Topic: Steem pyramid scheme revealed - page 21. (Read 107069 times)

Note I have been a major critic of Steem, so I am not being subjective here w.r.t to a comparison of Steem to LBRY. I don't care if my measily 5000 STEEM POWER ever get cashed out at anything significant, as I have bigger fish to fry (that is small potatoes for me).

Ahem you haven't read this thread...

You can say that just about any other crypto project (social media oriented or not). Steem only managed to attract attention because of those gimmicky payouts, now it's a wasteland and it will continue to be so. I see more potential for a bounce in a project like LBRY than Steem if that's the case because you would actually need lbry credits to purchase content.

Many of you are just wishful thinking, if Steemit do this or that or implement such feature. The bottomline is that it's still a circle jerk, everyone will be powering down forever. There's no bottom, inflation keeps piling up and it will hit 10k, then 5k, then 1k, and if it keeps going to more than 1 billion Steem supply then it will be below that, 700-500 sats, like Bitshares. Clear as water.

Steem itself is the "killer" feature.  It is by no means perfect however attracts an audience outside of the crypto space.  Steem can expand beyond simple blogging.

-Investigative stories/news going back to individuals who can be rewarded for their work.
-DIY forums where users can be rewarded for their help to others.
-Why own a website that rely's on ad's for revenue anymore?  Post solid content and get rewarded.
-Online censorship issues.

Steem is just a beta version and it will be interesting to see where this goes.  Blockchains will not solve all issues however the concept of Steem can find a niche.


The dev's don't seem to be standing still either: https://github.com/steemit/steem/commits/develop

I'm sorry, I don't understand many technical aspects and from your comments here you are way more adept than most trolls in this board. With that being said, while I don't hold (and actually dislike) both Dash and Monero, those are just as valid if not more battle tested than Steem.

I'm not sure how many actual active users are on Steem, but I doubt there are more than 5k right now, that's nothing in my opinion. I'm on Steemit and I just go to power down weekly (never bought a single Steem, I got paid for some posts early on). So I'm not an active user but I'm sure they count me as one. The hype is already gone, there could be a spike in prices but never like when it started, the whole gimmicky 10-30k payouts was the only reason of its success and interest from people. You take that away you have nothing in terms of fundamentals.

Fund managers like the guy from coinfund.io got burned, very smart people with degrees made an ass of themselves. There may be a spike I'm not denying that but unless the whole thing changes and develop some killer features this is doomed.

What scales better than Bitcoin and has a reasonable level of seed adoption already?

(And has potential upside as a data storage blockchain)


Perhaps because you believe technological lies such as Dash InstantX being secure and scaling? Or you believe the lie that Monero's blocksize adjustment algorithm isn't also a Tragedy of the Commons same as Bitcoin?

(when I speak such truths, I get despised by the proponents of those projects, so I don't repeat that often anymore, but it doesn't mean my technical point was vacated)

Edit: these technical points will be made unequivocal when I release my white paper. So I won't bother to debate it technically right now. Loss of valuable time and will create rancor and acrimony.

What's the value in Steem as a currency compared to the other hundreds of other options that already scale better than Bitcoin? I don't see anything of value in owning Steem or Steem Power unless I'm missing some recent news. Will they implement a cap like with Bitshares?

@mtnsaa, perhaps you missed the key points:

• Bitcoin's scalepocalypse is insoluble.
• Steem scales better (though there will be issues eventually but not near-term).
• Steem's inflation will apparently soon be on par with Bitcoin's at the same junction in their comparative histories.

Speculators buy value low, sell high on the dump to those who are late. Don't be late.

The onboarding and blogging crap is just (for now at least, with unfathomable potential upside if new paradigms are experimented) some promotional hype noise icing on the cake. Focus on the currency itself.

That's the most stupid (or genius) idea I've ever read in my life. Let's all earn some Steem while idiots buy and pay for our ramblings, haha. These guys created the perfect ponzi scheme and you can't really accuse them of anything because they will keep it going as long as people keep buying Steem. They won't run away and they will even implement new features and changes to tweak it and give the users the false sense that they are improving the system. I'm sure that this was the plan all along.

The bottomline is that, as long as there's people buying Steem the platform will stay alive. "Speculators" are catching up slowly though (they seem to have discovered the zoom all feature at Poloniex!).

Furthermore Steem is undergoing the normal technology adoption curve, just as Bitcoin did with a spike to $30 then drop to $1, then spike to $1200 with a drop to $150. So we can expect Steem to rise again above $4 (maybe not 40X higher than $4 because of greater inflation than Bitcoin at the first year? I haven't compared.).

banano that is a very astute insight. I was starting to lean that way in my internal thoughts also (just been too busy on technical work to really think it out and make a post).

If they do indeed lower the inflation rate to that of Bitcoin, then the disadvantage for not powering up, will be irrelevant relative to speculation alternatives in other major crypto-currencies.

And yes DPoS has some advantages over PoW that resolve many of the issues that Bitcoin is stuck in and can't currently resolve (technically and politically).

I have decided to stop powering down. I will wait for accumulation and then a pump. I think you are correct that we will see Steem rise again.

If I had more capital to risk, I would probably be in contact with @dan and @ned determining if they are really going to push through with the changes and then acquiring more STEEM (and powering it up) if so. I don't have any speculation capital right now (other than my time and work opportunity cost with which I am speculating and investing in my project for the most part, although in prior months I was putting some effort into investing into Steem which is why I have 5000 STEEM POWER).

Note this presumes the whales aren't going to just cashout every time there is some liquidity. I would suggest confirming with the significant whales before making any large speculation.

(and this is also good for the project I am working on, as it gives more legitimacy to the concept)

That explains a lot. 

No, not at all. I have no problem with that. They can upvote whoever they would like to throw money by reaching into investers' pocket.


Yes, just like a blogger and reader is free to choose where to blog and where to read. And that place is NOT steemit. So, userbase will continue to decline, like the price.


Oh really? Inflation of 400 BTC to 20 BTC and takes 2 years to power down. "Nice" for investors to not only invest and even have to "work", "curate" and "write".


Thanks. But my shit coin value does not pump 1000% within 2 months and drop all the way 1000%.


On the contrary, I can. Because i am a trader. Just looking from the outside looking at silly investors and nonsensical steemit bloggers.

Liberals can't fight their way out of a wet, paper bag. I commented:


Btw, that ill-fated trip to the USA in 2006 is what probably caused the damn health problem I have now. My sister was also murdered while I was in Texas getting infected with a nasty virus. 2006 was a bad year for me. That is also when I found out about silver (Jason Hommel of silverstockreport.com), which was a significant factor of why I lost my wealth. But I did pick a few important bits of knowledge from Hommel, such as we can't give away for free that which isn't free.

Oic, well I have bigger fish to fry. No time for thinking about how to make edible some snails my dog rooted out of the flower bed.

As long as it isn't main stream it isn't social media.
Everything else are communities, like this one.
And I wouldn't mind making a couple of grands for holding a bag of Steem.

Something I would imagine is a kind of a back-machine for existing communities.
Lets say boards like GLP or Reddit and the like were constantly crawled and just fed onto Steem.
Such an accumulation function could even be part of the client, winning a reward for finding a contribution which isn't on the blockchain yet.
Users could participate on either side, with naturally more content on the blockchain side, because it would have all other content PLUS the contribution of autonomous clients. There wouldn't be much Steem Inc or GLP or Facebook could do about it. Somebody started a thread on GLP about a GLP-Py tool he makes, to do just that. It was deleted after a couple of posts and we got banned. Forget about all voting and value crap, its just a trollbox feature, i.m.o.

A day or two after Trump said on 60 minutes that he thinks social media is one of the big reasons he got elected, Twitter cracks down:

http://www.usatoday.com/story/tech/news/2016/11/15/twitter-suspends-alt-right-accounts/93943194/

We do need decentralized databases for social media, that no one can control.


Fuck the majors. Let's replace them. Damn it. Don't kiss their ass.

Its so cheap. Basically its just a community board of average quality.
You could build that on Joomla, or WP for a thousand users easily.

The I/O for the website is stored in a conventional database anyway, with some bo-peep middleware to steemd.
Shouldn't be too much of a hassle to migrate any CMS to such a model, some extension to run your own community coin.

But cudos for the multi layered Ponzi, I've seen more money been thrown at worse shit at the beginning of the internet hype.
And I still see the chance that some major feels the urge to pick it up.

OK interesting, so essentially its a way of mining?

So if you hold more steem power, that also gives the whales more steem at the same time they upvote?

Yes, you can upvote anyone you want, do you have a problem with that? should they ask for your permission on whom they vote? and on what basis?
 

Who are you to judge what content is "shit" and what is not?
There is some great content and there is some bad content, everyone can upvote and follow what they like, like anyone with lots of hash power is free to choose the coin he supports.


Everyone who holds steem is "paying" the inflation, some invested money while others invested time and work. The same applies to bitcoin too.

 
Afaik you cant fork steem, you will have to find something else for your shitcoin.


I'm sure too, but can you say the same for yourself?