Steem pyramid scheme revealed

[r0ach]

120 votes earns $3.62 on Steemit now. Be lucky if I can even get $1 of that actually out.

So that should most likely be my last post ever on Steemit.

Exactly as I predicted, it played out. Irrevocably destroyed by the whale concept.

I think it's more to do with the problem that Larimer designed the native Steem token to be a toxic asset that you don't want to hold onto due to inflation by design, which is further compounded by the problem that the SBD isn't holding it's peg, and the fact that most people are into cryptocurrency due to seeking "uncorrelated assets" that have no relation to the USD in the first place.  It doesn't fix much, but might as well add a gold and silver peg to address part of that equation.

[1715347016]

1715347016

[1715347016]

1715347016

[1715347016]

1715347016

[1715347016]

1715347016

[danherbias07]

Riding the Steemit pyramid once more:

The Red pill, Blue pill Election — NYC slumlord vs. Globalists

I put a lot of effort into that and I think it is quite insightful.

120 votes earns $3.62 on Steemit now. Be lucky if I can even get $1 of that actually out.

So that should most likely be my last post ever on Steemit.

Exactly as I predicted, it played out. Irrevocably destroyed by the whale concept.

Dont waste your time in it. Without putting some money first you wont really earn there. I have posted a story there and some information which is quite unique because it is from my experience but still I cant even get a dollar.

[jacaf01]

Riding the Steemit pyramid once more:

The Red pill, Blue pill Election — NYC slumlord vs. Globalists

I put a lot of effort into that and I think it is quite insightful.

120 votes earns $3.62 on Steemit now. Be lucky if I can even get $1 of that actually out.

So that should most likely be my last post ever on Steemit.

Exactly as I predicted, it played out. Irrevocably destroyed by the whale concept.

Dont waste your time in it. Without putting some money first you wont really earn there. I have posted a story there and some information which is quite unique because it is from my experience but still I cant even get a dollar.

I experience similar case, I was surprise at the little reward the article attracts when compared to some articles on the site which carries thousand of dollars, that was when I realise that the scheme has been rigged to favour just selected few. To me the developers still have time to save the project buy burning the large tokens at their disposal and make the project a truly decentralised one.

[SaShiRaJaVu]

Riding the Steemit pyramid once more:

The Red pill, Blue pill Election — NYC slumlord vs. Globalists

I put a lot of effort into that and I think it is quite insightful.

120 votes earns $3.62 on Steemit now. Be lucky if I can even get $1 of that actually out.

So that should most likely be my last post ever on Steemit.

Exactly as I predicted, it played out. Irrevocably destroyed by the whale concept.

Dont waste your time in it. Without putting some money first you wont really earn there. I have posted a story there and some information which is quite unique because it is from my experience but still I cant even get a dollar.

even i am finding it difficult to have some views nor plan on making some Steem ,hope the initial steem has gassed off  yet it is priced about 40k satoshi and i do think it is over priced,what ever it is i dont plan on investing anything into it as i am not satisfied with the business model

[traderman]

I like the whole concept of Steem, but I can't see how price can ever hold up when you have people's steem power continually growing even when they are powering down on a weekly basis. It's like a perpetual money machine. How can that ever hold up over the long term??

[iamnotback]

120 votes earns $3.62 on Steemit now. Be lucky if I can even get $1 of that actually out.

So that should most likely be my last post ever on Steemit.

Exactly as I predicted, it played out. Irrevocably destroyed by the whale concept.

I think it's more to do with the problem that Larimer designed the native Steem token to be a toxic asset that you don't want to hold onto due to inflation by design, which is further compounded by the problem that the SBD isn't holding it's peg, and the fact that most people are into cryptocurrency due to seeking "uncorrelated assets" that have no relation to the USD in the first place.  It doesn't fix much, but might as well add a gold and silver peg to address part of that equation.

I agree the use-case is very limited to nearly non-existent. They designed just about every facet incorrectly (although they did generate some interesting design insights from which a new project could draw on and combine in more optimum ways), except from the standpoint of creating a bubble for the initial whales to cash out and profit from.

I am still planning to introduce a crypto project doing it correctly. And you are very much astute to challenge with there must be a use case that can't be satiated with Bitcoin or gold. I did see your post about being able to fund your Bitpay Visa card linked with BTC.

Lastly please be aware I am also working on a new programming language named Boost, designed to supercede JavaScript, Java, Swift, and the other mainstream high-level programming languages. Recently we had Ceylon's @gavinking stop by to discuss at our Github project. Note that is part of my strategy, so it may seem very roundabout zig-zag, but it will all make sense in the end.

Note I've been in an intense daily (hour-by-hour) battle to cure my chronic health problem which has been holding back my productivity. That is why I've been silent past weeks.

[mtnsaa]

I like the whole concept of Steem, but I can't see how price can ever hold up when you have people's steem power continually growing even when they are powering down on a weekly basis. It's like a perpetual money machine. How can that ever hold up over the long term??

The genius idea behind it is that there will be suckers that will keep buying Steem for unknown reasons (like speculation...yeah right, traders are idiots).

That's basically its whole economic system. I like many others called it from the start but I can't believe serious guys with PhDs and fund managers have fallen for this, it's the simplest thing ever and I've seen users here debating it like it is quantum physics.

You buy Steem, you are basically donating your money to bloggers or supporting whales powering down. That's all there is. You power it up, you still lose money, just 90% less.

Just keep your 100%.

[brekyrself]

I like the whole concept of Steem, but I can't see how price can ever hold up when you have people's steem power continually growing even when they are powering down on a weekly basis. It's like a perpetual money machine. How can that ever hold up over the long term??

The genius idea behind it is that there will be suckers that will keep buying Steem for unknown reasons (like speculation...yeah right, traders are idiots).

That's basically its whole economic system. I like many others called it from the start but I can't believe serious guys with PhDs and fund managers have fallen for this, it's the simplest thing ever and I've seen users here debating it like it is quantum physics.

You buy Steem, you are basically donating your money to bloggers or supporting whales powering down. That's all there is. You power it up, you still lose money, just 90% less.

Just keep your 100%.

The same could be said for almost any crypto.  The top 10, top 20, etc... are all still pure speculation plays.

Also why is the general vibe that Steem will stay with its current structure?  Steem can change and based on CNX's coding history, I highly doubt it will stagnate and die from a development standpoint.

[mtnsaa]

I like the whole concept of Steem, but I can't see how price can ever hold up when you have people's steem power continually growing even when they are powering down on a weekly basis. It's like a perpetual money machine. How can that ever hold up over the long term??

The genius idea behind it is that there will be suckers that will keep buying Steem for unknown reasons (like speculation...yeah right, traders are idiots).

That's basically its whole economic system. I like many others called it from the start but I can't believe serious guys with PhDs and fund managers have fallen for this, it's the simplest thing ever and I've seen users here debating it like it is quantum physics.

You buy Steem, you are basically donating your money to bloggers or supporting whales powering down. That's all there is. You power it up, you still lose money, just 90% less.

Just keep your 100%.

The same could be said for almost any crypto.  The top 10, top 20, etc... are all still pure speculation plays.

Also why is the general vibe that Steem will stay with its current structure?  Steem can change and based on CNX's coding history, I highly doubt it will stagnate and die from a development standpoint.

If Steem sets a top cap then the situation can change but the whole system is based on infinite growth. There's absolutely no incentive to buy Steem as we all know, it will dilute forever. Do you buy something that you know it will dilute in value? Don't tell me company shares, most pay dividends and are deeply tied to their growth.

[brekyrself]

I like the whole concept of Steem, but I can't see how price can ever hold up when you have people's steem power continually growing even when they are powering down on a weekly basis. It's like a perpetual money machine. How can that ever hold up over the long term??

The genius idea behind it is that there will be suckers that will keep buying Steem for unknown reasons (like speculation...yeah right, traders are idiots).

That's basically its whole economic system. I like many others called it from the start but I can't believe serious guys with PhDs and fund managers have fallen for this, it's the simplest thing ever and I've seen users here debating it like it is quantum physics.

You buy Steem, you are basically donating your money to bloggers or supporting whales powering down. That's all there is. You power it up, you still lose money, just 90% less.

Just keep your 100%.

The same could be said for almost any crypto.  The top 10, top 20, etc... are all still pure speculation plays.

Also why is the general vibe that Steem will stay with its current structure?  Steem can change and based on CNX's coding history, I highly doubt it will stagnate and die from a development standpoint.

If Steem sets a top cap then the situation can change but the whole system is based on infinite growth. There's absolutely no incentive to buy Steem as we all know, it will dilute forever. Do you buy something that you know it will dilute in value? Don't tell me company shares, most pay dividends and are deeply tied to their growth.

These are all alpha stage products that will see many adaptations to further blockchain technology.  This is all pure speculation when it comes to trading at this point.  Someone could view steem as a buy taking a chance the chain will adapt, slow dilution rates, and thus increase significantly in value.

I was just curious why people have such black/white viewpoints on projects when clearly software adapts.  Steem has a smart team behind it and I doubt they will just call it quits tomorrow.  It's one of the few blockchains actually trying something besides sending "value" from one address to another.

[alyssa85]

The steem price started to fall when synero started to be hyped (some of the hyping was done on steemit and some people actually cashed out to buy synero).

Long term I think it needs a new wow aspect to it's economy otherwise it really is just a pepetual machine of write and cash out.

[mtnsaa]

The steem price started to fall when synero started to be hyped (some of the hyping was done on steemit and some people actually cashed out to buy synero).

Long term I think it needs a new wow aspect to it's economy otherwise it really is just a pepetual machine of write and cash out.

Exactly, that's all there is. We can all speculate about what they can do in the future but there's absolutely no future business plan (AFAIK). If Steem developers would say, we'll monetize the site and set a cap limit, well that makes more sense. People stopped buying Steem because there's no point in doing so, buying Steem is where the money comes (not from the blockchain like many idiots regurgitate in their posts). It comes from gullible people who don't understand how things work.

Yes our whole civilization works basically the same way, however it's enforced in a way that you have to participate, no other way around unless you want to move to another country with other laws or space. The bottomline is no one really needs to buy Steem, you are better off donating your money directly to bloggers and whales.

The system as it currently works is an absolutely pyramid scheme, no other way around it. They won't run with the money, they will just continue to cash out. I'm afraid that once it's close to being dead they will implement some of the changes stated above in a way to keep milking it for one more year.

I won't even mention how the whole system came to be, shady mining, early birds/whales, witnesses, multiple accounts...

[Zer0Sum]

Well, you can also avoid the negatives I listed by society just scaling back.  Having smaller houses instead of paying $1000 a month to air condition mansions, reproducing less, etc.  The current governments actually subsidize R-selection and kind of penalize K-selection, so all that has to change.

I was reading the early IOTA thread...
And noticed how CfB shut you down after 1-2 posts.

There are very good reasons why IOTA is up 50 times ICO price with no exchange listing.

Come from Beyond started deleting all posts that weren't hyping IOTA so I made a non-censored thread that's up to 18 pages:

IOTA - Permissioned ledger Russian extortion scheme

https://bitcointalk.org/index.php?topic=1414866.0

He then made some bogus shell accounts and started filing fake scam reports against me:



Lol, like it's even possible to scam someone and then do two more trades with the same person afterwards!  I've never even bought or sold BTC using this website.

Yeah, I was just amused by this...
Pretty much everyone associated with NXT is a straight-up fraud artist...
Both the IOTA and Komodo threads are crawling with the same East European NXT scammers.

It's a sad commentary on the Alt Scene that these guys can still pull off massive ICO pumps.

Every major government is pouring billions into quantum computing...
But the breakthrough will come from some guy in Russian steppe or Riga with a 4K internet connection 

[Zer0Sum]

I like the whole concept of Steem, but I can't see how price can ever hold up when you have people's steem power continually growing even when they are powering down on a weekly basis. It's like a perpetual money machine. How can that ever hold up over the long term??

The genius idea behind it is that there will be suckers that will keep buying Steem for unknown reasons (like speculation...yeah right, traders are idiots).

That's basically its whole economic system. I like many others called it from the start but I can't believe serious guys with PhDs and fund managers have fallen for this, it's the simplest thing ever and I've seen users here debating it like it is quantum physics.

You buy Steem, you are basically donating your money to bloggers or supporting whales powering down. That's all there is. You power it up, you still lose money, just 90% less.

Just keep your 100%.

Ya man, the Whitepaper was a good read...
And the July Pump sucked in a lot of traders and serious people...
Even sophisticated guys like this fund got totally sucked in... with no way out.

https://coinfund.io/


STEEM reminds me of the hyper-stake coins like HYP, HBN, TEK that are all basically worthless today...
And the traders are long gone since the Internal Market was basically abandoned (after they drained millions)...
SBD might still be tradeable but Polo plays games... and delays SBD transfers in random ways for hours.

And 24 hour activity is down to 3,000...
You adjust that for multiple accounts and bots, maybe you have 2,000 daily users... a drop in the bucket.

The fact that this is the #9 Alt...
Nosed out by an absurdly overpriced Augur at #8...
And the #10 Alt is 100% pure vaporware should be a wake up call...
But no, let's roll out the red carpet for IOTA and it's DAG clones.

[iamnotback]

Who agrees with me that the goal of defeating the powers-that-be with a blockchain should not be the goal?

It has been an important learning process for me.

There is absolutely no way you could get the Trump supporters to believe their savior Wikileaks is actually the source of their enslavement. You wouldn't even be allowed to get the message out to them.

There is no way you could create a popular Internet service and prevent it from being be co-opted by the elite.

You simply won't be allowed to.

We all here pretend we could be free. We won't succeed. None of us. Look yourself in the mirror and ask if you've come to grips with your enslavement or if you are still in denial.

If you've swallowed the blue pill, then there is nothing to say to you. If you've swallowed the red pill as I have, then its time to realize you are only free when you need nothing, not even to eat. When you walk away with nothing into the wilderness, then you are free. Free to die, free to be attacker by parasites and predators, and free to go hungry.

Create something popular with a viable business model. Even use a blockchain for the properties it can provide such as being both a speculation and a unit-of-exchange, but just forget about this nonsense ideology of defeating Soros with a blockchain. It isn't going to happen.

Help them spread crypto-currency over the globe, then maybe they won't mind you are offering an alternative to their Bitcoin plan. But don't go in thinking you can defeat the powers-that-be with technology.

Decentralization for enabling a huge ecosystem because no one has to trust the a centralized entity is good. Decentralization for trying to defeat the globalists is suicide.

Any agree or disagree?

[Dafar]

I like the whole concept of Steem, but I can't see how price can ever hold up when you have people's steem power continually growing even when they are powering down on a weekly basis. It's like a perpetual money machine. How can that ever hold up over the long term??

The genius idea behind it is that there will be suckers that will keep buying Steem for unknown reasons (like speculation...yeah right, traders are idiots).

That's basically its whole economic system. I like many others called it from the start but I can't believe serious guys with PhDs and fund managers have fallen for this, it's the simplest thing ever and I've seen users here debating it like it is quantum physics.

You buy Steem, you are basically donating your money to bloggers or supporting whales powering down. That's all there is. You power it up, you still lose money, just 90% less.

Just keep your 100%.

Ya man, the Whitepaper was a good read...
And the July Pump sucked in a lot of traders and serious people...
Even sophisticated guys like this fund got totally sucked in... with no way out.

https://coinfund.io/


STEEM reminds me of the hyper-stake coins like HYP, HBN, TEK that are all basically worthless today...
And the traders are long gone since the Internal Market was basically abandoned (after they drained millions)...
SBD might still be tradeable but Polo plays games... and delays SBD transfers in random ways for hours.

And 24 hour activity is down to 3,000...
You adjust that for multiple accounts and bots, maybe you have 2,000 daily users... a drop in the bucket.

The fact that this is the #9 Alt...
Nosed out by an absurdly overpriced Augur at #8...
And the #10 Alt is 100% pure vaporware should be a wake up call...
But no, let's roll out the red carpet for IOTA and it's DAG clones.

Can't believe I dropped 3.5 BTC into SP lol... I knew it was a joke but thought just maybe it could continue the hype momentum for a while and the interest gained via SP would help, but nope. My wallet was worth $1500 then and around $400 now. I don't even know if I should power down... if this crazy inflation keeps up by the 50th week each payment is gonna be worth pennies

[OROBTC]

Who agrees with me that the goal of defeating the powers-that-be with a blockchain should not be the goal?

It has been an important learning process for me.

There is absolutely no way you could get the Trump supporters to believe their savior Wikileaks is actually the source of their enslavement. You wouldn't even be allowed to get the message out to them.

There is no way you could create a popular Internet service and prevent it from being be co-opted by the elite.

You simply won't be allowed to.

We all here pretend we could be free. We won't succeed. None of us. Look yourself in the mirror and ask if you've come to grips with your enslavement or if you are still in denial.

If you've swallowed the blue pill, then there is nothing to say to you. If you've swallowed the red pill as I have, then its time to realize you are only free when you need nothing, not even to eat. When you walk away with nothing into the wilderness, then you are free. Free to die, free to be attacker by parasites and predators, and free to go hungry.

Create something popular with a viable business model. Even use a blockchain for the properties it can provide such as being both a speculation and a unit-of-exchange, but just forget about this nonsense ideology of defeating Soros with a blockchain. It isn't going to happen.

Help them spread crypto-currency over the globe, then maybe they won't mind you are offering an alternative to their Bitcoin plan. But don't go in thinking you can defeat the powers-that-be with technology.

Decentralization for enabling a huge ecosystem because no one has to trust the a centralized entity is good. Decentralization for trying to defeat the globalists is suicide.

Any agree or disagree?

NO WAY anyone is going to defeat any PTB with just a small network of programmers making and spreading an AltCoin.  Ain't gonna happen, TPTB are too entrenched.

Even if Bitcoin is NOT run by them, it's too small to matter.

When the Giants fight, we small dogs ought to just stay hidden & quiet while eating...

[iamnotback]

Can't believe I dropped 3.5 BTC into SP lol... I knew it was a joke but thought just maybe it could continue the hype momentum for a while and the interest gained via SP would help, but nope. My wallet was worth $1500 then and around $400 now. I don't even know if I should power down... if this crazy inflation keeps up by the 50th week each payment is gonna be worth pennies

When I was telling you all what would happen from the start of this thread? Ditto when I said what would happen to Ethereum. I don't understand how anyone could have bought SP and locked up their funds for 1 year time weighted average.

Well it is useless for you to power down, you might as well hold and hope it recovers someday meanwhile all your captured inflation ongoing. My balance is 4000+ SP and it is hardly worth powering, since I get about $15 per week now and declining.

[iamnotback]

Even if Bitcoin is NOT run by them, it's too small to matter.

I wouldn't count on that.

I wouldn't hold Bitcoin unless you need to. You need a strong reason to hold it. Such as potential liquidity in a coming crisis and also for speculating in Altcoins in order to make larger gains.

Gold for long-term if you don't intend to sell it.

Otherwise Dollars (perhaps cash $20 bills) short-term.

I think much better to be thinking about an incoming generating business or vocation (or living off the land) than investing Bitcoin. I see Bitcoin not as an investment but as another source of liquidity and cash that I can use in ways I can't use my miniscule dollar bank balance, nor my even more miniscule pesos cash here.

[OROBTC]

Even if Bitcoin is NOT run by them, it's too small to matter.

I wouldn't count on that.

I wouldn't hold Bitcoin unless you need to. You need a strong reason to hold it. Such as potential liquidity in a coming crisis and also for speculating in Altcoins in order to make larger gains.

Gold for long-term if you don't intend to sell it.

Otherwise Dollars (perhaps cash $20 bills) short-term.

I think much better to be thinking about an incoming generating business or vocation (or living off the land) than investing Bitcoin. I see Bitcoin not as an investment but as another source of liquidity and cash that I can use in ways I can't use my miniscule dollar bank balance, nor my even more miniscule pesos cash here.

10-4.  My holdings of BTC are mostly for emergency transferrable funds.  CA$H ($20s, $50s, $100s) are already stashed away as well.  You already know I own Au and Pt (for longer-term wealth preservation) and some Ag ("TEOTWAWKI" money if it comes to that).

I am not interested in living in the woods, the last time I went camping (at 22) cured me of that when I had to hunt a tick down in my tent after sundown.  Dealing with bugs, arachnids and other natural pests is (I hope) behind me now.  

[I am the only one I know who has been bitten by a Black Widow, not recommended]

* * *

I had hoped that a thread I established elsewhere (on non-traditional assets assuming $hillary wins) was going to "take" here at bitcointalk.  Apparently not.

I was close to introducing an idea of yours, iamnotback.  Namely that an interesting "non-traditional asset" is one you raised quite some time ago when I joined the conversations: EDUCATE oneself!  Having the right skill set is of tremendous value, but is hard at 60 when one (me) is not that smart, ah well.  Have to choose the right skill set too...

We'll just keep selling bearings in Peru.

And if BTC or stocks go WAY UP in an Uncle Janet (Yellen) / Obama / Hillary set of scenarios, I hope I can sell near the top.  LIMA is starting to get nice (it's springtime there now).