Steem pyramid scheme revealed

[nitehawk]

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.

[1714914299]

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[1714914299]

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[FiiNALiZE]

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.

[Embeco]

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

[Hyperme.sh]

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.

[BountyX]

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

[smooth]

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.

[MommyElsa]

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

[NewsDeal]

Who's another larimer, what is his part, and does he possess a nickname on steemit?

[4hajs]

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...

[FamiIyHunter]

Hehe, and that he continued? Ah well... what can I only say.

[Turkiwi]

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.

[LifeRacer]

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!

[Transisto]

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/#/

[LGD2Business]

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.

[Jonsnowstark]

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.

[LGD2Business]

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.

[leea-1334]

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.

[adam1230]

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.

[KingScorpio]

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

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

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


Those are steem founders's wallets, they own a shit loads of steem yes i know. They own about 80% of steem .


You know what's funny is that they tell you to power up but they are powering down all 3 accounts and cashing out $2 Millions every week.

And fools on poloniex are buying up all the steems hahah and best of all the founders's money is growing extremely fast so they have essentially set up a system where they could cash out $2M every week for life until the ponzi come crashing down of course but these devs are fucking geniuses.
It doesn't end there though, they have designed a system where they have so much voting power compared to everyone else that they decide where the pool's money is being allocated, so if they want to pay themselves and their buddies they can do it just by a mouse click.
They can also create sockpuppets account and vote for themselves.It's like a fucking cartel, they are the first crypto mafia.
They also get to decide what goes on the front page so obviously they chose to upvote boobs and steem praise, there is nothing better than vagina to prop up a massive bubble.


In 3 years all the new steem power that was created out of thin air to enrich the devs will be detroyed at a ratio of 10 to 1. So if you have 10 SP they will burn 9 from you and everyone else including themselves, But they don't care becasue in 3 years the devs will be in their private yacht  sipping mojito with lots of bitches while you will be powering down but it's gonna be too late my friend.

And you know what they say when you ask but why are you destroying 90% of my wealth in 3 year? They say don't worry  hopefully the price will increase to make up for it rofl It will not because they would have crashed it to pay for the yatch lol

RIP steem power holders.

http://thestringpuller.com/2016/07/a-steeming-bubble/


edit : Dan has deleted transaction history on one of his account.  https://steemit.com/@steem/transfers

Money senta few days ago from https://steemit.com/@steemit/transfers is not showing as received on the steem account like it usually does. I don't know exactly why he doesn't want us to see the transactions but it looks like he is trying to hide something. Fishy


edit 2 : As predicted Steemit founders cashing out big time, they have been crashing the price from 5$ to 0.8$ and they are gonna crash it to pennies until there are no more investors to milk from.
https://steemit.com/steemit/@magnebit/steem-price-is-being-pushed-down-by-1-person-speculation-on-why-and-where-it-may-end-up

RIP steem power holders

oh thats normal thats how money works, actually, there is one that is basically the king, or several (dukes)
they print money and let others work for it, they make others clear that they are investing everything into their inerest or force them to do that, and this way kingdoms always worked, only god/gods is/are above the pyramid.

even bitcoin has today a pyramide structure through the mining pools and the professional miners,

regards

[nomad1109]

So many coins are just ponzi schemes now. It can actually be argued that the whole crypto economy is a ponzi bubble, waiting to burst. I guess time will tell if they're right or not.