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Episode Info: Ned Scott (@certainassets, Steemit: @ned is trying to reinvent the way content gets made. He wants you to get paid in the process. Ned is the co-founder of a cryptocurrency called STEEM, and he's CEO of a website that runs on STEEM, called Steemit. Basically all of the actions that you would normally take on a site such as Reddit – writing posts, upvoting, or commenting, mines the STEEM – that's S-T-E-E-M – cryptocurrency. You can then cash in that cryptocurrency for the currency of your choice. The attention economy and digital distraction You've heard me talk about the economics of digital distraction on the podcast before. Hooked author Nir Eyal and I talked about it on episode 21. Companies such as Facebook steal your attention, because the current models of supporting content creation incentivize them to do so. For example, because the bulk of Facebook's revenue is from ads, they want you to spend as much time on your news feed as possible. This then incentivizes content creators to create the most attention-grabbing content possible. They'll use tactics such as inciting rage – even if it means ruining an innocent person's life. We saw this tactic backfire when Gawker outed a closeted gay executive. Or, they'll just plain lie – which is something we're seeing with the current "fake news" crisis. The incentives of the attention economy By the way, I discussed some of these incentives with Ryan Holiday on episode 31. Ryan wrote a great book on the subject with Trust Me, I'm Lying. Will STEEM incentivize different behavior? Well, that remains to be seen. Many journalists are currently paid by the page view. I have journalist friends who have worked at a respectable newspaper, and their performance was measured by the page views on their stories. Think about that for a second. They weren't allowed to own stocks because it would be considered a conflict of interest in case they had to write about one of those companies, but somehow being rewRead more »

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