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RE: Steemit is NOT a Ponzi Scheme - It’s an Economic System just like the $USD
I'm still lost. When you power down, your get 1/104th back per week, for 2 years. Whilst Powered up, no one central authority has any access to your Steem. This is not a Ponzi. A Ponzi is a Fraud.
Vests are created at 100% per annum regardless of whether people are buying on external markets. Users who decide to buy in (with currency) are buying into an economic System rather than Donating Labor to an economic system...
This is an economic construct to prevent dumping of Steem. Just like restrictive stock in the real world...My argument is not that Steem is a massive buy, it's that it certainly in not a Ponzi Scheme...
It's restricted tock with liquidation paid for not out of business profits or something analogous, but from other people buying the restricted stock. Ergo, ponzi.
Ponzi isn't a scam, it's an economic system. All ponzis aren't illegal. Pensions and welfare are Ponzis.