Steem pyramid scheme revealed

[iamnotback]

... interested to see how the consensus voting mechanism works. That is key

The key flaw.

[profitgenerator212]

The hardfork happened, and Steem's price rise 17%, I think this is a step in the right direction.

[cleverhope]

The hardfork happened, and Steem's price rise 17%, I think this is a step in the right direction.

15k satoshi right now. looks like the decision about 3 mounth was not so good.

[CryptoRambler]

The hardfork happened, and Steem's price rise 17%, I think this is a step in the right direction.

15k satoshi right now. looks like the decision about 3 mounth was not so good.

The problem may be that steem is really just as centralized as anything else, with too much SP possibly being held by insiders. Combine that with the p&d that occurred and it will take a while to reverse, if it does.

It seems that the whole idea of power ups/downs may be flawed, especially with prolonged power down periods. 13 weeks doesn't sound very good on the face of it, regardless of whether or not the delayed withdrawal earns interest during that period.

Why does anyone think that restriction would do anything other than prolong a selloff?  How does it make an "investment" a LT investment?

[alyssa85]

It seems that the whole idea of power ups/downs may be flawed, especially with prolonged power down periods. 13 weeks doesn't sound very good on the face of it, regardless of whether or not the delayed withdrawal earns interest during that period.

Why does anyone think that restriction would do anything other than prolong a selloff?  How does it make an "investment" a LT investment?

The whole point of powering up is to earn from curation awards. You can actually make quite a bit from curating, and do it by bot if you wish. So it's a good way of increasing your stake, and you can power down and withdraw some of it as and when you like.

We know from what happened to bitcoin and doge that tipping where you transfer directly from your wallet to someone else doesn't work. Curating where you help allocate the next 24 hours minted coins, and receive a reward for it, works better. But it needs powering up.

[iamnotback]

Barring any real coup in terms of adoption (has one materialized since we last analyzed the data?), then absent any hype which could ignite a pump, then it is difficult to speculate a reason why anyone would accumulate other than the slim probability that either of those might eventually materialize, i.e. speculation. I could perhaps envision accumulative bottom fishing. Will be interesting to see if a floor on the price develops.

I am not powering down because it isn't worth much and holding as a diversification to my own project (which will be sort of a competitor to Steem and Bitshares' Graphene DPoS¹) just in case. There do appear to be some ecosystem developments underway, such as busy.org.

BTC is on a run and so when that exhales, we will likely see another run up of the alts. So diversified bottom fishing probably makes sense, especially when taking some profits on BTC if its price rise gets too overheated.

I am damn thankful Steem happened. I would not have survived financially had I not participated back when it was possible to earns $1000s per blog. I was able to survive to the point where I am now, wherein I began an experiment on curing my illness 5 days ago as (perhaps, hopefully, fingers crossed, looking good so far) a preemption of my medical diagnosis trip to Singapore Jan 12.

¹ I hope my "blockchain" design to be a competitor ("killer") to Bitcoin and just about everything else (including Ethereum, etc). I don't expect Bitcoin to be killed though as it will remain the reserve currency on/off ramp to/from fiat.

[mtnsaa]

Interesting developments lately, although one should question if this was the plan all along...powering up when it was cheap gave you a huge amount of Steem, now I think it gives you too little in my opinion, so the rich got richer. It was still a nice way to reward people who powered up during these recent months and never powered down and continue using the platform.

I find the Steem Dollar with the 9% interest rate pretty interesting though, it definitely has a risk as everything else but it's hard to find a similar option that pays you that well, I would say lending in Poloniex but you would be exposed to the volatility of each currency.

[Bluewaffle]

I thought it was fairly obvious from the offset that steem was going to be one massive scam yet everyone seemed to jump on it anyway.You might as well keep throwing money at it and letting these devs run off with their millions. When a copin just appears out of the blue and shoots to the moon this is a pretty good indicator that things are going to go bad.

Yeah totally that's what I thought too but everyone was just goin with the hype

[profitgenerator212]

letting these devs run off with their millions

Just like Satoshi did

Satoshi didnt, and what the developers spend is spent on development, research and the hosting costs.

They are well respected trustworthy people in my opinion, and Steemit is getting better and better as the day goes by, almost every week new features come out, and even though the price is not that good now, the value is rising.

So if you are an investor you might want to look out for a cheap opportunity here in my opinion.

[CryptoRambler]

Interesting developments lately, although one should question if this was the plan all along...powering up when it was cheap gave you a huge amount of Steem, now I think it gives you too little in my opinion, so the rich got richer. It was still a nice way to reward people who powered up during these recent months and never powered down and continue using the platform.

I find the Steem Dollar with the 9% interest rate pretty interesting though, it definitely has a risk as everything else but it's hard to find a similar option that pays you that well, I would say lending in Poloniex but you would be exposed to the volatility of each currency.

It doesn't look like many people are buying into the new pyramid scheme details.

The main point of contention for many people is that if there is any delay in receiving their invested funds when they are ready to receive them, then the system can't be trusted. 13wks is simply an unacceptable delay for most people that are informed of other opportunities without such a ponzi smell on them.

It will be interesting to see if they run the captain for a second payout again at Steem. I don't think people will flood in again to generate the traffic needed, but we will see

" Although the "captain" is the person at the top of the tree, having received the payment from the eight paying passengers, once they leave the scheme they are able to re-enter the pyramid as a "passenger" and hopefully recruit enough to reach captain again, thereby earning a second payout."

https://en.m.wikipedia.org/wiki/Pyramid_scheme

[smooth]

I find the Steem Dollar with the 9% interest rate pretty interesting though, it definitely has a risk as everything else but it's hard to find a similar option that pays you that well, I would say lending in Poloniex but you would be exposed to the volatility of each currency.

Steem dollar interest rate is dropping rapidly and will probably be 4-5% after January 1. That's still probably a decent deal though, for what it is. You can find the current rate (6%) on the sidebar at steemd.com

[CryptoRambler]

I find the Steem Dollar with the 9% interest rate pretty interesting though, it definitely has a risk as everything else but it's hard to find a similar option that pays you that well, I would say lending in Poloniex but you would be exposed to the volatility of each currency.

Steem dollar interest rate is dropping rapidly and will probably be 4-5% after January 1. That's still probably a decent deal though, for what it is. You can find the current rate (6%) on the sidebar at steemd.com

Right, but what happened to the SBD holders at 10%?

[smooth]

I find the Steem Dollar with the 9% interest rate pretty interesting though, it definitely has a risk as everything else but it's hard to find a similar option that pays you that well, I would say lending in Poloniex but you would be exposed to the volatility of each currency.

Steem dollar interest rate is dropping rapidly and will probably be 4-5% after January 1. That's still probably a decent deal though, for what it is. You can find the current rate (6%) on the sidebar at steemd.com

Right, but what happened to the SBD holders at 10%?

I don't understand the question.

If you mean 10% interest, they got 10% interest. If you mean the 10% of market cap limit, SBD holders would start to take a loss if it exceeded that, but it hasn't happened yet. The highest was 9% (currently about 3%).

[CryptoRambler]

I find the Steem Dollar with the 9% interest rate pretty interesting though, it definitely has a risk as everything else but it's hard to find a similar option that pays you that well, I would say lending in Poloniex but you would be exposed to the volatility of each currency.

Steem dollar interest rate is dropping rapidly and will probably be 4-5% after January 1. That's still probably a decent deal though, for what it is. You can find the current rate (6%) on the sidebar at steemd.com

Right, but what happened to the SBD holders at 10%?

I don't understand the question.

If you mean 10% interest, they got 10% interest. If you mean the 10% of market cap limit, SBD holders would start to take a loss if it exceeded that, but it hasn't happened yet. The highest was 9% (currently about 3%).

Right. So the most faithful holders of SBD Steem Backed Dollars that bought during the first wave for the 10% ROI (the most unproven and speculative time) and now what is their "investment" annual ROI post-fork(fuck)?

[smooth]

I find the Steem Dollar with the 9% interest rate pretty interesting though, it definitely has a risk as everything else but it's hard to find a similar option that pays you that well, I would say lending in Poloniex but you would be exposed to the volatility of each currency.

Steem dollar interest rate is dropping rapidly and will probably be 4-5% after January 1. That's still probably a decent deal though, for what it is. You can find the current rate (6%) on the sidebar at steemd.com

Right, but what happened to the SBD holders at 10%?

I don't understand the question.

If you mean 10% interest, they got 10% interest. If you mean the 10% of market cap limit, SBD holders would start to take a loss if it exceeded that, but it hasn't happened yet. The highest was 9% (currently about 3%).

Right. So the most faithful holders of SBD Steem Backed Dollars that bought during the first wave for the 10% ROI (the most unproven and speculative time) and now what is their "investment" annual ROI post-fork(fuck)?

SBD interest rate is and always was variable (nothing about that was changed via any fork). People who held it when the rate was 10% got 10%/year interest during that time period (paid monthly, so 5/6% per month). It was 10% or higher for about 6-7 months roughly.

[r0ach]

Haven't posted on Steem in a while and decided to give it a go:

The r0ach report vol 5: If there's any plausible conspiracy involving silver and bitcoin, this is it

https://steemit.com/money/@r0achtheunsavory/if-there-s-any-plausible-conspiracy-involving-silver-and-bitcoin-this-is-it

[r0ach]

New one.

The r0ach report vol 6: Why I don't buy platinum

https://steemit.com/money/@r0achtheunsavory/the-r0ach-report-vol-6-why-i-don-t-buy-platinum

[dopecoindude]

Steem is great.
People if you like Crypto-Weed check out DopeCoin!

[r0ach]

Went on Steem posting rampage.  This is kind of what my stance has evolved to on the subject after much debate.  Will be interesting to see what Smooth says on this topic since Anonymint replies are usually akin to:  "yes that is correct", or "no, you are stupid":

The r0ach report vol 7:  Bitcoin is not an actual store of value because there is no real price floor or inelastic demand

https://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-vol-7-bitcoin-is-not-an-actual-store-of-value-because-there-is-no-real-price-floor-or-inelastic-demand

[Dafar]

Smooth,

I tried logging into steemit on a different computer and realized I don't remember my password. I don't even remember making one, and I think I joined before the login system was changed. Luckily I'm always logged in on my laptop. Any tips before I get locked for good