Topic: The Steemit Lie: false expectations and false advertisement - page 3. (Read 3068 times)
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..
A couple of questions... How does Steemit pay off these people? Where does Steemit get their revenue?
You can start by reading https://steem.io/ including the white paper. They have quite a detailed website and project.
A couple of questions... How does Steemit pay off these people? Where does Steemit get their revenue?
Check posts with past payout and check authors wallet, also read whitepaper.
Here is an image of a "pending payout". These numbers are displayed all over the website but it is NOT the same thing as $USD or coins which can be withdraw.
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payout are currently set at 10% of market cap per year
This "10%" figure refers to these pending payouts, so people will have to wait in line for months and years to get their coins.
The other 90%? Goes towards the developers and other insiders, who are able to cash out with ease. Scam.
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https://steemit.com/steem/@hisnameisolllie/get-ready-for-bigger-payouts-usd12m-per-year-at-current-levels
I believe (but please correct me) that payout are currently set at 10% of market cap per year (with a further 90% of market cap being paid out to Steem Power holders). This means that, if the market cap can average out at $120m for the year, Steemit payout will be $12m.
With 7300 users currently on the platform, if you are an average performer, you could be in line for $1,643 per annum (if user numbers stayed at 7300). Just 6 days ago, this number would have been around (($20m/10)/4700) $425 per user on average.
I believe (but please correct me) that payout are currently set at 10% of market cap per year (with a further 90% of market cap being paid out to Steem Power holders). This means that, if the market cap can average out at $120m for the year, Steemit payout will be $12m.
With 7300 users currently on the platform, if you are an average performer, you could be in line for $1,643 per annum (if user numbers stayed at 7300). Just 6 days ago, this number would have been around (($20m/10)/4700) $425 per user on average.
On the front page, it might say there are people making $1000s of dollars but the mechanics of Steemit means they have to share the 10% withdrawal cap with other producers. Example if you are a producer on Steemit and made $30,000+ on there, it would literally take you many years to withdraw that money. This problem is only compounded when more producers hop on Steemit and are trying to withdraw their money too. Anyone want to wait 50 years to get their money out of Steemit?
This is clearly a scam where they are setting up false expectations and false advertisements by showing producer's amount earned: "look at all these people making $1000s! Why aren't you doing it too?", without telling viewers there is no practical way to withdraw that money. The inability for producers to withdraw their Steemit also explains why there are hardly any coins on the exchanges and the current capitalization manipulation / pump.
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