Steem pyramid scheme revealed

[snowflake43]

The whole point of the long power down period was to prevent the hyper inflated steem from being dumped on the market.

Now they will reduce the inflation down a lot and gradually decrease inflation over the years which will make the token scarce so there is really no point to lock people for 2 years. You guys seem worried now that the price is going to crash but when it went from $4 to $0.1 didn't seem worried at all lol

But the prior inflation is going to released all at once on all of us.

You can't simply erase what was already inflated all at once. Too many people holding tokens which they got for nearly free. No investment case. Dumping, dumping, dumping clusterfuckfest coming.

Auroracoin is good example of what will happen.

If they want to get rid of their share at this price, i say their loss.  At least we will see which whales believe in steem's future and which don't.

Steem though is different than other altcoins in that the more you hold the more rewards you can get so greedy people won't necessarily sell they will try to increase their stash even more with curation rewards and SP distribution rewards.

[iamnotback]

The whole point of the long power down period was to prevent the hyper inflated steem from being dumped on the market.

Now they will reduce the inflation down a lot and gradually decrease inflation over the years which will make the token scarce so there is really no point to lock people for 2 years. You guys seem worried now that the price is going to crash but when it went from $4 to $0.1 didn't seem worried at all lol

But the prior inflation is going to released all at once on all of us.

You can't simply erase what was already inflated all at once. Too many people holding tokens which they got for nearly free. No investment case. Dumping, dumping, dumping clusterfuckfest coming.

Auroracoin is good example of what will happen.

If they want to get rid of their share at this price, i say their loss.  At least we will see which whales believe in steem's future and which don't.

Steem though is different than other altcoins in that the more you hold the more rewards you can get so greedy people won't necessarily sell they will try to increase their stash even more with curation rewards and SP distribution rewards.

I have 5000 Steem and I am not trying to obtain more cheaply so I can have a whale monopoly for rewarding my Sybil bloggers, which is an entirely futile plan because that will just make a broken system more broken.

Without some rational investment from outside now, the ecosystem dies.

[snowflake43]

The whole point of the long power down period was to prevent the hyper inflated steem from being dumped on the market.

Now they will reduce the inflation down a lot and gradually decrease inflation over the years which will make the token scarce so there is really no point to lock people for 2 years. You guys seem worried now that the price is going to crash but when it went from $4 to $0.1 didn't seem worried at all lol

But the prior inflation is going to released all at once on all of us.

You can't simply erase what was already inflated all at once. Too many people holding tokens which they got for nearly free. No investment case. Dumping, dumping, dumping clusterfuckfest coming.

Auroracoin is good example of what will happen.

If they want to get rid of their share at this price, i say their loss.  At least we will see which whales believe in steem's future and which don't.

Steem though is different than other altcoins in that the more you hold the more rewards you can get so greedy people won't necessarily sell they will try to increase their stash even more with curation rewards and SP distribution rewards.

I have 5000 Steem and I am not trying to obtain more cheaply so I can have a whale monopoly for rewarding my Sybil bloggers, which is an entirely futile plan because that will just make a broken system more broken.

Without some rational investment from outside now, the ecosystem dies.

I was pretty sceptical about steem for many different reasons, but with a new economic model and an all in one social site with a great interface ( busy.org) I think they can make it big. They just need to fix some curation issue but I think it's worth investing a bit on steem now.

[iamnotback]

busy.org

Okay @smooth. Try to copy my ideas. It won't help you.

[AlexGR]

@iamnotback or @smooth

Why do curation rewards percentage decreases when people upvote a post before the 30 min mark?  Most curation rewards on the platform are below 5% of the total payouts per post...no wonder why there is only bots curating...

It is done to allow humans time to read the posts, otherwise only bots would curate.

Initially it didn't matter. So within 1-2-5 seconds bots had upvoted everything they deemed OK to vote. Humans were disadvantaged.

An artificial delay was introduced where if you vote too early, you lose some of your curation reward.

It goes like 3% per minute. If you vote in the first minute you keep only 3% of the curation reward that you'd normally have. If you vote in the fifteenth minute you get 50%. If you vote in the 29th minute you get 97% and after 30 minutes, curation reward is at 100%.

Btw, curation is alive and well for humans.

[alyssa85]

It will be interesting to see who dumps their coins when the new rules come into effect. It should reduce the curating power of some of the whales, and boost the curating power of dolphins who don't sell.

[iamnotback]

It will be interesting to see who dumps their coins when the new rules come into effect. It should reduce the curating power of some of the whales, and boost the curating power of dolphins who don't sell.

Dolphins have less speculation money to buy up the Steem dumped at rock bottom prices. Whale concentration will increase. Any whales who sell out are selling to whales who don't, thus further increasing concentration. Whales who sell raise cash to buy at cheaper prices while also helping each other to drive prices lower.

Clusterfucks don't spontaneously heal. They rot and decay. Get your popcorn and prepare to have an economics lesson.

All the fucktards who originally hated Steem and now decide to jump on the bullshitwagon are going to experience a pruning on their future capacity for wide-eyed ignorance.

[iamnotback]

@iamnotback or @smooth

Why do curation rewards percentage decreases when people upvote a post before the 30 min mark?  Most curation rewards on the platform are below 5% of the total payouts per post...no wonder why there is only bots curating...

It is done to allow humans time to read the posts, otherwise only bots would curate.

Initially it didn't matter. So within 1-2-5 seconds bots had upvoted everything they deemed OK to vote. Humans were disadvantaged.

An artificial delay was introduced where if you vote too early, you lose some of your curation reward.

It goes like 3% per minute. If you vote in the first minute you keep only 3% of the curation reward that you'd normally have. If you vote in the fifteenth minute you get 50%. If you vote in the 29th minute you get 97% and after 30 minutes, curation reward is at 100%.

Btw, curation is alive and well for humans.

You appear to be not factoring the fact that curation rewards decline the later one votes after the initial 30 minutes due to the desire to award curators who initially find the good content.

Also I think he may be asking if/why aggregate curation rewards decline as the percentage of total rewards paid on a blog post?

Personally I don't get a fuck about analyzing curation rewards because rewards via voting can never be a paradigm that will work. For this reason, Steem (and any copying of my ideas @smooth may be doing there at busy.org) can't ever succeed. F.U.B.A.R. clusterfuck incoming...

[alyssa85]

It will be interesting to see who dumps their coins when the new rules come into effect. It should reduce the curating power of some of the whales, and boost the curating power of dolphins who don't sell.

Dolphins have less speculation money to buy up the Steem dumped at rock bottom prices. Whale concentration will increase. Any whales who sell out are selling to whales who don't, thus further increasing concentration. Whales who sell raise cash to buy at cheaper prices while also helping each other to drive prices lower.

Clusterfucks don't spontaneously heal. They rot and decay. Get your popcorn and prepare to have an economics lesson.

All the fucktards who originally hated Steem and now decide to jump on the bullshitwagon are going to experience a pruning on their future capacity for wide-eyed ignorance.

Most whales who sell, do so on the exchanges, where most of the steem just sits. Poloniex for example is sitting on about 5.4 million steem. See

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

And poloniex doesn't get involved in curating, and neither does bittrex. So lots of these sales will reduce the power of the whales. Remember that curating depends purely on the power of those who actually vote in a 24 hour period.

[theothersmith]

Wait until Steem forks strat showing up. Only with equal distribution. Steem will disappear.

Are there any forks yet?

[chryspano]

Wait until Steem forks strat showing up. Only with equal distribution. Steem will disappear.

Are there any forks yet?

via Imgflip Meme Generator

But you can take a look at Golos

https://steemit.com/@golos

[Zer0Sum]

It will be interesting to see who dumps their coins when the new rules come into effect. It should reduce the curating power of some of the whales, and boost the curating power of dolphins who don't sell.

Dolphins have less speculation money to buy up the Steem dumped at rock bottom prices. Whale concentration will increase. Any whales who sell out are selling to whales who don't, thus further increasing concentration. Whales who sell raise cash to buy at cheaper prices while also helping each other to drive prices lower.

Clusterfucks don't spontaneously heal. They rot and decay. Get your popcorn and prepare to have an economics lesson.

All the fucktards who originally hated Steem and now decide to jump on the bullshitwagon are going to experience a pruning on their future capacity for wide-eyed ignorance.

Does anyone realize how absurd this discussion about "whales"/"dolphins"/"dumps"/"curation" is in real world terms...
Steemit has zero revenue, zero professional content and nothing resembling freedom of speech... end of story.

Larimer is a genius at developing economic systems that are 1000% more complicated but 10% as efficient than something from 1980...
He is a master of "artificial stupidity" where you cross the road via the North Pole... and sell tokens for a ride no one understands.

Please keep this thread going forever... I never get tired of laughing at pinheads changing tires on "bullshitwagons".

[chryspano]

Does anyone realize how absurd this discussion about "whales"/"dolphins"/"dumps"/"curation" is in real world terms...

You could say something similar in the early days of bitcoin about "mining", "hash rate", "pools", etc No?

Steemit has zero revenue, zero professional content and nothing resembling freedom of speech...

I didn't know that something like steemit or any other social network could have revenue and "professional content" from day one!
Do you care to give us a few examples about freedom of speech "censorship" on steemit? I'm curious about what kind of content got "censored"
Even if steemit "censors" something now or in the future, the content always remains on the STEEM blockchain, No?

Larimer is a genius at developing economic systems that are 1000% more complicated but 10% as efficient than something from 1980...
He is a master of "artificial stupidity" where you cross the road via the North Pole... and sell tokens for a ride no one understands.

Maybe he is not as "genius" as you or a few others in here. 

Please keep this thread going forever... I never get tired of laughing.

Yes, I fully agree with that.

[iamnotback]

Maybe he is not as "genius" as you or a few others in here. 

I predict none of these guys will create a mass market product:

https://scalingbitcoin.org/presentations

[alyssa85]

Does anyone realize how absurd this discussion about "whales"/"dolphins"/"dumps"/"curation" is in real world terms...
Steemit has zero revenue, zero professional content and nothing resembling freedom of speech... end of story.

You could equally say that bitcoin has no "revenue", it was all generated from scratch on the blockchain. Has it any value? Sure - you can exchange it, ergo it has value. I've cashed out some nice money from it.

It is developing it's own jargon and slang, but that is normal as a community grows.

Lots of the content on steem is more interesting than you find in other places, especially the art and photography. Because of this, it has more women in it's community than other cryptocurrencies. If you remember, the internet only took off when women got involved.

If you think you can do better, nothing stopping you from creating your own version. Lots of people have been talking about it, but none have launched, apart from golos, which is licenced by steemit.

[cleverhope]

steem is really a piramid. But as for me i took a good money from it. of course for profit a common user must only take money, no power up. Lets look on chart today - everything is awful. Devs have done a hardfork but it did not help a lot. a have gone from steemit two mounth ago. good luck steemers.

[alyssa85]

The3 new changes will be live on December 6th. See

https://steemit.com/steem/@steemitblog/steem-0-16-0-status-update

[bitcoinissatan]

I do not think it would be great where I know there is a pool for great whales, and I think they never appreciate the work of the real author except from their special teams 

[iamnotback]

Condensed our recent discussion into one short comment post for @dan and @ned to read:

The change to 13 week power down will make Steem even more concentrated amongst whales, making it entirely non-viable going forward.

The drop in the inflation rate by charging it to everyone, is great, but the consumerate drop to 13 weeks is simply a power grab.

[iamnotback]

Condensed our recent discussion into one short comment post for @dan and @ned to read:

The change to 13 week power down will make Steem even more concentrated amongst whales, making it entirely non-viable going forward.

The drop in the inflation rate by charging it to everyone, is great, but the consumerate drop to 13 weeks is simply a power grab.

A filipina has responded and speaks her opinion about (most of?) us:

Bitcointalk is full of foul-mouthed goobers and disgruntled attackers. A few days spent reading posts there was enough for me.

I assume you would not throw out your baby with the bath water? If you don't understand those technical points, then maybe that will indicate to you that perhaps you don't understand the importance of Bitcointalk. I've been banned from Bitcointalk once or twice already, so it is not as if I am in love with the concept of a centralized, top-down controlled forum.

I see you live in Surigao. I've been there many times.

I read you have invested more than $700 in Steem recently. I hope that is a not a large amount of your savings. I hope you understand the risk of speculating on altcoins. Given you resteemed this blog, I presume you are speculating based on advice similar to that. Well I also commented recently that an early collapse is normal for a technology adoption investment curve, but that doesn't mean that every such collapse is indicative of a technology adoption curve. Many others simply die.