Topic: Synereo same ponzi scam like Steem? - page 3. (Read 4980 times)

Nobody accused STEEM of being a pyramid scheme because you can earn money posting. The accusation stems from the fact that STEEM are produced at an increasing rate, with the supply doubling every year. Such is not the case with Synereo

The founders didn't get anywhere close to 90%.  50M AMPs were sold in the initial crowdsale and 7.5M AMPs have been distributed for bounties since then.  The mass majority of AMPs remaining are designated for future crowdsales, bounties, and giveaways to attract new users.

Here's the breakdown:

https://docs.google.com/spreadsheets/d/1r1G-ROS4vgHK84qfn1CBIxuXZQCCvIicCTQSxW1T_mo/edit#gid=1156984041

I don't think any "honest person" would create a system like Steem, because of the way it is fundamentally designed.  Regardless of who runs Steem, I don't think it will be successful, because of its centralized nature.

Could you provide more information in your statements?

That is true for every single cryptocurrency, even good ol' Bitcoin. Even the ICO coins create their initial supply out of thin air.

I see some flaws in the actual Steem/Steemit model. I agree one major problem is that the amount of "Steem Power" the founders have reserved for themselves is too large. They should have put more in the free Steemit giveaway. That they are powering down is actually good, because this way they gradually lose influence in the system. But their Steem Power is so high that if they post only a few posts a week they can maintain their influence (and their posts are highly upvoted by the community, maybe because of fears of getting ignored by the whales otherwise).

Another flaw is that its not open source (it has a "no forking" license) and so the social control of the blockchain is reserved for Steemit Inc., because there will be never a (legal) attempt to hard fork it or create a better clone (although it would be not too hard to create an independent clone based on the MIT-licensed Graphene engine).

But until now, they have managed to create a system where people can pay for content and it doesn't feel like paying (because they are only "paying" with bandwidth). So some of the underlying fundaments of Steem are actually good and well thought-out.

I'm following both projects but would like to see a prototype of Synereo, to see how they manage the problem that traditional micropayments don't work very well in the content industry because you have to make a decision and "give up" something you consider important if you pay for a content item.

yes i have also thought it is not premined or centrally controlled, if this is true they may also face same problem as steemit nothing new than steemit.

I already read it. Let me share for everyone.



Let me explain why Steemit can't work the way most people believe it's working and going to work.

First of all, Steem is created out of thin air, from nothing, just like the central banks create paper money from nothing. This creates inflation and devaluation of the money. But because a lot of buying pressure and steam has gathered around this community the price of Steem is higher and higher while it should actually be going much lower.

So how are the few profiting from this ? They are selling while the new comers are buying. The smart money here are the very few at the top of the Steem system who are getting very rich while the retail money are the many people who believes in this system because the price of the Steem is going parabolic.

Let me tell you something, everything that goes straight up will go straigt down. The very few who are selling their Steems today are the ones who will get rich, the others will not make any money.

By the time you will want to cash out your money from Steemit, it will be worth 0. The market capitalization of Steem is totally flawed. The market cap is always going higher because Steemit is creating Steem on a daily basis out of thin air, even if no real money (USD) is actually invested by anyone. This create the sentiment that everyone is going to get rich. The truth is, if everyone tried to cash out a few dollars, the system would totally collapse, and this will happen sooner than you might think.



My next question is what can be a better model so that it will not be guaranteed to collapse? Also what model is Synereo using for their social media platform and why is it viewed as a better example to follow?

LOL as soon as a decent coin starts showing how good it is (and price goes up)...ppl love to finding reasons for FUD.

Yet noooooooooooobody says anything since last 6 months?!?!! lmao...to obvious dummies, nice try tho.

This was my thoughts exactly. Instead of encouraging innovation and supporting it we just call it a ponzi without researching it.

Synereo has came a long ways. They raised little in an ICO and not only are delivering on promises the project is now 10x bigger than originally projected as they had to build the platform.

Another troll holding AMP

can this coin be mined like steem or it is only for posting and nothing else? i see that steem was hacked so making a clone of it will not do well, people lost confidence on those type of project, but anyway can you point me the trend, it must be recently released, i can not find it?

Lol,
is that true? i always thought synero would be better distributed.

I agree that Synereo could be technically superior than Steemit/Graphene. Ok so you think that Larimer is trying to make his money quick and then leave that is why it will collapse. But let me ask you if let us say it was not the Larimers that run Steemit but some other honest person. And that honest person intends to grow and develop the network further, will it be possible for the platform to be succesful? What I'm asking is if run properly will Steemit's model be succesful even if it is centralized?

"decentralization" just another Buzzword

FYI (synereo ANN thread): https://bitcointalk.org/index.php?topic=995987.0;topicseen

It'll collapse, because it's centrally supported by the Larimers and their associates.  Once the Larimers make their money and pull out, it will be over.  It is structured in such a way that payouts are limited to keep the system from collapsing too quickly.  The Larimers and their associates power down every week to cash out, because they know time is ticking.  Even if they only cash out a fraction of their holdings before it comes tumbling down, they'll still have made millions.  If I want to use a centralized website for social networking, I'll use facebook and twitter which already have mass adoption.  Steem is simply an overly complex scheme intentionally designed to steal from the under-informed.  Ask yourself, "If the website is centrally hosted, how do they intend on dealing with take down requests?"  They don't, because they don't plan on Steem lasting this long.  It's a quick money grab, and that's it.  With Synereo, nothing is centrally hosted and none of the decentralized nodes in the network know what is being stored on their disks, because everything is encrypted.  Node operators cannot see anyone's data without the person's private keys which they do not possess.  Not only that but user data is spread on the Synereo network in a redundant manner which ensures that individual nodes shutting down doesn't affect the availability of user data.  User data in Synereo is also not stored on the blockchain, which is unfeasible for long term use, but it is stored via SpecialK across multiple geographically relative nodes per the data requests.

I am curious. How will Steemit collapse on its own because it is centralized? I know decentralization very much matters to us. But kindly explain why Steemit will collapse.

The big difference is that Synereo is fully decentralized and Steem is centralized.  Steem will collapse on its own, but Synereo will be around for years due to its decentralized nature.

Maybe, abusers can buy articles, and bots upvote, so the dev team can get funds from these, it is similar to insta mine actually. It is just my guessings.

I doubt it. I'm following their work since the ICO and they have great devs and great tech. Even helped ethereum with it's new proof-of-stake protocol. The core devs are deeply involved in the crypto scene and it's highly unlikely that they put their reputation at risk with a ponzi.

You can get more info about their work in their blog:
https://blog.synereo.com