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RE: Steemit is NOT a Ponzi Scheme - It’s an Economic System just like the $USD
Hmmm Please Elaborate.. I'm pretty sure I do understand, But am happy to get an education. Just because people buying something is the only reason it has value, doesn't make it a Ponzi. I will accept your argument if you believe all monetary systems are Ponzi schemes by the same measure...
If your not representing Bittrex, I really don't like your name. Think the term would be Typo Troll...
Vest disbursements (when you power down), are partially paid for by the people who are buying Vests.
This meets the definition of a ponzi.
And I'm not a typo troll, you should check my intro post!
No, theyre not. I made that mistake too at first. Youre misunderstanding how the money flows
Restricted Stock can be transferred between names, I have done so before on a few private companies I own.
Trust Deeds allow you to do so in the UK outside of a company OR, it is legally in the companies hands to refuse the change of names on ownership IF you want to do it officially... A bit of a petty argument from myself I accept..
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.
This is blatantly untrue. Powering down is an unlocking of VESTS into STEEM. All VESTS (Steem Power) are a representation of virtual STEEM. Powering down has nothing to do with other people buying STEEM or VESTS.
Thank you for all you have done for the users here @ned! You have literally changed my life (Sorry to be writing this in another users response). I wondered if connecting with steemit through a Weekly Audio Podcast might be something everyone could benefit if you have the time to check it out. I'd love to have your feedback, regardless of whether of not you find it deserving of a vote.
Exactly. Thanks for making this clear. Nothing worse than wrong information. Btw. @ned I tried to do something good for the community. https://steemit.com/steemit/@timsaid/to-all-the-fishes-out-there-read-this
I would like to know what you think
You can transfer ownership of restricted stock outside of a company, and it's very common.
Pensions and Welfare are kind of Ponzi scheme (grey), but not really. There is no one person with central authority, creaming money off the top, they are redistributions of wealth schemes.
I think we are working to different definitions of a Ponzi scheme;
Oxford English Dictionary: A form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors:
a classic Ponzi scheme built on treachery and lies
Um... based on your spelling, ive always assumed youre non-us. So maybe a restricted stock is different where you come from, but as the term is typically used in the states, you can't sell or transfer a restricted stock, at least until it vests (at which point its not really restricted anymore)
Just as insurance is seen as gambling in some islamic culture...and illegal.