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RE: Why Steemit isn't Ponzi scheme. [3 minutes read]
because doing a similar thing with Steem would just decrease the value of Steem. So mr Ponsteem... would not gain millions of dollars, but millions of a currency worth just nothing!!!
Unless he cashes out at the right point.
All the effort and love that's built this project going to waste to a cashout. We wouldn't be the scammed ones. The creators would be scamming themselves the most.
I don't believe for one second these guys are the type to take a quick buck. They would've taken it two weeks ago, if they were.
Strong hands make strong walls and foundations for this place to flourish for years to come. Think big; the sky is the limit!
Great appreciation @spookypooky but remember that the sky isn't the limit, neither is the universe...the limits are in our mind we have to be limitless!
Greetings!
you just said nice.
I think if they cashed out so many eyes would be watching them that they would get their reputation destroyed and due to the fact that scams are usually punishable by law, and a recent btc theft case had the man tried and convicted and sentenced to jail.
Probably pretty safe to assume that we're all safe from the Ponzi scheme fear, also @freiheit I mean anyone can get to 1m SP if they want to invest a ton of money lol. #whalelife.
I totally agree!
they are selling like mad dogs, look at their accounts... In 2 years you will realise that it was all a big scam! Nothing on steemit is fair... look at what is trending! the all system is a big joke
If he cashes out at the right time what will happen is that the network is going to growth in a democratic manner, without a few accounts holding most of the steem power.
This would mean that the "Steemit Project" has produced a new social network, a new cryptocurrency and a new market. In this case it would be absolutely fair for all the people who worked to startup this project , to gain a decent amount of money, dont you think ?
I don't think you understood my post. In your example, where it is already assumed and established that a ponzi scheme has taken place, you allege that the fellow responsible would stand nothing to gain by running off with the cryptocurrency because it would become worthless.
This is nonsense, as "Running off" with cryptocurrency entails converting a large amount suddenly to USD. It is then devalued for everybody else, but that's not his problem as his wealth is now in US dollars. This has in fact happened a number of times with cryptocurrencies and is more commonly called "hype n' dump".
Ty for your better explaination. I believe that in this case an "hype n' dump" will not happen thanks to the Steem Power downpowering system, that requires 104 weeks, and thanks to the fact that there is a real value at the base: this same tool me and you are using to communicate.
Also if someone runs away with dollars, selling steem to someone else, the social network, and the Steem currency will continue to exist.
In other words, we could even hope that at a certain point some user with 2.000.000+ Steem Power will "run/give away" at least with a part of his Steem Power, if he thinks that in this way the network would be more balanced
perhaps.. but there are probably over 100million steem power in the hands of the largest accounts. Even a two week power down could produce a windfall worth several million. I'm not saying i think steemit is a ponzi scheme. Just that your "proof" that isnt real proof.
From what I understand... Both the founders, ned & dan, have virtually all of their STEEM vested as Steem Power. It takes 2 years (104 weekly payments) to convert Steam Power into STEEM, the tokens which can be sold on an exchange. So they could only cash out 1/104 of their STEEM per week. And since it's a transparent public blockchain, everyone would notice if they started cashing out. Kind of like if Satoshi Nakamoto were to spend his bitcoins.