Topic: Steem pyramid scheme revealed - page 15. (Read 107064 times)

Satoshi didnt, and what the developers spend is spent on development, research and the hosting costs.

They are well respected trustworthy people in my opinion, and Steemit is getting better and better as the day goes by, almost every week new features come out, and even though the price is not that good now, the value is rising.

So if you are an investor you might want to look out for a cheap opportunity here in my opinion.

Yeah totally that's what I thought too but everyone was just goin with the hype

Interesting developments lately, although one should question if this was the plan all along...powering up when it was cheap gave you a huge amount of Steem, now I think it gives you too little in my opinion, so the rich got richer. It was still a nice way to reward people who powered up during these recent months and never powered down and continue using the platform.

I find the Steem Dollar with the 9% interest rate pretty interesting though, it definitely has a risk as everything else but it's hard to find a similar option that pays you that well, I would say lending in Poloniex but you would be exposed to the volatility of each currency.

Barring any real coup in terms of adoption (has one materialized since we last analyzed the data?), then absent any hype which could ignite a pump, then it is difficult to speculate a reason why anyone would accumulate other than the slim probability that either of those might eventually materialize, i.e. speculation. I could perhaps envision accumulative bottom fishing. Will be interesting to see if a floor on the price develops.

I am not powering down because it isn't worth much and holding as a diversification to my own project (which will be sort of a competitor to Steem and Bitshares' Graphene DPoS¹) just in case. There do appear to be some ecosystem developments underway, such as busy.org.

BTC is on a run and so when that exhales, we will likely see another run up of the alts. So diversified bottom fishing probably makes sense, especially when taking some profits on BTC if its price rise gets too overheated.

I am damn thankful Steem happened. I would not have survived financially had I not participated back when it was possible to earns $1000s per blog. I was able to survive to the point where I am now, wherein I began an experiment on curing my illness 5 days ago as (perhaps, hopefully, fingers crossed, looking good so far) a preemption of my medical diagnosis trip to Singapore Jan 12.

¹ I hope my "blockchain" design to be a competitor ("killer") to Bitcoin and just about everything else (including Ethereum, etc). I don't expect Bitcoin to be killed though as it will remain the reserve currency on/off ramp to/from fiat.

The whole point of powering up is to earn from curation awards. You can actually make quite a bit from curating, and do it by bot if you wish. So it's a good way of increasing your stake, and you can power down and withdraw some of it as and when you like.

We know from what happened to bitcoin and doge that tipping where you transfer directly from your wallet to someone else doesn't work. Curating where you help allocate the next 24 hours minted coins, and receive a reward for it, works better. But it needs powering up.

The problem may be that steem is really just as centralized as anything else, with too much SP possibly being held by insiders. Combine that with the p&d that occurred and it will take a while to reverse, if it does.

It seems that the whole idea of power ups/downs may be flawed, especially with prolonged power down periods. 13 weeks doesn't sound very good on the face of it, regardless of whether or not the delayed withdrawal earns interest during that period.

Why does anyone think that restriction would do anything other than prolong a selloff?  How does it make an "investment" a LT investment?

15k satoshi right now. looks like the decision about 3 mounth was not so good.

The hardfork happened, and Steem's price rise 17%, I think this is a step in the right direction.

The key flaw.

Thank you for the update... these formulas sound much better, especially the power down period... interested to see how the consensus voting mechanism works. That is key

Once i have created account there on site but i was unaware about how to use the same and how and where we can trade with this so i leave the working here and quit, now again i have seen this and wish to know more about the same so i can start working again.

Thanks for the link and interesting discussion.  Wish there was a way for you to expedite your idea's by working together with Steem/BitShares etc... to launch your project.  Hell, you might even be able to get a worker approved (paid by bts blockchain) for improving upon the chain with your creative ideas.

I rebutted the Bitshares guy who responded to my above comments:

https://github.com/cosmos/cosmos/issues/43#issuecomment-264952505

Total inflation of 9.5% per year (it rises to about 10% after factoring in compounding).

Of which:

. 15% goes to SP (will probably be around a 1%/y interest rate on SP, but depends what fraction of the money supply is powered up)
. 10% goes to witnesses/miners
. 75% goes to content/curators

The total inflation rate will decline by about 0.5% per year until it reaches 1% per year in 20 years.

Also:

. Power down time changed from 2 years to 13 weeks.

A pyramid scheme run out of Tel Aviv.  Who could have seen such a thing coming?

Correct yet again on another failed social networking experiment named Synereo:

For the umpteenth time, I will repeat:

No project can make the voting fair while also avoiding Sybil attacks:

https://steemit.com/steem/@anonymint/blog-rewards-can-t-be-widely-distributed

Technically impossible. Stick a fork it it. Voting from the collective money supply is dead and can't be fixed. This is why every Steem clone such as Ark is DOA.

The root problem is that the consensus voting mechanism is flawed. The proper voting system would not take into account higher status based on quantity of Fiat converted to steem to sp.

Fix this and you fix all of the problems mentioned. Seems straightforward... instead of electoral college style voting, have a popular vote. SP should only be exchanged fore bonus, not cash. Also, focus on eliminating sock puppets using an algorithm,

All the knob twiddling at Steemit completely misses several fatal flaws in their "Business Model".

(1)  Zero revenue... replaced by paying out a massive premine.

(2)  No professional writers... even aspiring semi-pros are leaving.

(3)  A hardcore caste system that dominates EVERY aspect of the platform.

I'm amazed and disappointed that none of the above has been addressed...
It's like a college project run by people with no actual experience in media...
Who are blissfully unaware of anything outside their cocoon.

The above cannot be some kind of big mistake... at some point you have to say "scam".

@smooth, what will the new inflation scheme be with regards to steem/sbd/sp - and how will it compare to the current steem x10/reverse split every 3yrs, sbd 10%, sp 90% annual ROI?