Steem pyramid scheme revealed

[Newmine]

Dan couldn't have designed it any better a Hotel California. You can check in but you can never check out. Lol.

I really like this line. It's one of your best and I couldn't agree more.

Pretty sure the line is "You can checkout anytime you'd like, but you can never leave".

I warned you all about those Larimers. 6 months they will have a new project or a revival pivot for Steem. You heard it here second. I posted it first at Bitsharestalk.

Fucking scammers are probably in St. Marten dabbing their pasty skin with sunscreen playing tummy sticks with lord of the rings playing(or pinky and the brain, Stan's fav) on a loop.

[iamnotback]

Dan couldn't have designed it any better a Hotel California. You can check in but you can never check out. Lol.

I really like this line. It's one of your best and I couldn't agree more.

Pretty sure the line is "You can checkout anytime you'd like, but you can never leave".

Lol. Yeah I well I am almost there ("checking out" even though my SP can never leave), but was still worthwhile to revisit yesterday to transfer my now $6 per week to Poloneix to convert to BTC.

[iamnotback]

6 months they will have a new project or a revival pivot for Steem. You heard it here second. I posted it first at Bitsharestalk.

He already wrote about the coming pivot to Smart Contracts, and I slapped down his technical errors.

[iamnotback]

The Steem super whale responded again:

https://steemit.com/art/@nonameslefttouse/how-to-fuck-fucking-lessons-for-beginners#@anonymint/re-berniesanders-re-anonymint-re-berniesanders-re-anonymint-re-nonameslefttouse-how-to-fuck-fucking-lessons-for-beginners-20161031t134951485z

But you are allocating resources from the collective, or let's say your ill-gotten very large stake from the sneaky "premine". Since you've created this top-down power structure and responsibility, then your actions reflect on everyone.

Cry me a river. You should have been around to mine like the rest of us when it launched. Don't blame us because you passed up a good opportunity. "Ill-gotten" makes you sound really butthurt when that wasn't the case. All I did was mine according to the rules. Now kindly, piss off, I will do as I please.

Hey calm down. I am not attacking you. My point is you get what you sowed. You create a top-down morass, so thus your investment doesn't prosper. You only manage to take money from fools rather than build a juggernaut that could make everyone involved wealthy.

Perhaps you shouldn't pass up a good opportunity to invest in my blockchain project (when and if it is ever launched), because I think I understand how to create a juggernaut. Which is the really my point.

[iamnotback]

Seems the boyz got pee'd off:

Your "low-life" comment still bothers me. Not so much on a personal level. It's more about how you've treated those who did enjoy this article. I've taken it upon myself to do a bit of research.

You still don't seem to comprehend that the issue at hand is the system which enables super whales to allocate the resources of all of us who are invested in Steem. Thus it forces me to invested in what ever @berniesanders does because his footprints are massive compared to us minnows and dolphins. Thus the poorly designed system pits my vested interest against your microcosmic audience.

You realize far more people are for this than against this? Look around, it was a fun day. Use the votes as evidence and then say, "not valuable to most others." What are you trying to maintain?

I maintain that sufficient numbers of the potential audience of millions required for a social media juggernaut would potentially be offended that this site is organized such that super whales such as @berniesanders allocate the resources of everyone invested in Steem and Steem Power, to content that might offend many others, even if not the majority of many others.

I maintain that your microcosmic sample of vote counts herein, and especially given the apparently high quantity of Sybil accounts on Steem, is an entirely meaningless metric which only a marketing idiot would cite.

Are you trying to tell me there's no room for artists and entertainers on this platform?

I didn't write nor implied such in this context. You still don't seemed to understand the issue. I will have no problem with you blogging this art on the social network I will create, because there won't be the paradigm of whales allocating resources on behalf of the collective. My beef was with @berniesanders, not with you. I was trying to get him to see that he reaps what he sows. Since he decided to avail of this "opportunity" to be responsible for allocating the resources on behalf of the collective, then he implicitly accepted the role of a politician. And thus should guide his voting activity accordingly.

If more people like me caught wind of this place they would be ecstatic... but, if they see their people constantly getting slammed for enjoying entertainment, by trolls, this place can kiss that market goodbye.

Getting more people to join wouldn't help because the attrition rate of Steem has been 85+% since JuneJuly, when I first started analyzing it.

You don't understand why Steem failed and I do, because I predicted (in my posts at Bitcointalk.org) since JuneJuly the exact reason it would fail. That is because of the whale structure (and some other critical reasons).

If people were observing from the outside world, which they are... who's personas seem more appealing right now?

What will matter is who creates a social network that has the correct fundamental attributes so that different groupings can co-exist without stomping on each other politically and economically.

So when I create that, then it will be quite clear who is not a troll.

I do know what socializing is. I do know what socialism is. I also don't want to live anywhere near your dictatorship.

In the future, please make attempts to be mature.

The dicktatorship is the whale deciding on the behalf of everyone else what earns and what doesn't.

Apparently it will be difficult for you to recognize maturity when you see it.

Awwww pooor baby is offended.

Grow up, this is the internet and thankfully people can say whatever the FUCK they want here.

We will soon see who is relatively poorer. You reap what you sow. I wasn't attacking you. I was trying to help you be more aware of what is required to create a juggernaut and to become very wealthy, while also enabling freedom and innovation.

Yes anyone can write what ever they want, but that wasn't my point.

[iamnotback]

So Steem is now contemplating a 3 month power down:

https://steemit.com/steem/@steemitblog/proposed-changes-to-steem-economy

And I am commenting:

If you want to win a user's heart, money just won't work.

You are correct that users won't stay just for money and the site must be enjoyable/meaningful even without remuneration, because it is mathematically impossible to pay users enough for blogging from debasement of investors.

However if users stayed because they are investors, then they could have both their heart and mind vested in it. That was one of my key insights when I realized how to make a better Steem "clone".

Voting is the problem (because as one of my blogs pointed out, it is impossible to avoid Sybil attacks without handing that voting power to the whales which thus centralizes the ranking and reward system).

Btw, remember I responded to one of your blogs in August and warned you that you were throwing your BTC down a rat hole. Maybe next time you listen more carefully to what I have to say.

We want people who want in to get in, and people who want out to get out. Adding (unnecessary) friction to either ultimately reduces the value of the platform.

Well you'll remember I was one of if not the first at Bitcointalk who was arguing that the speculators couldn't invest and afair you sort of downplayed  it or disagreed. So now it is nice for me to see you trumpeting my points here as your own.

You want speculators to be able to get in and out. Yes. But you don't know the other part of my design which deviates from what you just wrote.

So Steem will drop the power down to 3 months, a huge cash out will occur  potentially crashing the price further or enabling those who want out to get bought out at good prices by eager fools, whilst the drop from 2 years to 3 months destroys another critically important design point which I am not going to share publicly. But you have a hint in my other comment on this page.

[iamnotback]

Well building an open source ecosystem on DPOS is going to be a big mistake anyway, and that doesn't include whale concentration problem due to the sneaky "premine" (which won't be resolved soon and may get worse):

https://bitcointalk.org/index.php?topic=1319681.msg16792628#msg16792628

[Zer0Sum]

So Steem is now contemplating a 3 month power down:

https://steemit.com/steem/@steemitblog/proposed-changes-to-steem-economy

And I am commenting:

If you want to win a user's heart, money just won't work.

You are correct that users won't stay just for money and the site must be enjoyable/meaningful even without remuneration, because it is mathematically impossible to pay users enough for blogging from debasement of investors.

However if users stayed because they are investors, then they could have both their heart and mind vested in it. That was one of my key insights when I realized how to make a better Steem "clone".

Voting is the problem (because as one of my blogs pointed out, it is impossible to avoid Sybil attacks without handing that voting power to the whales which thus centralizes the ranking and reward system).

Btw, remember I responded to one of your blogs in August and warned you that you were throwing your BTC down a rat hole. Maybe next time you listen more carefully to what I have to say.

We want people who want in to get in, and people who want out to get out. Adding (unnecessary) friction to either ultimately reduces the value of the platform.

Well you'll remember I was one of if not the first at Bitcointalk who was arguing that the speculators couldn't invest and afair you sort of downplayed  it or disagreed. So now it is nice for me to see you trumpeting my points here as your own.

You want speculators to be able to get in and out. Yes. But you don't know the other part of my design which deviates from what you just wrote.

So Steem will drop the power down to 3 months, a huge cash out will occur  potentially crashing the price further or enabling those who want out to get bought out at good prices by eager fools, whilst the drop from 2 years to 3 months destroys another critically important design point which I am not going to share publicly. But you have a hint in my other comment on this page.

Can you Steemit guys get it through your thick skulls that amateur blogging has zero value...
And until you KILL the Feudal Whale System no professional content provider or writer is gonna give you the time of day.

You could do it with a big logrithmic STEEM distribution to create a few hundred dolphins...
But it will never happen since they'd rather twiddle knobs... and Steemit can only be viewed as a fiasco at this point.

I think it's now obvious...
That most of what Dan Larimer knows about economics, securities, marketing (and theology) is wrong...
And I have no idea where C coders get the idea that they are multi-disciplinary experts.

Give me a good Russian scam like NXT or IOTA or Komodo any day.

[iamnotback]

@laonie wrote that he invested 400 BTC in Steem Power.

https://steemit.com/steem/@steemitblog/proposed-changes-to-steem-economy#@anonymint/re-laonie-re-anonymint-re-laonie-re-lukestokes-re-steemitblog-proposed-changes-to-steem-economy-20161107t025849431z

If you want to win a user's heart, money just won't work.

You are correct that users won't stay just for money and the site must be enjoyable/meaningful even without remuneration, because it is mathematically impossible to pay users enough for blogging from debasement of investors.

However if users stayed because they are investors, then they could have both their heart and mind vested in it. That was one of my key insights when I realized how to make a better Steem "clone".

Voting is the problem (because as one of my blogs pointed out, it is impossible to avoid Sybil attacks without handing that voting power to the whales which thus centralizes the ranking and reward system).

Btw, remember I responded to one of your blogs in August and warned you that you were throwing your BTC down a rat hole. Maybe next time you listen more carefully to what I have to say.

Yes, you did warn me, thanks for the warning, i wasn't thinking clearly at that time, and i learned the lesson.

I invested 40btc... so I totally agree with your position!

I am developing a social network blockchain project somewhat similar to Steem, but different in very important ways which address all of your points and even points you have not yet thought of. It is also intended to fix all the centralization problems of Bitcoin, so it is to be a major announcement in the Bitcoin ecosystem when I get close to launch. Also the name I have is superior (the domain is already registered), on the caliber of "Twitter".

The DPOS which Steem is based on is less than ideal. I wrote down the issues at least one of which afaik no one else had enumerated. I have also been creating  a new programming language to replace JavaScript and Java, and this ties into my plans for the social network. I must keep some of the details secret until I get closer to launch, otherwise other projects would possibly attempt to copy them.

I will be in Singapore in second and third week of January (for a medical trip to deal with my liver & digestive health problem) if anyone wants to meet to talk with me face-to-face. It would probably be best if there was some angel investment now to help hire another top programmer to accelerate my progress. I am a top programmer and only want to work with the very best due to the Mythical Man Month loses  of productivity due ridiculous amounts of communication load (or miscommunication outcomes) incurred when working with junior programmers.

I can be contacted at my LinkedIn, which is linked in my first blog post.

I don't think it is in my best interests to apply my design and ideas to changing Steem, because I am not one of the whales who mined the stealth mining. The prior concentration of ownership disincentivizes me from being a full partner in the ecosystem. I had thought about contacting @ned, but then changed my mind when I became aware of how most of the tokens had been minded for Steemit, Inc.

I have appreciated that they did this experiment and demonstrated the potential value of a Steem-like concept and I participated sincerely to see what would come of it (which is a concept I was working on before they launched and before I had heard of Steem). I presume they have profited commensurately. And they can make changes now and see how much they can salvage from the existing design and inertia. I am not claiming they can't make some design improvements. I will be watching intently to see what they do.

[iamnotback]

So Steem is now contemplating a 3 month power down:

https://steemit.com/steem/@steemitblog/proposed-changes-to-steem-economy

And I am commenting:

If you want to win a user's heart, money just won't work.

You are correct that users won't stay just for money and the site must be enjoyable/meaningful even without remuneration, because it is mathematically impossible to pay users enough for blogging from debasement of investors.

However if users stayed because they are investors, then they could have both their heart and mind vested in it. That was one of my key insights when I realized how to make a better Steem "clone".

Voting is the problem (because as one of my blogs pointed out, it is impossible to avoid Sybil attacks without handing that voting power to the whales which thus centralizes the ranking and reward system).

Btw, remember I responded to one of your blogs in August and warned you that you were throwing your BTC down a rat hole. Maybe next time you listen more carefully to what I have to say.

We want people who want in to get in, and people who want out to get out. Adding (unnecessary) friction to either ultimately reduces the value of the platform.

Well you'll remember I was one of if not the first at Bitcointalk who was arguing that the speculators couldn't invest and afair you sort of downplayed  it or disagreed. So now it is nice for me to see you trumpeting my points here as your own.

You want speculators to be able to get in and out. Yes. But you don't know the other part of my design which deviates from what you just wrote.

So Steem will drop the power down to 3 months, a huge cash out will occur  potentially crashing the price further or enabling those who want out to get bought out at good prices by eager fools, whilst the drop from 2 years to 3 months destroys another critically important design point which I am not going to share publicly. But you have a hint in my other comment on this page.

Can you Steemit guys get it through your thick skulls that amateur blogging has zero value...
And until you KILL the Feudal Whale System no professional content provider or writer is gonna give you the time of day.

You could do it with a big logrithmic STEEM distribution to create a few hundred dolphins...
But it will never happen since they'd rather twiddle knobs... and Steemit can only be viewed as a fiasco at this point.

I think it's now obvious...
That most of what Dan Larimer knows about economics, securities, marketing (and theology) is wrong...
And I have no idea where C coders get the idea that they are multi-disciplinary experts.

Give me a good Russian scam like NXT or IOTA or Komodo any day.

I agree.

As someone else noted in the comments, many if not most speculators don't want to lock up their funds at all and three months is still too long. I don't really view the reduction in lock time as appealing to speculators, I view it as reducing the cost of entry for those who do intend to remain involved and invested indefinitely but aren't comfortable with a two year (one year average) exit lag.

I agree. And you are getting closer to my (somewhat secretive) point of the drop from 2 years to 3 months being contemplated is IMO the worst possible compromise. We'll see...

[iamnotback]

I really pissed him off (see prior conversation quotes upthread for a link):

You're basically telling everyone in the world who started at the bottom and wanted to work their way up... "don't bother."

I never wrote nor implied that. I have already explained to you that I am not against your audience. I am against the paradigm where a whale votes with MY MONEY to give it to you, when I personally may not be interested in your coterie. I don't know why you are taking that economic fact as a personal insult. I thought you were a smart man.

Please go invest your time wisely. You've been an asshole here to me and everyone who voted. Go find a more productive hobby. If you truly did know what you were talking about, you'd be saying it to people who will listen. I'm only here to produce art, say a few things and make a bit of money. It's working, so get lost.

Why would you even waste your time saying all this stuff? Go write an article, get paid.

I made the point to @berniesanders as a short quip and it turned into a firestorm of discussion. It is not as though I decided to invest that much effort, rather the lack of comprehension of you two dragged me into a long explanation.

I hope you noticed that 16 others flagged your post. Since flagging is something we all do with great restraint, you can factually determine that many people agree with my assessment (many more than the 16 who went to the extreme action of flagging ... they say for every complainer, there are 100 dissatisfied who did not speak out).

[iamnotback]

I will be in Singapore in second and third week of January (for a medical trip to deal with my liver & digestive health problem)

...

I don't think it is in my best interests to apply my design and ideas to changing Steem, because I am not one of the whales who mined the stealth mining. The prior concentration of ownership disincentivizes me from being a full partner in the ecosystem. I had thought about contacting @ned, but then changed my mind when I became aware of how most of the tokens had been minded for Steemit, Inc.

I think that is my health issue which causing me to fail to put the word 'the' between 'in' and 'second', as well you can see I clearly misspelled 'minded' after spelling it correctly the first time, because I wrote 'changed my mind' in between. My brain is lacking fuel and/or is being attacked with toxins due to the liver and digestive dysfunction. I am nearly in a constant state of partial delirium.

You will see a totally accelerated rate of production from me if I can rid myself of this handicap. I am doing the best I can with this state of health and cognitive function.

[chryspano]

I am against the paradigm where a whale votes with MY MONEY to give it to...

Maybe we should make your vote to weight the same as a whale then, would this make you happy?  
What about MY MONEY and YOUR MONEY that bitcoin (and everything else) gives away without even asking anyone? We are not attacking bitcoin now, are we?  

[danherbias07]

to work for pennis on steem

What a typo

Epic typo. You should actually do a post on Steemit with that title "to work for pennis on steem"

That will be funny. You might get a lot of upvote and some donation for being a clown. They love that. Porn and clowns and some more porn or nude pics.     

[iamnotback]

I am against the paradigm where a whale votes with MY MONEY to give it to...

Maybe we should make your vote to weight the same as a whale then, would this make you happy?  
What about MY MONEY and YOUR MONEY that bitcoin (and everything else) gives away without even asking anyone? We are not attacking bitcoin now, are we?  

There is an important distinction between an objective (e.g. protocol driven) pooled reward and a subjective (e.g. power-law distribution controlled) pooled one. The latter enables politics, turf battles, collusion and malfeasance. Obviously rewards that are not pooled are not an issue (they are objective in the sense that each person is in control of their money).

This is why I have been stressing the importance of an objective pooled reward paradigm.

I am in favor an objective reward paradigm that incentivizes sticky exponential adoption of an ecosystem. And I will propose one (for my own design).

I am in favor of human diversity, creativity, and meritorious remuneration. I am not in favor backslapping politics cesspools.

Bitcoin rewards miners with minted coins objectively, i.e. there is human politics involved in the protocol's decision (although human politics are involved with for example which miners get 0% interest loans for purchasing hardware and subsidized electricity). Bitcoin's protocol is also flawed giving disproportionate rewards to the power-law economies-of-scale, but that is a technological weakness.

I am preparing to improve upon Bitcoin's flaws.

[Dafar]

With the current STEEM price, is anyone even earning anything with it these days??? lol

To give you a perspective, my wallet was worth $3500 like 3 months ago and now it's $187 today even after the SP interest I earned lol....  I know the currency took a hit during this bear market but the founders didn't think though how ridiculous the inflation rate was.


I heard they are changing the rate of inflation and changing the power down / withdrawal time to 12 weeks instead of 104 weeks? If so, this is huge, and a much needed change.

Hopefully this isn't happening just so Dan and founders can withdraw their $millions quickly

[chryspano]

Hopefully this isn't happening just so Dan and founders can withdraw their $millions quickly

https://steemit.com/steem/@steemitblog/proposed-changes-to-steem-economy#@ned/re-jrcornel-re-ats-david-re-steemitblog-proposed-changes-to-steem-economy-20161104t211733693z

[-]ned  ·  3 days ago
Dan & I will not be powering down during the three month period after this is implemented.

[iamnotback]

Hopefully this isn't happening just so Dan and founders can withdraw their $millions quickly

https://steemit.com/steem/@steemitblog/proposed-changes-to-steem-economy#@ned/re-jrcornel-re-ats-david-re-steemitblog-proposed-changes-to-steem-economy-20161104t211733693z

[-]ned  ·  3 days ago
Dan & I will not be powering down during the three month period after this is implemented.

Yes I saw that too. What about the Steem, Inc. account which has something like 40% of the money supply?

[Dafar]

Hopefully this isn't happening just so Dan and founders can withdraw their $millions quickly

https://steemit.com/steem/@steemitblog/proposed-changes-to-steem-economy#@ned/re-jrcornel-re-ats-david-re-steemitblog-proposed-changes-to-steem-economy-20161104t211733693z

[-]ned  ·  3 days ago
Dan & I will not be powering down during the three month period after this is implemented.

So after 3 months it's fair game?


I wouldn't be surprised if a ton of other whales dump though. I'm just gonna hold until Steem is out of its bear market, if ever... who knows, they could learn from their mistakes and things could get better. I wouldnt wanna sell at the bottom, my 1500 SP is already worthless as it is


By the way, I noticed this comment in the steemit thread:

I spent 400 BTC on SP a few month ago, it's worth about 20 BTC right now, i am the largest financial investor so far, the follow is what i think

Holy shit.... 

[SolomonSollarsNSense]

Hopefully this isn't happening just so Dan and founders can withdraw their $millions quickly

https://steemit.com/steem/@steemitblog/proposed-changes-to-steem-economy#@ned/re-jrcornel-re-ats-david-re-steemitblog-proposed-changes-to-steem-economy-20161104t211733693z

[-]ned  ·  3 days ago
Dan & I will not be powering down during the three month period after this is implemented.

So after 3 months it's fair game?


I wouldn't be surprised if a ton of other whales dump though. I'm just gonna hold until Steem is out of its bear market, if ever... who knows, they could learn from their mistakes and things could get better. I wouldnt wanna sell at the bottom, my 1500 SP is already worthless as it is


By the way, I noticed this comment in the steemit thread:

I spent 400 BTC on SP a few month ago, it's worth about 20 BTC right now, i am the largest financial investor so far, the follow is what i think

Holy shit....  

That's what the hell I said  

But I don't know. I think SteemIt has a chance to pivot into better crypto-economics for mass adoption. I would not write it off this early. Its just too damn early and what they are attempting has never been done. Like IAMNOTBACK has alluded to I think there are other ways to do their model that may work better for mass adoption but I also think the configuration I am thinking of would only work in another industry. I talk about it a little with my introduction on that platform. I think there are other industries like Hollywood (mine) that could actually take advantage of their model for mass adoption and do a better job at Steem Staying Power.

Although we don't need upvoting and whale culture as a pricing mechanism. We do need a better pricing unit that allows lower level visual content creators to extract value from a subscribing or viewing audience. I think if you were to start here and go upmarket this steem it scheme for mass adoption with a little twist could actually reap a lot of rewards. As an original Bitshares member and delegate I wish Dan and Ned luck. A few pivots and I think we could see a better Steem price next year. They are still in beta. Remember that.