Steem pyramid scheme revealed

[iamnotback]

Steemit is now open source. https://steemit.com/steemit/@steemitblog/steemit-com-is-now-open-source

The Steem blockchain code retains no permission to fork without written permission from Steemit Inc..

They’ve entirely open sourced the Steemit.com source code, but apparently the Steem blockchain remains under the control of Steemit Inc..

See also @theoretical's comment post:

https://steemit.com/steem/@cryptocurrency1/price-of-steem-coin-will-plummet-because-of-open-source#@theoretical/re-cryptocurrency1-price-of-steem-coin-will-plummet-because-of-open-source-20160728t231342699z

And what is to prevent someone from downloading the source code, taking what they like, change the name of all the functions and modify as they please?

That sort of obfuscation is easily detected (e.g. John Conner allegedly did similar taking some Bitcoin code without attribution for Vcash/Vanillacoin but Gregory Maxwell doxxed them). And Steemit Inc. could in theory bring legal action. Nobody is going to build a serious project by stealing code against the policy of the license.

[Pikachu45]

What happens to number of vest when the stock split occurs? I am trying to understand how are " shares" not going to be diluted by the inflation

[iamnotback]

They are releasing the code to their webwallet so anybody can build a site that secures $teem

Yeah but nobody can fork the blockchain Steem to do a fairer distribution and other innovations on the core protocols and economic structure (at least not without permission from Steemit Inc.).

[iamnotback]

They are encouraging developers to make a better steem page and win $40k like the guy who wrote the desktop client, or the guy who wrote the Android app.  This is to give their developers the best tools to make the best STEEM products.  It's marketing.

I don't disagree. They earn nothing on Steemit and it is an expense, so better for them if others will do it for them.

[Pikachu45]

Also if you guys can point me to the section in the whitepaper where they talk about VEST. Imay have overlooked it but couldn't find any info on vest thanks

[smooth]

They are releasing the code to their webwallet so anybody can build a site that secures $teem

Yeah but nobody can fork the blockchain Steem to do a fairer distribution and other innovations on the core protocols and economic structure (at least not without permission from Steemit Inc.).

Even so, you could build your own blockchain and then use the open source web site as a basis for a web client. I don't know if the web code is any good but in theory that could save a lot of work and time.

[chryspano]

They are releasing the code to their webwallet so anybody can build a site that secures $teem

...to do a fairer distribution.

A "fairer distribution" doesn't mean zero funds for development and user adoption? won't this hurt any project long term? How many people will start forking, looking only for short term profits and abandoning their clones afterwards?


scamSteemClone1 is silver to the STEEM's gold!
scamSteemClone2 is copper to the STEEM's gold!
scamSteemClone3......

Doesn't STEEM have an advantage because of the supposed "unfair distribution"?

[iamnotback]

They are releasing the code to their webwallet so anybody can build a site that secures $teem

Yeah but nobody can fork the blockchain Steem to do a fairer distribution and other innovations on the core protocols and economic structure (at least not without permission from Steemit Inc.).

Even so, you could build your own blockchain and then use the open source web site as a basis for a web client. I don't know if the web code is any good but in theory that could save a lot of work and time.

Of course I am going to be looking at it, not because I can't write that sort of code myself from scratch, but just to see what they chose and maybe pull some from it.

[iamnotback]

They are releasing the code to their webwallet so anybody can build a site that secures $teem

...to do a fairer distribution.

A "fairer distribution" doesn't mean zero funds for development and user adoption? won't this hurt any project long term? How many people will start forking, looking only for short term profits and abandoning their clones afterwards?


scamSteemClone1 is silver to the STEEM's gold!
scamSteemClone2 is copper to the STEEM's gold!
scamSteemClone3......

Doesn't STEEM have an advantage because of the supposed "unfair distribution"?

By fairer distribution, I didn't have in mind no tokens whatsoever for the developers nor did I have in mind no whales.

I think I had mentioned something like 5 - 10% for the development, and an open competition for the rest.

If I get involved and have significant stake, this is the last project of my career. So I will be with it to the end of my coding days, unless it just totally flops. It is my last chance to do something big. I am not going to just walk away. I'll make sure my stake is locked up for the long-term and no rewards nor ranking voting power.

I've been waiting for my career move.

[Pikachu45]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

[bones261]

What happens to number of vest when the stock split occurs? I am trying to understand how are " shares" not going to be diluted by the inflation

I'm not certain the amount of Vests will change at all. They will just be taking the amount of Virtual Steem in the vesting pool and moving the decimal point to the left by 1 and rounding down to the nearest .001 Steem. Since the whole supply of Steem, both real and virtual will be divided by 10, in theory, the markets should increase the value of each new Steem by 10X.

[Pikachu45]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

It is has already been answer upthread and the other Steem threads.

It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain.

OK thanks for your answer. I thought my question was pretty straightforward.

Do you know where I can get the full documentation and which section of the whitepaper talk about vest?

[iamnotback]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

It is has already been answer upthread and the other Steem threads.

It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain.

OK thanks for your answer. I thought my question was pretty straightforward.

I had spent several posts explaining to magicacademy that a reverse stock split doesn't change the proportional holdings nor debase any one.

[Pikachu45]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

It is has already been answer upthread and the other Steem threads.

It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain.

OK thanks for your answer. I thought my question was pretty straightforward.

I had spent several posts explaining to magicacademy that a reverse stock split doesn't change the proportional holdings nor debase any one.

Did you read the whitepaper? It's odd that I can't find any info on stock split/vest and that no documentation is available.

[bones261]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

It is has already been answer upthread and the other Steem threads.

It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain.

OK thanks for your answer. I thought my question was pretty straightforward.

Do you know where I can get the full documentation and which section of the whitepaper talk about vest?

When the white paper discusses Steem Power, it is talking about Vests. The white paper does not go into all of the technical details. You can read some of imnotback's explanations in this thread, or google and try to get a grasp of what is going on. To be honest, Einstein's Special Theory of Relativity is easier to figure out.

[Pikachu45]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

It is has already been answer upthread and the other Steem threads.

It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain.

OK thanks for your answer. I thought my question was pretty straightforward.

Do you know where I can get the full documentation and which section of the whitepaper talk about vest?

When the white paper discusses Steem Power, it is talking about Vests. The white paper does not go into all of the technical details. You can read some of imnotback's explanations in this thread, or google and try to get a grasp of what is going on. To be honest, Einstein's Special Theory of Relativity is easier to figure out.

I have re-read the Steem Power section, the paper doesn't discuss anything about stock split or vest. I have read all steem thread that's how I know about stock split and vest but I can't find any technical details about these

[smooth]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

It is has already been answer upthread and the other Steem threads.

It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain.

OK thanks for your answer. I thought my question was pretty straightforward.

Do you know where I can get the full documentation and which section of the whitepaper talk about vest?

When the white paper discusses Steem Power, it is talking about Vests. The white paper does not go into all of the technical details. You can read some of imnotback's explanations in this thread, or google and try to get a grasp of what is going on. To be honest, Einstein's Special Theory of Relativity is easier to figure out.

I have re-read the Steem Power section, the paper doesn't discuss anything about stock split or vest. I have read all steem thread that's how I know about stock split and vest but I can't find any technical details about these

I do remember the white paper mentioning the reverse split, but the white paper does not go into specific details on things like vests.

[bones261]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

It is has already been answer upthread and the other Steem threads.

It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain.

OK thanks for your answer. I thought my question was pretty straightforward.

Do you know where I can get the full documentation and which section of the whitepaper talk about vest?

When the white paper discusses Steem Power, it is talking about Vests. The white paper does not go into all of the technical details. You can read some of imnotback's explanations in this thread, or google and try to get a grasp of what is going on. To be honest, Einstein's Special Theory of Relativity is easier to figure out.

I have re-read the Steem Power section, the paper doesn't discuss anything about stock split or vest. I have read all steem thread that's how I know about stock split and vest but I can't find any technical details about these

Here's where it talks about the reverse split. https://steem.io/SteemWhitePaper.pdf#page=39

[Pikachu45]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

It is has already been answer upthread and the other Steem threads.

It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain.

OK thanks for your answer. I thought my question was pretty straightforward.

Do you know where I can get the full documentation and which section of the whitepaper talk about vest?

When the white paper discusses Steem Power, it is talking about Vests. The white paper does not go into all of the technical details. You can read some of imnotback's explanations in this thread, or google and try to get a grasp of what is going on. To be honest, Einstein's Special Theory of Relativity is easier to figure out.

I have re-read the Steem Power section, the paper doesn't discuss anything about stock split or vest. I have read all steem thread that's how I know about stock split and vest but I can't find any technical details about these

I do remember the white paper mentioning the reverse split, but the white paper does not go into specific details on things like vests.

Apparently VEST was the old name for Stem Power

https://steemit.com/steem/@ned/long-live-vests-

[Pikachu45]

You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?

It is has already been answer upthread and the other Steem threads.

It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain.

OK thanks for your answer. I thought my question was pretty straightforward.

Do you know where I can get the full documentation and which section of the whitepaper talk about vest?

When the white paper discusses Steem Power, it is talking about Vests. The white paper does not go into all of the technical details. You can read some of imnotback's explanations in this thread, or google and try to get a grasp of what is going on. To be honest, Einstein's Special Theory of Relativity is easier to figure out.

I have re-read the Steem Power section, the paper doesn't discuss anything about stock split or vest. I have read all steem thread that's how I know about stock split and vest but I can't find any technical details about these

Here's where it talks about the reverse split. https://steem.io/SteemWhitePaper.pdf#page=39

Thanks for the link.  Paper says that when the split occurs all balances of steem are divided by 10 and all price multiplied by 10,that make sense but what happens to the Vest aka Steem Power balances?