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RE: BuzzSteem Ep 9 - Don't Let Steemit Become A Ponzi Scheme
https://www.steemithelp.net/new-page-3/
I had read on here that Steem is "mined" by creating new content. So that's why I said that. I don't think it's the number of users that would cause returns to diminish but how those rewards were allocated. I had also read somewhere that there isn't a pre-determined amount of Steem and that more is created daily. The issue I was bringing up is that whales who produce no content are therefore "raping" the Steem pool from all the minnows who are creating by just upvoting each other.
The steem economic model is infeasible and unattractive on too many dimensions to be a serious contender in its current incarnation and with the current group of shareholders. It's actually a ponzi scheme built on top of another ponzi scheme, which is current crypto price valuations. The way the pool is split encourages people to do anything but tell other people about steemit, as that just creates more competition. The prices attached to both currencies used here are fantasy numbers pushed ever higher by a combination of fraudulent money, fraudulent trades, and crooked exchanges. Once Tether implodes people will discover what speculators really value sbds and steem at, and steemit won't keep many, if any, users.