Steem pyramid scheme revealed

[magicalacademy]

https://steemit.com/@steemit/transfers

https://steemit.com/@ned/transfers

https://steemit.com/@dantheman/transfers


Those are steem founders's wallets, they own a shit loads of steem yes i know. They own about 80% of steem .


You know what's funny is that they tell you to power up but they are powering down all 3 accounts and cashing out $2 Millions every week.

And fools on poloniex are buying up all the steems hahah and best of all the founders's money is growing extremely fast so they have essentially set up a system where they could cash out $2M every week for life until the ponzi come crashing down of course but these devs are fucking geniuses.
It doesn't end there though, they have designed a system where they have so much voting power compared to everyone else that they decide where the pool's money is being allocated, so if they want to pay themselves and their buddies they can do it just by a mouse click.
They can also create sockpuppets account and vote for themselves.It's like a fucking cartel, they are the first crypto mafia.
They also get to decide what goes on the front page so obviously they chose to upvote boobs and steem praise, there is nothing better than vagina to prop up a massive bubble.


In 3 years all the new steem power that was created out of thin air to enrich the devs will be detroyed at a ratio of 10 to 1. So if you have 10 SP they will burn 9 from you and everyone else including themselves, But they don't care becasue in 3 years the devs will be in their private yacht  sipping mojito with lots of bitches while you will be powering down but it's gonna be too late my friend.

And you know what they say when you ask but why are you destroying 90% of my wealth in 3 year? They say don't worry  hopefully the price will increase to make up for it rofl It will not because they would have crashed it to pay for the yatch lol

RIP steem power holders.

http://thestringpuller.com/2016/07/a-steeming-bubble/

How can you tell they are powering down? Is there something in the interface that alerts that or are you tracking the growth of their SP?

click the links above, you will see it says "The next power down is scheduled to happen  2 days from now."

If they didn't power down nothing would be shown there

[1715072515]

1715072515

[1715072515]

1715072515

[1715072515]

1715072515

[mchwierutSC]

https://steemit.com/@steemit/transfers

https://steemit.com/@ned/transfers

https://steemit.com/@dantheman/transfers


Those are steem founders's wallets, they own a shit loads of steem yes i know. They own about 80% of steem .


You know what's funny is that they tell you to power up but they are powering down all 3 accounts and cashing out $2 Millions every week.

And fools on poloniex are buying up all the steems hahah and best of all the founders's money is growing extremely fast so they have essentially set up a system where they could cash out $2M every week for life until the ponzi come crashing down of course but these devs are fucking geniuses.
It doesn't end there though, they have designed a system where they have so much voting power compared to everyone else that they decide where the pool's money is being allocated, so if they want to pay themselves and their buddies they can do it just by a mouse click.
They can also create sockpuppets account and vote for themselves.It's like a fucking cartel, they are the first crypto mafia.
They also get to decide what goes on the front page so obviously they chose to upvote boobs and steem praise, there is nothing better than vagina to prop up a massive bubble.


In 3 years all the new steem power that was created out of thin air to enrich the devs will be detroyed at a ratio of 10 to 1. So if you have 10 SP they will burn 9 from you and everyone else including themselves, But they don't care becasue in 3 years the devs will be in their private yacht  sipping mojito with lots of bitches while you will be powering down but it's gonna be too late my friend.

And you know what they say when you ask but why are you destroying 90% of my wealth in 3 year? They say don't worry  hopefully the price will increase to make up for it rofl It will not because they would have crashed it to pay for the yatch lol

RIP steem power holders.

http://thestringpuller.com/2016/07/a-steeming-bubble/

How can you tell they are powering down? Is there something in the interface that alerts that or are you tracking the growth of their SP?

click the links above, you will see it says "The next power down is scheduled to happen  2 days from now."

If they didn't power down nothing would be shown there

Ah, but it doesn't show how much they're powering down. That would be difficult to estimate, since they are also constantly getting SP due to the inflation rules. It'd be great if we could see how much they are powering down or how much SP total is currently being powered down. When you said $2 million, you meant as if they were actively powering all of it down? Thanks for the reply, it's such a complex system.

[iamnotback]

@bacchist is trying to lie and hide the fact that Steem is an exponential compounding system:

https://steemit.com/interest/@bacchist/steem-power-interest-is-not-compound-interest

[smooth]

2. This high interest rate will only last for 9 months... so might as well take advantage of it

What makes you think that? I don't think that is correct. The Steem Power compounding is perpetual.

I read form a post by dan himself if I remember correctly... I think the interest rate changes 

I am bit confused about this. There is one form of compounding that comes from the perpetual creation of 9X Steem Power for every 1 Steem that is minted. Those 9X SP are distributed proportionally to all SP holders. So your SP holdings are always increasing. I don't think it ever ceases nor changes.

Is there also another form of interest paid on SP?

The 9-1 ratio between SP and Steem never changes. I'm pretty sure what he means by the "high interest rate" is the numerical reduction in the rate of effective interest as the supply increases.

Example starting with a supply of one coin:

Add first coin (interest/inflation is 100%)
Add second coin (interest/inflation is 50%)
Add fourth coin (interest/inflation is 33 1/3%)
etc.

[smooth]

You know what's funny is that they tell you to power up but they are powering down all 3 accounts and cashing out $2 Millions every week.

I don't know what the founders are doing with their personal accounts but the steemit account (by far the largest) sometimes powers down and sometimes doesn't. No one is "cashing out $2 million every week".

They do this to create liquid steem that is used to fund new accounts (2/3) and is sold to fund development (1/3). So far on the latter this is their only source of funding (there was a small angel round a while back but I'm sure that is long since exhausted).

When available liquid steem is sufficient they turn off the power down  (which makes sense to preserve wealth). It has been switched on and off a few times now.

My guess is that with the high level of exposure and high demand for new accounts, the need for liquid steem is high and power down will stay enabled, but I haven't seen the numbers so this is just a guess.

[billotronic]

ALL cryptocoins are pyramid schemes.

The sooner you come to this conclusion, the sooner progress might be made.

[generalizethis]

Public Service Announcement -
This is just another Ponzi/Pyramid Scam
Do Not Invest!

Those who choose to post of their participation
support or encouragement for this scam will
be tagged with negative trust for proving
they wish to help the scammers operate this
Ponzi in return for a share of the funds stolen
from other users. Thereby proving they are not
trustworthy forum members.

YOU HAVE BEEN WARNED!

Threats, wow!

So here's my position, signed-up, got free tokens, power it, and then wait.... I'm not sure how to feel about the launch, but does it matter? It is bringing new people into the cryptospere, now why you are mad I don't know--maybe shut up and diversify.

[silversurfer1958]

OK, how do we scam the scammers.

[CoinHoarder]

OK, how do we scam the scammers.

Sign up
Post cool shit
??
Profit

[iamnotback]

2. This high interest rate will only last for 9 months... so might as well take advantage of it

What makes you think that? I don't think that is correct. The Steem Power compounding is perpetual.

I read form a post by dan himself if I remember correctly... I think the interest rate changes  

I am bit confused about this. There is one form of compounding that comes from the perpetual creation of 9X Steem Power for every 1 Steem that is minted. Those 9X SP are distributed proportionally to all SP holders. So your SP holdings are always increasing. I don't think it ever ceases nor changes.

Is there also another form of interest paid on SP?

The 9-1 ratio between SP and Steem never changes. I'm pretty sure what he means by the "high interest rate" is the numerical reduction in the rate of effective interest as the supply increases.

Example starting with a supply of one coin:

Add first coin (interest/inflation is 100%)
Add second coin (interest/inflation is 50%)
Add fourth coin (interest/inflation is 33 1/3%)
etc.

Hopefully this explains it correctly:

https://steemit.com/interest/@bacchist/steem-power-interest-is-not-compound-interest#@anonymint/re-bacchist-steem-power-interest-is-not-compound-interest-20160723t033339934z

The problem with this design is that if everyone wants to power up, then the STEEM POWER investors are paying for all the exponential debasement, which is paying for blogging (and mining).

The Bitcoin money supply was debased at 100% per annum only the first year in 2009 and is now around 5%; whereas, Steem plans a perpetual 100% annual minting rate, but much of that is a forward stock split not debasement (approximately 2.8% per annum[1] appears to be the typical rate of debasement of STEEM POWER holders assuming STEEM remains about 10% of the money supply). Forward stock split means the price drop due to money supply increase is compensated with an increase in the number of tokens held.

In order to pay for the blogging without taking it collectively roughly 25% (9/10ths of 2.8% versus 1/10th of 100%) from STEEM POWER investors pockets, will require significant demand to hold STEEM tokens (note ownership changing hands rapidly is still demand as long as the demand doesn't want to power it up).

[1] 50% of 2 of the 4 STEEM created are paid as STEEM POWER for rewards, and that is at a ratio of 1/9th of STEEM POWER money supply per annum.

[generalizethis]

OK, how do we scam the scammers.

Sign up
Post cool shit
??
Profit

Content is gibberish without a community to refine and expand on its meaning.  I don't know if anyone profits unless there is proven value in the network--I hope not; that's the way it's supposed to work.

[iamnotback]

2. This high interest rate will only last for 9 months... so might as well take advantage of it

What makes you think that? I don't think that is correct. The Steem Power compounding is perpetual.

I read form a post by dan himself if I remember correctly... I think the interest rate changes  

I am bit confused about this. There is one form of compounding that comes from the perpetual creation of 9X Steem Power for every 1 Steem that is minted. Those 9X SP are distributed proportionally to all SP holders. So your SP holdings are always increasing. I don't think it ever ceases nor changes.

Is there also another form of interest paid on SP?

The 9-1 ratio between SP and Steem never changes. I'm pretty sure what he means by the "high interest rate" is the numerical reduction in the rate of effective interest as the supply increases.

Example starting with a supply of one coin:

Add first coin (interest/inflation is 100%)
Add second coin (interest/inflation is 50%)
Add fourth coin (interest/inflation is 33 1/3%)
etc.

Hopefully this explains it correctly:

https://steemit.com/interest/@bacchist/steem-power-interest-is-not-compound-interest#@anonymint/re-bacchist-steem-power-interest-is-not-compound-interest-20160723t033339934z

The problem with this design is that if everyone wants to power up, then the STEEM POWER investors are paying for all the exponential debasement, which is paying for blogging (and mining).

The Bitcoin money supply was debased at 100% per annum only the first year in 2009 and is now around 5%; whereas, Steem plans a perpetual 100% annual minting rate, but much of that is a forward stock split not debasement (approximately 2.8% per annum[1] appears to be the typical rate of debasement of STEEM POWER holders assuming STEEM remains about 10% of the money supply). Forward stock split means the price drop due to money supply increase is compensated with an increase in the number of tokens held.

In order to pay for the blogging without taking it collectively roughly 25% (9/10ths of 2.8% versus 1/10th of 100%) from STEEM POWER investors pockets, will require significant demand to hold STEEM tokens (note ownership changing hands rapidly is still demand as long as the demand doesn't want to power it up).

[1] 50% of 2 of the 4 STEEM created are paid as STEEM POWER for rewards, and that is at a ratio of 1/9th of STEEM POWER money supply per annum.

The flaw in this model is that although the STEEM POWER investors are protected from most of the debasement individually due 9/10th of it being a forward stock split, the price must decline due to 100% per annum increase in the money supply. Thus there is no incentive to hold STEEM for speculation. Thus most STEEM will end up powered up, thus most of the cost of funding the blogging will come from STEEM POWER investors.

However, the price might not decline because the supply of STEEM for purchase may become so limited. Locking up most of the money supply gives the impression that the money supply has increased but actually it is at worst 103/104th illiquid on any given week and at best only 50% liquid per year. So in that respect the model is clever.

[MadCow]

OK, how do we scam the scammers.

Sign up
Post cool shit
??
Profit

Content is gibberish without a community to refine and expand on its meaning.  I don't know if anyone profits unless there is proven value in the network--I hope not; that's the way it's supposed to work.

Very true, without a decent search engine STEEM users will drown in bad content, then leave.

[generalizethis]

OK, how do we scam the scammers.

Sign up
Post cool shit
??
Profit

Content is gibberish without a community to refine and expand on its meaning.  I don't know if anyone profits unless there is proven value in the network--I hope not; that's the way it's supposed to work.

Very true, without a decent search engine STEEM users will drown in bad content, then leave.

AFAIK linking content of those you trust should alleviate needless spam--the ability to leave pertinent data at your virtual doorstep is key. 

[billotronic]

Public Service Announcement -
This is just another Ponzi/Pyramid Scam
Do Not Invest!

Those who choose to post of their participation
support or encouragement for this scam will
be tagged with negative trust for proving
they wish to help the scammers operate this
Ponzi in return for a share of the funds stolen
from other users. Thereby proving they are not
trustworthy forum members.

YOU HAVE BEEN WARNED!

Threats, wow!

So here's my position, signed-up, got free tokens, power it, and then wait.... I'm not sure how to feel about the launch, but does it matter? It is bringing new people into the cryptospere, now why you are mad I don't know--maybe shut up and diversify.

darkcoin brought new people into the cryptosphere but that launch seems to matter a lot... why is this different somehow? oh thats right, cause all your buddies are already in on it so this con is ok.

nothing to see here people, just another day in crypto

[iamnotback]

2. This high interest rate will only last for 9 months... so might as well take advantage of it

What makes you think that? I don't think that is correct. The Steem Power compounding is perpetual.

I read form a post by dan himself if I remember correctly... I think the interest rate changes  

I am bit confused about this. There is one form of compounding that comes from the perpetual creation of 9X Steem Power for every 1 Steem that is minted. Those 9X SP are distributed proportionally to all SP holders. So your SP holdings are always increasing. I don't think it ever ceases nor changes.

Is there also another form of interest paid on SP?

The 9-1 ratio between SP and Steem never changes. I'm pretty sure what he means by the "high interest rate" is the numerical reduction in the rate of effective interest as the supply increases.

Example starting with a supply of one coin:

Add first coin (interest/inflation is 100%)
Add second coin (interest/inflation is 50%)
Add fourth coin (interest/inflation is 33 1/3%)
etc.

Hopefully this explains it correctly:

https://steemit.com/interest/@bacchist/steem-power-interest-is-not-compound-interest#@anonymint/re-bacchist-steem-power-interest-is-not-compound-interest-20160723t033339934z

The problem with this design is that if everyone wants to power up, then the STEEM POWER investors are paying for all the exponential debasement, which is paying for blogging (and mining).

The Bitcoin money supply was debased at 100% per annum only the first year in 2009 and is now around 5%; whereas, Steem plans a perpetual 100% annual minting rate, but much of that is a forward stock split not debasement (approximately 2.8% per annum[1] appears to be the typical rate of debasement of STEEM POWER holders assuming STEEM remains about 10% of the money supply). Forward stock split means the price drop due to money supply increase is compensated with an increase in the number of tokens held.

In order to pay for the blogging without taking it collectively roughly 25% (9/10ths of 2.8% versus 1/10th of 100%) from STEEM POWER investors pockets, will require significant demand to hold STEEM tokens (note ownership changing hands rapidly is still demand as long as the demand doesn't want to power it up).

[1] 50% of 2 of the 4 STEEM created are paid as STEEM POWER for rewards, and that is at a ratio of 1/9th of STEEM POWER money supply per annum.

The flaw in this model is that although the STEEM POWER investors are protected from most of the debasement individually due 9/10th of it being a forward stock split, the price must decline due to 100% per annum increase in the money supply. Thus there is no incentive to hold STEEM for speculation. Thus most STEEM will end up powered up, thus most of the cost of funding the blogging will come from STEEM POWER investors.

However, the price might not decline because the supply of STEEM for purchase may become so limited. Locking up most of the money supply gives the impression that the money supply has increased but actually it is at worst 103/104th illiquid on any given week and at best only 50% liquid per year. So in that respect the model is clever.

Let's try this again.

The analysis of this bizarre design is somewhat complex. (The following is for the eventual case when current very high rate of minting of STEEM will reduce as a percentage of the money supply)

https://steem.io/SteemWhitePaper.pdf#page=35

• 100% of the money supply is minted yearly, but this is not all debasement.
• 10% of the money supply minted yearly paid out to various parties (77.5% of the 10% paid to blogging and curation rewards, which is 7.75% of the money supply).
• 90% (9X the prior item) of the money supply minted yearly paid proportionally to STEEM POWER (SP) holders (which is equivalent to a forward stock split, if SP supply is exactly 9 × STEEM supply, else +/- variable interest rate).
• STEEM holders are debased 50% (100% dilution) yearly, because 100% new supply created yearly and nothing is paid to STEEM holders.
• If STEEM holders don't power up (and SP holders aren't powering down), SP holders are debased approximately (100% × (1 ÷ 9)) + (7.75% ÷ 2) =  15% 0% yearly (because half of the 7.75% is paid as SP, which increases the ratio of SP to STEEM to greater than 9[1].).
• If all STEEM holders power up immediately (and SP holders aren't powering down), SP holders are debased approximately (100% × (1 ÷ 9)) + 10% =  21%  6.7% yearly.
• If STEEM holders don't power up and all SP holders are powering down, approximately 90% + (7.75% ÷ 2) - 50% = 43.875% of the money supply is held as SP.
• If STEEM holders don't power up (and SP holders aren't powering down), approximately 90% + (7.75% ÷ 2) = 93.875% of the money supply is held as SP.

Note the posited debasement rates for STEEM POWER holders in this post is incorrect and the corrected calculations are much lower.

The fairly low debasement rate of SP, means the "pre"-mine insiders will control the money supply for years to come.

It appears to me (in the bullish scenario) the economics incentives encourage most all STEEM to be powered up with some % of the SP being powered down over 104 weekly disbursements and (some % of the 10% STEEM created yearly) immediately being sold at an exchange then powered back up again. So the liquidity will range up to 67% of the money supply yearly, but it can be in the low single digit percentages while the users (investors) are ramping up their SP holdings before initiating the powering downs.

[1]	When the ratio is above 9, the 9 SP created for every 1 STEEM, is a negative interest rate (instead of a forward stock split) which debases the SP by the difference of ratio minus 9 (normalized to 100% yearly minting).

Note that when and while the curation rewards are disabled, then the numbers change as follows (and again assuming the eventual case):

• 92.5% of the money supply is minted yearly, but this is not all debasement.
• 9.25% of the money supply minted yearly paid out to various parties (83.8% of the 9.25% paid to blogging and curation rewards, which is 7.75% of the money supply).
• 83.25% (9X the prior item) of the money supply minted yearly paid proportionally to STEEM POWER (SP) holders (which is equivalent to a forward stock split, if SP supply is exactly 9 × STEEM supply, else +/- variable interest rate).
• STEEM holders are debased 46.125% (92.5% dilution) yearly, because 92.5% new supply created yearly and nothing is paid to STEEM holders.
• If STEEM holders don't power up (and SP holders aren't powering down), SP holders are debased approximately (100% × (1 ÷ 9)) + (7.75% ÷ 2 ÷ 0.925) =  15.3% yearly.
• If all STEEM holders power up immediately (and SP holders aren't powering down), SP holders are debased approximately (100% × (1 ÷ 9)) + (9.25 ÷ 0.925)% =  21% yearly.
• If STEEM holders don't power up and all SP holders are powering down, approximately 90% + (7.75% ÷ 2 ÷ 0.925) - 50% = 44.175% of the money supply is held as SP.
• If STEEM holders don't power up (and SP holders aren't powering down), approximately 90% + (7.75% ÷ 2 ÷ 0.925) = 94.175% of the money supply is held as SP.

Edit: Note the exponential quality of this design (excluding the 7% compounding scenario enumerated above) is the 92.5 - 100% yearly minting of new money supply. And apparently also a pressure for the price to increase at the start as most are powering up. Thus the market capitalization could become a $10 - 100s of billion bubble before the powering down kicks in and the bubble pops. This would pay for $billion of blogging rewards yearly!

So the 90% compounding scenario I outlined originally is actually still the case in the bullish scenario!

And unless they are able to create a sustained transaction (aka transfers) use case demand for the STEEM token, eventually the bubble will crash as the SP powers down en masse. If they can created a sustained transaction use case demand, then it will peak and fall but find an equilibrium.

One potential flaw I see if that (in the non-bullish scenario) long-term investors may be hesitant to invest because they must power up, but they may not feel confident they can power down with perfect timing. And holding STEEM is debased at 46.125 or 50% yearly. Lack of demand to purchase STEEM could cause the price to be on a downtrend, thus denying the creation of a bubble and the growth in funding for blogging rewards. A declining price might encourage powering down and not powering up, thus reversing my assumption above about the economic incentives.

I am thinking this design has basically eliminated the medium-term speculation case. Investors must choose between holding STEEM for weeks only, or SP for 2 years (1 year weighted average of cashing out price).

Rapid increase of STEEM transactions (aka transfers, not Steem activity) would probably give long-term investors more confidence.

[smooth]

"pre"-mine insiders

I think you have to differentiate between the 'steemit' account which is (more or less) transparently managed in a particular way and the rest of the (known and unknown) "pre"-miners who mined the other 20% (some of whom are probably insiders, taking that term broadly, some of who certainly are not).

I think it is unlikely with 40% of the "pre"-mine coins being given away with even some degree of distribution (for example, Steemit becomes very popular and millions of people sign up, so even if some do scam multiple "free" accounts the bulk of accounts are not duplicated), that insider concentration won't be heavily diluted.

The conclusion may be the same, but the analysis is different.

Also, the 100% yearly number is once the long term distribution rates are reached. The percentages are higher during the initial distribution (with a constant rate of distribution per block, the second block doubles the supply, etc.)

I am thinking this design has basically eliminated the medium-term speculation case. Investors must choose between holding STEEM for weeks only, or SP for 2 years (1 year weighted average of cashing out price).

Seems right.

[AlexGR]

Public Service Announcement -
This is just another Ponzi/Pyramid Scam
Do Not Invest!

Those who choose to post of their participation
support or encouragement for this scam will
be tagged with negative trust for proving
they wish to help the scammers operate this
Ponzi in return for a share of the funds stolen
from other users. Thereby proving they are not
trustworthy forum members.

YOU HAVE BEEN WARNED!

Threats, wow!

So here's my position, signed-up, got free tokens, power it, and then wait.... I'm not sure how to feel about the launch, but does it matter? It is bringing new people into the cryptospere, now why you are mad I don't know--maybe shut up and diversify.

darkcoin brought new people into the cryptosphere but that launch seems to matter a lot... why is this different somehow?

Because the main entrance has nothing to do with buying cryptocurrencies. It's about signing up in a social platform, posting stuff and getting money.

Since this money is in the form of cryptocurrency, it "forces" users to acquaint themselves with exchanges, bitcoins, etc.

[smooth]

darkcoin brought new people into the cryptosphere

How many?

Compare with Steem.

If the ratio is less than 100:1 I'd be surprised, and will likely very rapidly expand to 1000:1 or 10000:1 if not higher.

The launch of Steem is nothing like the launch of Darkcoin anyway. They told everyone exactly what they were doing, even on the original thread, and the plan to mine 80%, give away 40% and sell 20% to fund development was and is on their web site (steem.io). Darkcoin's launch was and is an opaque "accident".

I was following the original thread and I mined both before and after the relaunch. If I had wanted to I could have easily put thousands of miners on it and competed with them. I didn't because I recognized they had a coherent plan for what they were doing and if I undermined their plan they would abandon the project or more likely relaunch it another way, leaving me with worthless coins.

[iamnotback]

I think it is unlikely with 40% of the "pre"-mine coins being given away with even some degree of distribution (for example, Steemit becomes very popular and millions of people sign up, so even if some do scam multiple "free" accounts the bulk of accounts are not duplicated), that insider concentration won't be heavily diluted.

If those free 10 SP signup accounts are mostly abandoned because only the best bloggers get paid (and paid far too much), then that 40% is erased from the money supply because it can't be powered down (minimum 100 SP to begin powering down). Thus the insider concentration would remain the same or increase.

Also, the 100% yearly number is once the long term distribution rates are reached. The percentages are higher during the initial distribution (with a constant rate of distribution per block, the second block doubles the supply, etc.)

I mentioned that:

(The following is for the eventual case when current very high rate of minting of STEEM will reduce as a percentage of the money supply)
...
(and again assuming the eventual case):

I am thinking this design has basically eliminated the medium-term speculation case. Investors must choose between holding STEEM for weeks only, or SP for 2 years (1 year weighted average of cashing out price).

Seems right.

Without investors buying STEEM, the price will decline.

Btw, I think I have figured out a better way to structure it than Steem did, which retains the concept but is mathematically much more enticing for the outside investors.

I am strongly leaning towards rewriting a competitor for Steem (no forking is allowed so I'd have to start from scratch), except that I haven't analyzed in detail yet how much work is required and whether it is realistic for me to attempt to do it. Also I am still evaluating my health, which has improved significantly but still I am getting terribly exhausted if I go hard for too many days (that is why my last blog post on Steem was not entirely well thought out mathematically). I just woke up from an 11 hour sleep. Some signs of my (apparently gradually ongoing) improving health are for example that I was able to run hard for 5 consecutive days. But many strange things such as I had to supplement with calcium because my teeth were aching, I've still got a rash all over my back, and my abdomen still aches when I workout. Something is still not 100% correct inside, perhaps a tumor or some residual chronic infection (fungal, viral, and/or bacterial) or gut dysbiosis (e.g. IBS, Chron's, etc); but I am becoming stronger so it might be curing slowly. My treatment remains hard exercise daily, extremely high doses of sublingual oregano oil, extremely high doses of curcumin+piperene mixed in coconut milk, 1 to 2g calcium supplements daily, 5,000 to 10,000 IU VitD3 daily, lots of uncooked vegetables and salad, moderate grains mostly oatmeal, lots of eggs and fish soup, also some other meats in moderation.

I'd prefer in an ideal world to call Ned and see if something could be worked out, but if the fundamental math structure is unsalvageable, I doubt very much they are going to be willing to change so many fundamental aspects. But I am still analyzing. It might be possible convince them. Note it might be easier to convince them by actually launching a competitor. Competition tends to force the first movers to do what is necessary to compete.

I am still analyzing, and only good can come from my effort.

I am strongly leaning towards rewriting a competitor for Steem (no forking is allowed so I'd have to start from scratch)...

Why?

• Writing user interface code is my area of strong experience, and something I enjoy doing. I like to compete in this area.
• The Steem concept dovetails perhaps perfect fit with the work I was doing to develop an overhaul to Satoshi's PoW blockchain
• I need a job. I've focused the past 3 years of my life on blockchain research.  I am too old and in the wrong venue and life situation to go reestablish myself in the mainstream s/w industry. I'm 15-20 years removed from that career, and besides I never was able to work as employee for more than several months in my entire life. It's difficult to change this old donkey.
• Steem has invented an important concept which could popularize blockchains and CC, but thus far my analysis is they will fail because they made some unsalvageable mistakes in the design (note however I am cautious about conclusions as I've made some errors in my analysis recently so I need time to think all of it carefully and especially when I am well rested).
• Perhaps many in the Bitcoin arena, want a more fairly launched version of Steemit. Although I don't know how seriously they would support a competitor to Steem, I don't care. I need something interesting to work on and I can take the long-term perspective of building it out over time.

Obviously I won't even waste my time starting to code a competitor if I can see a way they can morph Steem to solve any design or launch flaws.