Meh, there is no libel. You've misread Vays' quote. What he wrote is essentially true. Insiders amassed fortunes and are now engrained in the system. They can receive coins for witnessing and curration not by making fake coins.
Meh, there is no libel. You've misread Vays' quote. What he wrote is essentially true. Insiders amassed fortunes and are now engrained in the system. They can receive coins for witnessing and curration not by making fake coins.
seems fair enough that people who invested their time or money early in the project were taking a greater risk and so get rewarded for that... having put in the work and/or money, why shouldn't they get paid? no-one complains about Satoshi sitting on a million bitcoins...
It was a ninja launch. Its not quite what you describe.
this steemit lark seems to be working fine to me... i don't feel like i've been scammed... but i know nothing...
The rules of the system are drastically different now.
When you think about it Tone is accusing them of two things. They are "scammers" if they cash out by selling their tokens. They are also "shady" if they keep their tokens in the system, which gives them Steem Power to upvote, etc. Well, that is the general dilemma with capitalism. If you spend your money today, you don't have it tomorrow. If you save and invest your money today, it gets easier and easier to make money in the future. You cannot have your marshmellow and eat it too.
I dont agree with Tone for the most part. I just think he is staying within the bounds of libel.
I see your point, CJ. I guess would have to ask Tone Vays to clarify which he meant. But if it was the first, as you think, then what is shady about that? It is true of all capitalist systems that those who hold the capital have an advantage in earning more capital.
It was the purposeful secrecy that was the main issue. Plenty of people would have been willing to mine and witness but just didnt kniw about. Its done now though. Eos seems to be doing a much fairer launch imo.
Also, with the dilution rate of Steem, prior the community vote to change it, those who held STEEM Power were being diluted at 9% per annum. Those who held regular Steem were diluted at 100% per annum. That has changed with the community vote. So now Steem Power holders are diluted at 1% per year. Simply holding tokens in Steem doesn't make anybody rich. You have to interact with content to generate additional Steem. If you just sit on the tokens you accumulated, they will gradually dwindle away.
I think your numbers are a little off. 9% is now it was way bigger back then like 800% in tge first year. It was hyper inflation