Topic: Steem pyramid scheme revealed - page 20. (Read 107059 times)

So is this definitely going ahead next week, or are they going to try to get some publicity for it first?

Well, Jared Michael, before u talk to me brah u have to comprehend this fanky full of complexity rule that breaks my nap every night and is apparently a threat to faint me out one day if I fail to repair my basin: dont trip me out when Im taking a shower, thats dangerous shit

After all, u da boy, sure thing u know when to come and leave, dont ya? Nah bro, its a fucking sarcasm and Im being whimsical. What Im saying is u need to listen, Jared, seriously, sometimes u just need to listen...


Jared... Putin lied. Of true thruths Im laughing in the aisles at pees believing in a straightforward speech in which Putin informed the audience he has no interest in catechizing Mr Snowden or providing a permanent refuge for him under exemption of russia's regulatory changes.

The informations of paramount importance belonging to russian secret service are stored on Narkiv, unsafe place for surfing unless u run Tails, and make sure russians dont track ur browser header signatures; get ur ass over there and find the deathnotes of a former FSB agent outlining Mr. Snowden's progressive career in russia, starting at a point he crossed Tarbagan-Dakh over a year ago and ending with his departure to Chechnya where he and ramzan kadyrov fused into one symbiotic organism. Snowden is not a whistleblower anymore... but u still need to listen.


I own a pile of Munich bills.


Paraphrase. See above. U have to make sure u know when to come and leave so as to avoid getting the door slap ur ass on the way back, Jared. When u refer to 1% make sure to specify if thats the percentage indicative of a global / local average wage, net worth, portfolio depth, paycheck size. To constitute 1% among the folks with the highest net worth in the US, $7 million net worth would be imperative.


Paraphrase. Can pay $10 cents per hour (enough to rent back ur classmates' bedchamber for another month) if that helps in correcting walls of incoherent babbling. For peeps watching the show Graphene seems to be the fastest solution available to bearers of crypto today, and is understandably being positioned as the tech that stood the test of time. Hurdle to investing is the asshole-introvert running the show / messing with angel money at his peril. Not sure what hes trying to accomplish there but good luck to him in getting this over with.


Ur imagination seems fair and balanced.


Sure, dont get anxious.


Seems like a college bum's clamoring for luxury stuff underlines some unemployment issues u be fighting at present.

Truthcoin article seemed to impress u to some extent since u were used to obviously reiterating most of the paragraphs taken from there.

Look. Acting like an ewe, fucking nuts to the work of others, praising the goddess for giving u the PC and browser to examine the advantages of DPOS over the number of simplified approaches to block validation wont make ur 0.006 long close at the base price.

Sheeple like u is being walked down the lawn. Many men are responsible for revolutionary breakthroughs in the history of mankind. Dont really mention Gutenberg here when u talk clown slug shitcoin u longed this summer being impressed by other's summary on dpos. Is not the time and place for such mentions. Curtain time.


We? Since u are the community, use I. I is singular. Its better than we, trust me.


I already do Jared, surely. Sadly I cant see ur facial expression.

The rest of ur post has to be overlaid on this.

No need to mute the sound, simply add ravings he wrote to subtitles. Looks organic:

I was really obvious by August that the Steemit economic model was a fiasco...
And it took 4 months to "review" and post these half-measures? Are Dan and Ned on drugs?

If there is a truism in crypto, it's all about momentum...
Once you lose it, once you go into a Death Spiral, a major rebranding is the only option...
(Even Ethereum has lost all momentum due to mismanagement, spinning it's wheels for 6 months... desperate for an App, any App).

It's telling that cynically tweeking some algos on a 500,000 to 13,000 sat Death Spiral (down 97.5% in STEEM, maybe 80% in SP)...
Actually brings applause and praise and supplication from the 1,000 pinheads left on Steemit...
Along with the usual nonsense comparing Steemit to "the early days of Facebook"   

Amazingly, the platform is still worth $25,000,000 due to a modern, stable crypto network...
In the real world adults could salvage some value by bringing in actual professionals...
Who would replace zero-value random, amateur blogging with something the world actually wants.

steem is a joke

You are repeating what I already wrote (emphasized in bold in the quote below):


But what is being given away from free is the whales control the dilution of my 5000 STEEM, because by mathematical necessity the voting can't be linear without causing Sybil attacks:

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

So the problem is voting can never be an objective metric of rewarding work, thus giving away for free that which is not free.



How could you forget that I already figured out a long time ago, what you are accusing me now of forgetting  

(be careful with presuming you are so clever that you thought of something that I haven't)

Hey all. Take a small break and check out my latest blog. I appreciate the views, all upvotes and new followers. I follow back and click on my followers posts as well as upvote. Please give me a read https://steemit.com/trump/@coexist/lets-coexist-blog-4

Thank you in advance,

Phil Lima

Latest update on the economic model hard fork. I expect this to be enacted without additional significant changes (my opinion only).

https://steemit.com/steem/@steemitblog/final-review-of-steem-economic-changes

banano, while I agree with the premise that there will be strong demand for a censorship resistant system of publishing and social networking, it is also true that we can't give away for free what isn't free.

The truthcoin.info link is explaining that the opportunity cost of not renting your centralized attack power is not an equilibrium. This applies to Steem and DPoS. (my white paper goes into more detail about this)

Steem and DPoS has one foot in the arena. They may not have the winning combination. We'll see...

It is true that the design has piled up a huge supply of bloggers who need to cash out (for their travels, airplane tickets, art supplies, etc) and a couple of dozen whales who need to cash out to fund R&D, marketing, salaries, investments in the ecosystem, etc.. Because it was never organized as a chain of investors and speculators on the asset STEEM, but rather as a way to fund everyone's (bloggers and whales) interests and goals. In other words, everyone putting their hand in the kitty and no paradigm for disciplined focus of prioritized expenditures budgeting.

And they killed the incentive for anyone rational to bring new cash into the system, because of both that huge supply of demand to cash out and the huge relative dilution on those who don't lockup their money for 2 years (1 year weighted average).

It does seem late innings to try to rectify those imbalances.

Nevertheless, there is a very key and simple change they could make which would probably create significant speculative interest. If they will pay me enough ($1000+), I will share my idea. The idea is so simple, they should be able to think of it.

Oh for sure, DPoS has significant vulnerabilities they never tell us about:

http://www.truthcoin.info/blog/pow-cheapest/#example-2-delegated-proof-of-stake-dpos

It won't be as secure, fast (low-latency), and reliable as they want us to believe. Just wait until it scales up and the incentives to attack increase. And the scaling pressure has increased.

Yes of course I think I have a solution. Finally! As you well know, how difficult it is to find a solution. When you finally get one that can be written down with math to make very convincing, then it is difficult to not want to shout it to world (prematurely).

I am also surprised that I abandoned unprofitable PoW entirely.


You must be really busy programming. You, Dan, Charles, Smooth, etc don't post here often any more. Fluffypony and other XMR devs haven't ever (or not for a long-time) post frequently here. Even afaik ArticMine and others have gone quiet. I feel like the last (of the very serious altcoin core developers) man remaining on the BCT island. @kiklo please don't be offended.



Even 2 seconds is too slow for interactive apps writing to the global ledger in real-time. I want reliable sub-second latency.

I must say I'm surprised to see you throwing support at DPoS when considering some of the threads and arguments you've posted in the past.  DPoS is semi-centralization, with barriers to entry and friction which will ultimately centralize over time.  Do you have a variant that mitigates those properties?

Also why 2 second transaction confirmations?  10 seconds is more than sufficient and alleviates a shit ton of headaches.

I have never seen a coin lose 95% of its value in such a manner.  The news sites nor the devs are saying anything about it either.  This is what hurts the entire ecosystem.

Its not emission that matters damn college analysts, its inactivity in markets that burns the least shred of credibility theyve ever had.

If u wanna write a digest probing their credibility ask them first to sustain the irregular 5-month-long uptrending trip back to 0.003.


Means nothing when theres no demand. See the answer above. No one is questioning the supply discharge since its unrelated to inactivity in markets. Few dudes who invested had probably been in denial for quite a while when exited. Poor asses.


Is a lunatic chain, and fucked up big time. None of the numbers are indicative of the cap growth relative to the quantity of crisp cash pooled in. In laymen terms, $1 buy can flip the cap of any chain to $1000 trillion. Assuming that u either own the whole supply or run a private chain.

I wont cite another rambling u posted. Basically it carries the same message.

I personally keep powering down because every week I get less and less. I also get a similar amount but next week it will be $3 and so on. And if Steem ever go back to $1-2 then I would still have some to keep selling. So it's the same argument, not powering down can generate a little more, but it's not worth it. I can invest those $6 into LBRY for example and wait for a bounce once they come out of beta (even if I agree with most of your points against it).

Not one crypto project can actually scale though, not even Ethereum which aims to be the world computer!

I know of something very simple Steem could do which would radically shift the investment case in the project to viable. But I am not sharing because it would be giving away one of the ideas I have for my project. But I think it is likely they will realize this simple change. So I will not waste my time powering down for $6 weekly, when there is a significant chance that Steem will get fixed and move much higher.

Steem has much more momentum than LBRY and LBRY can't scale.

DPoS can scale (although I don't think it can scale to even Medium's size). Other DPoS choice is Ark which has no momentum yet and unproven.

I entirely agree that CONFIDENCE is what determines the value of money. I have an entire thread about that recently.

But I am not so sure we are speculating on monetary systems here. Otherwise we wouldn't be so jizzed about Bitcoin.

Any way, your point is well taken that Steem is sort of a discombobulated Rube Goldberg machine that no one quite understands entirely. You may be correct. Very likely are. I just don't see any point of logging in every week to sell my $6 of power down. Might as well hold it and see what happens. Hedging my bets given that opportunity cost in nil (and actually a pita).

Meanwhile I am working on something very serious.

I augmented my prior comment post.


Well I am talking about scaling to millions and millions of users with 2 second transaction confirmations.

Nothing but DPoS has a prayer of doing that afaics. And even DPoS will run into problems at that scale (for political economic and liveness reasons those Bitshares' devs apparently didn't yet consider).

Note Ark is also DPoS.

Inflation doesn't mean much if you know the actual supply, it can effectively drive the price low for a while but not for long. For example nobody actually knows the total supply of Ethereum, it can be infinite but the inflation is not really that crazy, so people have confidence on it. "Only" 100% inflation per year without a cap is crazy if you ask me and I'm the average person who should be trading or investing on Steem.

Take Factom, it only has 8 million supply, but once M3 kicks in and federated servers are designated 73k FCT will be created per month. This isn't "crazy" inflation although it's quite considerable and that's almost one of the only factors that is keeping the price so low. Investors don't think there would be enough entry credits to burn that much FCT.

I didn't say it was perfect, I said it could definitely bounce from this bottom. It can still go to 1k or lower though. The point is, crypto is all hype and once LBRY opens up to the public I think it will rally just on news and exclusive releases alone, it has that cool kid factor in my opinion.

I do have the same doubts as you but the team is well connected in the industry and is backed by a huge VC firm (funded and built TripAdvisor, DraftKings among others...). They have been very open about the premine and how it will be used. Now will all that being said, I think they are a little incompetent and naive on how they've been doing things so far. I really not see any corruption or morally dubious approach in their doings, quite the contrary they've managed to "lose" a lot of money with this strategy and mining distribution.

Inflation is slowing down (~200% now) and will reach a steady rate of 100% per year later in 2017. Bitcoin had > 100% inflation at its inception, but Bitcoin's inflation (debasement is correct term!) is slowing down to less much less than 100% by now.

That inflation doesn't apply to those who POWER UP their STEEM to STEEM POWER. The coming change is to reduce the POWER DOWN delay from 2 years (1 year weighted average) to 3 months (1.5 months weighted average).

So this means more and more speculators can join in POWER UP and not be subject to any inflation at all. However if all those who earn rewards are powering down and selling, then there will be downward selling pressure but this might be offset by speculative demand and moreover by whales becoming smart and only rewarding those who don't power down.

Sorry you really don't have all the facts.

Edit: But I do agree there could yet be a major selloff when the change to 3 month power down is released, as that will weed out those who want out from those who want to accumulate and turn it into a system where those who power down are not rewarded. The whales control who is rewarded. They will want those bloggers who are committed to growing the system.

Note I do think the voting reward system is the Achilles Heel of the entire thing. So I don't see a long-term future unless they get rid of that. Yet I don't see a long-term future for Bitcoin either.