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Author Topic: Steem pyramid scheme revealed  (Read 106993 times)
Hyperme.sh
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November 03, 2017, 02:29:37 AM
 #1441

And that may be great for those with nothing better to do, but doing an hour of driving Uber vs and hour of writing content for steem, Uber pays more.

For those with faithful followings, they can take their sheep to each and every platform. Like most social media monetization is all about creating a following. Not every person on the earth is going to experience success on steem, and thus there is frustration (which you have labeled FUD).

Sir that is an excellent point. I really appreciate that dose of reality.
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November 03, 2017, 02:43:58 AM
 #1442


The sad thing is if Steem could actually invest $1000 into a fresh website design that didn't look like it was made in India in 1999, then they could have the potential to actually succeed. At this point only cryptocurrency enthusiasts use the platform and I cannot see that changing in the near future.

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November 03, 2017, 10:21:09 PM
 #1443


The sad thing is if Steem could actually invest $1000 into a fresh website design that didn't look like it was made in India in 1999, then they could have the potential to actually succeed. At this point only cryptocurrency enthusiasts use the platform and I cannot see that changing in the near future.
Steem wouldn't want to spend that kind of money on a website. Those people know that they can still make money with that lame design.

 
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November 03, 2017, 10:26:24 PM
 #1444

Wow, actually I always had a pretty good impression of Steem, but this whole thread is frightening...
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November 03, 2017, 11:14:03 PM
 #1445

Wow, actually I always had a pretty good impression of Steem, but this whole thread is frightening...

I had previously equivocated a bit on whether Steem is good or bad. Hope you read that post.

Also I added some more explanation to my recent blog, which I think will help neophytes better understand the issues with consortium blockchains. Hope you read that as well.
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November 05, 2017, 09:58:01 PM
 #1446

Did anybody understand my blog? I have no feedback from any of you other than 18 upvotes before @chryspano censored it from Steemit’s viewers as explained in my prior post.

Was the math of Byzantine fault tolerant consensus more comprehensible the way I explained it? I had edited what I had from my white paper to make it a bit more explanatory.

Is no one here interested in Steem any more?

Hello, I didnt get why you need only 33% to shutdown the blockchain.

Thanks for asking. I realize that math result is non-intuitive and difficult for a layman to believe.

See the “Math of liveness & safety” section of my blog. Study the explanation of the math that is quoted from my white paper.

It is because over the overlap of 2 elections for the relative pairing of two blocks, and the fact that there are N delegates who vote yet the quorum size must be T. We then solve for a mathematical relationship between T and N by equating the two expressions, because we have another requirement that the excess of N - T be equal to the aforementioned overlap 2T - N - 1.

The point is that it is the need for the ability to objectively prove the relationship between any pairings of block elections in the case that everything is relative because all actors are untrusted and the network propagation order is indeterminant (which relates back to the oft-cited FLP impossibility theorem which is mentioned in more detail in my yet unpublished white paper). This is why mathematically 33% can halt the blockchain, if we care about there existing an objective consensus (i.e. safety and consistency) and not just an unbounded number of subjective competing forks (i.e. double-spends and chaos). Of course a boastful, overeager FOMO-bag seller like Dan would claim this is incredulous, because Dan is apparently ignorant of the math and does not have his priorities on being expert on the research. I find it incredulous that Block.one raised ~$500 million thus far and apparently can’t even be bothered to hire some researchers to teach them about their technological weaknesses.

It is all in the math. I know it is non-intuitive but this result is from the 1980s (although the way I have derived it and explained the well known result may be my own unique insight). Sheesh and Dan is not even aware of it.

Realize the 33% liveness threshold (where 33% can shutdown the forward progress of the blockchain) only applies for an elected set of delegates and not to proof-of-work.
Thanks for your answer i will check it.
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November 05, 2017, 10:24:03 PM
 #1447

80% of steem owned by the creators? did someone verify that? this would really be the end for that coin...

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November 07, 2017, 01:34:03 AM
 #1448

80% of steem owned by the creators? did someone verify that? this would really be the end for that coin...

Nothing to verify, they admitted it. There is dilution and dumping to fund expenses by the team so it is probably a lot lower than that now, although realistically most claims about distribution (on all coins that make such claims) are nonsense since you can't tell who actually owns or controls which accounts/addresses.
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November 07, 2017, 01:56:40 AM
 #1449

This thread was old, if this are all true why does steem still in the crypto currency world?


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November 09, 2017, 10:08:17 PM
 #1450

Who's another larimer, what is his part, and does he possess a nickname on steemit?
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November 09, 2017, 10:49:37 PM
 #1451

Steem keeps going down and down and no one is buying it. Why would they? I think that steem is useless now. You are just funding authors but the popular ones get the most money. It does not matter what you write...

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November 10, 2017, 08:19:19 AM
 #1452

Hehe, and that he continued? Ah well... what can I only say.
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November 10, 2017, 04:09:12 PM
 #1453

Even if they do own a lot of coins that doesn't mean it's a scam. Steem is doing it's own part and as it is the blockchain, everyone can verify who owns what and that could be done from the very beggining. So coming out and saying that Steem is a scam because you figured out that the owners own a lot of it's coins, is just wrong. They already offer a quite good service and people seem to like getting paid for typing stuff, so if they are happy with it let them keep on doing it, and if you're not happy with it just don't get involved, you have nothing to lose if you don't any Steem coins so no worries.
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November 12, 2017, 02:58:27 AM
 #1454

What I think is the perfect discussion to possess about this is why would we would like Bitcoin to be the world's book forex. Existing fiat currencies are controlled and altered by Government authorities and Banking institutions. Do you consider these people are likely to just let Bitcoin exist with out their involvement or blessing? Do you think these folks aren't going to wish to have manage and choice to adjust Bitcoin as they have fiat?I think the answer is No!
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November 14, 2017, 07:36:29 PM
 #1455

Sorry, this has nothing to do with Steem.

... Government authorities and Banking institutions. Do you consider these people are likely to just let Bitcoin exist with out their involvement or blessing? Do you think these folks aren't going to wish to have manage and choice to adjust Bitcoin as they have fiat?I think the answer is No!
You must be new here, The whole point of Bitcoin is for these people not to be able to stop it.

Maybe that document (which I haven't read) will help you come up with some relevant vector of attack.
Bitcoin Security Threat Model (PDF)
https://gateway.ipfs.io/ipfs/QmSJm9XGHXyxRaMFfLN2scunbMyopCU7xPxz3WQHLfLKQy/#/

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November 14, 2017, 07:45:51 PM
 #1456

This thread was old, if this are all true why does steem still in the crypto currency world?

There are a lot of scams still going on in the crypto currency world, so your logic is broken now. Just because crypto currency world is full of scams doesn't mean Steem is scam, or exact opposite, is not scam. It should be investigated case by case basis. I think Steem is only profitable for their owners. Regular users don't get cut from this profit much.



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November 17, 2017, 09:34:05 AM
 #1457

80% is a big one. I have investedn in steem and i believed in it. Its just sad how some developers are too greedy. They only want to get all our money. This makes me want to stop with the alts and just hold my bitcoin, then i won't be scammed.

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November 17, 2017, 01:35:28 PM
 #1458

Steem is crashes these days, it is worthless at all. Many retarded use this program to cheat free money, pity on them, especially bts creator dan

What do you mean? Dan looks like he's enjoying the site's success. He even expand his scam by opening new ICO's.
Check out Smart Media Tokens on the Steem Blockchain. He's too greedy to make money out of cryptos.



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Rainbot
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leea-1334
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November 17, 2017, 01:37:38 PM
 #1459

80% is a big one. I have investedn in steem and i believed in it. Its just sad how some developers are too greedy. They only want to get all our money. This makes me want to stop with the alts and just hold my bitcoin, then i won't be scammed.

Well, we should have all seen it coming. And every time it looked like it was getting worse, we were all told something new to keep our hopes up. I stopped Steemit long ago thankfully. I was writing original content and investing so much time in it, but kept getting bypassed by some new user who tripled reputation in 3 weeks thanks to a profile photo of a skimpy girl posting selfies and earning $50 for every zero content post.

That is when I said. Damn this system, it does not work.

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November 17, 2017, 01:45:17 PM
 #1460

Steem pyramid is the best pyramid i ever seen. Almost perfect scheme to get money from other people.
I have steemit account but i never try to get profit from steem.
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