Has steemit been chalked up to be a scam yet?

[dwgscale11]

Seems like it's dead, and it has always looked like a clear scam to me.  Did I miss something though? Don't remember when or why it fell off.

[vodaljepa]

Yes its a collapsing ponzi

[amacar2]

Better to say collapsing slowly, got initial attention when it was pumping in exchangers and when it started to get dumped hard all those interest over steemit platform went to like zero except few still active there.

[European Central Bank]

woah. color me amazed. wasn't this gonna kill bitcoin once and for all or is it another coin now? I can't keep up with the bitcoin killers any more.

[Piston Honda]

garbaaageee

[RoommateAgreement]

steem was a bad idea even from the start. and that was clear as a day. people only went in for the free money that steemit was giving them and the later people went in only for the promise of free money they promissed to give them.

but when people don't get what they look for they will slowly start to leave it behind and never look back.

[Rockie1234]

Look at the price on coinmarketcap
for the last few months. A steady decline. Steemit claimed to be "decentralised" but that was just a marketing ploy. Steemit is the exact opposite, with big investors getting the most say in the community. Since the founders own  80% of it, they have all the control and can censor posts as they wish.
Now they are cashing out their steem, as they had steem when it was worth thousands of times less.

Btw, founders cashing out is not an assumption, there was a thread on this forum which had proof of it.

[coin-investor]

I read so much about this program but did not get a chance to participate,there were so many negative write ups,it's a get rich quick for owners and with huge connections

[Antibarcode]

If founders escaping this is like leader killed in war, so i ain't see no opportunity for this project to progress in near future.

[nomoreheroes7]

and coinmarketcap.com has yet to figure out that the STEEM marketcap is only $8 million instead of $80 million due to the 10:1 reverse split that amost everyone forgets about!

I'm a STEEM hodler and I guess I don't really understand what this means either...? How does the reverse split work? Are you just talking about how vesting STEEM grows (while simultaneously being diluted due to the always-faster-increasing "virtual_supply"?)

I've never really understood this valuation aspect of STEEM...

 

[chryspano]

and coinmarketcap.com has yet to figure out that the STEEM marketcap is only $8 million instead of $80 million due to the 10:1 reverse split that amost everyone forgets about!

I'm a STEEM hodler and I guess I don't really understand what this means either...? How does the reverse split work? Are you just talking about how vesting STEEM grows (while simultaneously being diluted due to the always-faster-increasing "virtual_supply"?)

I've never really understood this valuation aspect of STEEM...

 

He is trolling.

Every few years all the STEEM balances will be represented with a smaller value because of some kind of data storage "issue" If total STEEM at that time are 1,350,235,874 STEEM and you hold 100 STEEM the new representation will be 135,023,587.4 Total STEEM and you will hold 10 STEEM.

[chryspano]

If total STEEM at that time are 1,350,235,874 STEEM and you hold 100 STEEM the new representation will be 135,023,587.4 Total STEEM and you will hold 10 STEEM.

POOOFFFF!!!

POOOFFFF what? ? ? ?

You still hold the same percentage of the total supply and marketcap.

You are maliciously trying to mislead everyone here.  

[aamarket]

I'd say there are flaws in steemit ecosystem, but it is still an interesting project.
The truth is you do not see 22,000 USD worth posts anymore https://steemit.com/

[aamarket]

I said it is interesting project.
Regarding your iphone https://steemit.com/steem/@gavinmai/steem-dollar-approved-by-apple (Awarded 21 USD), but I do not see it in app store.

The flaw is the way steemit works, you do not get a good content by whales rewarding articles "wild chicks travel around the world".
Another flaw is that steem is locked for a long time. I do not know the details,
please enlighten us, no need for stupid posts like the one above.

exchange
https://poloniex.com/exchange#btc_sbd
https://poloniex.com/exchange#btc_steem

[testz]

I said it is interesting project.
Regarding your iphone https://steemit.com/steem/@gavinmai/steem-dollar-approved-by-apple (Awarded 21 USD), but I do not see it in app store.

https://itunes.apple.com/us/app/esteem-mobile/id1141397898?mt=8

[jack1111]

Despite Steemit price , I think steemit managed to establish very important blogging platform , and this platform is spreading well , especially between crypto community , it is perfect solution for the bloggers who do not have own blog . The price is different matter because it can be manipulated by traders .

[chryspano]

The flaw is the way steemit works, you do not get a good content by whales rewarding articles "wild chicks travel around the world".
Another flaw is that steem is locked for a long time.

Yeah, the 'stupid' whales need to read every crap post so that they can reward only the best 'quality' content and nothing more, lol.

Where is YOUR followers/fan base? Do you expect that you can write and post an article "somewhere" on the internet and all of a sudden all of the world to be aware of it?  Today it can be easier but what about in 5 years when/IF steem is a success?

STEEM's locking mechanism is just fine, if you don't want to commit yourself long term then don't buy and don't power up, as simple as that.

[aamarket]

Thanks for the link, that app is social networking, not a wallet.

"1. App never access or hold onto user funds."

Any other ?

... I would not expect such comment from a hero member, Chryspano, probably everybody can become one these days
This article was rewarded with over 31,000 USD, so it must be ultra high quality post.

https://steemit.com/beauty/@guerrint/the-first-steemit-makeup-turtorial-bringing-youtubers-to-steemit

[testz]

Thanks for the link, that app is social networking, not a wallet.

"1. App never access or hold onto user funds."

For now yes, but it's not too complicated to transform this app to the Steem wallet, the question is, if users will trust the app developer and give his app the active key in order to make transfer operations or will keep using wallet from https://steemit.com using Apple Safari browser.

[iamnotback]

On the 3 months $ chart, the rate of decline of STEEM is decelerating (employ a straight edge on your screen to convince yourself):

http://coinmarketcap.com/currencies/steem/

Thus it looks like it will find a bottom or the rate of decrease will become largely irrelevant.