Steem investors beware

[criptix]

I think it is normal to power down when you have so much. I'd do the exact same thing as them in their shoes...

Reading post like that, i should probaly shoot 10 btc into steem. I think we will see atleast one more pump

[Febo]

The distribution is bad and for the ordinary investor the value proposition is terrible.

Exactly. They fucked up start big.

[raphma]

i'm not saying it's not a ponzi, but why wouldnt they power down?? who wouldnt??
they have more than enough to keep using the platform, they will take 1/104 per week so it's just a parcel.... and the fact they are powering down it good to the community.. so what's the problem? they should keep the money there forever?

[magicalacademy]

i'm not saying it's not a ponzi, but why wouldnt they power down?? who wouldnt??
they have more than enough to keep using the platform, they will take 1/104 per week so it's just a parcel.... and the fact they are powering down it good to the community.. so what's the problem? they should keep the money there forever?

Usually when people believe in a currency they buy it they don't sell it. The fact that 90% of the whales want to cash out send a very clear signal to potential investors.
Why is everyone acting in the platform's best interest ( ie powering up) but the whales? Because the whales have so much money that they are in the greed phase already while the other people are still in the "let's make steem a success" ( for their own personal gain ofc) phase.
The bad news is that the numbers of greedy users is growing by the day ( I don't blame them btw) which means a decreasing steem price which in turns means more powering down.
Steem power is what holds this thing together, the more people powering down the quicker it will be break down. The people who will be left holding the bag are the one late to the party the smart ones on top are cashing out while the fools are buying.

[Divinespark]

Trouble is that the market is starting to read this as a ponzi scheme regardless of what the reality is. I can see Steem price go below $2 in the short term. The outlook is not great, and the fact that average content quality remains mediocre doesn't help.

[Carmen_Sandiego]

lol what is the purpose of the blockchain in this case?

[iamnotback]

i'm not saying it's not a ponzi, but why wouldnt they power down?? who wouldnt??
they have more than enough to keep using the platform, they will take 1/104 per week so it's just a parcel.... and the fact they are powering down it good to the community.. so what's the problem? they should keep the money there forever?

A much better design would debase their holdings while most of it remained locked up for 104 weeks. Which is the design I intend to launch asap. Also their holdings shouldn't be 50% of the tokens.

Steem power is what holds this thing together, the more people powering down the quicker it will be break down. The people who will be left holding the bag are the one late to the party the smart ones on top are cashing out while the fools are buying.

It probably won't collapse until a kickass competitor is launched and the bag holders realize they are fucked. They will either remain in denial while it sinks or try to power down to head to the exits.

lol what is the purpose of the blockchain in this case?

So the content is not controlled by any party (but for Steem that ideal is lost since the 50 whales control it via proof-of-stake).

[DecentralizeEconomics]

Steem is in the same boat as onecoin for me. They really offered investors a crappy deal to be followed by dilution by creators and friends and the people thinking they will cash out huge amounts from shitposting well good luck with that.

Steem makes Onecoin look legitimate.  The Onecoin scammers are amateurs compared to the Larimers and their backers.  Onecoin is going to have to step up its game if it's going to compete with Steem.  Seriously, the Larimers even steal from the mentally retarded.

[Carmen_Sandiego]

lol to immutably store the posted content forever.  It essentially protects your free speech against censorship

JL777 would rather pump 100 BTC into STEEM POWER than into SUPER NET


https://steemit.com/steemit/@jl777/vests-the-true-power-of-steem-and-why-i-personally-put-100-btc-into-steemit-ecosystem

Is 100 bitcoins a lot for you?

It's a lot of money. I think it's result of the hype.

[DecentralizeEconomics]

lol to immutably store the posted content forever.  It essentially protects your free speech against censorship

JL777 would rather pump 100 BTC into STEEM POWER than into SUPER NET


https://steemit.com/steemit/@jl777/vests-the-true-power-of-steem-and-why-i-personally-put-100-btc-into-steemit-ecosystem

Is 100 bitcoins a lot for you?

I wouldn't be bragging about that... JL777 is a total nutcase.

[Carmen_Sandiego]

i'm not saying it's not a ponzi, but why wouldnt they power down?? who wouldnt??
they have more than enough to keep using the platform, they will take 1/104 per week so it's just a parcel.... and the fact they are powering down it good to the community.. so what's the problem? they should keep the money there forever?

A much better design would debase their holdings while most of it remained locked up for 104 weeks. Which is the design I intend to launch asap. Also their holdings shouldn't be 50% of the tokens.

Steem power is what holds this thing together, the more people powering down the quicker it will be break down. The people who will be left holding the bag are the one late to the party the smart ones on top are cashing out while the fools are buying.

It probably won't collapse until a kickass competitor is launched and the bag holders realize they are fucked. They will either remain in denial while it sinks or try to power down to head to the exits.

lol what is the purpose of the blockchain in this case?

So the content is not controlled by any party (but for Steem that ideal is lost since the 50 whales control it via proof-of-stake).

Unless they bring something truly sustainable, it will implode.

[iamnotback]

Unless they bring something truly sustainable, it will implode.

Well I am not going to stand idly and wait for that to happen. I am doing my best to try to release a competitor asap in order to accelerate the implosion of Steem, and replace it with something that is sustainable and good of us.

I worked out much of the design already in my head. I am exhausted right now (age 51!) from an intense, nonstop 3 hour gym workout (8am to 11am), so I will take a nap. Hopefully feel good later today and can begin coding.

I am not forking nor reusing any code from Graphene, Steem, nor Steemit. So I have no idea how long this will take. I'll see as I dive in.

[iamnotback]

...then you are our last great hope for real change!

I assume there are others working on Steem competitors.

[Carmen_Sandiego]

Unless they bring something truly sustainable, it will implode.

Well I am not going to stand idly and wait for that to happen. I am doing my best to try to release a competitor asap in order to accelerate the implosion of Steem, and replace it with something that is sustainable and good of us.

I worked out much of the design already in my head. I am exhausted right now (age 51!) from an intense, nonstop 3 hour gym workout (8am to 11am), so I will take a nap. Hopefully feel good later today and can begin coding.

I am not forking nor reusing any code from Graphene, Steem, nor Steemit. So I have no idea how long this will take. I'll see as I dive in.

It's not an easy task, indeed. But if the service is sustainable and solves real problems, there will be interest. Good luck.

[iamnotback]

Other "smart" people who are buying STEEM and powering up to lock themselves into SP for the 1 year weighted average price exit:

https://steemit.com/steem/@pfunk/meet-laonie-and-6-other-steem-superheroes-powering-up-this-week

Steem's attrition data seems to confirm it will implode:

https://bitcointalk.org/index.php?topic=1558366.msg15781779#msg15781779

[mtnsaa]

You gotta give them credit that they definitely generated more interest in crypto that any other altcoin ever did (especially from women, something unheard of)...and I won't be making any scam or ponzi accusations in this post.

However I see that Steem is the real key here, it's "where the money" comes from. There's a very small supply (with high inflation) because most is locked but who will keep buying steem besides speculators and investors? That can't be really sustainable. Whales and big dolphins already have enough and are generating SP just by sitting there or upvoting useless posts.

BTC fans are already aware of the dangers of the platform, so I don't really see them flocking in mass to buy Steem to power up (they are busy buying ETC). So I don't know how this will play out in the next upcoming months, the platform and userbase is definitely growing.

The bottomline line, if this turned out to be a complete fiasco and disaster, Bitcoin will face the heat, I can guarantee you that right now.

[B1tUnl0ck3r]

You gotta give them credit that they definitely generated more interest in crypto that any other altcoin ever did (especially from women, something unheard of)...and I won't be making any scam or ponzi accusations in this post.

However I see that Steem is the real key here, it's "where the money" comes from. There's a very small supply (with high inflation) because most is locked but who will keep buying steem besides speculators and investors? That can't be really sustainable. Whales and big dolphins already have enough and are generating SP just by sitting there or upvoting useless posts.

BTC fans are already aware of the dangers of the platform, so I don't really see them flocking in mass to buy Steem to power up (they are busy buying ETC). So I don't know how this will play out in the next upcoming months, the platform and userbase is definitely growing.

The bottomline line, if this turned out to be a complete fiasco and disaster, Bitcoin will face the heat, I can guarantee you that right now.

I don't plan to buy a single one of those steem vest/power/dollar/what ever for now... just trying to make it work for a few cpucycles... however I don't agree with you bitcoin thesis... 0 risk. bitcoin has nothing to do with steem... what would be great is a steem clone with btc integrated and not a useless new chain...

[mtnsaa]

You gotta give them credit that they definitely generated more interest in crypto that any other altcoin ever did (especially from women, something unheard of)...and I won't be making any scam or ponzi accusations in this post.

However I see that Steem is the real key here, it's "where the money" comes from. There's a very small supply (with high inflation) because most is locked but who will keep buying steem besides speculators and investors? That can't be really sustainable. Whales and big dolphins already have enough and are generating SP just by sitting there or upvoting useless posts.

BTC fans are already aware of the dangers of the platform, so I don't really see them flocking in mass to buy Steem to power up (they are busy buying ETC). So I don't know how this will play out in the next upcoming months, the platform and userbase is definitely growing.

The bottomline line, if this turned out to be a complete fiasco and disaster, Bitcoin will face the heat, I can guarantee you that right now.

I don't plan to buy a single one of those steem vest/power/dollar/what ever for now... just trying to make it work for a few cpucycles... however I don't agree with you bitcoin thesis... 0 risk. bitcoin has nothing to do with steem... what would be great is a steem clone with btc integrated and not a useless new chain...

Sure, I can only imagine the headlines "Bitcoin Social Media Platform scam 100k users". "A Bitcoin based social media platform called "Steemit".

[B1tUnl0ck3r]

You gotta give them credit that they definitely generated more interest in crypto that any other altcoin ever did (especially from women, something unheard of)...and I won't be making any scam or ponzi accusations in this post.

However I see that Steem is the real key here, it's "where the money" comes from. There's a very small supply (with high inflation) because most is locked but who will keep buying steem besides speculators and investors? That can't be really sustainable. Whales and big dolphins already have enough and are generating SP just by sitting there or upvoting useless posts.

BTC fans are already aware of the dangers of the platform, so I don't really see them flocking in mass to buy Steem to power up (they are busy buying ETC). So I don't know how this will play out in the next upcoming months, the platform and userbase is definitely growing.

The bottomline line, if this turned out to be a complete fiasco and disaster, Bitcoin will face the heat, I can guarantee you that right now.

I don't plan to buy a single one of those steem vest/power/dollar/what ever for now... just trying to make it work for a few cpucycles... however I don't agree with you bitcoin thesis... 0 risk. bitcoin has nothing to do with steem... what would be great is a steem clone with btc integrated and not a useless new chain...

Sure, I can only imagine the headlines "Bitcoin Social Media Platform scam 100k users". "A Bitcoin based social media platform called "Steemit".

steemoxxed?

[iamnotback]

...the platform and userbase is definitely growing.

Not much.

It is even 1/100th of Ello and Tsu's peak rate of signups and both of those died.

Sure, I can only imagine the headlines "Bitcoin Social Media Platform scam 100k users". "A Bitcoin based social media platform called "Steemit".

It has the potential to reflect very badly on Bitcoin, blockchains, and crypto-currency. Especially later when it becomes common knowledge that it was 80 - 90% premined and the whales were cashing out from the beginning, while the n00bs were fooled.

Nevertheless any news (even bad news) is probably promotion to the masses, yet if the masses are always hearing about the problems (theft, scams, etc) they might become callous and calcified against our sector.

BTC fans are already aware of the dangers of the platform, so I don't really see them flocking in mass to buy Steem to power up (they are busy buying ETC).

Yesterday I wrote that everyone should be selling ETH and buying ETC. I see -6% on ETH and +18% on ETC since I wrote that.

Bitcoin holders will still determine the investment of altcoins. ETC wins because it is favored by Bitcoin investors who disagree with forking to change the rules ex post facto to bail out those who don't like the rules after the fact. And because ETC is the undervalued of the two (and speculators want quick gains). Period.

Steem has no medium-term investment case, because if you hold liquid STEEM then you are debased ~50% yearly, and if you power up to STEEM POWER then you are only debased ~5% yearly but then you are locked into a 1 year weighted average price cash out future.

And the long-term investment case for Steem is dubious.