All posts tagged million

• October 5, 2017

  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.

  

  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.

  1 Comment / Feature Journalism, Published Writing, Tech Journalism / Andrew McMillen

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• March 22, 2012

  The Weekend Australian album reviews: Last Dinosaurs, Hilltop Hoods, March 2012

  Two album reviews published in The Weekend Australian in March 2012.

  Last Dinosaurs – In A Million Years

  Does the world really need another guitar-pop band? Brisbane has proved fertile ground for the genre of late: the Grates, the John Steel Singers and Yves Klein Blue all achieved national notoriety in recent years mining this rich vein.

  Funnily enough, all three are labelmates with newcomers Last Dinosaurs, suggesting that Dew Process has something of a local monopoly.

  The young quartet’s debut LP practically radiates with neon intensity, so smooth, shiny and punchy is the production on these 11 tracks. Every frantic guitar strum and finicky hi-hat hit rings clean, and Sean Caskey’s vocal melodies are strong without becoming overbearing – though he does fall into the pop musician’s trap of writing instantly forgettable lyrics.

  It’s either confidence or arrogance that convinces a band to open an album with its best track. I’m leaning toward the former, though Zoom is such a perfect example of guitar-pop done right that the rest of the album pales a little in comparison.

  Earlier single Honolulu almost scales the same heights. The steel drums in Andy suit the track, but come off a little outdated in the wake of Sydney band the Holidays nailing the use of that instrument on its 2010 debut, Post Paradise. Spacey mid-album instrumental Satellites is the only unnecessary track here; its presence makes no sense amid an otherwise impressive, tight collection.

  LABEL: Dew Process
  RATING: 3 stars

  ++

  Hilltop Hoods – Drinking From The Sun

  The best track on Hilltop Hoods’ sixth album, ‘Rattling the Keys to the Kingdom’, is built on the familiar lyrical trope of rap group pitting itself against its many competitors.

  Yet here the narrative rings true: this Adelaide trio genuinely owns the Australian hip-hop throne, so when they rap “We came and we conquered” while a chant of “Hill-top! Hill-top!” repeats in the background, they’re being both arrogant and honest.

  Their last release, 2009’s State of the Art, was the genre’s bestselling album yet. Fans and rivals alike look to these three to see where they’ll take the art form next; likely, more than a few hope they’ll falter and cede control to another crew.

  To their disappointment, this offering is another jewel in the crown. The meaning of its title is made clear in the second of three interludes entitled ‘The Thirst’, when a voice explains “It’s a metaphor that we’re from an underground culture that’s risen up into the limelight; we’re down below, drinking from what’s coming above.”

  Since the overwhelming success of the Hoods’ breakthrough 2003 release The Calling, Australian hip-hop has joined the mainstream. Where cultural cringe once confined the genre to the margins, the nation’s biggest music festivals are now just as likely to book hip-hop acts as they are pop and rock artists.

  Drinking from the Sun represents the trio’s first real attempt at penetrating the North American market. It’s impossible to view this album through any other lens: all signs point to a concerted effort to impress newcomers.

  At a touch over 41 minutes, it’s also their shortest album to date. While MCs Pressure and Suffa certainly can’t hide their distinctive accents, DJ Debris turns in perhaps his most impressive effort to date. The beats and instrumentation are uniformly world-class, and will give the trio its best shot yet at turning foreign ears.

  They’ve also enlisted a pair of instantly recognisable American voices – Black Thought (of The Roots) and Chali 2na (Jurassic 5) – to lay down tidy, if unspectacular verses; another guest is Australian singer Sia Furler, who has written and sung for mega-sellers David Guetta and Flo Rida.

  Lyrically, the two MCs discuss death (‘Lights Out’), break-ups (‘Now You’re Gone’), self-doubt (‘Good for Nothing’) and Suffa’s new-found sobriety (‘Shredding the Balloon’), while brass, strings, guitar and Debris’ beats fill out their now-signature sound.

  LABEL: Golden Era
  RATING: 4 stars

   

  No Comments / Music Criticism, Published Writing / Andrew McMillen

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