DISCLAIMER: ALL INFORMATION HERE IS MONTHS OLD. NEEDS TO BE DOUBTED AND/OR VERIFIED!!!
I have played with steemit. I will make a few comments on the crypto currency aspect of it, on the culture aspect of it, and then on posting.
Some information may be obsolete because I am too busy for this right now.
Steem is pretty darned fascinating. While there is already a ton of entirely superficial, modern, polished crap that makes your soul hurt for the amount of money that it makes, there is also a jungle of crypto currency commentators, disenfranchised libertarians, curious professionals that just want to blog, hippy farmers, and, of course, porn.
My personal impression is that optimizing the use of this platform is partly gaming its system and partly just being plain, old genuine and serious about what you do so that your audience finds you.
If you all find steemit interesting enough, then (1) a techy type person should take charge of following developments in the functioning of this platform and translate this knowledge to the laypeople among us (2) a media-oriented type person should take charge of observing trends of how platform content is evolving and digested and translate this knowledge to the laypeople among us. Then, the rest of the folks can just churn out content without trying to understand every little thing, that an isolated user who managed to gain a decent amount of exposure, had to understand by themselves to get their place.
CRYPTOCURRENCY
There are 3 different types of steemit currency:
1) Steem - Traded on exchanges
2) Steem Dollars - Currency for use on platform, upvoting or downvoting, your voting power is lightly augmented or diminished by how much of this you are holding.
3) Steem Power - Long term investment in the platform itself, Can't be sold for 2 years, AUGMENTS OR DIMINISHES YOUR VOTING POWER TO A GREAT DEGREE
If you want to buy into Steem instead of organically growing your Steem cache, you must have Bitcoin (BTC) or Ethereum (ETC) to buy it on an exchange (may be different now).
This is a highly simplified explanation, but it prepares one for aspects of the posting process. For example, you can choose how much of the steemit upvotes that your post receives will be translated into Steem Power. You can't spend Steem Power immediately on an exchange, but the amount that you have has a big effect on your upvoting power.
Your voting power is on a daily cycle. It decreases as you upvote until such a point that you have no more and need to wait for it to recharge.
The ruies change. For example, you get a portion of the upvotes of someone's post if you are among the first few commenters, but the Steem administrators can decide, that the first 10 commenters or the comments during the first 15 minutes after the post has gone up, will be rewarded and no others. These rules can change according to the behavior that the admins are trying to encourage. Effectively, the idea is to reward discovery of a new post.
CULTURE
Because of the above, some behaviors emerge.
1) CHOOSE YOUR BATTLES - If you have a contentious point to make, know that a "whale," that is, someone with a great deal of Steem Power, roughly the equivalent of 5 to 50 thousand American dollars can smash you. If a whale starts downvoting you, then you have basically been censored. I saw this playing out. Some turd was posting porn photos without attribution (more on photos later in the POSTING section). Someone called it out. The original poster bought a ton of Steem Power and started downvoting all of the detractors, effectively making the posts of the detractors disappear from the Steem feed. On the other hand, the vote of a benevolent whale gets you more exposure on the Steem feeds and more Steem currency. Last time I was paying attention, most whales were benevolent.
2) GAMING THE SYSTEM - I don't know what changes might have been made, if any, to how Steem is awarded to both original posters and commenters, but this is important. Steem is trying to reward the curation of content as well as the creation of content. Thus, there are specific rules as to what percentage of an original poster's upvotes go to the poster and how much goes to the commenters. The rules for how commenters are rewarded were tending towards trying to reward the behavior of someone scrolling through their feed, finding something they liked, and then genuinely and spontaneously upvoting it. Lovely aim for a social network, but good luck on that...
3) DO YOUR THING OR... (number 4 will be the "OR") It is wise to understand the system that you are living in, but it can be the case that you should just enjoy the platform for what it is. Create your content. Appreciate others' content for what it is by upvoting or by commenting. Worry less about optimizing within the rules and more about content creation and curation (remember that curation is rewarded), but be aware.
4) ...OR BECOME A WHALE - Buy a ton of Steem Power and make money simply upvoting and commenting. Seriously... If you want to buy the equivalent of 500,000 American dollars of Steem Power tomorrow, then you can theoretically make a decent living just upvoting and commenting everyday. Just remember that if Steem takes a dive at the same time that your pickup truck needs a transmission, and that was your only 500,000 dollars, then you are SOL. If want to grow your Steem account organically, then no problem...
POSTING
1) LESS FRILLS - Mostly, you can make your posts approximately as pretty or even prettier as any social network like Facebook, but you need to do a bit more work. You have to use markup language. It is like the tags that you see when you write a post on this forum: <b> This text will be in bold-faced font because of the arcane symbols surrounding it </b>
In other words, to do any formatting other than the default, one needs to use a lot of these tags manually (may have changed by now).
You can do an entire post in MS Word exactly as you want it to look and then run it through a markup language converter (for example, http://markdownpad.com/) in order to get a body of text that you can put directly into Steemit. Note that not all of your intended formatting may be translated by the converter, AND SOME TAGS MAY HAVE TO BE MANUALLY ADDED.
2) IMAGE HOSTING - You must open an account with an image hosting website. Generally, the site, after you having uploaded your images, will have an array of esoteric looking "tags" for your image that allow you to reference your image from that site. You will have to use these tags to get your steemit post to go look on the internet for where your image is saved.
3) DIGITAL POLITENESS - Last time I looked, the nice part of Steemit preferred that you attribute everything that is not yours. For example, images that are copyrighted or even not explicitly associated with a more open use license should be avoided in the strictest sense. There are bots that actually scour the internet to see if you are plagiarizing text and then leave a snarky message in the comments if you are.
4) NSFW - Since there is less need to kiss advertiser's hind ends, there are erotic images passing through the steemit feed. They tend to be marked as "NSFW," and you would have to click on them to open the possibility of clicking on the link, so there is a second layer you have to pass through to see pictures of naked people. If you want a less censored platform, then you simply must accept this.
5) BE SURE ABOUT WHAT YOU ARE SAYING - You can see a projected version of your post as you are typing, but once you enter the post, you are on the blockchain. Even if you edit a post after the fact, a sufficiently skilled auditor of the block chain can find your original post.
All of what I have typed is subject to change, but the active contributors to Steemit are always editing and adding to the how-to and for-beginners sorts of posts. Go find them and have fun!!!
Best wishes!