In the security announcement CEO of Steemit Ned Scott said:
“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.”
Then just like Ethereum, Steem is not a trustless, permissionless, decentralized block chain. But this is expected, because all PoS block chains must be centralized with checkpoints and thus are under top-down control. Steem is a corporate controlled block chain, which is the antithesis of why we created block chains to remove us from the certain failure of democracy and governance. We need block chains to be immutable and changable by no one after they are launched. I'll be trying to demonstrate a new design for a block chain which has this immutable property (even more so than Satoshi's original design). |
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To better summarize the economic mistake they've made on their plan (first link in the quote above), money is not a walled garden. Specifically money's raison d'ętre is that it improves on bartering[1] by being a universal unit-of-exchange. This is what you are supposed to learn in Economics 101. I don't know if Ned was asleep when that was taught or he just forgot his major degree. I took Economics 101 33 years ago and I still am aware of that fundamental concept. And to better summarize the psychology mistake made (second link in the quote above), bribing and fooling people has a backlash effect that people will never give you a second chance. I wonder if Ned is lying about his major degree on LinkedIn  [1] Exchanging a chicken for strawberries is difficult.
My point is that on one wants to willingly convert STEEM to SP. That is the salient point.
I made the point earlier in the thread that most people were converting their STEEM to SP. That's verifiable fact. You're making things up out of whole cloth in order to make baseless accusations about it being a pyramid scheme, and impugning the character of a person who has 100% of their stake in Steem in the form of SP. He is invested for the long haul, and that is verifiable. It's on the blockchain. You can see the balance of his wallet. The fact that the richest accounts have the vast majority of their stake invested in the platform tells you all you need to know. They are in it for the long haul. If you actually believe that Dan and his team are evil geniuses who have created a pyramid scheme and produced a $350 million market cap out of thin air based on some kind of elaborate deception, you should at least give them credit for having a plan to walk away with something to show for it. You can't simultaneously present them as masterminds and unwitting dupes. The simple fact is that Ned and Dan have more of a reason to want Steem to be viable long term than literally anybody. If things go south, they wouldn't even be able to react fast enough to cut and run. They're forced to do everything in their power to ensure Steemit's long term success, due to the realities of the platform's incentive structure. And so is every single other person who owns SP. At the end of the day, that's why it will succeed. But please... don't pretend that Dan is trying to pull one over on anybody. He's not offering anybody a value proposition he hasn't already accepted himself. And he has as much or more to lose than anybody involved. That's not speculation.. it's right there on the blockchain for all to see. The smart speculators will hold only STEEM and cash out at the peak of the bubble. The fools will convert STEEM tokens to Steem Power (SP) tokens and be unable to sell when it peaks and then declines. SP tokens requires 104 weeks (2 years) delay to cash out. Two years is a long time in Altcoin land. Most pumps reach their peak within a few months. Also there could come another bear market for CC in general, which might drag all CCs done. In particular, it looks like 2017 or 2018, the entire world will collapse into a sovereign debt liquidity contagion crisis that will be much worse than 2008/9. Remember gold and silver dive bombed during that prior contagion. Tying yourself to Steemit for 2 years should require that you have some roadmap from Dan, yet the only roadmap the business moded I deduced from their white paper, which I explained seems to be flawed. They have no income generation model. And SP tokens are not shares in a corporation. There is no obligation for the Steemit corporation to share any income stream it might earn in the future with the SP investors. I encourage all fools to invest in SP tokens. I also dare any of the Steemit supporters to document in this thread the quantity of SP tokens they converted from STEEM tokens. If they really believe in their long-term investment, why not demonstrate it by documenting to us that you have converted STEEM to SP and in what approximate quantity? I'd like to know who I can laugh at later when they are bagholding and can't cash out because they are locked inside the jail for 2 years. smooth, why don't your double your investment in SP from $5 million to $10 million and show us that you really believe in the long-term plan? Btw, what is the long-term plan Who ever invested in a company for the long-term and there isn't even a prospectus.  magicalacademy, please stop thinking the creation of 9 SP for every 1 STEEM created is debasement (inflation) or dilution of the SP holders. It is not. The white paper explains that everybody who holds SP ends up with the same proportion of SP that they had before. For every 1 STEEM created, 9 SP are created and distributed proportionally to all SP holders. The reason for doing that is so that the STEEM tokens do not end up being more 10% of the money supply. They want to keep the investors locked into the SP jail, forcing them to wait 2 years to cash out and to force investors to become curators (as if investors have time to be employed in menial labor ). The reverse stock split every ~3 years is a separate matter and it does not change anyone's proportion of the money supply. Its only purpose is to manually fix a "bug" that Dan purposely coded into the block chain in that he didn't reserve enough bytes for token balances to handle the range of precision that Bitcoin can. Dan did this because he thinks that removing a couple of bytes for each transaction will reduce block chain bloat. It is actually a stupid priority, but almost everything Dan designs is stupid, so just get used to it. I realized back in 2013 when I would point out flaws in Dan's designs, that he was (still is) a special case of "smart". Who would convert STEEM to SP willingly? They'd have to be a fool.
It would be a fool who wants to be a bagholder in hopes of earning 100% passive interest. or whatever it works out to be with the 9:1 ratio. Afaik, the only passive interest for holding SP tokens, is that 9 SP are created for each 1 STEEM created. You may be thinking of the SMD tokens. To maximize your ROI when holding Steem Power (SP) tokens, you as an investor must do daily or even hourly curation of content.
I have a rambling story which is some what relevant to this thread in a roundabout way. I was explaining to my gf why Asia will also have a mini economic collapse from 2018 to 2020, but that Asia will bottom and start rising again from 2020, while the West will collapse into the abyss. And I told her it is because all the youth are here in Asia and the youth are hardworking. I explained that the white youth are spoiled and think they know everything and are a privileged class. I explained that when I was in high school, not only did I have perfect A (4.0) grades, I was also running 10 - 20 kilometers in the afternoon after school, then reporting to my job as a cook at a pizza restaurant from 6pm to 10pm. And then on Saturday night at 2am after partying, I would go compile the sections of 1500 newspapers (Sunday edition was about 50cm thick) to be ready for the delivery boys to pick up by 6am. At age 13, I was mowing the huge lawns we have in the suburbs of New Orleans in the tropical swelting heat and humidity during summer (nearly same as here in Philippines) where the push mower would stall out if I did elevate it at an angle due to the very tall and thick "crab" grass. The bugs would be flying up my nose, etc.. I would earn $10 for a half-day of hard labor (note $10 was worth more then). I think this is relevant to these young guys who come in here with no experience and disrespect those of us who have experience and who worked very hard. (CoinHoarder, I've been sick for the past 4+ years with a Multiple Sclerosis symptoms chronic disease. That was the reason no code was produced. Please I would not lie about my health. I don't say that to make a drama. It was extremely frustrating and you will never understand this until you actually suffer a chronic disease. Fortunately I am fighting and have some improvement. It is not an issue that I lost my hardworking ethic. It was a physical reality that I was trying my best to overcome) |
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I am going to flood the Steemit site with filipino bloggers. More the merrier. As many as possible should get their free $10 of SP. We will start the viral campaign on Facebook once the Steemit site is back up from the hack recovery. Don't so I didn't do my part to help  Well the Steemit sign up sucks so much that we abandoned this plan. First we tested earlier and my gf signed up with her Facebook account. The site signed her up but it wasn't fully functional due to the hack. Later with the site fully functional, she can't login. It says her username doesn't exist at the login interface. Yet if she tries to sign up again, it says her username already signed up. So she is stuck in a blackhole bug and can't continue. Tonight her sister signed up, but instead of the promised $10, she only received 5 SP (Steem Power) with an estimated value of "$3.85". She clicked to "Power Down" and was told (in some cryptic message that only a programmer such as myself might comprehend) she needs to earn 10X more SP before she can start Power Down process. So she said fuck this and left. The only thing she is presented for content publishing is a box for "Blog" where I guess she needs to type markdown, but she has no clue about markdown. I doubt the 3000 sign ups per day are not mostly abandoned accounts. This site is not for your average person, because they will never figure this out. You need to be computer savvy or having a friend who is helping you. The main issue is that it requires too much effort to figure out. Even I wasn't going to spend the effort to figure it out and then train these two ladies. Who has time for that. User interfaces need to be very, very easy. So if this is an indication of their user interface programming and design skills, they are not going to be successful making a mass adopted system and crypto-currency. Perhaps they will improve later. One of the major challenges when attempting to create a new social network, is that users are really loath to learn sites that are not as easy-as-pie. And they are more comfortable with the user interfaces of the sites they already use. Additionally the requirement for 16 character password was also a pita. My gf was going to stop because of that, but I urged her to continue the sign up process. Both of the ladies said they were afraid it is a scam and they would go to jail. They both seemed very uninterested, because they don't believe any social network will give you $10 for signing up. They thought I was trying to trick them. Both of these ladies were eager for me to stop peskering them so they could go back to Facebook and Youtube. They want to work at Kidzooona and earn money taking care of kids. They don't seem interested in online work. For them online stuff is for chatting with friends and watching tubes. If delusion Dan is thinking he can scale up a currency all by himself and without an open ecosystem, and yet he can't even understand that many people just wouldn't be interested in the Steemit shit he is peddling, then I think everyone should definitely invest all their life savings in Steem Power (SP) tokens and lock up their entire net worth for 2 years unable to sell or cash out. Sell your houses and go all in, this is a SureThing™. The SureThing™ and WeCanDoItTiedTogether™ trademarks are the sole property of the Steermites corporation and may not be used for any purpose. I explained to my gf that her sister actually was awarded approximately 5 x $3.85 for signing up. Which works out to be roughly ~1000 pesos of Philippines money. She said, "umm, okay". She seemed a little bit more interested but not overly so. Then I said, "But you have to wait 2 years to get the money out". She said, "My God, screw that. Melanie can earn 1000 pesos in less than 15 days. That's crazy!". And there is no way I could even force her to open the Steemit site ever again. It is now permanently imprinted in her mind that it is a scam site. |
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Next phase is constructing a STEEM Craigslist. But obviously they have more work to do on their security so I would not expect STEEM BAZAAR to debut anytime soon. Currently the most useful thing you can buy with STEEM DOLLARS is BTC at Bittrex.
That is good enough for people who view it as an investment. You don't really need any innovative uses on the demand side for an alt to become a hit. You neophytes need to get a grip on reality. |
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Some people boasted about 10,000 people using Steemit but, judging by the pending payouts, almost all the activity is $0 / "freemium users". Getting a force of 10,000 out is sizeable in the crypto but it makes it nowhere as popular as Bitcointalk dotorg and isn't indicative of viral adoption.
As I've said before - Reddit clones have been tried a dozen times before and none end up viral.
You must be high or retarded if you think the hard data recorded on an immutable block chain is not indicative of viral growth: https://steemle.com/charts.phpThis guys resorts to logical fallacies when he gets owned. Steemit is 10,000. Even that GetGems stuff, which was a clone of Telegram, had over 300,000+. I've been looking at Alexa Rank and Google Trends, Steemit is nowhere as popular as other Reddit clones like Voat. People will realize shortly there's no people coming onto Steemit (other than crypto regulars and a few friends) and that's when the capitalization will tank.  Of course. What would one expect from paying people to join. That isn't a virally driven activity done out of one's own desire to join and contribute. It is analogous to bribing your sister to do your homework for you. As soon as she is done with your paid job, she gets back to doing what she loves doing normally. And besides, Dan and Ned have no experience whatsoever in making million user websites and applications. I do. Compare: https://www.linkedin.com/in/nedscotthttps://www.linkedin.com/in/shelby-moore-iii-b31488b0With Ned's university degree in Economics and Psychology (and no relevant career experience), he has created a braindead design which doesn't even understand well economics and which attempts to trick users into thinking they will earn $100s per blog post, by using a quadratic weighting function. But the reality is most users earn $0 and apparently abandon the site. Altcoins are the place where all the developers who have no significant career success and experience whatsoever, come and dump their inexperience and lunacy (delusional fantasies) on speculators who are too stupid to realize. smooth has demonstrated to me that he has no capability whatsoever to analyse marketing, psychology, and economics design of consumer facing applications and websites. But I expected this, as I realized he only really understands back end servers for banks, which is apparently his career experience (although I admit I am guessing based on what he has shared publicly and privately, because he is anonymous). Voat is instructive to those who want to learn about Internet marketing of new social networks. You can start to learn that the battleground between Reddit clones is all about the moderation+voting design, demographics, game theory (and aesthetics/features of discussion threads): https://en.wikipedia.org/wiki/Voat#Sitehttp://www.theverge.com/2015/7/10/8924415/voat-reddit-competitor-free-speechThat is what matters to people who want to use a discussion site. Being bribed to participate has nothing to do with a viral adoption motivation. Duh! Dan and Ned need to stick with anal, as they have no fucking clue what they are doing. They need to go work in the real world first and gain some relevant career experience. |
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The problem with Bitshares' DEX was low liquidity caused by low usership. Steemit has solved that.
Perhaps yes if Dan can keep the ecosystem closed and cordoned off. If someone is allowed to offer a centralized exchange directly to the userbase, users may prefer to cash out directly on the centralized exchanges. That still doesn't prove he will have created adoption. Giving people money and then locking them inside a corral, is not a business model make. The marketplace doesn't need to sell everything someone may need in order to get people to use it. There are a ton (millions?) Of successful ecommerce websites selling to niche target markets (furniture, car parts, electronics, clothing, etc.) Just because I can't buy everything I would need on Ebay or Amazon doesn't mean that I won't use them. I use both even though I can't buy anything I may possibly need on them.
You might structure your purchases such that you try to buy everything you can on the Steem marketplace with Steem tokens, and then use your external fiat for other needs in other market places. But the users who don't really care about Steemit (just joined for the free money), will probably really want fiat. They are not ideologically invested. You bribed them, they came to get the free money. For them, money is fiat. They may feel cheated if they never get to extract fiat from the endeavour. |
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More circle-jerk content for Stupidit. Hitler says, "I will put all of my wealth on Steemit". And we all know what happened to Hilter at the end of the war. Justifying Minimum Balances
The concept of forcing users to maintain a minimum balance flows naturally from the value of a user. Anyone running a business knows that every single user has significant value. Businesses spend anywhere from $30 to $200 to acquire a user...
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More circle-jerk content for Stupidit. Hitler says, "I will put all of my wealth on Steemit". And we all know what happened to Hilter at the end of the war. |
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Firstly, a marketplace is just one example of profitable ventures Steem can leverage. There is also paid advertising, gaming, gambling, mutual aid societies, web hosting, decentralized exchange (Cryptos and stock/commodity derivatives, etc), among others.
Dan has failed miserably at DEX so far to understand that people don't like change (most stick with the centralized exchanges). Everything he has done has failed to gain adoption. So now he got desperate and decided to give away money, which of course is popular. But he still hasn't proven he can create an income stream business model. Afaics, he has only shown he can deceive (with the improbable high payouts dangled in front of their faces) and bribe bloggers. Secondly, you can't be sure that 99% of things people will want to buy will not be sold on the marketplace. Merchants hooking up with drop shippers could cover much more than 1%.
Try to get out and think about relative size. There are 6 billion people. Do you think you can put even what 600 million of them want and how they want it in your marketplace. How can you put paying their rent and buying gas in your market place. Even you only have a million users, your diversity of wants will be the cross-section of the 6 billion. Thirdly, it will be much more convenient for the Steem market place to purchase things with SD in a Steem marketplace, and they would probably pay a small premium to do so. Exchanging SD to STEEM to Bitcoin can be inconvenient, and the fees involved may make up for the premium on the cost of the products or services.
I think it will be more hassle for them to try a new marketplace and new suppliers for their products. People are creatures of habit. It is very difficult to change people. Have you not had a gf yet and learned this? If you make it a huge hassle to cash out to fiat and BTC, users may lose interest in trying to earn. Fourthly, confidence is built overtime. Amazon and Ebay did not start off with their loyal user base from the get go. It is not a stretch to say confidence can be obtained over time.
Perhaps over time, but for example I'll be coming up behind you soon enough and offering something much better. So will others, including Bitcoin and ecosystem marketplaces built on it. The world won't standstill to give you endless time. |
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Another braindead design from the Steem whitepaper: Bandwidth Instead of Micropayment Channels
In our estimate it should be sufficient to measure the average weekly bandwidth usage of users. Every time a user signs a transaction, that transaction is factored into their own individual moving average. Any time a user’s moving average exceeds the current network limit their transaction is delayed until their average falls below the limit.
So users can't do rapid succession of transactions. An entire use case has been eliminated because of Dan's incorrect logic about transaction fees. He'll learn from my white paper when it is published. I am not going to tell him now as he would copy me. |
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His plan can't possibly work. Zero chance. The reason is because users will always have 99% more things they want to buy that are not available in the marketplace, thus they will cash 99% out to fiat and Bitcoin. This is a fundamental economic principle and the fact that Dan got this wrong is very indicative that he is an economics idiot. Go ask your economics professor to explain why and he will confirm what I've told you. I'll explain by example. Let's say you do sell ladies pantyhose on the Steem marketplace, but my gf always orders from Amazon and she doesn't want to risk a new shipping arrangement given she is confident and comfortable with Amazon. You see you can't rebuild the world in one small microcasm. That is why I said you can't attach the token to the social network and marketplace. The token should float as a separate project which many ecosystem developments can build on from many different groups, e.g. Bitcoin's model. Sorry I am 100% sure this will fail. My popcorn is ready. It is hilarious to watch all of you bagholders putting your money into Steem Power locked up for 2 years. But any way, you told me you are only doing this with your play money. But the others might be putting their serious quantities of money into Steam Power because they're uneducated n00bs who never got a near perfect examination grades in Economics 101 as I did as a freshman at the university 33 years ago. P.S. the only way to make a CC popular is to make it for spending on something that has no existing market. Which is precisely my plan. I have the winning plan. My project will race past all these failed designs. And no one else can compete (not even Dan), because they don't have the technology available. Out of context but please go on...  Keep trying to hide the truth. You are doing a marvellous job. And now that you boys have been schooled by an older more experienced and more knowledgeable man, you can start to appreciate and respect your elders. It seems your generation has become very "I know everything" even when you don't. When I was in my 20s, I listened intently to people who I sensed were smart or had more knowledge than me. I still do. I find when I communicate in this forum, you young kids always think you know everything and I try to teach you something and you don't even try to learn. You just reply with some flippant nonsense showing that you aren't even grasping the point. |
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I read the white paper yesterday and the STEEM devs have really done an excellent job with their subjective proof of work design.
Have you lost your mind Get a grip on reality. |
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Nonsense in the Steem whitepaper: The Problem With Fees
The solution adopted by most blockchains thus far is to charge a minimum transaction fee. A fee worth just a few cents is enough to make attacking the network expensive and unprofitable. While this approach solves the spam problem, it introduces new problems. Imagine solving the email spam problem by introducing a small fee on every email; people wouldn’t use email.
Email isn't a monetary transaction. Therefor a fee on a non-monetary transaction would of course introduce an extra hassle. But a small fee taken automatically from a monetary transaction is not analogous to the email example. |
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I did however buy STEEM and power it up into STEEM power with the STEEM DOLLARS that I earned from said content creation and citation. Why you you ask?
To me it is play money, and it is inflating at about the same rate Bitcoin did for its first 8 years. Thus, if Bitcoin (and Litecoin, etc) can survive that then I think it is possible for Steem to survive it too. That gives Steem 8 years to figure out a more sustainable model. I think it is even more possible for Steem to sustain that ibflation, because I think it is growing exponentually faster than Bitcoin is. Or, at least recenttrends indicate that it will.
I agree with Smooth on this... no one can tell the future. Although the economics look bad now, there are ways that they can be improved. I previously mentioned paid advertising, but there are other ways as well. For one, Dan is currently developing a Steem marketplace which could also bring in lucrative profits to make the model more sustainable.
I think it has more of a chance to succeed than other decentralized markets, because the Steem social networking platform's usership is exploding. I don't see that explosion slowing down anytime soon, as even though Steem is getting beat up on Bitcointalk.. most of that usership has never heard of Bitcointalk (or cryptocurrencies for that matter).
This gives any other profitable features built on top of the Steen social network a huge advantage versus other blockchains. Take for instance Open Bazaar, they are simply a decentralized marketplace and nothing more. Once Steel's marketplace is up and running, it will start out with exponentially more users than any of its competitors. Ebay is so successful because of its usership. Users will be attracted to the markets with the most buyers and sellers.
This advantage can be applied to other profitable features as well. The social network can be seen as the marketing arm of a Steem conglomerate. Steen could become the Google or Apple of blockchains, and that is why I reinvested what I earned in SD into SP. I may be willing to invest speculate in more SP with my own money based on the off chance that happens IF I had extra disposable money I didn't mind losing (which I don't at the moment.)
I drilled a hole in that sort of fantasy already (see below). So you've confirmed that the business model I deduced for Steem (see below), is the one Dan is working on:The whitepaper contains perhaps a hint as to the long-term plan: Solving the Cryptocurrency Liquidation Problem
A currency that is difficult to use or impossible to sell has little value. Someone who comes across $1.00 worth of Bitcoin will discover that it costs more than $1.00 to sell that Bitcoin. They have to create an account with an exchange, perform KYC validation, and pay fees. Small amounts of cryptocurrency are like small change that people are unwilling to bend over to pick up.
Merchants give users a way to quickly convert their cryptocurrency into tangible goods and services. Merchants need a currency pegged to their unit of account, normally dollars. Accepting a volatile currency introduces significant accounting overhead.
Merchants will accept any currency if it increases their sales. Having a large user base with a stable currency such as SMD lowers the barrier to entry for merchants. The presence of merchants improves the system by creating an off-ramp for users to exit the system without going to the trouble of using an exchange.
So it appears "Dan and Ned" (do they do anal?) want to try to amass enough users holding SP tokens ( because users are forced to receive 50% of their payouts in SP tokens which require 2 years to cash out), to incentivize merchants to sell to these users. The flaw in their plan is network effects are inhibited/retarded with a closed, persmissioned block chain and ecosystem. Network effects are enabled by permissionless, trustless systems. Currency can't be built as a corporation.
Dan is a funny kook. He believes he can build a worldwide currency enclosed inside a proof-of-stake corporation with an 80% stealth mine for the insiders.Dan seems to like jails. To be a full participant in his proof-of-stake playjailground, you are forced to lockup your investment for two years in SP tokens. I hope jails are nice to Dan. He seems want them all around him. Edit: I have figured out their business plan. They obviously are hoping that the commerce which must take place in STEEM (not Steem Power) tokens will pay for the costs of rewarding content creation, via the 9X greater debasement of STEEM vs. SP. This is how they hope that investors do not end up paying for the content ongoing. So the income producing model is apparently the commerce they expect to take place on STEEM once they have a large enough userbase who have plenty of Steem Power tokens to cash out every week to STEEM tokens. The problem I see with this model in addition to the criticism I made above, is that the commerce won't be a large proportion of the Steem Power, because users will prefer to cash out to fiat or Bitcoin because the merchant ecosystem will be too small. Again my point is there is no way Dan can scale the currency to a diverse ecosystem with it being a corporate controlled block chain (DPoS) and where his company controls all the users. Ecosystems need very diverse network effects and unlimited degrees-of-freedom in order to maximize rate of diversification and scaling. |
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I think this is so funny and deserves a Wanking: Wait, you cant cash out for 2 years? !!?!??! L:OLLOLOLOLOLO!OL!O!LO!L!O!L@KO!K@O! What rock you been sleeping under. No you can't. You are locked into the Steem Power playjailground for 2 years and required to do remedial community service labor of curation to get your maximum ROI. I couldn't make it any funnier if I was making this shit up. It's actually true. I am hoping someone will make a Bruce Wanker video on this. |
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Wait, you cant cash out for 2 years? !!?!??! L:OLLOLOLOLOLO!OL!O!LO!L!O!L@KO!K@O! What rock you been sleeping under. No you can't. You are locked into the Steem Power playjailground for 2 years and required to do remedial community service labor of curation to get your maximum ROI. I couldn't make it any funnier if I was making this shit up. It's actually true. I am hoping someone will make a Bruce Wanker video on this. |
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Dude, what exactly do you mean when you say corporate controlled blockchain and that he controls all the users. Can you elaborate on that? What power to they have? Would steem still work if dan an ned were hit by a bus tomorrow? This seem to be genuine cause for concerns indeed.
Click the link: Even Steem's whitepaper admits it (Freudian slip?): Consensus in Steem
Conceptually, the consensus algorithm adopted by Steem is similar to the consensus algorithm adopted by companies throughout the world.
But click my link for the thorough details. |
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Stop posting...
Lol, you bagholders have your SP locked up for 2 years and the price is declining. And so you want me to stop posting the truth. Brouhaha. I warned you.
STEEM too expenive now, we have missed the train guys
move along
Pretty much, hence the anti-steem crusade. Jelly donuts for all! But even you recently admitted you didn't invest any of your money into Steem. You are just extracting money from it like everyone else who is smart. I don't think you'd be willing to invest and lock up your money for 2 years? Btw, I will try to explain to you sometime why my history with Dan from 2013 in this forum, causes me to expect that he will produce economic models for designs which are Communist, Fascist, and/or Socialist. He has this mindset that he can control the aggregate with a global model enforced on the block chain. I remember one of his ideas from 2013 was to pay everyone an interest rate payment. I explained to him how stupid that is for a crypto-currency. I also explained to him that reputation leads to centralization. Etc.. Of course he was hard-headed and he never relented. And we argued. Charles Hoskinson couldn't even deal with him. |
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The technical and design errors in Steemit keep piling up (just read my posts over the past 3 pages of this thread): Note that Steemit is only using PoW to select one of the 19 witness for the main DPoS consensus algorithm: With Steem, block production is done in rounds. Each round 21 witnesses are selected to create and sign blocks of transactions. Nineteen (19) of these witnesses are selected by approval voting, one is selected by a computational proof-of-work, and...
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