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RE: POWH3D (Proof of Weak Hands) should actually be POHS3D (Proof of Human Stupidity), here's why:
I saw this video. The coin is hysterical. This is a complete parody.
They know as well as you do that it’s a pyramid. They just did so well in the last one that they want to jump in early on this one too.
Ha ha, but this time, I could see them inching too far as the gamblers that they are, and finally losing it all. Hell, Trevon James has even started powering down his Steem, just so he could put it all in this thing.
Pyramids are like picking pennies in front of a steamroller
I’m sure they feel they are better than most and can’t lose.
These people just love to gamble, but you know what they say... the house always wins!
Actually, this is a great study in human behavior. It will reveal not just the level of stupidity, but also hubris and greed. And in the end pain and bewilderment.
Here is what is on PonziCoin’s website:
Our Incredible Journey
We hope everyone had a good laugh😊 But we have to shut down. This was a parody art performance/joke. I did not “run off” with the money. I never sold any of my PonziCoins, and the contract was drained from other users withdrawing. Please be careful when investing in shady cryptocurrencies, especially ones that look like pyramid schemes – it’s a zero sum game and money doesn’t appear out of thin air.
Speaking about money out of thin air, where are we supposed to think Steem comes from?
Ha ha, that is fucking great!
Oh, and Steem is created, along with Steem Backed Dollars via postings. When a post is created and up-voted, it creates more Steem and Steem Dollars after 7 days have passed. If no one creates anything, no new Steem or Steem Dollars are created.
That's how I gather it anyway, your thoughts my friend?
This is the video I mentioned. A bit long but an interesting point of view and not just the blowing of steam up Steem's ass you tend to get here:
The Great Steemit Debate: Tone Vays vs. Jeff Berwick "Ponzi Scheme or Paradigm Shift?
I watched this one, and did you see Tone debating Ned and Dan?
I did not, hoping to get a chance to see that one.
But what do you make of Tone's beef with Steem?
I really don’t know as I did not read the white paper.
But, based on a video debate I saw on youtube back in December, I am under impression that it is doubled every year and distributed based on a proof of stake mechanism. So, the more you have the more of a share of the annual inflation you get.
I can’t remember who it was but the guy had excerpts from the white paper, charts, etc. He liked the website and the platform, but was totally negative on the economic model.
I haven’t really done any digging into the subject myself.
One of my biggest gripes about Steemit is the lack of information coming from higher, these are things that should be passed on to us from Ned and other so called "witnesses".
The governance system is shit here on Steemit, and they really need some conformity.
“In it for the money” just like everything else