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RE: Why I won't support Jerry Banfield anymore - JerryCoin
Ive only been here for 2 months, and yes i agree that the current whales and early adopters have an advantage but thats the case in literally every single economy that has ever existed.
I keep hearing the critique of the wealth centralization like its a bad thing, and i just don't see it that way because like you said were still at the beginning of all of this. the only way for those extra early stakholders to profit tho (which is why they invested) is if they cash out. It will happen, just not tomorrow not next year maybe not in the next 5 or 10 years, but the longer they wait to cash out then thats good for all of us because that means less steem is available to be sold and the price increases.
Yes. Every monetary system has been set up as a pyramid to benefit the few. It’s not something to venerate.
But you’re right, those original whales could all suddenly decide to withdraw and 13 weeks later (unless, like most oligarchs, they have a special loophole and can do it sooner) the platform disintegrates leaving hindreds thousands or more people empty pocketed. That’s the potential negative ponzi of it.
I like your positive thinking. Let’s hope you’re right and they stick with it for the long haul and we create an incredible community that supports each other.
ive spoke to many of the people who hold the wealth you speak of and they all understand that its not in their best interest to do that. Sure they could all sell at once and destroy the platform, but if they're here to make money why would they sabotage what is making them money?
It’s been done many times before. The inner circle of USI-TECH just did it recently, even though they could’ve gone on to more profits.
But it’s great to hear that they have no plans to do it here.
Are you seriously comparing STEEM to USI-Tech?... You literally have not even the slightest clue what you are doing as an investor if you are comparing the two.
USI-Tech was what is known as a HYIP. High Yield Investment Programs are known scams with unsustainable returns. In the beginning these gains were no big deal because bitcoin was going parabolic. but every single one of those programs even the semi legit ones(ill consider USI-Tech semi legit because 1% isnt crazy, but still its unsustainable) disappeared while BTC was near the ATH. Maybe they could have made more, but the people behind those programs are smart and realize that greed is what gets you caught up. Which brings me to the fact that large governments started to actually hold people accountable for crypto-scams which is another reason why many of these programs disappeared.
STEEM is a legitimate cryptocurrency platform created by a blockchain verifiable proof of work consensus algorithm. USI tech has nothing backing it, no transparency, no nothing meanwhile what give crypto value is market sentiment, but the reason early investors thought that btc was worth anything was because of this proof is work consensus algorithm. There is definitely a huge fight over market share of btc but tbh btc is no longer worth anything its too slow to ever scale properly and lacks the base tech to do any of the advanced features that blockchain was invented for. It was a proof of concept and nothing more. Projects such as BTS and STEEM have intrinsic value due to the content being stored on the blockchain, and what they can do natively.
Don’t be silly and don’t cast aspersions please. Of course I’m not comparing the two in the way that you are comparing them. But in any system or organization where the inner ring or progenitors hold majority power they can, at will, topple the whole system if they see fit or were nefarious enough to do so. I never said that steam wasn’t a legitimate crypto currency nor did I say that USI tech was a legitimate consideration. Don’t get carried away on being literal when a metaphor is being drawn.
sorry its late, and my autism is getting the best of me.
There will always be an imbalance of power. Especially in an anarchisist sytem with an NAP. Have you ever seen the movie the invention of lying?
oh and just so you know there are actually ways to use website metadata as indicators of when to buy and sell these hyip programs. The most notable would be website traffic data
All good. This is a good conversation. I often think a joust can often bring about better understanding.
Thanks for the last tip there, by the way.
Wait until they have been here long enough to feel part of the "Early Adopter Advantage". They will be fighting tooth and nail to keep it. :)