Steem pyramid scheme revealed

[Roidz]

yes please, leave steemit, let us earn more

[VTS]

I checked at alexa.com

http://www.alexa.com/siteinfo/steemit.com

Global rank 2,896
Rank in United States 1,401

Last year around the same time, it wasn't even in top10.000.

It's growing alright...

Alexa is not a reliable source as it can be easy manipulated via spending few bucks....

(generally talking: not telling that steem doesn't have a honest alexa rank, tho)

Alexa rank can be very misleading info....

[bboyjohn]

Steemit still growing yes, but too many fake profiles in steemit now

[chesegrinder]

Ops i think you point out every aspect of the system... there a lot of ponzi on this day and there just freaking changing there name even in the investor section there are alot of them posting some thread... i saw one pyramid scheme company from malaysia and they are saying the company is a multi million company as they are expanding to US, korea singapore china philippines and indonesia the company are sayingnthat they are listed to nasdaq but as i check they are just gathering the requirements . I will not mention that company as they are not in this forum and other site. There method are p2p

[左]

I'm unsure, but have heard several people say writing the steemit articles isn't really worth their time? i.e not earning them much.
Is it the way they write articles, is it worth it for the average person?

[LGD2Business]

Steem is never for minnows and never will be. If you don't have power and connections you can't earn anything other than chewing gum money. It's not surprising because system works like that. You better find better things to earn money, rather than wasting time to collect dust from Steem.

[Roidz]

I'm unsure, but have heard several people say writing the steemit articles aren't really worth their time? i.e not earning them much.
Is it the way they write articles, is it worth it for the average person?

cause they just write for money.
build followers, a community, and write great things..you will make a lot of money.

[profitgenerator212]

Steem is never for minnows and never will be. If you don't have power and connections you can't earn anything other than chewing gum money. It's not surprising because system works like that. You better find better things to earn money, rather than wasting time to collect dust from Steem.

That's funny because I started out from 0 and still managed to earn money there.

You can always substitute "connections" with hard work. The question is are people determined enough to work hard to build their career, or are they lazy crybabies?

[sixexgames]

I've more than made my money back as I've gotten lucky and had two $100+ posts. So I'll just ride the wave while it lasts.

[themathiasmiller]

Steem is never for minnows and never will be. If you don't have power and connections you can't earn anything other than chewing gum money. It's not surprising because system works like that. You better find better things to earn money, rather than wasting time to collect dust from Steem.

That's funny because I started out from 0 and still managed to earn money there.

You can always substitute "connections" with hard work. The question is are people determined enough to work hard to build their career, or are they lazy crybabies?

Exactly steemit is a really great site and it gives a lot of people an opportunity to earn, just like any other social networking sites you need to work hard in order to grow, you need time to make your content better and more appealing to the masses. Steemit is not for people who want instant cash, it's for content creators who are very passionate about their creations and are willing to work extra hard to get far.

[evski]

these threads are a joke

[Roidz]

these threads are a joke

also you newbie account that comments here is a joke 

[Traxo]

The Steem scheme is an illegal investment security and the implications are potentially dire.

[smooth]

The Steem scheme is an illegal investment security and the implications are potentially dire.

Can't say I disagree.

The famous blog post states intent to circumvent securities laws while achieving the same economic reality of raising funds by selling stake to investors seeking a return from success of the project. That's basically a roadmap for SEC prosecution. Whether the SEC chooses to prioritize this over hundreds of other such candidate token/ICO cases is unknown to me. I always felt that blog post was a strategic blunder (i.e. harmful admission) driven by ego ("Look how clever I am, I figured out how to skirt the law while achieving the same thing").

Just my uninformed and ignorant view, not legal advice.

[Bostonias]

Steem is never for minnows and never will be. If you don't have power and connections you can't earn anything other than chewing gum money. It's not surprising because system works like that. You better find better things to earn money, rather than wasting time to collect dust from Steem.

I don't support Steem though you're right, the people that have the connections are the ones that will make the money in that website. It's not like Reddit where anything can go to the front page depending on an algorithm.

[chryspano]

The Steem scheme is an illegal investment security and the implications are potentially dire.

Can't say I disagree.

The famous blog post states intent to circumvent securities laws while achieving the same economic reality of raising funds by selling stake to investors seeking a return from success of the project. That's basically a roadmap for SEC prosecution. Whether the SEC chooses to prioritize this over hundreds of other such candidate token/ICO cases is unknown to me. I always felt that blog post was a strategic blunder (i.e. harmful admission) driven by ego ("Look how clever I am, I figured out how to skirt the law while achieving the same thing").

Just my uninformed and ignorant view, not legal advice.

Then we can say the same about all the bitcoin miners too, imo. Every miner is selling stake to investors seeking a return from the success of the project(bitcoin)

[smooth]

The Steem scheme is an illegal investment security and the implications are potentially dire.

Can't say I disagree.

The famous blog post states intent to circumvent securities laws while achieving the same economic reality of raising funds by selling stake to investors seeking a return from success of the project. That's basically a roadmap for SEC prosecution. Whether the SEC chooses to prioritize this over hundreds of other such candidate token/ICO cases is unknown to me. I always felt that blog post was a strategic blunder (i.e. harmful admission) driven by ego ("Look how clever I am, I figured out how to skirt the law while achieving the same thing").

Just my uninformed and ignorant view, not legal advice.

Then we can say the same about all the bitcoin miners too, imo. Every miner is selling stake to investors seeking a return from the success of the project(bitcoin)

Where is the blog post stating this was a pre-planned scheme to raise money from investors to pay for development?

In fact it doesn't even raise money for development. One of the big issues with BTC has always been how to pay for development.

[chryspano]

Where is the blog post stating this was a pre-planned scheme to raise money from investors to pay for development?

Here are hundrends of them https://bitcointalk.org/index.php?board=159.0

I can't see how coins like Litecoin or anything else, falls under a different category, maybe the "Chinese guy" that launched/created Litecoin will get away because he didn't use any of his "premined" coins for development, lol  or maybe because he kept the "development part" a secret, I'm sure they will ignore him!

In fact it doesn't even raise money for development. One of the big issues with BTC has always been how to pay for development.

That's only one "interpretation", my intepretation is that the btc development is paid by the success of btc and by those that buy btc.

In the end of the day the only difference between Steem and every other crypto is that some miners believed in the project most than others and so they mined the most coins, they can do whatever they want with those coins, no exceptions.

[smooth]

Where is the blog post stating this was a pre-planned scheme to raise money from investors to pay for development?

Here are hundrends of them https://bitcointalk.org/index.php?board=159.0

Alts, sure, maybe some of them are also disguised investment schemes.

I can't see how coins like Litecoin or anything else, falls under a different category, maybe the "Chinese guy" that launched/created Litecoin will get away because he didn't use any of his "premined" coins for development, lol   or maybe because he kept the "development part" a secret, I'm sure they will ignore him!

He didn't have any premined coins nor did he deliberately act to suppress access and participation by other miners so as to accumulate some (or maybe he did, but at least he didn't admit it; then proving it becomes a more significant issue). Even if he did, the magnitude would be tiny. Litecoin and all of its miners has not even by now years later mined as large a share of its coins as Steem's developers did in the first week. The facts are enormously different not only in magnitude but to the extent that magnitude difference is so large it clearly becomes a potential difference in kind.

At some point this becomes frankly laughable. If the devs can withholding information and obfuscate things for a week such that they can mine most of the coins, can they do that in a day? An hour? How about a millisecond of "mining"? At what point does it become a de facto premine/ICO?

In fact it doesn't even raise money for development. One of the big issues with BTC has always been how to pay for development.

That's only one "interpretation", my intepretation is that the btc development is paid by the success of btc and by those that buy btc.

If you look back in the history of Bitcoin you will see that there was indeed discussion along the lines of whether that could make it an illegal security but it seems that history (and the SEC, and the SEC's non-US counterparts) has passed by that interpretation and concluded in the negative.

Once you introduce different facts into the scenario you reopen the question. Steem's facts are quite different, including the documented intent and actions of its creators.

[woas4]

Steem was bound to fail from the start, even if it was completely legit. Anyone who has ever touched social media knew their approach would ultimately fail or be left to the vultures abusing it. We need room for better ideas.