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Below is the list of steem biggest whales, 29 out of 33 are powering down. That's about 90% .These are the same whales that tells you how great Steem Power is.

New investors are basically paying so that the whales on top can cash out. If this is not a ponzi scheme I'm not sure what it is...



@blocktrades with an amount of 2,024,391.744 STEEM for an estimated value of $7,668,771.83
@berniesanders with an amount of 1,690,869.983 STEEM for an estimated value of $6,031,336.46
@smooth with an amount of 1,575,017.773 STEEM for an estimated value of $5,682,762.70
@dantheman with an amount of 1,443,188.643 STEEM for an estimated value of $5,148,515.41
@tombstone with an amount of 1,002,641.160 STEEM for an estimated value of $3,578,513.60
@itsascam with an amount of 844,873.517 STEEM for an estimated value of $3,013,663.84
@rainman with an amount of 839,308.717 STEEM for an estimated value of $2,993,896.93
@steemed with an amount of 808,403.101 STEEM for an estimated value of $2,912,230.93
@summon with an amount of 724,710.331 STEEM for an esimated value of $2,585,543.40
@blackjack with an amount of 540,112.555 STEEM for an estimated value of $1,926,581.49
@cloop1 with an amount of 455,341.776 STEEM for an estimated value of $1,636,017.14
@steempty with an amount of 367,453.379 STEEM for an estimated value of $1,310,706.44
@firstclass with an amount of 356,639.439 STEEM for an estimated value of $1,272,132.88
@wang with an amount of 355,287.476 STEEM for an estimated value of $1,267,339.50
@skywalker with an amount of 341,364.074 STEEM for an estimated value of $1,217,645.65
@fuzzyvest with an amount of 336,257.229 STEEM for an estimated value of $1,199,435.78
@steemit200 with an amount of 325,906.972 STEEM for an estimated value of $1,162,510.17
@riverhead with an amount of 304,257.643 STEEM for an estimated value of $1,085,287.08
@complexring with an amount of 297,722.931 STEEM for an estimated value of $1,101,390.12
@enki with an amount of 290,934.424 STEEM for an estimated value of $1,052,188.86
@roadscape with an amount of 288,996.718 STEEM for an estimated value of $1,033,813.00
@wackou with an amount of 287,130.906 STEEM for an estimated value of $1,027,982.54
@freedom with an amount of 285,694.076 STEEM for an estimated value of $1,019,070.77
@xeldal with an amount of 285,530.131 STEEM for an estimated value of $1,018,594.55
@nextgencrypto with an amount of 275,231.802 STEEM for an estimated value of $996,020.63
@clayop with an amount of 259,788.179 STEEM for an estimated value of $927,630.23
@kushed with an amount of 259,505.109 STEEM for an estimated value of $925,655.03
@proskynneo with an amount of 246,799.338 for an estimated value of $880,360.03
@witness.svk with an amount of 245,572.702 STEEM for an estimated value of $876,031.03
@smooth.witness with an amount of 237,124.259 STEEM for an estimated value of $846,119.92
@analisa with an amount of 234,128.467 STEEM for an estimated value of $835,136.24
@au1nethyb1 with an amount of 232,278.234 STEEM for an estimated value of $828,536.46
@arsahk with an amount of 227,840.711 STEEM for an estimated value of $812,707.82

Your missing at least two of the major ones:

@dan (2,493,321.667 STEEM), @ned (3,229,804.266 STEEM)

Did @wang (the bot) earn all of his from trolling with spam?

Doesn't @stellabelle (109,121.246 STEEM) and others have several hundred thousands?

dan and ned acc are on standby probably because of the heat recently. However their largest wallet which is cashing out 2 Million every week is running full steem https://steemit.com/@steemit/transfers

wang is possibly using his bots to make money in shady ways

stellabelle is not on the list, she's not millionaire yet

The list of millionaires as well as number of people powering down is growing by the day eventhough steem cap is declining. When many users wake up to this realization and start panic power down the price will decline by 50% every week and a month later everyone's million dollar will look like a tenner. RIP SPH

I see:

2 weeks ago   Transfer 150000.000 STEEM to blocktrades
2 weeks ago   Transfer 50000.000 STEEM to steem   
2 weeks ago   Transfer 200000.000 STEEM to steemit1
3 weeks ago   Transfer 100000.000 STEEM to steemit1   
3 weeks ago   Transfer 200000.000 STEEM to steemit1   
3 weeks ago   Transfer 10000.000 STEEM to steem   
3 weeks ago   Transfer 5000.000 STEEM to steem   
3 weeks ago   Transfer 200000.000 STEEM to steemit1
4 weeks ago   Transfer 100000.000 STEEM to steemit1   
4 weeks ago   Transfer 100000.000 STEEM to steemit1   
1 month ago   Transfer 10000.000 STEEM to steem   
1 month ago   Transfer 100000.000 STEEM to steemit1   
1 month ago   Transfer 100000.000 STEEM to steemit1   
1 month ago   Transfer 100000.000 STEEM to steemit1
etc...

But the @steem and @steemit1 accounts show no history of transfers nor significant balances. Where did those millions go?

Why is @blocktrades transferring STEEM to so many different users?

https://steemlt.com/@blocktrades/transfers

As you know steemit.com is controlled by dan , he can publish and censor whatever the fuck he wants on the site. Im sure if you investigate inside the actual blockchain you will find some interesting info.

Blocktrades has a deal with steemit.com and the cut they take for every deposit is outrageous. They use the blocktrades account like a business acc which is why every user is linked.

Why don't you do that and come back with your findings--

It is actually good that the Steem whales are powering down. They give away a bit of their influence to get monetary rewards for their work. So the whole ecosystem becomes more sustainable.

Even if you don't agree with me, there are many things more important than the "powering down" of the Steem whales. Steem will succeed if the developers decide to make it fully open source and change that infamous "no forking" license to MIT or GPL. If you have fear of clones, then very probably you have something to hide. It would be also important to make Steem a website-agnostic system (https://steemit.com/steemit/@coinphilosopher/steem-is-a-cool-idea-here-s-how-it-could-become-really-big), by providing "buttons" for every website that wants to use it as a monetization model.

I don't really care about the exact details. I know that they are cashing out huge amount of money every week and that's all i need to know. They also try to cover their shadowy proceedings by removing transaction history on the site but anyone can go have a closer look if they want to.

It is clear from https://steemit.com/@steemit/transfers that they have sent money to @steem. This account should be showing the received transaction like every other account but it is not, the history is blank.

I don't think you understand the power of compound interest.

When I started the other thread 10 days ago the @steemit account balance had 56 000 000 steem now 10 days later the balance is 61 000 000 steem. They have earned 6 000 000 steem or approximately 14 Millions dollar in 10 days eventhough they were powering down all the time.

Their influence is not being diluted, it is being concentrated even more.

I think you didn't read the second part of my posting:


But Steem is not a stable token. The Steem unit will be continously trending down, with the exception of very bullish periods. The measure you must take into account is:

Individual Steem Power / Total Steem Power.

I don't question the point of view that Steem had an relatively unfair launch. But you could say the same of about 90% of all other altcoins. I'm still observing it. For me, the Steem Power concept is a very interesting model, very similar to what I've proposed in 2013 as "Proof of Confidence" (https://www.peercointalk.org/index.php?topic=673.15).

But if the developers decide to mantain it basically centralized, it will fail, that's out of question.

Rather they cash out while everyone else is busy accumulating STEEM and everyone else is left holding the bag later.

That is if they are truly cashing out. Since magicalacademy isn't able/willing to compile the research on where the millions went, we can't be sure they left the STEEM system.

Steem Power is inflationary, if there is less or even stagnant demand for steem then SP holders will lose money. The price of steem needs to go up or the system won't work, no one would want to lock their money for 2 years if it's devalued overtime.


To me the Steem Power concept is not very interesting for a simple reason that a huge amount of money is locked doing nothing, this is very stupid. Imagine all the real wealth you could create with all this money. Instead they prefer to create fake illusion of wealth.

Really you destroy your credibility when you write incorrect shit that has already been explained in the other thread you started. The maximum debasement of SP is ~6.7% yearly, but typically it is 0% or even a positive gain. The price does not need to rise. You don't understand the math. The 50% yearly debasement is on the STEEM holders, not the STEEM POWER (SP) holders. That does disincentivize medium-term investment demand though.


From the moment of power down, it is a 1 year weighted average price to cash out, because some is cashed out every week. Please stop the 2 years lie. You again are not mathematical. That does disincentivize medium-term investment demand though.

I'll appreciate your criticism more when you become less subjective and more objective based on careful research and analysis.

0% ?  iamnotback make it rain, make it rain. I guess Santa must be paying a visit to those content creators more often that I thought.

And yes it might be 1 year weighted average but my point is that the money is sitting there doing nothing.

Dude the math is in your other thread. Go read my posts. Yes indeed 0% if the SP is 90% of the money supply, because 9 SP are created for every 1 STEEM created thus this is a forward stock split (which don't create any debasement of value!). You still haven't learned how stock splits work even I have linked you to investopedia and tried to explain this to you several times.

If the supply of SP is < 90% of the money supply, there is a positive gain for SP holders (because due to the 9:1 minting ratio, it will trend to that ratio thus a gain in proportion of the marketcap).

Hard to feel bad about you if you lose money in Steem.. it is like the 99149123491239412th get rich quick scheme in crypto, it is useless from a blockchain technology point of view and it offers really zero value to anything. The structure is wrong on many levels but lets leave it at that.

And you know, you see this coin go to $x00 mcap but know it is only insiders who is making cake. The distribution is bad and for the ordinary investor the value proposition is terrible. And you guys don't try to say I am trying to buy cheap or something like that. Steem is in the same boat as onecoin for me. They really offered investors a crappy deal to be followed by dilution by creators and friends and the people thinking they will cash out huge amounts from shitposting well good luck with that.

Disagree, this is the one coin that people outside the cryptosphere are interested in hearing about. There's a value in that--does it transfer to sticky roots and a liquid investment of capital? That's the trillion dollar question--

What's the value in that? You seem to think there is -some- value but can you pinpoint that? And if you and others can't, then you and investors have no idea if the price you pay is expensive or not. Personally, I think Steem attracts the wrong crowd but probably the one it deserves. Everytime I hear people making dough on Steem they are always quiet about how and when they can cash it out. So ye I don't believe this man. And I don't think it has much to do with blockchain technology at all. So zero innovation to a already saturated market that is blogging or whatever. And I don't think it adds any value to crypto either. Just another project trying to do something that crypto is not. Also I dislike how vague and little information there is about the project, that is intentionally.


I've been a crypto investor for years and I really dislike this project not for some personal reason but purely from an investment perspective it sucks, I really feel bad about it but you are free to change my view I really like when people do that. Seems like one of those projects where if you are not an insider then you cannot possibly trade or invest i.e it's not offering me the same odds as anybody else like a decentralized project with a free market should offer to a degree.

I don't like playing a rigged game man. To me a project needs to be innovative and have at least something that I can estimate the value of and then it also needs to offer me as an investor a solid shot at making a buck to a reasonable amount of risk. Hasn't been too many coins that fit the bill but for example ETH had a very solid offering I like that one and well it sat right with me until the HF which was really a disappointment so now I bought a bunch of ETC instead.

Finally we have some data, but appears the author misinterpreted it:

I think it is normal to power down when you have so much. I'd do the exact same thing as them in their shoes...

Reading post like that, i should probaly shoot 10 btc into steem. I think we will see atleast one more pump :)

Exactly. They fucked up start big.

i'm not saying it's not a ponzi, but why wouldnt they power down?? who wouldnt??
they have more than enough to keep using the platform, they will take 1/104 per week so it's just a parcel.... and the fact they are powering down it good to the community.. so what's the problem? they should keep the money there forever?

Usually when people believe in a currency they buy it they don't sell it. The fact that 90% of the whales want to cash out send a very clear signal to potential investors.
Why is everyone acting in the platform's best interest ( ie powering up) but the whales? Because the whales have so much money that they are in the greed phase already while the other people are still in the "let's make steem a success" ( for their own personal gain ofc) phase.
The bad news is that the numbers of greedy users is growing by the day ( I don't blame them btw) which means a decreasing steem price which in turns means more powering down.
Steem power is what holds this thing together, the more people powering down the quicker it will be break down. The people who will be left holding the bag are the one late to the party the smart ones on top are cashing out while the fools are buying.

Trouble is that the market is starting to read this as a ponzi scheme regardless of what the reality is. I can see Steem price go below $2 in the short term. The outlook is not great, and the fact that average content quality remains mediocre doesn't help.

lol what is the purpose of the blockchain in this case?

A much better design would debase their holdings while most of it remained locked up for 104 weeks. Which is the design I intend to launch asap. Also their holdings shouldn't be 50% of the tokens.


It probably won't collapse until a kickass competitor is launched and the bag holders realize they are fucked. They will either remain in denial while it sinks or try to power down to head to the exits.


So the content is not controlled by any party (but for Steem that ideal is lost since the 50 whales control it via proof-of-stake).

Steem makes Onecoin look legitimate.  The Onecoin scammers are amateurs compared to the Larimers and their backers.  Onecoin is going to have to step up its game if it's going to compete with Steem.  Seriously, the Larimers even steal from the mentally retarded.

It's a lot of money. I think it's result of the hype.

I wouldn't be bragging about that... JL777 is a total nutcase.

Unless they bring something truly sustainable, it will implode.

Well I am not going to stand idly and wait for that to happen. I am doing my best to try to release a competitor asap in order to accelerate the implosion of Steem, and replace it with something that is sustainable and good of us.

I worked out much of the design already in my head. I am exhausted right now (age 51!) from an intense, nonstop 3 hour gym workout (8am to 11am), so I will take a nap. Hopefully feel good later today and can begin coding.

I am not forking nor reusing any code from Graphene, Steem, nor Steemit. So I have no idea how long this will take. I'll see as I dive in.

I assume there are others working on Steem competitors.

It's not an easy task, indeed. But if the service is sustainable and solves real problems, there will be interest. Good luck.

Other "smart" people who are buying STEEM and powering up to lock themselves into SP for the 1 year weighted average price exit:

https://steemit.com/steem/@pfunk/meet-laonie-and-6-other-steem-superheroes-powering-up-this-week

Steem's attrition data seems to confirm it will implode:

https://bitcointalk.org/index.php?topic=1558366.msg15781779#msg15781779

You gotta give them credit that they definitely generated more interest in crypto that any other altcoin ever did (especially from women, something unheard of)...and I won't be making any scam or ponzi accusations in this post.

However I see that Steem is the real key here, it's "where the money" comes from. There's a very small supply (with high inflation) because most is locked but who will keep buying steem besides speculators and investors? That can't be really sustainable. Whales and big dolphins already have enough and are generating SP just by sitting there or upvoting useless posts.

BTC fans are already aware of the dangers of the platform, so I don't really see them flocking in mass to buy Steem to power up (they are busy buying ETC). So I don't know how this will play out in the next upcoming months, the platform and userbase is definitely growing.

The bottomline line, if this turned out to be a complete fiasco and disaster, Bitcoin will face the heat, I can guarantee you that right now.

I don't plan to buy a single one of those steem vest/power/dollar/what ever for now... just trying to make it work for a few cpucycles... however I don't agree with you bitcoin thesis... 0 risk. bitcoin has nothing to do with steem... what would be great is a steem clone with btc integrated and not a useless new chain...

Sure, I can only imagine the headlines "Bitcoin Social Media Platform scam 100k users". "A Bitcoin based social media platform called "Steemit".

steemoxxed?

Not much (https://bitcointalk.org/index.php?topic=1558366.msg15781779#msg15781779).

It is even 1/100th of Ello and Tsu's peak rate of signups and both of those died.


It has the potential to reflect very badly on Bitcoin, blockchains, and crypto-currency. Especially later when it becomes common knowledge that it was 80 - 90% premined and the whales were cashing out from the beginning, while the n00bs were fooled.

Nevertheless any news (even bad news) is probably promotion to the masses, yet if the masses are always hearing about the problems (theft, scams, etc) they might become callous and calcified against our sector.


Yesterday I wrote that everyone should be selling ETH and buying ETC. I see -6% on ETH and +18% on ETC since I wrote that.

Bitcoin holders will still determine the investment of altcoins. ETC wins because it is favored by Bitcoin investors who disagree with forking to change the rules ex post facto to bail out those who don't like the rules after the fact. And because ETC is the undervalued of the two (and speculators want quick gains). Period.

Steem has no medium-term investment case, because if you hold liquid STEEM then you are debased ~50% yearly, and if you power up to STEEM POWER then you are only debased ~5% yearly but then you are locked into a 1 year weighted average price cash out future.

And the long-term investment case for Steem is dubious.

This whole thread can be reduced down to one statement: The Larimers are the parasites of the crypto world.

If you're involved in one of their "projects" and you don't think you've been scammed yet, either you have, but you haven't realized it yet, or it's coming.

I thought steemit is suppose to reward people when they post something good. How is this post any good to the community and its receiving $2700 already.

https://steemit.com/photography/@clayop/newport-beach-usa

This post has nothing special in it. Its just a picture of at a beach. Anyone can take a picture at a beach. It sucks that the whales are just upvoting their own friends and the rest of the people that are posting good content are getting only few cents if lucky.

That's just pathetic really. The circle jerk is complete.

What I find amusing is that lots of newbie accounts rallied recently to call this a "scam", even a 2011 account with 3 total posts and only 2 hours online was "recruited" to the cause! This is geting hillarius!

I'm sorry kids, you will be vastly dissapointed! Your "Bitcoin is great and everything else is a scam" dogma is collapsing, coincidentally the price of bitcoin is collapsing too these days...

The only "valid concern" would be that price of STEEM perhaps is a bit too high right now and may drop in the future(maybe it doesn't and actually rise!) But noone really seems to care because everyone powers up for the 2 years period. I had some doubts before but the greater "scamer" here seems to be iamnotback and noone else. Cheers!  ;)

i think steem dev owner and founder strong team
is volume transaction in bitrex is high
only strong coin is can be accepted in bittrex