Critics Against Steemit

[bitcoinvestor]

Steemit is one of phnomena in cryptocurrency. Social media platform that reward the users based on blockchain token called steem or steem dollar. The first launch of steemit it got huge response but when criticts against steemit the price of steemit in exchanges dropped. What criticts that cause steemit price dropped?

Here it is

First,  In July, Vays even held debates with figures such as Jeff Berwick and Blake Miles in which he went into detail about the “ponzi scheme aspects” of Steemit, among other issues. An example was the policy of limited withdrawals available for Steem Power holders, despite users being discouraged from holding wealth in the STEEM token by a 0.19% daily tax.

Since mid-July, STEEM currency value has decreased to almost zero – from 0.0068BTC to a current level of 0.00016 – or a drop of around 97%.

Second , Speaking to Bitcoin.com, Vays maintains his critical opinion and said that anyone still considering investing in any of Steemit’s tokens would be a “moron.”

“They (developers) locked everyone in for a one-year duration before they could cash out while they were cashing out,” he said. “They claim all transactions are visible on their site, yet people caught them deleting their own washouts from view, and so on.”

He also tweeted misgivings about the planned changes, commenting that they were simply moves to allow senior developers “to exit their positions sooner rather than later.”
Source ; https://news.bitcoin.com/steemit-criticism-plunge-value/

Because of the critics , steemit should crawl with low prices. Do you think steemit will survive or even grow. It is worth investing in steem or steem dollar for an expectation will rise again?

[1715438887]

1715438887

[CoinHoarder]

Because of the critics , steemit should crawl with low prices.

I don't think it is the critics that are at fault here. Steem set themselves up for the well deserved criticism.

Whether it be the sketchy instamine-like month long PoW launch in which several insiders gained a huge percentage of the tokens, or the flawed economics that make up the Steem ecosystem. Both are valid criticisms.

[MirkoIta]

It is worth investing in steem or steem dollar for an expectation will rise again?

I never traded or invested in Steem tokens it was a clear way for the devs to make money over enthusiast users. The idea was good but very badly implemented. I won't touch Steem and anything related to them with a 6 feet pole. Just let it die like 99% of other scamcoins.

[alyssa85]

r a drop of around 97%.[/i]

Second , Speaking to Bitcoin.com, Vays maintains his critical opinion and said that anyone still considering investing in any of Steemit’s tokens would be a “moron.”

“They (developers) locked everyone in for a one-year duration before they could cash out while they were cashing out,” he said. “They claim all transactions are visible on their site, yet people caught them deleting their own washouts from view, and so on.”

He also tweeted misgivings about the planned changes, commenting that they were simply moves to allow senior developers “to exit their positions sooner rather than later.”
Source ; https://news.bitcoin.com/steemit-criticism-plunge-value/

Because of the critics , steemit should crawl with low prices. Do you think steemit will survive or even grow. It is worth investing in steem or steem dollar for an expectation will rise again?

Umm... that changed on December 6th 2016 - you are locked in for just 13 weeks. The change happened 5 months ago - anyone who wanted to cash out has cashed out.

[nemgun]

Steemit is one of phnomena in cryptocurrency. Social media platform that reward the users based on blockchain token called steem or steem dollar. The first launch of steemit it got huge response but when criticts against steemit the price of steemit in exchanges dropped. What criticts that cause steemit price dropped?

Here it is

First,  In July, Vays even held debates with figures such as Jeff Berwick and Blake Miles in which he went into detail about the “ponzi scheme aspects” of Steemit, among other issues. An example was the policy of limited withdrawals available for Steem Power holders, despite users being discouraged from holding wealth in the STEEM token by a 0.19% daily tax.

Since mid-July, STEEM currency value has decreased to almost zero – from 0.0068BTC to a current level of 0.00016 – or a drop of around 97%.

Second , Speaking to Bitcoin.com, Vays maintains his critical opinion and said that anyone still considering investing in any of Steemit’s tokens would be a “moron.”

“They (developers) locked everyone in for a one-year duration before they could cash out while they were cashing out,” he said. “They claim all transactions are visible on their site, yet people caught them deleting their own washouts from view, and so on.”

He also tweeted misgivings about the planned changes, commenting that they were simply moves to allow senior developers “to exit their positions sooner rather than later.”
Source ; https://news.bitcoin.com/steemit-criticism-plunge-value/

Because of the critics , steemit should crawl with low prices. Do you think steemit will survive or even grow. It is worth investing in steem or steem dollar for an expectation will rise again?

I heard about this a long time ago, there are also troubled between the actual maintainers of steem and the original developer who left them some months ago. I guess it is totally related, and this dump is totally justificated, someone on the forum posted evidences (screens) of the devTeam withdrawals, and many other posted evidences of the Steem Pyramid scheme.
I am just pissed off by these devs, they just ruined a project who had a bright future, if at least they was upgrading it. Nothing changed on steem since a long time and it is disapointing.

[bitcoinvestor]

Ehm, there are negative views about steemit. I doubt if I continue my account or cancel it. Is it wasting time to join steemit? Is there anyone who make a lot cash on steemit?

[monsanto]

Because of the critics , steemit should crawl with low prices. Do you think steemit will survive or even grow. It is worth investing in steem or steem dollar for an expectation will rise again?

Seemed overly complicated from the start (for me anyway). I remember trying to figure out how it worked, then realizing you had to wait a year or something to get your funds out. That's probably why it was made complicated

Man did it have a lot of hype when it launched though. I doubt it will grow now, but it's probably good for at least a few more pumps.

[bitcoinvestor]

I join few days ago, I was very interested but a lot of negative comment about steemit. However, I hope will not be scam

[nemgun]

Because of the critics , steemit should crawl with low prices. Do you think steemit will survive or even grow. It is worth investing in steem or steem dollar for an expectation will rise again?

Seemed overly complicated from the start (for me anyway). I remember trying to figure out how it worked, then realizing you had to wait a year or something to get your funds out. That's probably why it was made complicated

Man did it have a lot of hype when it launched though. I doubt it will grow now, but it's probably good for at least a few more pumps.

Have you tried to create a node ? it is full of messy ways to do it, even if some tells you it is simple, each computer have his own differences, so i have never been able to synchronise it fully, always receiving fatal errors because of forks and hard forks.

As of now, their main concern is the lack of evolution, i use it since a long time, i followed them, but there is actually nothing new to the development or the platform it self.

Maybe some updates will fix their actual problems.

And, frankly, i don't see any innovation here, at least, nothing that haven't been aleready done before. Steem makes me feel it is an altcoin of Ethereum based on storage.

[Zer0Sum]

Because of the critics , steemit should crawl with low prices.

I don't think it is the critics that are at fault here. Steem set themselves up for the well deserved criticism.

Whether it be the sketchy instamine-like month long PoW launch in which several insiders gained a huge percentage of the tokens, or the flawed economics that make up the Steem ecosystem. Both are valid criticisms.

It was not an "instamine" or sketchy in any way...
The PoW launch was deliberately oblique for US legal reasons...
And you needed excellent tech skills to get in on the mining.

They were actually begging people to mine STEEM on the Bit-whatever Forum.

But after the ninja mine...
100% EVERYTHING about Steemit was sketchy and scammy... even stuff like abandoning support to Win steemd.

Even to the point where it's impossible to withdraw the last Power Down payment...
And certain mined accounts are impossible to withdraw... these fuckers steal BIG and they steal SMALL.

And "flawed economics" is what get when C++ coders re-invent the world.

[bitcoinvestor]

Can't withdraw power down steem? I havn't invested there but I steel wonder how's the system work

[CoinHoarder]

Because of the critics , steemit should crawl with low prices.

I don't think it is the critics that are at fault here. Steem set themselves up for the well deserved criticism.

Whether it be the sketchy instamine-like month long PoW launch in which several insiders gained a huge percentage of the tokens, or the flawed economics that make up the Steem ecosystem. Both are valid criticisms.

It was not an "instamine" or sketchy in any way...
The PoW launch was deliberately oblique for US legal reasons...
And you needed excellent tech skills to get in on the mining.

They were actually begging people to mine STEEM on the Bit-whatever Forum.

Call it what you want, but one of the biggest turnoffs of Steem is the initial distribution. I am not the only one that feels that way, because I have seen the same complaint repeated from numerous people since its inception. It was definitely sketchy.

[NoiseBoy]

I never understood the value proposition of Steemit. I guess this confirms why.

[bitcoinvestor]

I never understood the value proposition of Steemit. I guess this confirms why.

I do the same , the value of posts and votes. Why with few  votes get higher earning than many votes. Is there anyone who can explain?

[Zer0Sum]

Because of the critics , steemit should crawl with low prices.

I don't think it is the critics that are at fault here. Steem set themselves up for the well deserved criticism.

Whether it be the sketchy instamine-like month long PoW launch in which several insiders gained a huge percentage of the tokens, or the flawed economics that make up the Steem ecosystem. Both are valid criticisms.

It was not an "instamine" or sketchy in any way...
The PoW launch was deliberately oblique for US legal reasons...
And you needed excellent tech skills to get in on the mining.

They were actually begging people to mine STEEM on the Bit-whatever Forum.

Call it what you want, but one of the biggest turnoffs of Steem is the initial distribution. I am not the only one that feels that way, because I have seen the same complaint repeated from numerous people since its inception. It was definitely sketchy.

The PoW thread was meant to be oblique = textbook example of how to go 1000x and get rich on launches, also see NXT launch, IOTA launch, etc

https://bitcointalk.org/index.php?topic=1410943.0

Begging for miners on Bitshares Forum:

https://bitsharestalk.org/index.php/topic,22125.75.html

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Forget about STEEM, it was always a dead end because amateur blogging has ZERO value...
So STEEM was always a "solution in search of a problem".

The one to watch with real life utility (and exploding daily users) is POSW... it's gone 55x since I started buying it in March...
BUT at only $10 million cap and a built-in exchange that will do serious volume... POSW could still go another 5-10x easy  

Real problems solved (maybe) for 1st time:

(a)  convenient staking

(b)  pooled POS staking

(c)  500-600 users typically online = instant liquidity for exchange