The Great Steemit Debate: Tone Vays vs. Jeff Berwick "Ponzi Scheme or Paradigm Shift?"

in steem •  3 years ago  (edited)

When I first arrived on Steemit about two weeks and $50,000 ago, I was shocked at what I had stumbled upon.

I posted about my success on the site and countless people called it a scam.

I responded, "Usually a scam is where you lose money, not make money."

Those who replied had no response to this.  Many would just repeat, "This is a scam and you are a scammer!"

Confused, I began to look into these allegations of Steemit being a scam... and perhaps the worst designed scam of all time, since all it does is give money to people who produce good content.

All roads seemed to lead to one man: Tone Vays.  When I pushed the people alleging Steemit was a "scam" or a "ponzi scheme" enough they eventually would retort, "Just listen to what Tone Vays says."

Tone is actually a friend of mine.  He's been on my show Anarchast twice and spoke at the last two Anarchapulco ( events.

So, getting a hold of him wasn't a problem and he agreed to a debate/conversation on Steem and Steemit.

And, you can see the debate exclusively here on Steemit (until the end of the upvoting period the video is unlisted on Youtube):

We got into every aspect of Steemit from the technical details to the big picture of how it could be a paradigm shift in how social media is done online.

You may be surprised to see how it turns out!

As a note, many anti-Steem people will be down voting the video and posting negative comments on Youtube once it goes live.  You, as a Steemer, get the opportunity to give it the "thumbs up" and post positive comments before the troll brigade arrives.

If you do enjoy our debate, please make sure to give it a like on Youtube... and, as always, follow me here on Steemit for more exclusive content to come.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
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  ·  3 years ago (edited)

I don't know why anyone listens to this guy.

He's overly emotional and his rants are pretty close to incoherent. Guys like him give Bitcoin a bad name and I'm glad he's not interested in Steem.

you forgot ARROGANT to the fucking extreme.
It comes from his false sense of self-worth his "six figure wall st position" gave him.
The are many thousands of guys like him. Not hard to find.

"six figures"? Really? Oh god, that's funny. My wife has a "seven figure" oil investment, but she doesn't presume to think she's a genius because of it.

Haha! Yeah! Because six figure ain't nothing. I blow six figures on ice cream every month!
Seven Figs? Pffff...lolcatz
Compare that to trillions bruh /s

  ·  3 years ago (edited)

what makes a person humble? I think people that are arrogant have forgotten what god simply wants of us all to be like -its to be kind to others.. you can't be kind when your being arrogant. The two are mutually exclusive =)

Good catch then... ;)

To be fair, wall street (at least post 90s) is extremely selective in the people they hire, at least for front office or quantitative jobs. So this isn't 100% accurate.
I can point that finger at back at you: what qualifies you to assert someone has a "false sense of self-worth".

Didn't seem arrogant to me, seemed very reasoned and reasonable. But to each their own.

  ·  3 years ago (edited)

That is exactly what I thought. Emotional, incoherent, and as the other guy writes. He seems pretty arrogant.

  • He's acting like he is the one whom is supposed to decide value. "your post is not worth 15.000", "steem is overvalued". So on and so forth.

Makes the points he actualy have, go away into a dark corner.

Reminds me of Mark T. Williams, the BU professor that bet Bitcoin would trade below $10 by the end of '14 and tried to make a name for himself by being critical of it.

There's now a Wikipedia entry for him where his most noteworthy achievement was being critical of Bitcoin :)

Never heard of that guy before. But I did chuckle a little, while reading. ^,.,^

He has a point though. Not quite sure what was incoherent. No offense but this smells like cognitive dissonance.
Value in this context is relative i.e (based on similar works)
If you went on a freelancer site (e.g. fiverr) for example, you'll find that an article of DollarVigilante's quality is worth about $20.

  ·  3 years ago (edited)

You can smell it all you want. But with the comments I usually see you write, I'm not going to take this as anything but a bad attempt at trolling like always.

  • Fiverr is not steemit. So that is irrelevant.
  ·  3 years ago (edited)

Whatever. Call it trolling. I've never trolled and have always responded with evidence.
If you're not able to rebut (which clearly you're not), admit it to yourself, it'll be better for your mental health, than throwing shit at me to make yourself feel better, while you're not improving.

If you're not able to rebut

Rebut what? All you did was say "you're wrong, because I say so" Not gonna waste my time. :D

Well, if you ain't trying to troll, then you're obviously a sad existence of a human being. You're more into provoking people, than actually having an intellectual conversation. - And as I did try that with you before, where I explained why I'm gonna take your username serious, and see you as nothing but satire. Then yeah, enjoy the failed attempt at troling, @satire. ^_^

If he put the same energy into writing for steemit as he did bashing Dan and the entire platform, he probably could afford a better hairpiece



I'm glad you appreciated it :) Thought a little poking of fun was in order.

You noticed that too?

Funny pic, but ive seen very very very well written articles on this platform with 20-50 upvotes that were barely over a dollar in value. The "whales" are choosing very specific people to empower.

@dollarvigilante covered this in one of his most recent podcasts. Similar to the music industry, there are some great musicians out there that receive very little money for the work they do. Same is true with authors. But if you keep working as hard as you can, you're bound to get noticed :)

Just because an article is well written doesn't necessarily mean it will make a lot of money. Consistent hard work is rewarded in the long term. The whales are choosing people to empower that they feel have the best future for steemit in mind.

I could write the most heartfelt thoughtful dental articles (as someone has) and it may receive a few dollars. My posts have not consistently made a lot of money, but I strive to work even harder instead of giving up and claiming the whales don't like me.

Getting deep into the comment section is one of the best ways new people can establish themselves. Most likely you won't have anyone following you for your second post unless your #introduceyourself is really well done. Taking time to establish yourself is very important.


VERY excellent reply!

This is a GREAT and valuable video to the Steemit Community!
There are many reasons for this but number one is because we have a relatively renowned naysayer and hater of Steemit arguing his point.
Based on his points I find it hard to believe that there are man people who agree with this hater. None of them really seem legit at all despite his knowledge of blockchains and cryptocurrencies.
For example: One of his main points is that only 10% of steem tokens are being traded and the rest is being held in SP.
As far as I can conclude this is part of the reason why Steemit is legit. If everyone including the Whales has their value in SP this means there is long term investment. EVERYONE in Steemit is in a long term investment just based on the platform it self. No one including big value accounts can just cash out all their SP and be gone.
The next reason why it seems so obvious that Steemit is legit and not a scam is that it COSTS nothing to get involved and you can actually make money. There are very few people if any who can attest to this better than Jeff (Dollar Vigalante) as he has made over 30,000 just by posting articles and as he very clearly points out he tried cashing it out into bitcoin and it worked.....So even if all of the sudden the big players were to start to cash out everything and the value of steel began to drop you could still cash out a nice chunk of change (obviously not all) of which cost nothing to begin with.
I have done a lot of research on Steemit and while it is not a perfect platform I have seen nothing with more potential than Steemit to really create a revolutionary and very profitable community based on freedom.
So I could go on and on as to WHY Steemit is awesome but this video just seems to prove it. I have already written an article as to why I feel Steemit is REVOLUTIONARY and I don't see anything here to make me think differently.
Grateful to be here with all you Stemians!!!

The issue is that without buying STEEM POWER for BTC there wont be rewards that Jeff is getting. If we all hope just to get rewards out of posting or curating there wont be STEEMIT. Someone needs to invest!

And they will invest in order to do what? Get your attention...or leverage their sp to pay people who work hard to help them on steemit.

Not judging your opinion: If an investor didn't buy STEEM on an exchange , the price of STEEM could be near ZERO. What rewards would people get by writing posts?? Tokens with promised value? Do you believe it could attract new users to the platform? IMO an investor here is a foundation of very promising social network based on (hopefully) decentralised blockchain.

Everyone is investing by using their valuable time here on the platform.
FB has made BILLIONS off our content as will Steemit. Steemit however is paying people a fair value for their content.
Even making .01 cents per post is a LOT more than FB does.
If people use and value this platform there WILL be money to compensate people.

New, contributing, reading, watching, learning and waiting to see as the future unfolds.

  ·  3 years ago (edited)

Wait vays or berwick? Maybe both? Regardless Jeff keeps bringing in great stuff to the platform. Healthy comment sections

Jeff isn't critical of steemit.
He's giving it the chance it deserves.

He just have a personal problem with @dan, thats it. Dont listen to this no sayer.


its simple: most people are emotional. Mainly same is attracted by same, so most people are attracted by emotional people....

Why do people assume it's one cryptocurrency to rule them all. Steem, BTC, ETC, bitshares can all live a great life together sat at the family table.

I appreciate the need to create an Us vs Them approach to posts, it's creates huge traction and curative awards. Everyone loves someone l/thing to hate.

Can we all move forward now and quit these types of posts?

Completely agree, many of these cryptocurrencies have much to offer and with different focuses, with each having the possibility to specialize within their focus. One has a blockchain that excels with cloudstorage, another as a payment transaction network, another with once they catch on many cryptos will have different focuses and provide very relevant service platforms.

Can we all move forward now and quit these types of posts?

  • As long as people have opinions that differ from each other, then nope.

I appreciate the need to create an Us vs Them approach to posts, it's creates huge traction and curative awards. Everyone loves someone l/thing to hate.

Where do you see this need? People call it a scam, Jeff finds it interesting, and takes up the subject. - Gotz nuthin to do with ze moneyz. (Otherwise he wouldn't throw them straight back into steem power...)

Why do people assume it's one cryptocurrency to rule them all. Steem, BTC, ETC, bitshares can all live a great life together sat at the family table.

  • Emotions, a lack of imagination, investments, preferences, personal gain, and a whole lot other reasons could be why.

Bullshit, it's got evertlything to do with the money. How I made $10k on a post, how I made $5k on a post telling people I made $10k on a post, repeat until utterly bored.

Nothing against OP, the clue is in his name. Let's see him fade in to the background once there is a new celeb joining and dominating those curating rewards.

Steemit isn't exactly at the bleeding edge of things as long as this cycle continues.

Lulz. When something new and really interesting shows up at your doorstep, most people will talk about it for a while. And there's only so much you can put in a headline, as well as when you have an audience that usualy go to you for investment advice, you'll use the subject at hand.

  • But I love the pocket psychology everyone seems to be the masters off. I wish I were as good at know what other people wanted. Would save me a shit ton of time. ^_^

They are telling people how much they've made mainly for proof as everyone is curious about this platform being real so, they are simple showing that it's real is all! Let's see you generate that amount of money and stay quiet :)

Being able to discuss steem critically & honestly is what will make steem succeed. Jeff is courageous & honest & intelligent. There are issues with steem whether you can admit that or not. If a few whales control the entire ecosystem, it's a problem. If the dollar value isn't accurate that needs to be fixed. Is steem a real blockchain or not. I've understood every cryptocoin I've examined. Steem doesn't seem to add up for me just yet. Let's hash this out & get some clarity.

Agreed, but Tone seemed a bit more coherent than I have seen in some of his other videos.

Wonderful interview, I enjoyed watching it very much.

One thing I don't think was mentioned was how the much the wealth gets redistributed from the voting system. I don't see it as just a 90% proof of stake system with so much new value getting created through the votes. From my part, my biggest concern at this point is how well the system can support possible increased growth in posting, it seems like it could become very computer resource intensive.

Graphene tech can handle well over reddits 225 tx per second. In fact it has already been tested to support upwards of 3000tx/sec which is over 10x the number of posts per second reddit has.

Additionally, if better witness equipment is used we are looking at far higher tx volume support. And by that i mean graphene chains can hypothetically handle 100s of thousanda of tx per second at scale. In short it is the fastest and most robust blockchain in existence today.

Nice! Thanks for the information.

i think he was rather balanced. Negative, yes, but I don't really see the arrogance.

Well said.

Beyond incoherent....

Jeff Berwick isnt technical at all.. he's just a guy who knows guys who are technical . Thats why I don't take anything he sais serious..


Honestly his talk at Anarchapulco (Jeff Berwick's event) this Feb was pretty good, going over the history of the bitcoin price and talking about the various factors in the upward/downward swings.

Great discussion. It is always entertaining to watch a civil debate! My only qualm is that Tone didn't sound like he had done enough homework on Steem to understand how it works by some of the comments he made.

Tone Vays = old ways

If anybody checks out the profiles of the whales, you can see where they're powering down to.
"smooth" has opened a buttload of other accounts: smooth-e, smooth-a... etc, they'll never post from these profiles, they'll just keep the account open for the interest. But this will make it APPEAR the've powered down.
Their main profile will show less power. That's all.

it all ends up being sold on bittrex

  ·  3 years ago (edited)

I opened every letter of the alphabet to keep any of them from being grabbed by a squatter (I did this after making a largeish transfer to smooth-e and then having a quick moment of panic when I realized I wasn't sure if I had created it or if I had stopped at smooth-d). The first few were for organizational and trading purposes. Most are totally unused. None of these accounts have anything to do with interest (I earn the same whether it is one account or ten) or powering down or posting.

did you grab i-m-smooth too? :)

also should get really-smooth, real-smooth and the-real-smooth

Ha.... it's you. Four words... and you got my money. Good on you! I watch your YouTube channel most days even though I think you're slightly nutty (in a way that I like though). -swapster- is my YT name.

Hey you rhymed! ;P

  ·  3 years ago (edited)

Great interview Jeff.

I think a point of confusion might have been around the proof of stake(PoS) aspect of mining. I believe Tone may be thinking that Steem's PoS is like traditional "stake mining" as you find in other PoS coins. Steem is actually a Delegated Proof of Stake (DPoS).

In traditional "stake mining" your mining rewards are based on the amount of stake you hold. So the larger stake holders(insiders) would earn more then anyone else. This seemed to be a primary point of concern for him. However, in DPoS the amount of stake you hold simply determines the weight of your vote for who you think should receive the mining rewards. (Top 20 Witnesses in this case) Having a large stake doesn't actually pay you anything. All SP holders are inflated at the exact same % rate and as you stated, the Steem supply is 100% inflated each year such that the value of your SP remains the same.

Lol..i was reading this without looking at the author. It is so perfectly stated that i was like "wow he this guy understands. "
Then i see it is you xeldal. Now it makes perfect sense. :D

Friend, thanks for sharing this comment. It clarified so much for me. You are awesome.

I have to say he lost me when he started to question if it's a blockchain or not. Has this guy actually done the lowest level of due diligence about something he is publicly criticizing? Well not my business at this point ;-)

It's blockchain, it's just not decentralised.

Actually that is not entirely correct either. It is meant to become less centralized over time because dan learned from his experiences that early on it is actually beneficial for a chain to start out a bit more centralized in ownership and slowly give that control to the communiver time.

It seems to me that Tone is more careful with statements lately.

especially here, he knows he's talking directly to people who are not his friends.

He probably actually respects Jeff ;)

absolutely, he gets to go to Acapulco every year.
Pretty sure Jeff is flipping that bill :)


Great debate, but Steemit is a great platform with room to grow; 60k users to just 1 million is nearly 17x.
Let the whales flash some big numbers to bring the talent in and grow the base.

Some of the whales don't care much about spreading upvotes equitably.
If they'd upvote more comments, shoot a couple hundred at more people, especially the ones with lots of posts and little attention, THOSE users would be the best way to bring in more people.
They'd tell their friends, they're friends will join once the see payout.
Not sure if the founders want steem to grow that quick. They're whales too.
Seems they'd be upvoting more actively if they cared to grow.
Could growing too much too fast devalue their stash? Probably.
That might explain it.

If the whales upvote, just for upvotings sake. - We might as well just call it Facebook.

  • Though I do see them upvote plenty of post and comments. Whales are humans as well, with different interest, likes and dislikes.

You won't feel the same way when 0r if you ever become a whale - The more m0ney you have, the easier it is to make m0ney :)

Increasing the size of the platform does not devalue anyone's stash that is ridiculous. It is obvious to everyone that the way to make Steem/it successful is to grow the community. You could perhaps make an argument, as referenced in the video, that the most successful bloggers such as Jeff, if short-sighted, might want to reduce growth so they can continue to earn the very high early-adopter rewards they are getting now, but none of the whales with possible the exception of Dan fall in that category, nor do Jeff or most other successful bloggers appear to be that short-sighted.

He made all these allegations without even having an idea as to what Steemit is. Why not try it for himself before his bashed the system?

He is way too opinionated! If he read the whitepaper he would know that you can take the money out if he wished.

It's a lot of "I think" and a lot less of "I know."

Instead of talking and speculating about the platform, why doesn't he give it a shot himself?

@dollarvigilante is so much more intelligent in his arguments than Tone Vays

Also you can look at the wealth and how it is redistributed among others and it is shifting away from work.

Tone Vays doesn't know anything he is talking about. I couldn't stop laughing at how little he understands. While he may be deeper into cryptocurrency than I, I feel I know far more about it than he does.

I had trouble making it through his entire rant against steemit.

Whats even funnier is that he DID read the white paper but once it got to the point where it said Dan was involved it stopped and just hated it.
Which PROVES his perspective is pretty much worthless as he is just stuck in an emotional judgment!

  ·  3 years ago (edited)

That's not true. Dan's name is on the first page and Tone has read a lot more of the white paper (he even posted some marked-up pages on his Twitter feed). I do agree that his bias against Dan probably colored his judgement in evaluating it, and that is not a good way to reach a well-reasoned conclusion about anything.

He's rather irrational in his criticisms.
He comes up with 1000s of reasons why each and ever crypto is a scam... other than BTC.
He was in favor of DASH until he found out Evan Duffield has the majority.
For some reason in Vays mind, that means Evan is a scam artist. ??

Yes he did read the whitepaper, but to really learn how the system works (The Steem, Steem Dollars and Steem Power really confused me as well) you need to immerse yourself in the platform. Even though he believes steemit to be some sort of long con, if he took the time to make a profile and play out some of his flawed guesses and actually educate himself by doing, he could then be far more qualified to speak to others.

The whitepaper does get quite technical, but at 44 pages, it covers far more than most other cryptocoins do.

I don't think anyone can dispute that there are some great intelligent minds that put a lot of man hours into formulating how steemit should work.

If @ned and @dan were to be trying to "scam" users out of money, I believe they could have done so in a much simpler way.

I don't know much about the reason POS is so much more represented than POW, but to be a hybrid system, it does not need to be 50% of each as he seemed to point to.

For the knowledge that Tone Vays has, I would have expected a more concrete fact based discussion, but instead found someone with deep seeded distrust trying to convince himself that because he didn't like someone's previous work and found the system confusing, that people should immediately throw up a caution flag and think this must be a trick.

Obviously those with larger platforms will receive so generosity from the whales, since the value of their steem power is dependent on quality writers and passionate people.

Everyone is entitled to their opinion, but sometimes those opinions seem so foolish that they are laughable.

Precisely @smooth

I'll be up voting this @dollarvigilante because I believe In what @dan and @ned built here with #steemit That's why I have converted some of my hard earned money into this platform.
Keep up the good work Jeff


Great video, I really enjoyed it. Just a couple of quick comments on Tone's points:

  1. I got the strong impression that he only considers a blockchain a blockchain if it's based on proof-of-work. It is true that the Steem blockchain is mostly based on proof-of-stake. But I think the generally accepted definition of a blockchain is a description of functional characteristics such as immutability and shared consensus, not the use of proof-of-work as the means of arriving at that consensus.
  2. Tone doesn't seem to fully understand the economics of the inflation and powerdown feature. I don't really blame him, it is a bit complicated. But this issue has already been analyzed by posters here plenty of times, and I speak from personal experience when I say that if you power down, your Steem Power does go down and it goes down pretty linearly. The inflationary aspect of the coin doesn't prevent this or even mitigate the loss from the power down as long as around 90% of Steem is held as Steem Power (which the system was essentially designed to encourage as an equilibrium point). The inflationary aspect of the coin primarily impacts people who hold their coin in Steem (e.g. people who hold it in liquid form to speculatively trade it). So the only way a Steem Power holder could manage to make back more Steem Power from holding it in Steem Power while simultaneously powering down would be if most other participants decided to keep the Steem in liquid form. So far, if anything, the reverse is happening, and most people are keeping their Steem in Steem Power.
  ·  3 years ago (edited)

It was a great interview and I enjoyed Jeff's calm approach.

Defiantly a bias against Dan showed through when he used the Bitshares "failed" angle. If it has failed, and I believe that time will tell on that one, Jeff pointed out that as an entrepreneur he has failed many times. Interesting! I maintain that this experience with Bitshares, as chronicled in @stan's articles on its' history, has taught Dan how to keep money in the system and avoid the pump and dump. Thus the 2 year vesting period and the powering down. Let's face it, a number of the so called "whales" (I actually hate that term) also cut their teeth on Bitshares and have brought many lessons to the table here. Having been around Bitshares since the beginning ( I was a Protoshares investor) I have no doubt about the integrity of Dan and the core developers. The proof is in the way they always handled challenges at Bitshares, honestly and fairly.

In any case, I'm having fun here writing and learning, discovering and earning.

@pierce-the-veil: While no crypto expert, I appreciate your breakdown and analysis in re: these portions of the video. As could be expected, differing opinions abound there.

On a side note: @blocktrades would you consider using your mighty steem power to join the TROLL BAN BRIGADE?
commercial photography locations
We feel it could be a useful and lucrative curation venture for most involved. Just need a little visibility.


We sure would appreciate your inherent banhammer (flag) abilities to support us in the counterracting the rise of abusive trolls.

All the Best.

  ·  3 years ago (edited)
  1. I think he also objects to the high degree of centralization, which makes it difficult to claim meaningful immutability or shared consensus (i.e. forking is easy, as we saw when the steemit account unilaterally voted in 19 witnesses), but it would probably be better to ask him exactly what he means by that rather than just speculating.
  2. I agree he doesn't understand the inflationary aspect. The issue here is that he is not alone; most do not. If we want people to stop reaching conclusions based on misunderstanding we need to figure out how to convey it better.

yep, I am one of those people, and you've noticed... :^)
More users holding more steempower would not devalue the token, but depending on the number of newbies that cash out half, and then later all of their rewards, the exchanges could see increasing selling pressure and that would drop the value. Dan and Ned seem smart enough to have realized this, and built in some kind of control measure to cushion any serious drop.
I'm still fuzzy on the current level of mining, and wondering if it is still profitable to mine?

Hello Jeff. I have been following you since your first post here and listened to the whole of this video. I have studied the White Paper and also listened to a number online interviews with Ned and Dan.

I want to commend you for your very thoughtful and respectful conduct during this interview. I agree that every one of the points that Tone makes are issues worth considering carefully. However, if I may, I would like to make a few comments about the contents of the video.

I do not think the number of "shares" or "steem dollars" or "other considerations" held by the founders and or developers is relevant at all when looking at the viability of the Steemit platform.
It is the concept that serves as the basis of how the platform works that is relevant. It is completely unreasonable for anyone to expect that all the functionality of the platform relative to the concept can be executed in a few months. The question I am asking is "does Steemit behave in a manner that is consistent with what is outlined in the White Paper"? Given that the company has finite financial and infrastructure resources with which to execute the goals outlined in the White Paper, I would expect that most unbiased observers would have to say yes to that question, even in an atmosphere of "due diligence".

I am a complete newbie to the Steemit platform and I am excited about it even though I have not made money from any of my activities so far.
There are a lot of extremely difficult technical and scalability challenges in getting market share and ramping the user base for an ambitious project like Steem.

The concept, in my humble opinion, is pure genius and even if it fails to reach critical mass, it will have opened the doors for a massive paradigm shift in what is possible in terms of innovative uses for the blockchain. That alone is an incredible outcome, if nothing else comes out of the Steemit initiative.
I think that Steemit is going to go places that the "whales" and "developers" have not imagined in their wildest dreams. I, for one, am looking forward to riding the tidal wave..there's much fun to be had ahead!!!

Love this....great points!

I'm becoming Tone deaf

Hahhahahhhahhahahhaha EXACTLY!

  ·  3 years ago (edited)

I am all about being critical, but this guy Vays is just saying unlogical and all emotional crap and wasting my time. Instead of actually thinking about issues that might be a problem, which is what I as an investor am actually interested in, he is just talking out of his ass with a big mouth to make a big splash. He does not address the economics, when he does his comments are just stupid. "They make more money as long as they only sell 30%" WUT?!

He also fails to actually see the inventions and fails to analyze them properly and instead compares them to things that are not applicable.

It's actually very useful. If this is the BEST the critics of Steemit have--and it seems to be--I have even less concerns and skepticism than before.

  ·  3 years ago (edited)

I enjoyed both sides of this debate. Something I found today needs to be considered. Stats (today) have 68,624 user accounts. Of those 22,287 have at least 1 post (comments count as a post too). Accounts with more than 10 followers is 2,223. I have been here 1 week, I have provided content 20 times, commented, read tons of material, voted, I have worked it and developed 31 followers. My son made a few blogs and left but got 10 followers. I am a minnow, my vote is worthless. My followers are minnows, worthless. You, dollarvigilante have 1850 followers and are now likely a whale. Unless content is noticed by whales, and more than 1, thats like having your story page in a stack piled 2000 pages high. Will anyone read it? I am having a hard time imagining that 3 or 4 whales might stumble upon my page. So I am wondering what is the purpose of the minnow? As 5-10 thousand new people come thru and then in turn leave, are the minnows purpose to make all this appear legit. There is more effort in bringing new minnows than keeping and growing the ones they have. I WANT TO BE WRONG. Jeff, any thoughts?

Notice the people who up voted this to try and convince you are wrong. You are right.

Jeff, I gotta say - I was a bit of a hater, if not smugly dismissive of Steemit at first - but the proof is in the pudding.

Of course, like in any marketplace, the more well-established guys like yourself will be making most of the money, but since we're all early adopters here, the rest of us have the opportunity to really establish ourselves here and also make a few bucks in the meantime. That said, if this keeps growing the way it does, I feel that in a year or so, Steemit will be dominated by the likes of you, and flooded w/ thousands of Joe Blows who will be fighting for the rest of the crumbs. But, I really hope I'm wrong. Who knows - what an exciting time to be alive!

Translation: "I don't like Steem because... Labor Theory of Value"

Exactly. Subjective value theory all the way. Steemit is hugely disruptive and innovative and the incentives are extremely interesting. This experiment will be fun to participate in.

Whitepaper page 6: "The challenge faced by Steem is deriving an algorithm for scoring individual contributions that most community members consider to be a fair assessment of the subjective value of each contribution."

Whitepaper page 15: "Subjective Proof of Work presents an alternative approach to distributing a currency that improves upon fully o​bjective Proof of Work systems such as mining. The applications of a currency implementing s​ubjective proof of work are far wider than any o​bjective proof of work system because they can be applied to build a community around any concept that has a sufficiently defined purpose."

He acts as if he were an elementary math teacher successfully debunking the Philosophiæ Naturalis Principia Mathematica .... (Principia)

Cryptos, generically speaking, scare the crap out of me , same goes for a few economists that I speak to from time to time.

There's a supply discipline flaw that we see in terms of governance since crypto's are derived by way of the expenditure of intellectual endevour. That's virtually limitless !

Any "color" of a selected "digital tulip" can be limited within a selected "digital tulip garden" (like Bitcoin) but the number of "gardens" is unrestrained. A tulip crisis seems inevitable.

We all agree that the block chain is a wonderful tool, but for currency creation .... h'mmmmm ..... I don't think so. My vote goes to bullion based currency now that its accompanied with real-time trade values.

The more I listen to you, Jeff @dollarvigilante, the more I like your perspective and attitude. After viewing the entire video it's pretty clear that Mr. Tone Vays resembles a quivering, paranoid, underground-dwelling creature like a common vole while Jeff resembles a bright, curious and friendly creature. Paranoia and past experiences seem to the main driver of Tone, while curiosity and fascination seem to drive the @dollarvigilante. This was a striking and potent clash of different psychological worlds. Anyone who has studied the work of Dan Larimer in depth will realize that he is building something of immense value, not short-sighted gains. Let fascination win.

How do your post do so well?

I wrote a hugely personal post and i can't even reach $1 (Edit: My mistake it hasn't even gone over 50 cents in 12 hours). :(

It was about my mental illness.

I Just don't know what it takes.

Any pointers? I'd rather learn from a master!

Write about how Steemit has affected your mental illness or how Steemit pays for your mental illness treatment or how Steemit caused your mental illness or how Steemit will cure your mental illness or ... well you get the point I think. ;)

Ahaha, nice observation!

Luck is also a factor. Your post disappear quickly and need to be noticed in order to find traction.

Yes it is all luck. @dollarvitilante = @egjoshslim, except for luck. Pesky luck.

that would be lieing though. Not good if i need to lie :( steemit has allowed me to master typing and writing skills above all else. Also knircky has said what i thought! i hope more whales upvote posts after the 24 hour mark. I'm surprised some posts haven't risen over the 4 weeks after the first pay out. Have seen a couple but its very rare.

steemit has allowed me to master typing and writing skills above all else.

Write about that! This was my point. Find some way to tie Steemit into your story and voila, magic internet money appears in your wallet*!

*This statement has not been evaluated by Satoshi Nakamoto, Bitcoin Jesus or the collective group known as "The Whales". Your results may vary. Use with caution.

Upvote others who are writing on related topics and leave a constructive comment. After that make a discreet reference to your article and ask them to have a look or give their opinion.

  ·  3 years ago (edited)

Do not forget that your post (when high quality) can be read by people and upvoted anytime in the future. Do not forget to share them but patience sometimes pays off :)

It's not what you know, but who you know.
@dollarvigilante "chummed the water" if you will, by talking with the developers before even making his first post.
But - he also did a whole post on the basics of communicating in, well, ANY web medium, but in Steem particularly. Go read that, if you have specific questions then ask them there.

dude, Jeff has worked hard for his following, for years.
his website is successful. His FIRST website in the 1990s was INSANELY successful.
If you're comparing yourself to somebody who has worked for years gaining a following, ask yourself...
have you? No? Maybe this is the reason?

Invest some of your own money is the first step :)

Ok, I'm commenting as I'm listening, I'n not speed lip reading, I'm at 43 minutes in; and what my gut intuition has been telling me all along is that Tony declares a prior prejudice against @Dan coming into this discussion from the very beginning (Basically that Dan Larimer can't be trusted).
He is not coming from an open-minded and neutral point of view.
I can watch every account I like, and every transaction by these accounts, including @Dan and @Ned in real-time on Nothing is hidden. I think you are wrong Tony. There are a lot of good vibes and Karma going on here! This is a new market and it will determine it's own value.
Quit with the unfounded scare-mongering.
Thanks Jeff! @dollarvigilante for the debate.

I picked up on that really quick in my discussions with him. It is very personal.

yeah, personal vendettas spoil the lunch!

  ·  3 years ago (edited)

He mentions that it can't be called a hybrid system when only 5% is POW and the other 95% is POS (19:33) and that is a very reasonable statement !!! I personally also thing if we had more POW slots and made the analogy at least 80:20 for example (I know that expanding it more would probably reduce performance too much) that it would be more fair and it would distribute the tokens to a more wide audience. It is also very obvious that the top 19 witnesses take too much rewards that make the probability of the project to fail much greater since too much power is given to a minority... That don't help the decentralization of the project and grows the risk that bad actors could heavily damage it... You must reduce witness rewards and give it elsewhere for example for curation, backup witnesses, authors or why not redistribute rewards to ALL Steem Power Holders! (except steemit account)

No serious person would take Ton Vays seriously. It boggles my mind that people listen to this guy!

  ·  3 years ago (edited)

Part #2 of this?

I think Tony Vays have a personal problem with @dan, thats it!

Tony called bitshares a failed project? Bitshares is # 19 on

It was a great Video. I enjoyed it. Dont know why this guy is so negative......

^ Where is this blockchain live stream?

By the way, I think I was Dan Larimer, not Ton Vays, who first called the DAO debacle in his posts Is The DAO going to be DOA?

I disagree with Tone Vays on just about everything... but he might get this one right IF... and only IF Steem does not modify the business model to bring in money from ads. The Bitcoin cash coming from the exchanges is going to dry up at the rate awards are being given out, so there needs to be a revenue model on top of people investing in Steem. My two cents.

Even if Steem fails, it is still an eye opener and a game changer. Somebody will get it right if Steem drops the ball... just a matter of time.

Bringing in money from outside ads will not be necessary if verified businesses begin to invest time and money in the platform and the token.

That would be FAR more effective than simple ads and far more effective at building social/emotional bonds with potential customers or evangelists for your brand.

  ·  3 years ago (edited)

Tone Vays is wrong about the Steem inflation. Its more like a stock split since 90% of the new Steem creation goes back to the Steem Power holders. 10% is paid out for curation and content rewards. The power down is set-up for a period of two years to give rewards to longterm power holders. At the curre