Unlike Facebook and Reddit, where users only get “good feels” when someone LIKES your post, on Steemit.com you actually get awarded with the crypto-currency, Steem, which currently has a value of ~$1 each. I’ve seen people, like Jeff Berwick, make $16,000 on a single post. Trust me, I was in disbelief at first too.

Now, there are PLENTY of people who call Steemit.com and the Steem crypto-token a scam and a pyramid scheme. There are various reasons why fellow crypto-friends either don’t understand or don’t trust Steem; many of them have valid reasons. Ned and I chat about the economics of Steem and how they created a coin, wrapped in smart contracts to incentivize and build the type of community they wanted to build. Coming from a background of Austrian Economics, I’m dig deep to get answers to some of the most fundamental concerns about Steem and try to find out if it’s actually a scam or not. My conclusion? Well…you’ll have to listen to the podcast to find out.