The core Ethereum team could not release anything better than a command prompt.  Ethereum is only as strong as its' secondary developers, caught up in the Ethereum-scam media hype and excitement, who contributed countless unpaid hours to make it what is today. Ethereum was truly a "CryptoForNoobs" Doge V2 but more aimed at developers. Hopefully those developers regret their time in Ethereum and will move onto more authentic projects.  Lots of people have already left Ethereum after launch. |
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I reckon there are enough useful idiots to keep this way above $600 million for the forseeable future. Bitcoin has not seen $1250 since MtGox from 2013, and sites like Google trends indicates it's less popular today, and yet it's still kicking at $600-something.
I would not underestimate the "network" effect to keep a legacy coin going. After all no innovation no development no community no users Litecoin is still worth more than most alternates.
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STEEM which is "powered up" into STEEM POWER only inflates at approximately 11.11% per year. STEEM POWER gives someone more sway in content curation (up voting and down voting, a la Reddit).
For every 1 STEEM that is printed for contribution rewards, STEEM POWER stakeholders are credited with 9 STEEM.
This doesn't make sense. How can you credit more steem than miners produce? because inflation is way higher than 11.11% and never mind developers are sitting on a huge stash. |
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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.  |
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Sooner or later they will reach a breaking point. In 2 - 3 years I think some of them would have to dump if no bank or company uses the Ethereum blockchain. We've seen this happen to NXT, Bitshares plus others. They just fell from the top 10 at coinmarketcap.
Ethereum has made regular disingenuous claims just like NXT and Bitshares did. I agree with your assessment where Ethereum will fall from the top 10. If you trust serial liars then you're asking for your money to be stolen. - Vitalik Buterin claiming he would write his own programming language from scratch, which he has yet to do and never mind it took languages like Java 10+ years to work out the bugs and train developers. - Ethereum spammed about IBM Adept, but Paul Brody has left IBM and Project Adept has been canned (AFAIK). - Dapps was spammed like the second coming of Jesus, but it all amounted to illegal gambling apps and the internet is already full of them with millions of users and there's no reason for those users to go to Dapps. - "Smart Contracts", more like "Smart Theft", which put $150 million at risk. The red flags were present in Ethereum before launch. Some Blog Editor who was passed off as a programming prodigy (when all he had were media connections, at best). PhD Philosophy founder whose prior employment was a bankrupt DJ sound company. Other staff at Ethereum, according to their linkedin, hadn't work a day since DotCom... Call it what you want, whether it is hype or scam, but Ethereum is just plain bad. The red flags were there before the launch, why did people invest it. Also why do miners still securing the network? I did mention some pre-launch stuff but there is more. They actually had a first IPO based out of Canada and it was shut down within days - whether by themselves or the legal authorities is uncertain. It's a red flag if they had rehost an IPO oversea and hide behind subsidiaries. Why do people invest in it? Are you certain it was many? Vitalik's blog detailed the top 100 addresses owned nearly half of the IPO money and addresses are not people. Ethereum had backing of some Bitcoin whales and Bitcoin media (Vitalik was the editor for Bitcoin Magazine), a pretty good combination if you want to ICO / pump something into the stratosphere. |
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I put in lots of work, share original ideas, art and music. But because I dont have boobs and flatter the Steemit devs, my 20 upvotes are only worth 2 Steam Pennies because those votes came from lowly peasants such as myself. Chicks get a dollar per upvote because a lot of rich crypto guys (steemit royalty) still cant get laid. Yes. Im jealous! This very well could be the big ideological flaw which fails Steem. A very small group of people / developers control all the Steem Power and will only upvote stuff they like. So the frontpage of Steem is always going to be Bitshares shill posts and, because the developers can't get laid, the occasional bumpage of a woman showing cleavage. Stereotyping the worst of the cryptocurrency and you seriously think people will leave Reddit for Bitshares Pravda?  |
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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. |
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 Up 1000% - you could not lose they said!  |
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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. |
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 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. 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-levelsI 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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I think you might had been confused by an earlier initiative, like Ecuador's cryptocurrency project, but those usually do not gain any traction or popularity in the country they reside in.
BCFinance is using NEM blockchain for MicroCredit in Myanmar, by 2020 that could hypothetically end up gaining a sizeable presence in Myanmar. I was in South East Asia years ago and you'ld be surprised how many people had access to internet and internet cafes, especially in tourist areas.
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Nothing much happens price wise without 'leeches'. And it looks like hordes of them have descended anyway. Really intrigued to see whether they'll stick around.
The New Economy Movement doesn't need the 'leeches'. They have the people and they stick around. They r all in it for the movement. We r the people. ~CfA~ |
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The DAO has actually increased about 24% during the past 24 hrs going from .00012621 to .00015649.
Pumpers will pump anything what makes them money. After the hard fork, the DAO owners will get almost 100% of the Ethereum back, so the price will rise. Quite the opposite I'm afraid. I am optimistic that the price of ETH will rise so I have no choice but invest more with the current price. This downfalll is just temporary and we have witness already before that the price has reach to a greater value. I also think like that. But it is better for me to observe for a few more weeks or even months to see the price action. Price will rise after HF because investors will have new found confidence in the network min securing the coin. LOL!! they are doing the opposite of securing the chain bye HF'ing it! Lol I think getting the stolen funds from the thief is also good. It seems some people like the Ethereum to fail. All scamcoins should fail, unfortunately this one took alot of people down with it. Yet who enabled it? Why would Coindesk publicize so many articles on Ethereum and ignore authentic projects? How long can Coindesk do this until they are brought down? |
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Sooner or later they will reach a breaking point. In 2 - 3 years I think some of them would have to dump if no bank or company uses the Ethereum blockchain. We've seen this happen to NXT, Bitshares plus others. They just fell from the top 10 at coinmarketcap.
Ethereum has made regular disingenuous claims just like NXT and Bitshares did. I agree with your assessment where Ethereum will fall from the top 10. If you trust serial liars then you're asking for your money to be stolen. - Vitalik Buterin claiming he would write his own programming language from scratch, which he has yet to do and never mind it took languages like Java 10+ years to work out the bugs and train developers. - Ethereum spammed about IBM Adept, but Paul Brody has left IBM and Project Adept has been canned (AFAIK). - Dapps was spammed like the second coming of Jesus, but it all amounted to illegal gambling apps and the internet is already full of them with millions of users and there's no reason for those users to go to Dapps. - "Smart Contracts", more like "Smart Theft", which put $150 million at risk. The red flags were present in Ethereum before launch. Some Blog Editor who was passed off as a programming prodigy (when all he had were media connections, at best). PhD Philosophy founder whose prior employment was a bankrupt DJ sound company. Other staff at Ethereum, according to their linkedin, hadn't work a day since DotCom... Call it what you want, whether it is hype or scam, but Ethereum is just plain bad. |
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Japanese people are like that. They go no contact because they are working 18+ hours a day and sleep at the office. That is what is happening in Japan with XEM. Last week added to Zaif as XEM/JPY, soon XEM/BTC and Mijin. |
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Ethereum is most likely dead. Bitcoin has never returned to MtGox $1250. I doubt we'll see Ethereum return to $19+. Nobody can trust the Ethereum platform anymore and big business / big capital is not going to touch something which saw $150+ million put at risk.
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Congrats to the investors on the price rise. What do you guys think caused the price rise? I mean this isn't just a plain old regular pump, this is a MAJOR price move. So there must be something in the fundamentals that caused this.
DAO hack forced people to look for new promising tech and they found NEM. You think that's the only reason? If it is really that then the people could also leave and dump NEM the same way they did with Ethereum. But since you mentioned it, what makes NEM better than Ethereum? And how will it surpass other cryptocurrencies in terms of speed of mainstream adoption?
NEM does not hype but prefers ninja releases. This is why the price has been going up & up since January 2016. There are more ninja releases on the way with Zaif, Mijin, DragonFly, CryptoApex, BCFinance, Infoteria, et cetera. You can theorize about NEM's value but, when the ninja comes out of the shadow, you'll still be theorizing while the train leaves the gate.   |
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