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Saturday, October 6, 2018

The "Reddit of Crypto" launches following startup financing from Binance - but is it already doomed to fail?

Aiming to become the Reddit of cryptocurrency - the site recently launched at www.Pivot.one, touting a start-up investment from exchange giant Binance.

It’s a business model others have had a challenge turning into a success - rewarding users for interaction.

But doing so has been a magnet for spam, junk content and bots for those who've tried this model before. For an example of those challenges look no further than Steemit, a site that at one point was off to a great start.

But, it only took a few months for their business model to become exploited.  Now, the content posted there is generally low quality - or straight up stolen.  In fact, you can find pretty much everything Global Crypto Press has published, re-published there without permission.

Pivot is rewarding users a little differently, splitting a "Bitcoin Bonus" daily between it's members - a hefty one too, on top of rewarding them with their own native coin PVP.

"The primary task of the community is to screen valuable information. Everyone has the right to freedom of information release and effective questioning. Eliminating capital shuffling behavior is the basis for the empowerment by PVT Community. Therefore, PVT Community will not seek simple and crude growth but will work together with community members to initiate full discussions on new events. What PVT Community will do is completely free information sharing. PVT Community also provides a set of irreversible and permanent data storage mechanisms that leaves capital shufflers nowhere to hide."  says the company.

The problems that plagued Steemit are already slowly appearing there.  Responses to posts are often nothing but "follow me" instead of a discussion of the actual topic at hand.

It's long term success will come down to one thing: moderators.   If spammers arn't swiftly shut down, expect them to fully take over, chase out the real users, and the whole thing is over.

You can check it out for yourself now at www.Pivot.one

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Author: Adam Lee 
Asia News Desk