iamnotback got bribed by the steem mafia, he used to speak against the scam but now he is promoting the pyramid scheme.
It is not a pyramid scheme if the funding model is long-term viable. (It is a stealth/instamine/premine variant, but that doesn't make it necessarily a pyramid does it?)
I see they've tapped into a clever way to get "free" viral publicity in order to bring 1000s of people (many who are female!) per day to sign up for a social network that forces them to use CC and a blockchain for the first time in their life. They are able to charge this cost to the speculators while the price also goes up! So they've done some aspects correct.
You can't compete against a correct idea, except by embracing that idea (this doesn't preclude a hark fork away from the effects of the stealthmine and Dan's propensity to tack on design complexity though).
Bitcoin has nearly 0 female participation!
Afaics, the problem is they had no viable long-term funding model for this type of structure. But I think I've figured out how to fix the long-term funding model and make the Steem token very popular to use for transactions. It is not the way they were planning to do it. Their way will never work and I will explain why in my coming blog post.
Also they are missing a very important aspect to social networking, which is one of the reasons they are seeing (I presume) such a high attrition rate. They are lacking social networking! Duh! How can you build a social networking site and don't even have a damn "Follow" button. Some of the bad effects you all might be seeing if you view many of the introduceyourself posts, I think is because they don't have any social networking features on the site. It is purely a "sign up and get a free handout" offer, which is not going to get the follow through they need.
They are making so many errors and if they don't get help soon, they will probably fail.
I think I know some design improvements that could fix the viability of their project, but I am asking you all a question below and I haven't yet got an answer from those of you who have the power to make a fork of Steem successful:
...
Perhaps some of you will still complain that Dan, Ned, et al got too many tokens from the stealthmine and it isn't fair to go expend our community resources to turn them into $billionaires. Prepare your arguments for a hard fork of Steemit, but the problem is we'd have a hard time moving all the vested interests over to the forked one. Plus Steemit isn't open source so we'd have to recode that (although I could code that fairly quickly not including the block chain integration). You all should think about this, because I haven't thought too deeply about it yet. They are awarding many of the tokens they mined to the new signups. I need to do some calculations on that.
smooth have you done those calcs?
Perhaps some of you will still complain that Dan, Ned, et al got too many tokens from the stealthmine and it isn't fair to go expend our community resources to turn them into $billionaires. Prepare your arguments for a hard fork of Steemit, but the problem is we'd have a hard time moving all the vested interests over to the forked one. Plus Steemit isn't open source so we'd have to recode that (although I could code that fairly quickly not including the block chain integration). You all should think about this, because I haven't thought too deeply about it yet. They are awarding many of the tokens they mined to the new signups. I need to do some calculations on that.
smooth have you done those calcs?
It is not realistic to fork Steem and remove the stealthmine, unless you all want it to be and will support it sufficiently to make it happen.
So thus I am thinking it is more realistic to work with Dan, Ned, and smooth.
I am a pragmatic person. I want to reach success, not throw my toys on the ground and whine like a useless bitch.
If you guys are serious enough about a fork, perhaps we can negotiate with Dan, Ned, and smooth (et al stealthmine whales) and ask them to donate a portion of their personal SP to the Steemit corporation specifically to be paid out for new sign ups. So they can lower their holdings to something more reasonable compared to it they had done a fair launch.
If it will be long-term successful, they should be rewarded for creating this. We need them. They are the most knowledgeable about their DPoS blockchain code (which is open source).
Where can we view the list of top holders of SP? Where can we view the SP holdings and dispersement of the Steemit corporation?
I individually don't have the resources to have very long-winded debates. Please everyone try to go directly the point with your posts now.
Note if I were to spend all my time forking Steem, this would remove me from working on my fix to Satoshi's PoW design. So it is probably not a good opportunity cost. Maybe there are other developers who are interested though.
