Topic: Steemit how can this thing be workable long term? - page 36. (Read 32368 times)

The downward price will remind those who converted to SP, that they need 2 years to remove their investment.  

Those who invest and don't convert to SP, are losing 0.19% per day due to debasement.

The problem with Steemit is they have no income model, thus once the price is not going up, there is no valuation where it has an P/E ratio. And the system is designed to incentivize cashing out. I just don't see where the buying demand will come from except for a bubble while the price is moving up fast. There is no incentive to HODL this token.

If you think 11.11% inflation is "hyperinflation" and unsustainable, please tell me which cryptocurrency you support then? Why are you here? They all are inflationary. Singling out Steem for something all cryptocurrencies do is easy. Misleading, sure, but easy.

Obviously when people try to derail the thread it goes in many different directions, however my concerns remain the same and are related to hyperinflation which you can read in OP and which you still havn't answered eventhough you quoted the question.

You keep moving the goal posts.

First you claimed Steemit long term shareholders were being debased at a ate of 100% per year. You were proven wrong multiple times and played dumb for 5 pages of this thread. We explained multiple times that it is only inflating by approximately 11.11% and you played dumb.

Then you said 11% inflation is "hyperinflation" and unsustainable, and claimed But do in was deflationary. Then I pointed out how much Bitcoin is inflating since its inception, yet done very well for itself. If you consider 10% inflation "hyperinflation" and a doomed crypto, how do you explain Bitcoin going from $0 to over $600? Proven wrong again.

Then you claimed Steen has no use other than speculation. Then you claimed to be a mind reader and all knowing, saying that the only use for buying Steem is speculation. I then pointed out it can be powered up to increase sway and rewards in content creation.  Proven wrong a 3rd time.

Then I explained there are ways to reduce or negate the 11% inflation, which you ignored.

this anouncement that they got hacked is gonna steem down the price fast...red dildos to come ))

I was not involved in the hack.

Steemit is doomed. I will explain in a post soon...


Anyone who has invested and converted from STEEM to SP (Steem Power) is going to lose their money.

they got hacked


Important Security Announcement: Steemit CEO Ned Scott
Steemit was today subjected to a cyber attack. In the attack, fewer than 260 accounts were compromised, and less than $85,000 worth of Steem Dollars and Steem may have been stolen.

The hack has now been contained. User accounts and wallets are not at risk, and we hope to soon reactivate the Steemit website to normal order. Any users whose accounts were compromised will be completely reimbursed.

Though only a relatively small amount of Steem was stolen, we take any form of criminal activity against our community extremely seriously. We have reported the hack to police and other cyber crime authorities, including the FBI. A full, internal investigation is currently being conducted and we are working on an immediate solution.

Partner exchange Bittrex was informed of the compromise and is actively helping the investigation. As a precaution, they have temporarily suspended the ability to deposit or withdrawal Steem and Steem Dollars from their exchange. The suspension will be lifted as soon as possible.

Thank you all for joining us on Steemit. We apologize for the temporary disruption of services and look forward to resuming operation of our social network.

Regular updates will be provided here on Steemit.com

-Ned

i even mined for about 2 days now...not hitting any block suggest that i'm very unlucky

That's what I thought - doesn't seem 'fair' to me to allow someone to have multiple accounts (can be clearly seen from looking at transaction history on an account).

it is on a massive pump and dump soon to come. the only way you can join is have 25btc or 5k steem on of the slack admin asked me to join makes me wonder about this

I am very reasonable only you don't have the answers to my question so you resort to name and FUD calling.


My concerns are very valid.


Inflation created to compensate steem power holders will drive the price down long term as there is no demand for steem, people use steem to get free money not to spend their hard earn cash on

This means that the 10% inflation to pay for rewards will have to increase as the price of steem go down and as contents,upvote,posts.etc.. that needs to be paid grows every day.

How do you answer to this hyperinflation issue? nobody in this thread gave me a real answer other than you solve this by created more of it, go read the whitepaper or go see a doctor.

well, they can be....you upvote yourself...or downvote others ...i saw a very interesting alt of a steem whale who DOWNvoted people...me included )

What's the benefit of having multiple account's with Steemit and transferring Steem Power between accounts ?

E.G. https://steemit.com/@smooth , @smooth-a, @smooth-b, @smooth-c, @smooth-d, @smooth-e, @smooth.witness?

I am not an early adopter actually. I just started using Steemit 6 days ago: https://steemit.com/@coinhoarder

I don't care if people buy Steem or not. In fact, I suggest that you don't.... I sure didn't buy any STEEM.

I made posts and upvoted posts to earn what I have in my account, and I suggest you guys do the same too. It is easy money... I made about $115 so far.

Anyways, Albert is clueless and spreading FUD. I get angry when people spread FUD and refute their points. His point has been refuted about 100 times already ITT.

If he would be reasonable about what he criticizes Steem about, then I would acknowledge his points. There are at least a few very valid criticisms of Steem, but he is not arguing for any of them.

yup..you are right...a mlm franchise in crypto

"Reason" and "logic" like saying that bitcoin is deflationary! 

Albert11 - I think you are wasting your time using reason and logic with these guys to be honest. Fair play to you for sticking at it though.

Steemit has a lot of 'early adopters' who's posts consist mostly of talking about how great Steemit is, how much they have made and how people should get into it by buying Steem/Steem Power, thereby boosting the 'value' of what the early adopters have already invested - be that Bitcoin or time, which kind of seems a bit like a Pyramid shaped return on investment model to me ;-)

Well, Steem inflates at about the same rate as Bitcoin (for Bitcoin's first 8 years.)

Steemit has 8 years to figure out a better plan.

I proposed a method to reduce or negate inflation, and there are others as well.

https://steemit.com/sip/@coinhoarder/steem-proposal-offsetting-steem-power-debasement-through-unobtrusive-advertisements#@coinhoarder/re-blakemiles84-re-coinhoarder-re-donkeypong-re-coinhoarder-steem-proposal-offsetting-steem-power-debasement-through-unobtrusive-advertisements-20160712t074215888z

So you can read minds now?   

You could argue that buying any cryptocurrency is speculation. The same could be said about Bitcoin.

You asked what uses other than speculation do people have for buying STEEM, and I gave you an answer.

They get more power as to what content gets upvoted, and they also make more money from curating. That is a purpose separate from speculating. You are some kind of dumb.

It is clear you have not read or do not understand the Steem whitepaper.

FUD on brother.