All posts tagged reddit

  • Backchannel story: ‘The Social Network Doling Out Millions in Ephemeral Money: Steemit’, October 2017

    A feature story for Backchannel. Excerpt below.

    The Social Network Doling Out Millions in Ephemeral Money

    Steemit is a social network with the radical idea of paying users for their contributions. But in the crypto gold rush, it’s unclear who stands to profit.

    Backchannel story: 'The Social Network Doling Out Millions in Ephemeral Money: Steemit' by Andrew McMillen, October 2017. Illustration credit: Lauren Cierzan.

    Every time you log onto Facebook, Instagram, or Twitter to share a photo or post an article, you give up a piece of yourself in exchange for entertainment. This is the way of the modern world: Smart companies build apps and websites that keep our eyeballs engaged, and we reward them with our data and attention, which benefit their bottom line.

    Steemit, a nascent social media platform, is trying to change all that by rewarding its users with cold, hard cash in the form of a cryptocurrency. Everything that you do on Steemit—every post, every comment, and every like—translates to a fraction of a digital currency called Steem. Over time, as Steem accumulates, it can be cashed out for normal currency. (Or held, if you think Steem is headed for a bright future.)

    The idea for Steemit began with a white paper, which quietly spread among a small community of techies when it was released in March 2016. The exhaustive 44-page overview wasn’t intended for a general audience, but the document contained a powerful message. User-generated content, the authors argued, had created billions of dollars of value for the shareholders of social media companies. Yet while moguls like Mark Zuckerberg got rich, the content creators who fueled networks like Facebook got nothing. Steemit’s creators outlined their intention to challenge that power imbalance by putting a value on contributions: “Steem is the first cryptocurrency that attempts to accurately and transparently reward…[the] individuals who make subjective contributions to its community.”

    A minuscule but dedicated audience rallied around Steemit, posting stories and experimenting with the form to discover what posts attracted the most votes and comments. When Steemit released its first payouts that July, three months after launch, things got serious.

    Cryptocurrencies like Bitcoin are only worth whatever value people ascribe to them, so there was no guarantee that the tokens dropping into Steemit accounts would ever be worth anything. Yet the Steem that rolled out to users translated to more than $1.2 million in American dollars. Overnight, the little-known currency spiked to a $350 million market capitalization—momentarily rocketing it into the rare company of Bitcoin and Ethereum, the world’s highest-valued cryptocurrencies.

    Today, Steem’s market capitalization has settled in the vicinity of $294 million. One Steem is worth slightly more than one United States Dollar, and the currency remains a regular presence at the edge of the top 20 most traded digital currencies.

    It’s a precipitous rise for a company that just 18 months ago existed only as an idea in the minds of its founders. More than $30 million worth of Steem has been distributed to over 50,000 users since its launch, according to company reports. It’s too early to know whether Steemit can hold onto its users’ interest and its market value. But its goal—upending a model built by social media giants over decades of use in favor of a more populist system—is significant in itself. By removing the middlemen and allowing users to profit directly from the networks they participate in, Steemit could provide a roadmap to a more equitable social network.

    Or users could get bored or distracted by something newer and shinier and abandon it. The possibility of a popped bubble looms over every cryptocurrency, and the bubbles are filled with both attention and speculative investment. Steemit’s value is based on money that its founders have virtually willed into existence. Fortunes could vanish at any moment, but someone stands to get rich in the process.

    To read the full story, visit Backchannel. Above illustration credit: Lauren Cierzan.

  • Backchannel story: ‘The Heroin Heroine of Reddit’, July 2015

    A story for Backchannel, the technology section of Medium.com. Excerpt below.

    The Heroin Heroine of Reddit

    How a former addict uses the internet to save drug users’ lives

    'The Heroin Heroine of Reddit' by Andrew McMillen on Backchannel, July 2015

    On a quiet night in late April, Brad Treseler slipped off to his bedroom at his family’s home in Cumberland, Virginia. His friends kept on chatting in the living room, but after a few minutes they began to wonder what Brad was up to. They found the 25-year-old slumped on the floor of his room, blue and unresponsive. He had overdosed on heroin and benzodiazepine.

    Brad’s friends cycled through the options. They could call 911, but the responders might not arrive in time and might tip off the police. Or they could run to the apartment next door and wake Treseler’s older brother, Bill. They knew that Bill had a small vial containing a clear liquid called naloxone, which can counteract the effects of an opiate overdose. In a panic, they opted to make the short sprint and bang on Bill’s door.

    Together, they carried Brad into the bathtub and cranked on the shower. Bill dipped a syringe into the vial and drew in the naloxone, then injected the the liquid into the fatty part of Brad’s thigh. Nothing happened, so Bill refilled the syringe and injected him again. Brad stirred, and opened his eyes to see his brother and terrified friends peering down at him. As he came to, he thought: This is what being dead is like.

    Brad had acquired two vials of the naloxone months earlier. Some states—including New Mexico, Washington, New York, Rhode Island, Vermont and California—allow it to be sold over the counter. But it is illegal in Virginia, so Brad received his shipment in the mail from an unlikely source: the online forum Reddit.

    Brad is an active member of the Opiates subreddit, a lively forum where queries about safe injection practices and rehabilitation are posted alongside tactics for hustling cash and coping with constipation, an unwelcome side effect of frequent opioid use. He saw a thread where a moderator known as the “mother of r/opiates,” named Tracey Helton, was offering to send clean needles to fellow Redditors. When he reached out to Tracey about the free needles, which were rare in his scene, she told him that the package included naloxone. Brad replied, “Oh man, that’s awesome! That’s a great idea!”

    Five days later, a yellow padded envelope arrived from San Francisco, where Tracey lives. Inside was a bag of clean syringes, two vials of naloxone and a post-it note with a hand-drawn smiley face. “I thought, ‘Holy crap!’ I didn’t send her any money. All I did was send her one little message,” Brad says. “Somebody out there cares that much.”

    To read the full story, visit Backchannel.