Topic: Steem pyramid scheme revealed - page 25. (Read 107059 times)

https://steemit.com/steem/@steemitblog/announcing-steem-0-14-4-shared-db-preview-release

"Blockchain Features on the Short Term (this year) roadmap include:

    Allowing the community to vote on Blockchain Paramaters such as:
    a. Reducing the Inflation Rate
    b. Reducing the Vesting Withdraw Period
    c. Reducing Vesting rewards
    d. Reducing Witness pay
    f. Other properties that are currently hardcoded

    Curation Guilds - allow people to pool and share voting power"

Plus why would any established blogger abandon their current success to work for pennis on steem? 99% of content there supports 1%- or rather, .01-.1% of the userbase. It's literally the masses working to line the pockets of the few. It's a backwards, top heavy economy.

I have the feeling something is cooking behind the scenes.  Public road map available?

This same thing happened when BTS 2.0 was being developed, radio silence and less public action on github.  Is it a good or bad sign?!

https://github.com/steemit/steem/graphs/contributors
https://github.com/steemit/steemit.com/graphs/contributors
https://github.com/steemit/fc/graphs/contributors

possible chance ... NOT probable chance ...

the value is in the SBD ... the steam inflation is insane ... bottom is likely under a penny.

Other than that ... awesome display of blockchain potential.

Agreed wholeheartedly. And there is still some possible chance that ecosystem developments might surprise to the upside.


I would agree conceptually except as I argued in my discussion with @smooth yesterday, I think it can't likely happen because of the whale control and the voting paradigm for rewards.


If I have any success on my health treatment, then you are going to need to add another name with 5 letters to that list.  

Any way, I have already written the detailed reasons why I think all those projects are incorrectly conceived. I don't want to repeat myself. Those who are interested can go digging in my posts for it. See the "Someone please make a Steem clone" thread for some of that (more on cognitive load).

But for starters, I don't thinking blogging is the optimum priority activity to target for what we are trying to do with onboarding and developing commerce.

And in my analysis any concept that is paying rewards to curators or voters is destined to fail.


Agreed. Steemit at least had non-crypto people and females trying it. That got my attention. It validated my concept that I had conceived and been working towards a long-time before Steem was hatched. Steem also gave me some new ideas and helped refine some of my concepts.


I think it is sincere. It is just one of those Rube Goldberg concepts of Dan Larimer. I don't think he is intentionally setting out to scam people. I think he really believes in what he is working on. I don't think the term 'scam' is always useful in altcoin speculation. If a developer has a history of creating designs which fail, then that is what matters. I have a history (since 2005) of writing in forums and never producing anything. Before 2005, I had a history of not communicating and producing significant million user commercially successful s/w projects.

They have some good programmers. No doubt they created technology that works. But there are many excellent programmers in this world (although not many in altcoins).


I agree with that!

I think I'll watch it play out before declaring it 'dead' based on a few anecdotes during beta. I'm sure there were people that visited "theFacebook" and "Twittr" a few months after they launched and thought 'what is this shit.' Still very early days for Steem and Steemit.

As far as crypto tech goes, Steemit is a very interesting experiment with a working, easily accessible prototype and potential use case (a far cry from the vapourware, ICO crypto speculation vehicles that permeates the space).

Like any project, internet marketers can be on-boarded. It can potentially be done in a decentralised way, which again I think is a fascinating angle.

It will also be interested to see how Steemit's potential competitors fare (Synereo, Yours, Decent, Akasha etc.) in terms of attracting talented writers and proving meaningful remuneration to them.

I've yet to see a single crypto that has made meaningful traction in terms of marketing itself to the masses (I'd include Bitcoin & Ethereum). So Steemit is no different on that score.

If Steem/ Steemit is a scam (I don't think it is but that's the thrust of this thread), it's one which the crypto-community could learn from in terms of how to potentially reach out beyond the navel-glazing crypto enthusiast.

Mostly accurate. And the most ironic truth if we are talking about economics of blogging:


Realize you forsake 25 million readers at Medium to blog at Steemit to at most 1/1000th of that readership, hoping for payout in $ instead of a payout in readership.

Also the only really viable way to find content on Steemit is via its payout ranking, the lowly paid posts are more or less censored.

So much for a decentralized blockchain having the virtue of less censorship.


Edit: This paper cited by Tone Vays, hits on all the points I've been making since yesterday (as well I've as @anonymint in 2013/14 made similar arguments about Coasian cost theory or the Theory of the Firm and its relationship to Metcalf's value law):

http://ra.ethz.ch/www/www2008/ws-workshop/webevolve2008-10.pdf

They won't. Far upthread, I quoted a well-established blogger who posted a comment (or a blog, I forget) to Steemit, who explained the economics well. Bloggers go where the readers and economies-of-scale are. Medium has 25 million readers.

The hen-and-egg dilemma has to be addressed in a very well thought out way.

It is insufficient just be a good programmer and fake your way into being an experienced Internet marketer.

Follow-up:

Super whale @berniesanders upvoted this:

https://steemit.com/art/@nonameslefttouse/how-to-fuck-fucking-lessons-for-beginners

Steem is self-destructing. What are they thinking  

It isn't well written nor funny. As well making Steem look like a low-life trash site.

I flagged it.

That is way the ball bounces. If I want whales to vote it up, I can't link to what we've written here.

I have not told an untruth, even though I have not forced myself to tell every truth. Sorry it isn't my responsibility to yell at people what they don't want to hear.

Note I did write people should be selling altcoins for Bitcoin about now. So if they don't understand Steem is an altcoin, then who can help them.

It also can teach them the opportunity cost of locking up your SP for 2 years. They are stuck and can't jump on the BTC train. I have entire section about the need to trade the waves, which you can't do with a 2 year lockin.

The entire blog is a veiled attack on Steem, lol. Even though that wasn't my intention when writing it. Steem attacks itself.


138 votes in 1 hour and only $9. The whales are upvoting @sirwinchester's body and soul, touchy-feely (masturbation) Millennials furball. See how in Europe a guy can drive around in Lamborgini cars apparently for being a dancer and focusing on the emotional BS of Millennials. Here in Asia, dancers earn minimum wage at best teaching Zumba class at the gym or hotel, because it is the economic law of supply and demand. There are so billions of people of color who can dance well (and even not of color, but people of color seem more apt to make dancing and sports their vocation). There are less than 100,000 programmers who can program really well. And probably less than 10,000 who can master both programming and marketing. And probably less than 1000 who can master programming, marketing, and programming language design (one of the most difficult tasks in computer science). That is why it is not sane for me to blog. Waste of rarer skills. But in a dysfunctional situation that I am in, then aberrations occur.

hi @anonymint, good call that you do not have "steem" in that post.

But sorry, under this low price, i can only the hint of "buy steem, it is cheap. Dun panic". it is exactly such steem shill post which pull steemit down. And steemit bloggers do not understand why readers/content consumers follow certain bloggers. The word is TRUST. Trust in a blogger that the blogger is not using their readers. This post of yours seems to be encouraging people to buy steem.

So in all, that post of yours is steem-shilled.

Add arguments to your post:

Except that steem is not bitcoin. Do you know who and where is Satoshi?

And that's why we can argue that bitcoin is truly decentralized whereas steem founders are not. In fact, steem is highly centralized in the hands of a few.

Please dun hold your hopes too high for steem and hope to get very rich with your free steem.

Well I blogged one more time because I want to be known for making a prediction (blogging for reputation):

https://steemit.com/money/@anonymint/speculation-rule-buy-when-others-are-irrationally-pessimistic-cautious

---

I'll make sure they test for all infectious diseases in Singapore. I already tested negative for Hepa B & C, HIV, easily testable STDs such as two kinds of Syphilis tests (but not HPV test yet), and cancer markers for prostrate and pancreas.

That's the answer right there why most people won't buy steem. Why should new investors buy steem or even steem power (which takes 2 years to draw down everything) to support new bloggers and their content, and pay their "salary" or even the whales? It does not make good investment sense in the content market. A lot of steemit content is shit. If it claims to be a content site, it damned better have good content and star bloggers. But all i see is shit content probably written by whales' friends (according to what most feedback says) and i guess that explains why shit got voted on so often.  And you talked about "attention economy" when the content is not attracting eyeballs.

People will only invest in a content site if it provides value to the audience/masses or attracts users aka expands userbase. At this time, i don't see how both steem and steemit can provide any value.

Also, why hurriedly roll it out when it is premature is a big question? This, i leave it to your imagination on why.

Got Lyme/Babesiosis and the rest of tickborne diseases tested to rule that out?

http://cid.oxfordjournals.org/content/34/9/1206.long

Hmmm... for all it's current shortcomings (of which there are a few), 'preying on unsuspecting individuals outside of crypto' isn't one.

I introduced a few writers to Steemit as it was precisely a risk free way of introducing them to the power of crypto. They got paid for what they were doing anyway for free. They are also a few hundred dollars richer for the experience.

Some of them are still cashing out. Not one of them was vaguely interested in trading. None of them are that interested in Steem or Steem Power or Bitcoin or any of the issues that exercises people in this forum. All they know is they're getting some fiat for powering down each week and they're get some pay-out for showcasing their content on one of a myriad of platforms that they use.  At the most they're wondering if the price will go back up again. When they talk about cryptocurrencies to others its mostly in a positive light (even if they are fussy on how it all works).

I'm sure some crypto speculators and traders got burned trying to make money as the price sky-rocketed (as is the case with most coins).  I'm sure there are some people that were oversold the Steemit proposition by their friends (as it the case with most money making opportunities). However it's quite clear for most people outside of crypto, that Steemit is simply a place you can get rewarded for blogging. Whether the rewards are now worth their time submitting content is another matter. If it isn't most (level-headed) people will simply dial down the time they put into the platform or leave it altogether. Simple. No 'preying' involved.

Anyone (outside of crypto) throwing money at Steem should undertake enough due diligence to know that all cryptos are risky investments. Steem being one of the riskier ones as it requires a long-term commitment (converting to Steem Power) to avoid getting beaten up by inflation. To scream 'scam' at one of the more interesting experiments in this space (that has actually delivered a working prototype) is quite baffling.

Steemit is the worst kind of crypto scam, the kind that preys on unsuspecting individuals OUTSIDE of the crypto community. When it first exploded in popularity, the new users came in the form of those unfamiliar with the crypto sphere. People were talking about getting their friends, SO's, and even mothers into Steemit. Absolutely unacceptable. Once the time and money invested by these unsuspecting users evaporates (which, for the most part, seems to already have), their faith in the overarching crypto sphere will be shaken, most likely beyond repair. Steemit is the same level as scum as Namecoin, Onecoin, and now Zcoin.

What do people think about the arguments in the following article:

http://www.libertylifetrail.com/2016/10/23/steemit_started_as_a_scam_and_only_got_worse/

Are they valid?

The problem is the mist of "THOUSANDS OF DOLLARS FOR A BLOG POST WOW COOL!" has entirely worn out. Nobody is making 1k on posts because the thousands of others getting pennies have stopped contributing content. This was bound to happen, doomed from the start. I was ridiculed for explaining this at Steem's peak value, and look where it's gone since...

This argument is a bit like saying that Bitcoin would fail (after 6 months) as the only people using it were Satoshi and a handful of crypto nerds...

If well-established bloggers migrated onto Steemit, it would obviously be in the interest of whales etc to vote for them. As with most things early adopters are simply benefiting from being early adopters, not necessarily the cream of the crop.

Equally, if Steem or Synereo etc, gained mass adoption, the existing whales would likely be very quickly bought out and the modus operandi of the new whales would look very different to behaviours exhibited now.

The key for any of these "attention economy" platforms is mass adoption and user retention. An area which Steem/ Steemit has barely scratched the surface of given it's soft launch was in July and it's still in beta.

I for one will be interested to see how things begin to take shape over the next 12 - 18 months before declaring it dead/ failed after 3!