The Steemit Lie: false expectations and false advertisement - page 2.

CoinHoarder

legendary

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In Cryptocoins I Trust

Quote from: helloeverybody on July 13, 2016, 01:55:30 AM

this is just one person or a small group artificially pumping up whats probably just another shit coin getting ready to dump.

The wonderful thing about STEEM is that a large percentage of it is held in STEEM POWER (over 90%).

STEEM can immediately be converted into STEEM POWER, but STEEM POWER cannot immediately be converted into STEEM.

Therefore, 90%+ of the STEEM tokens can only be dumped via 104 equal weekly payments over the course of 2 years.

The volume on exchanges represents under 10% of the STEEM money supply.

That is why it took such a little amount of volume to be pumped so high.... most STEEM it is locked up in STEEM POWER.

Owning more STEEM POWER gives people more sway in the curation of content, while at the same time allowing them to earn bigger rewards for doing so.

Owning STEEM POWER is a long term investment in the STEEM ecosystem.

I suggest reading the whitepaper. They have created a very elegant ecosystem. https://steem.io/SteemWhitePaper.pdf

Alternatively, there is a lot of information linked here: https://steemit.com/wikiversity/@boardwalk-steem/lets-start-a-steemit-resource-repository

BigSirko

full member

Activity: 201

Merit: 100

Very interesting to see good threads get a lot of upvotes and comments, but are nowhere on the trending list and their producers are actually getting no money. Meanwhile there's stuff trending with huge payouts, no comments and hardly any votes- such as reposts of Bitshares news.

All the steem power concentrated by the developers has effectively turned that website into a Bitshares echo chamber. Cheesy

helloeverybody

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★YoBit.Net★ 350+ Coins Exchange & Dice

Had they made th epump look a but more natural then maybe they could have tricked a few more people to spend some money on steem, but the fact that the pum was so obvious says to me that this is just one person or a small group artificially pumping up whats probably just another shit coin getting ready to dump.

sofu

legendary

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Degenerate Crypto Gambler

Do they pay the bots?

https://steemit.com/@wang/transfers

TravelsAsia

sr. member

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Merit: 250

Quote from: DecentralizeEconomics on July 13, 2016, 01:08:59 AM

THE LARIMERS MUST PAY!

For a minute I was worried your obvious hard-on for the Larimers wouldn't carry over to Steem. You don't disappoint.

DecentralizeEconomics

legendary

Activity: 1162

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White Male Libertarian Bro

THE LARIMERS MUST PAY!

CoinHoarder

legendary

Activity: 1484

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In Cryptocoins I Trust

Quote from: BigSirko on July 12, 2016, 03:54:04 PM

It would literally take you many years to withdraw that money ... Anyone want to wait 50 years to get their money out of Steemit? Cheesy

I would like to point out that it is clear the OP does not understand how Steem contribution rewards work.

You get 50% of your contribution rewards in around 24 hours via SBD, which is immediately tradeable for STEEM/BTC/FIAT/etc.
You can get the other 50% via 104 equal weekly payments over the course of 2 years.

Obviously, the OP is exaggeratingly misleading.

Maybe I am an old, but I would not consider 2 years as being "many years", and to state it may take 50 years is preposterous.

BigSirko

full member

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Merit: 100

Quote from: bbc.reporter on July 13, 2016, 12:31:24 AM

Quote from: yefi on July 12, 2016, 11:38:56 PM

Quote from: tokeweed on July 12, 2016, 07:47:28 PM

A couple of questions... How does Steemit pay off these people? Where does Steemit get their revenue?

From what I can understand, the devs mined all of coins in the beginning and maintain control now through witnesses. The Steemit website (totally separate from the blockchain) is them redistributing these coins to users.

It's an interesting tactic. The number of coins out in the wild - the free float if you like - is miniscule. They can therefore make the coin look like it has this massive cap when in fact it doesn't. A good example of this is the ask side on Bittrex, which at 35,000 Steem is currently less than 0.05% of the supply.

Btw, currently $400M cap supported by a whole 200 BTC on Trex. lolol...

Very smart of the creators of Steem. They beat everyone to the punch and could be on a potential gold mine here.

There's already been a bunch of Facebook and Reddit clones which offered money to content producers. None worked out.

Unfortunately we see this in crypto too much - people reinventing old wheels and claiming it hasn't been done before, when in fact, people have been doing these sort of things for ages.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

Quote from: yefi on July 12, 2016, 11:38:56 PM

Quote from: tokeweed on July 12, 2016, 07:47:28 PM

A couple of questions... How does Steemit pay off these people? Where does Steemit get their revenue?

From what I can understand, the devs mined all of coins in the beginning and maintain control now through witnesses. The Steemit website (totally separate from the blockchain) is them redistributing these coins to users.

It's an interesting tactic. The number of coins out in the wild - the free float if you like - is miniscule. They can therefore make the coin look like it has this massive cap when in fact it doesn't. A good example of this is the ask side on Bittrex, which at 35,000 Steem is currently less than 0.05% of the supply.

Btw, currently $400M cap supported by a whole 200 BTC on Trex. lolol...

Very smart of the creators of Steem. They beat everyone to the punch and could be on a potential gold mine here.

yefi

legendary

Activity: 2842

Merit: 1511

Quote from: tokeweed on July 12, 2016, 07:47:28 PM

A couple of questions... How does Steemit pay off these people? Where does Steemit get their revenue?

From what I can understand, the devs mined all of coins in the beginning and maintain control now through witnesses. The Steemit website (totally separate from the blockchain) is them redistributing these coins to users.

It's an interesting tactic. The number of coins out in the wild - the free float if you like - is miniscule. They can therefore make the coin look like it has this massive cap when in fact it doesn't. A good example of this is the ask side on Bittrex, which at 35,000 Steem is currently less than 0.05% of the supply.

Btw, currently $400M cap supported by a whole 200 BTC on Trex. lolol...

tokeweed

legendary

Activity: 3976

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Life, Love and Laughter...

Quote from: yefi on July 12, 2016, 09:04:10 PM

This is one of the more ridiculous pumps I've seen a while. Number #3 with a $246 million cap from just 1,500 BTC trade on Bittrex of all places. Tongue

I didn't notice it until you mentioned it. Didn't see this one coming. I usually watch the markets at Polo and tend to avoid Trex. But anyway, now we know why BTS is rising as well.

So I guess the play here is to buy into BTS if you hate risking BTC in STEEM. It seems overbought at this point. Congrats to the holders.

bones261

legendary

Activity: 1806

Merit: 1828

Quote from: tokeweed on July 12, 2016, 09:41:49 PM

Quote from: ?? on ??

The only ones getting butthurt, are those who dig butthurt:

https://steemit.com/votes/girlsgonesteem-nsfw

Holy ****! Now I'm really gonna read that white paper. Are those naked girls really naked girls doing it for real? Wow.

You've been catfished.

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Quote from: ?? on ??

Quote from: bones261 on July 12, 2016, 09:15:15 PM

Quote from: yefi on July 12, 2016, 09:04:10 PM

This is one of the more ridiculous pumps I've seen a while. Number #3 with a $246 million cap from just 1,500 BTC trade on Bittrex of all places. Tongue

This is going to hurt when it all comes toppling down. I see much butthurt in the near future. Cheesy

The only ones getting butthurt, are those who dig butthurt:

https://steemit.com/votes/girlsgonesteem-nsfw

Cool

Why should you care that these beautiful girls are making money by posting pictures of themselves?

U a Player hater?

Which community has the most hot bitches?

Thanks to team BitSharez

Holy ****! Now I'm really gonna read that white paper. Are those naked girls really naked girls doing it for real? Wow.

amacar2

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CryptoTalk.Org - Get Paid for every Post!

Quote from: yefi on July 12, 2016, 09:04:10 PM

This is one of the more ridiculous pumps I've seen a while. Number #3 with a $246 million cap from just 1,500 BTC trade on Bittrex of all places. Tongue

Yes they seem to have completely rediculous pump and you can see most of the post on trending in steemit is from bittrex staff post or something like that. I think admin or staff are posting or upvoting bittrex post and post related to steemit only. Better to sit back rather than jumping into this daily 2x pump in price.

chryspano

legendary

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Hitler's failed plans about STEEM

https://steemit.com/steem/@chryspano/hitler-s-failed-plans-about-steem

albert11

hero member

Activity: 679

Merit: 500

Quote from: ?? on ??

Quote from: bones261 on July 12, 2016, 09:15:15 PM

Quote from: yefi on July 12, 2016, 09:04:10 PM

This is one of the more ridiculous pumps I've seen a while. Number #3 with a $246 million cap from just 1,500 BTC trade on Bittrex of all places. Tongue

This is going to hurt when it all comes toppling down. I see much butthurt in the near future. Cheesy

The only ones getting butthurt, are those who dig butthurt:

https://steemit.com/votes/girlsgonesteem-nsfw

Cool

Why should you care that these beautiful girls are making money by posting pictures of themselves?

U a Player hater?

Which community has the most hot bitches?

Thanks to team BitSharez

u mean those beautiful nigerian prince

albert11

hero member

Activity: 679

Merit: 500

The irony is that now everyone who bought thousands at 10p each have a lot of voting power and they are all voting for steemit pump thread. Viva la revolution

bones261

legendary

Activity: 1806

Merit: 1828

Quote from: yefi on July 12, 2016, 09:04:10 PM

This is one of the more ridiculous pumps I've seen a while. Number #3 with a $246 million cap from just 1,500 BTC trade on Bittrex of all places. Tongue

This is going to hurt when it all comes toppling down. I see much butthurt in the near future. Cheesy

yefi

legendary

Activity: 2842

Merit: 1511

This is one of the more ridiculous pumps I've seen a while. Number #3 with a $246 million cap from just 1,500 BTC trade on Bittrex of all places. Tongue

BigSirko

full member

Activity: 201

Merit: 100

Quote from: robelneo on July 12, 2016, 08:33:09 PM

This is actually a good project had 3 post there before I got busy i did not read about the part on payout,but if you have those figures and you put a lot of effort to contribute to the network (which us not easy might as well set up a blog instead ) you're going to think of how to cash out and when to cash out and people will get disappointed if those are only figures and cannot converted to real cash..

This is where the false expectation lies start. Already people are seeing $1000s deposited on their account but cannot convert / withdraw it to real dollars, despite it displayed as such on the website. Many people have been "pending" for an extremely long time. It's an illusion to lure in producers and the gullible. Almost reminiscent of multi-level marketing.

Then step 2: when word spreads about "money" (even if it is fake), then what you will see will be a horde of fake Facebook accounts liking their own stuff. When the bots are spamming upvotes for their own stuff then authentic people will get less money and then you will see them leave.

Steem is not the first people who have done a Facebook / Reddit clone.

Topic: The Steemit Lie: false expectations and false advertisement - page 2. (Read 3071 times)