Most of the things I see upvoted into making decent money tend to be things related to Steemit itself or other cryptocurrencies. I wonder how a site like this will look years down the line. Will it last that long? I guess time will tell.

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