RE: Steem clone Weku looks a little shady
Now I will comment on a few things separately from my other response.
Rewards are split 50/50 between Weku Dollar and Weku Power. Users who sign up to Weku receive 100 Weku Power and
those who refer new users also receive 100 Weku Power.
Those who refer new users used to receive 50 WEKU. Now they receive 40 WP and 10 liquid WEKU. Though, since it's done manually it takes a ridiculous amount of time to get it. I referred several people 3 weeks back and still haven't seen the bonus. Very inefficient.
They are of course not scammers. What they did is game the system due to Weku team’s incompetence which deserves some praise in and off of itself.
I agree. I think moralizing actions like this is ignorant. Change the underlying code to make it resistant to abuse before you complain or try to shame people.
Now, allow me to explain why it is a little shady. Here’s the CEO’s LinkedIn page: https://www.linkedin.com/in/kevin-zou-36b3581/ . The page looks like it is newly created and it doesn’t have a picture.
There are some other weird things. Check the patents that are listed on his LinkedIn page. They don't match the names listed as inventors on the actual patents. However, he is a real person as I found his picture on the Texas Association of Chinese Entrepreneurs site.
When I checked the trending posts tagged scam, I found this post at the top. It mentioned 2 accounts as being scammers. I checked both of those accounts and they were farming rewards.
Hahaha, I know Gazi. We are aware of this but the WP the team delegated us is not sufficient to combat it and it takes a long time. Also, who wants to waste voting power to do it? The economic incentive to downvote is still not good enough.
New investors who buy Weku will be giving free money to these reward farmers.
To a degree, that's true. If the platform was balanced out, it might be relatively insignificant in the long run.
The above stated reasons are why I think it is a failure and not a good project to invest in.
I would also not recommend people to invest in WeKu at the present time. Since I see these systems as games, I have bought some for fun because I find it entertaining to use this clone of STEEM that still functions off the bandwidth rules with lower inflation.
Thanks. I updated the post with that correction.