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      "title": "Steemit May Become Killer App As It Looks to Draw 1 Mln Bitcoin Users Yearly",
      "body": "The exponential rate at which Steem grows may put on fast track a solution to the scaling issue that the Bitcoin community faces.\n\nSteem is a digital currency behind Steemit, a decentralized social media platform which rewards posters and voters online. Scaling Bitcoin has become a hot button issue in the community. This is the process to increase block size from its current form in which the network can only support up to seven transactions per second to process more like Paypal achieves with about 100 transactions per second, and as Visa does with about 4,000 per second.\n\nIn the wake of the Steemit hack\n\nRecently, Steemit was hacked, with about 260 accounts compromised.\n\nDavid Wachsman responded to those who claim the hack was intentionally organised by Steemit itself as false.\n\nHe wrote via email:\n\n“Without even presenting it to the Steemit team, I can tell you that the insinuation is completely outrageous and false. Once the issue was identified, the Steemit team worked heroically and tirelessly to protect its community. The Steemit team continues to work extraordinarily hard to get things back to normal as swiftly as possible. CEO Ned Scott may post updates to the situation on the Steemit website from time to time, and we plan on sharing those with the media simultaneously whenever possible.”\n\nOvertaking the DAO\n\nWith Steemit being touted to be the bridge that has the ability to bring people who have no interest in cryptocurrency into its world, Steem overtook The DAO to be the world’s fifth most valuable cryptocurrency following its 1000% plus growth in the days following Steemit’s first cryptocurrency payout on July 4.  After the $1.3 million giveaway, the number of transactions, posts, votes and new users signing up to Steemit’s decentralized Reddit-like platform tripled.\n\nIn a media release its CEO, Ned Scott, says:\n\n“After the successful payout on July 4, consumers have seen that our system really works. Everyday users are jumping onboard our social network and many early adopters have benefited. People have started saying that they have paid their rent with money earned on Steemit. Others have bought cell phones, washing machines, and even paid their electricity bills. We have constructed perhaps the first Blockchain application that anyone can use. Content creators and curators have enjoyed earning valuable crypto rewards through a fun and seamless experience.”    \n\nSteemit is on track to become one of the largest and fastest growing cryptocurrency projects worldwide in less than three months of its inception. As Steem reaches millions of people in the next year, it could possibly choke Bitcoin's capacity if all the people were to use Bitcoin as a gateway to buy in and/or cash out each month.\n\nEeks, in a post on Steemit, wrote that Steemit is the killer app Bitcoin has been waiting for to bring fresh and diverse people into Bitcoin and into cryptocurrencies.\n\nThe writer says Bitcoin companies and their products do nothing for people outside the one percent who know and use Bitcoin. He cites Purse.io as the closest thing to a Bitcoin killer app to convince those outside the cryptocurency community but, as yet, hasn’t had much luck. The same applies to OpenBazaar, Bitcoin gambling and P2P lending sites, who have not provided a reason for those people to care about Bitcoin or a need to have it, except for speculative purposes.\n\nIn an analogy, the writer concluded, based on available figures, that the new social media site could acquire at least a million Bitcoin active onboard users in a year.\n\n“And if it happens as I expect, Steemit will acquire 1 million or more people onboard per year. That's 1 million people becoming more comfortable with crypto, finding it usable and relatable. That's a huge win for Bitcoin and crypto. The value of any cryptocurrency are the people involved and the network effects they bring, all enabled by the underlying technologies and their usefulness. 1 million more active users into the cloistered world of cryptocurrency seems like a valuable breath of fresh air. Steemit, despite not even being a Bitcoin project, looks like it has the potential to be Bitcoin's killer app. Bitcoin holders rejoice.”\n\nIn a post by  dantheman on Steemit, the writer says:\n\n“If Bitcoin and other cryptocurrencies wish to benefit from Steem's attraction of new people to cryptocurrency, then they will need to solve the scalability problem much faster than previously anticipated. Failure to scale means the market could pass them by altogether.”",
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      "body": "Blockchain-powered social media platform Steemit, a new novel experiment in social media that sees users rewarded in the token cryptocurrency Steem has been the target of a cyber attack.\n\nSteemit, a new social media website that has grown tremendously since its launch two months ago has seen its token cryptocurrency Steem’s value explode over the past week. The digital currency now sits third in the cryptocurrency market value charts with over $360 million at the time of publishing, only after Bitcoin and Ethereum.\n\nSpeaking to CCN earlier, Steemit CEO Ned Scott described the platform as follows:\n\nA social media website built completely on the public Steem blockchain, which brings all the benefits of cryptocurrency and immutability to social media.  Beyond that, users get paid to post and vote, similar to how miners are paid by Bitcoin.\nUnderstandably, Steemit is getting plenty of attention for the way it incentivizes users who post and vote on its platform. Malicious hackers have taken notice too, with the platform the subject of a cyberattack late last night (UCT).\n\nIn an official statement provided to CCN, Ned Scott stated:\n\nSteemit was today subjected to a cyber attack. In the attack, fewer than 260 accounts were compromised, and less than $85,000 worth of Steem Dollars and Steem may have been stolen.\n\nThe hack has now been contained. User accounts and wallets are not at risk, and we hope to soon reactivate the Steemit website to normal order. Any users whose accounts were compromised will be completely reimbursed.\nScott confirmed that the incident was reported to the police along with “other cyber crime authorities, including the FBI.” An internal investigation within the company is also underway.\n\nFurthermore, digital currency exchange Bittrex, a partner of Steemit, is also involved in the investigation. All Steem trading through deposits or withdrawals have been temporarily suspended.\n\nNotably, the cyberattack has compromised the website and the couple hundred user accounts resulting in the theft of those users’ funds. There is no indication of a hack of Steem Coin itself.",
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      "title": "",
      "body": "Difficult story. I am sorry to hear of your struggles. Financial services are all misleading and cause a lot of strife for people all over the world. \n\nAnyway, welcome to steemit. This community will help support you going forward. First off here is a link to a repository of all the useful steemit articles I have been able to find so far to help you get started. If you have any questions jump in the slack and there will be plenty of people to help you out. Again welcome! \nhttps://steemit.com/wikiversity/@boardwalk-steem/lets-start-a-steemit-resource-repository",
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      "parent_permlink": "introduceyourself",
      "author": "rfromla",
      "permlink": "my-dad-left-when-i-was-12-it-was-probably-the-best-thing-that-happened-to-me",
      "title": "My dad left when I was 12, it was probably the best thing that happened to me",
      "body": "When my dad left at the age of 12, my mom had to take care of two boys by herself.\n\nHe was a good dad, but an abusive husband.  We were lucky to lose him, didnt feel like it at the time, but now when i look back at it, i am the man i am because we had to work so hard to get what we have.\n\nThough my mom is an smart & educated woman, she did not know anything about money. She had to make decisions on her own. She was the victim of predatory financial services organizations. Banks and lenders that took advantage of her naivety. \n\nHaving just graduated from University of Southern California with a graduate business degree focused on entrepreneurship, I am opening my third for profit, social enterprise, tech start up which will provide financial services such as check cashing, loans, and other financial services to the 106 million underbanked americans in this country. \n\nWe are raising capital now and are excited help the poor with a sustainable company that does not need constant philanthropic help. If you would like to know more, please reply and i can send you my contact info",
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      "body": "Joseph,\n\nThanks for sharing, I really appreciate it",
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