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     8 years ago (edited)

    After reading this article it seems to me that Steem is a ponzi-scheme according to dan's own words:

    It only becomes a Ponzi scheme once NuBits is forced to print new NuBits to pay interest on old NuBits

    and

    The NuShareholders vote on an interest rate that will be paid to NuBits holders whom volunteer to park their NuBits for a defined period of time. The interest is paid by the issuance of new NuBits. In other words, parked NuBits get a return paid from future investors. If there are no future investors then the interest rate would go to infinity and the entire dollar peg would break down. This is the classic, text-book, definition of a Ponzi Scheme.

    Don't shoot me for bringing this up :-)

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     8 years ago 

    Yes it look the same as sbd

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     8 years ago 

    From Dan's original post:

    Prediction for NuBits
    The NuBits Ponzi scheme will eventually collapse unless the Bitcoin price can recover before there is a run on NuBits. It will probably continue to maintain a strong peg right up until the day it collapses. When it does collapse it will be sudden and the NuBit holder will get nothing.

    It would be interesting to hear from @dan if his original thinking is one of the scenarios that is currently playing out now. Although I'd very much caution that it's done in the spirit of understanding and learning from failure - and not as 'I told you so'.

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     8 years ago 

    Yes i remember the day it was posted.. caused a lot of upset in the NuBit community. lesson if Dan talks you listen... better go sell my Lisk

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