My concern with Steemit was that business about paying to promote posts, nd that seemed to be their only source of revenue. This is why I started to think it was a sophisticated ponzi. I'd love it if someone could explain why this is incorrect, as I need some more platforms that pay for content.
I guess you and I joined steemit at same time and I guess you now abandoned your steemit account.
First I will explain shortcoming of steemit. (I guess you might be already aware of it.)
1. Most of the steem power is concentrated with bid bots/founder (upto 60 %) , so upvote by normal user is not worth at all.
2. Majority of user are promoting their subpar content by the use of bid bot and depending upon your luck, your $100 investment in that subpar content can fetch $90 to $110. (loss of $10 to profit of $10). $10 for a subpar post is a great payment if you got lucky.
3. Steemit witness (or in other words miners) openly support the bid bot and this culture is to stay.
4. Steem is instamined and Ned Scott is running the platform by selling instamined steem. There is no revenue source generated for steemit.
5. Steemit discussion happens more on discord channels than steemit.
6. Steemit introduce new feature of "RC" that do not allow you to write more than 3 comments in a day if you have not invested in steem
power. Invest in platform first to write in that platform is a serious limitation and keep away the good bloggers.
What is good about Steemit.
1. There are various project in sttemit like @curie which reward the good writers. If you are good writer then you will be helped.
2.Various blockchain games like steemmonster and drugwars are created on it and you can earn steem by playing the games
3. Concept like Steem-bounty help you to connect with your target audience effectively.
4.Promoting content in steemit is cheap (do not confuse it with bid bot). For a mere 33 cent , you can reach upto 1000 people, promoting your ideas/services and business.
5.Transactions are free.
Is it a sophisticated ponzi?
I will say no. I will say it is a good platform but poorly managed.