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Topic: Steem pyramid scheme revealed - page 41. (Read 107058 times)

legendary
Activity: 1588
Merit: 1000
August 25, 2016, 10:44:54 PM
I think it could have worked, but the power to control the evolution of the content was given to the wrong people, making unfortunate decisions, based on wrong assumptions. I think its broken already. Simple management failure.

Like I've been pointing out...
There is nothing resembling a Business Plan. What on earth does Ned do anyway?

The only conceivable thing regarding Steemit you could call "revenue" is investors propping up STEEM...
But now that STEEM is in a death spiral... the Whales are racing to strip the carcass clean ASAP.

So instead of inventing a stable platform, maybe Dan invented a system guaranteed to implode  Cheesy
legendary
Activity: 1708
Merit: 1049
August 25, 2016, 10:25:23 PM
The paradigm of existing stake holders being in control over rewarding content seems to me to be not ideal for the driving the correct economic incentives. We are essentially complaining that there isn't a verfiable, justified meritocracy. Basically we have to write to appease the dominant stake holder culture that is there now, i.e. a circle-jerk[1]. I have an idea about how to remove this dysfunction and reward content according to the metrics that matter the most for the goal we are trying to achieve. I will say more if I have something to show.

In the context of a social network platform, even if the stakes were different, I can tell you that there would be no verifiable meritocracy in terms of rewards/quality.

Let's say you have 100 well-connected people and 100 less connected people. The 100 less connected people will get less upvotes. So the introvert/less social personality will get penalized on that factor alone, while the extrovert/more social personality will get rewarded more - even if their content is worse.

If I know more people, more people will vote me and support me. See the $ vigilante case...

So when you scale the network, say, to 1bn people, and you have some celebrities with 10mn followers, and others with 500 followers, even if the 10mn follower celeb writes a one-liner about the food they are eating and uploads a photo, that celeb would get more upvotes than a well written essay by the 500-follower guy. So...
hero member
Activity: 2170
Merit: 640
Undeads.com - P2E Runner Game
August 25, 2016, 09:44:14 PM
I think it could have worked, but the power to control the evolution of the content was given to the wrong people, making unfortunate decisions, based on wrong assumptions. I think its broken already. Simple management failure.
sr. member
Activity: 336
Merit: 265
August 25, 2016, 08:35:01 PM
Blogging is such a small ecosystem. The entire point was to onboard the masses and get them into many forms of digital commerce employing the STEEM token. But the paradigm of paying rewards for blogs isn't working as a viral mechanism to reach the masses. Since the Steem blockchain is designed around that onboarding paradigm, it isn't likely that other projects will be created within the ecosystem that leverage the blockchain for new activities which achieve the goal of onboarding the masses. Then again, I am not omniscient so I shouldn't say I couldn't be surprised.

The paradigm of existing stake holders being in control over rewarding content seems to me to be not ideal for the driving the correct economic incentives. We are essentially complaining that there isn't a verfiable, justified meritocracy. Basically we have to write to appease the dominant stake holder culture that is there now, i.e. a circle-jerk[1]. I have an idea about how to remove this dysfunction and reward content according to the metrics that matter the most for the goal we are trying to achieve. I will say more if I have something to show.

Also although I haven't studied the design, I intuitively expect the blockchain was incorrectly designed w.r.t. to issues revolving around how content is databased and accessed in terms of scaling out to billions of users and diverse content paradigms.

Read @misgivings posts. What is the economic value? How many people is he onboarding with those blogs about relationships? Are there really large groups of people who want to read obvious ramblings? People must have a lot of time to waste. Actually I don't think people have time to waste. They are more inclined to adopt addictive activities, efficient activities that solve some core need, or activities which reward their emotions. There is a lot of theory written about gamification.

I actually hope there are real economic benefits for people that we can unlock within a cryptocurrency ecosystem. When you have masses doing business and commerce, then you'll have something sustainable. I am trying[2] to develop something along these lines.

[1] My blog posts would probably earn much less in the paradigm I am thinking of implementing. So isn't like I am complaining about being able to earn $500 - $1500 for a blog post. I can't however find it within myself to write some self-help melodrama to really extract maximum rewards from the culture.

[2] Emphasize "trying", because I still have fucking autoimmunity health problem which sucks up so much of my energy and effort every day.
hero member
Activity: 2170
Merit: 640
Undeads.com - P2E Runner Game
August 25, 2016, 07:29:38 PM
The pissing contest will end sooner or later. Its mostly lame crap, regurgitated non-news, rewritten bullshit that gets upvoted.
Nobody is reading it. Everybody is writing for the sole purpose to attract votes, the content is marginal. Unique, but lame shit nevertheless.
Look at the trending page, its embarrassing. A course in typography gets a couple of grands. Interesting stuff gets nothing.
Won't work like this.

The greater point is that most vast majority of people in the world don't put reading blogs up high on the priority list of important activities.

Yes, its just not entertaining at all, the average political correct dribble. And some real nonsense from real arseholes, like this psycho dollarvigilante bullshit and that DEA ex-cop e.g. Once a cop, always a cop is all I could say. People get fooled too bad over there.

Its just so fishy, trying to keep it mainstream, nothing really outstanding, although the given possibility of immutable unmoderated news and content. And nobody ever gets to know how often a post was read. Missing out on that parameter, for the audience and for the valuation is just plain stupid.
legendary
Activity: 1708
Merit: 1049
August 25, 2016, 07:27:29 PM
Sorry but the Steemit culture makes me want to vomit:

I don't think there's something like a uniform steemit culture. Everyone writes their own stuff. Does this represent the whole? Of course not.

I am talking about what gets upvoted to large payouts, is a lot of weak ass shit.

Someone wrote about monogamy, you wrote something else about it, both got paid good. It wasn't thaaaat one-sided.

Go back and realize it wasn't the monogamy post that I was complaining about being a circle-jerk.

The topic is not that relevant when we are talking about perspectives and complaining about "steemit culture" like it's some kind of uniform thing. One will write a story to bitch about their life and get paid, another will write a story of triumph over their life issues and get paid. One will write about monogamy another will write about polygamy. One will write about anarchism another will write about anarchism being utopian or something. Seriously there are more important issues than "steemit's name" and "steemit's culture" to complain about Tongue
sr. member
Activity: 336
Merit: 265
August 25, 2016, 07:15:55 PM
The pissing contest will end sooner or later. Its mostly lame crap, regurgitated non-news, rewritten bullshit that gets upvoted.
Nobody is reading it. Everybody is writing for the sole purpose to attract votes, the content is marginal. Unique, but lame shit nevertheless.
Look at the trending page, its embarrassing. A course in typography gets a couple of grands. Interesting stuff gets nothing.
Won't work like this.

The greater point is that most vast majority of people in the world don't put reading blogs up high on the priority list of important activities.
sr. member
Activity: 336
Merit: 265
August 25, 2016, 07:14:36 PM
Sorry but the Steemit culture makes me want to vomit:

I don't think there's something like a uniform steemit culture. Everyone writes their own stuff. Does this represent the whole? Of course not.

I am talking about what gets upvoted to large payouts, is a lot of weak ass shit.

Someone wrote about monogamy, you wrote something else about it, both got paid good. It wasn't thaaaat one-sided.

Go back and realize it wasn't the monogamy post that I was complaining about being a circle-jerk.
hero member
Activity: 2170
Merit: 640
Undeads.com - P2E Runner Game
August 25, 2016, 07:02:46 PM
The pissing contest will end sooner or later. Its mostly lame crap, regurgitated non-news, rewritten bullshit that gets upvoted.
Nobody is reading it. Everybody is writing for the sole purpose to attract votes, the content is marginal. Unique, but lame shit nevertheless.
Look at the trending page, its embarrassing. A course in typography gets a couple of grands. Interesting stuff gets nothing.
Won't work like this.
legendary
Activity: 1708
Merit: 1049
August 25, 2016, 07:00:21 PM
Sorry but the Steemit culture makes me want to vomit:

I don't think there's something like a uniform steemit culture. Everyone writes their own stuff. Does this represent the whole? Of course not.

I am talking about what gets upvoted to large payouts, is a lot of weak ass shit.

Someone wrote about monogamy, you wrote something else about it, both got paid good. It wasn't thaaaat one-sided.


full member
Activity: 223
Merit: 250
August 25, 2016, 06:43:01 PM
Like any pyramid, it will fail at some point, and there will be again bad press about the technology.

so bad!!!
it should fail if it was a pyramid scheme, however it is definitely not it is a legit cryptocurrency that is going to be around for a really long time
sr. member
Activity: 336
Merit: 265
August 25, 2016, 06:25:50 PM
Sorry but the Steemit culture makes me want to vomit:

I don't think there's something like a uniform steemit culture. Everyone writes their own stuff. Does this represent the whole? Of course not.

I am talking about what gets upvoted to large payouts, is a lot of weak ass shit.

And somebody was offended because they wasted their fucking life compiling garbage:

Ah your academic bullshit is why we computer programmers (not the scientist variety, but the actual doers) are changing the world, while you stroke your feminist agenda propaganda dick. As Einstein is quoted, "If the facts don't fit the [feminist, emasculating] theory, change [reinterpret] the facts."

Consider my reply to @jimmco. The logic presented isn't exclusive of other complex anthropological interplay. It seems someone got offended that their field of expertise wasn't being claimed by a "non-expert".

The time scales required to falsify evolution are too great to argue for any non-archaeological evidence. We must reason about our experiences and what seems to make sense.

Regarding the book you cited which apparently discusses cultures which reared children as chattel and even though I haven't read the book, this seems to be orthogonal to the logic I presented in this blog post. These cultures have developed around the economics of oversupply of labor in agrarian societies. Remember before the Black Death, Europe also had an oversupply of labor and people were treated as slaves.

I realize you were responding more on the claim of falsifiable evolutionary relevance, and you may be correct that there is none but you can't prove it. It may just be a short-term strategy which fizzles out without any evolutionary impact. Yet I will still argue it is an attempt at a strategy for maximizing hereditary impact. You will observe in those societies which treat children as chattel, the women are often also treated as possessions of their husband. Again this appears to be an evolutionary strategy of beta-males.

Yet we could also reason that is might just as well be a practical strategy of how cope with an agrarian lifestyle, where one needs a reliable female to maintain the household chores and watch over the children. So in that respect we could argue it might have nothing or much less to do with evolutionary impact, and more to do with practically how to produce the most. Yet even that is an evolutionary strategy to survive, thrive, and produce offspring.

Quote
whatever (admittedly meager) evidence we have points in the opposite direction

Aliasing error is not pointing any where. There are plethora of strategies being applied in nature, and mapping these out with some repeatable scientific test is I think basically impossible. All we have is conjecture. The relevant strategies may be changing (due to the environmental conditions changing, e.g. the end of the agrarian and industrial ages) faster than any evidence could support them.
legendary
Activity: 1708
Merit: 1049
August 25, 2016, 03:53:43 PM
Sorry but the Steemit culture makes me want to vomit:

I don't think there's something like a uniform steemit culture. Everyone writes their own stuff. Does this represent the whole? Of course not.
sr. member
Activity: 336
Merit: 265
August 25, 2016, 03:35:59 PM
It is on my agenda to analyze the blockchain to come up with better metrics for things like people starting to blog and then quitting.

Most people can't blog, and never will be able to blog, and never will earn a lot under any reasonably conceivable system, but the successful bloggers who have joined don't seem to quit, and as long as they are still blogging, their readers are still reading. That may be partially a function of unsustainable early adopter rewards though.

Smooth if you look anything like your avatar man...

...we're going find a popular activity for this concept of onboarding.

Hey r0ach, Vitalik has been sneaking into McHammer concerts:

https://youtu.be/LkUkDE9mCxA?t=162
full member
Activity: 219
Merit: 205
_Bitcoin Africa_
August 25, 2016, 02:01:03 PM
Like any pyramid, it will fail at some point, and there will be again bad press about the technology.

so bad!!!
i hope that it is not true, in my opinion steem should have a bright future and it will make me some good profit
sr. member
Activity: 336
Merit: 265
August 25, 2016, 01:38:50 PM
Sorry but the Steemit culture makes me want to vomit:

I must come from a different generation than you, because so many of us had dysfunctional family lives, but it doesn't mean we should go crying about our past in a blog post. It sounds so damn feminine. In my world, suck it up and be a man. It is so weak and pitiful to still be talking about our past family problems when we are an adult and especially in a public broadcast.

Is Steemit become a back slapping fuck fest for whining our dysfunctional pasts. It just feels so circle-jerk around here. I don't think the entire world comes from the dysfunctional families that we have in our decadent Western cultures, so I don't think Steemit is going to be reaching out to the world with these memes.
sr. member
Activity: 336
Merit: 265
August 25, 2016, 11:52:25 AM
Doing my part to put some high quality content on Steemit:

https://steemit.com/relationships/@anonymint/monogamy-is-an-evolutionary-strategy

I felt compelled to react to that blog Monogamy is a Lie!.
legendary
Activity: 2464
Merit: 1145
August 25, 2016, 11:39:20 AM
So who lost how much and who could profit and sold at the top?

Steem is near dollar parity now from a high of 4+$?
legendary
Activity: 1138
Merit: 1001
August 25, 2016, 06:53:46 AM
Like any pyramid, it will fail at some point, and there will be again bad press about the technology. so bad!!!

Sorry for anyone that fell for it. I and most others did try to warn people about it when it was at an all time high...

As the founder of Steem said...

Only 0.47% of STEEM is liquid in individual accounts, this is going to make the pump on CMC legend... wait-for-it... dary!
https://bitsharestalk.org/index.php/topic,22125.msg288854.html#msg288854

So it's just a case of alt-coiners not knowing how to value companies and chasing a very tiny % of the total supply.

It looks like it was just a single massive pump due to a tiny percentage of supply on the market.  



The question is how sustainable is the business model?

In contrast to tokens like BTC that aim to be adopted as a form of limited money which are also reliant on some new demand to offset new supply like Gold, Steem is a company share, with VERY high inflation & a large percentage controlled by the founders. Unfortunately the company Steemit has no actual revenue source. It is paying it's expenses (New Steemit users & their content) by diluting Steem holders at >0.2% daily. In that sense it's a pyramid scheme, in that it is a company that sells no product or services and is reliant on new Steem speculators to pay out new users and content rewards.

Once speculators realise this, demand should decline and at some point it is mathematically inevitable anyway...
Because at >0.2% a day you'd have to believe Steem will increase by >6% a month to hold it. (Steem is effectively charging >10X the rate speculators are willing to borrow at the majority of the time on Polo https://poloniex.com/lending#BTC)

(This is also in contrast to the Synereo model which is sustainable because the incomes and rewards are sourced from advertising revenue.)

Synereo on the other hand for example does have a business model. A social media site, where the majority of advertising revenue goes to the users in return for consuming advertising content. So that has the potential to be a lucrative, sustainable business model and Facebook killer.

The minute speculators stop buying Steem it may collapse because there is no business model or revenue source only the hope speculators will value a site attracting users and not use common sense.

Steem speculators have lost >65% in a little over a month since those posts (While others have made 400% in the same month on Synereo which has the potential to be a viable.)


legendary
Activity: 1260
Merit: 1000
August 22, 2016, 06:07:31 PM
The Chinese appear to be coming to game Steem's curation reward system:

I wonder what it is with Asians. They always like to cheat when it comes to money. They did the same with Stellar when they had a facebook giveaway. It is also the same in games of chance. All they do is try to cheat.

It's called group evolutionary strategy, when various ethnic groups operate with a hive mind for their own common interests.  The behavior is right out in the open for most sub-groups of Asians, Jews, and others, but if a common white person does it, the Marxist left claims it's racism.  It's probably the biggest double standard that exists on earth.  Kevin MacDonald is the most famous person to talk about it:

http://en.metapedia.org/wiki/Jewish_group_evolutionary_strategy

Socialism tends to be the destroyer of nations, but groups who operate like an insect, borg-collective tend to crowd others that don't out of the game.  The natural selection process seems designed to cull non-group think individuals and characteristics.  If you look at a zebra after all, they all look the same.  What good is a zebra with orange stripes?

So, yes libertarian anarchists, you are a special snowflake, but natural selection is inherently designed to get rid of you.  Fastest way to destroy a civilization or ethnic group?  Praise the benefits of anarchy and individual freedom to one group, while other rival groups operate as collectivists.  Then they come in and steamroll you while you can provide zero resistance against them.  That's the hilarious part about anarchy, it only works if everyone agrees to do it.
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