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RE: Dr. The Leaping Koala_ my journey on Steemit # 7_ I am hopin someone's steeming along
Excellent comment.
I strongly agree, until you got here:
"Steemit's incentives are a ponzi scheme"
Technically, they are not. The incentive is Steem, which you will receive. A ponzi physically requires new money coming in to pay out the guarantees to old money. Steemit only guarantees Steem. Not $.
Whether you can sell that on the open market is another thing, but it is by definition, not a ponzi scheme.
A fair response, though I dare say it is a bit of semantics. You are correct of course, but since the entire point is to convert that Steem into money, the result is virtually the same.
I think it's an important, and relevant, distinction.
If Steemit were actually a ponzi scheme (it paid out old investors from fresh cash from new investors from a centralized point of failure), then failure is an inevitable result. Eventually, you run out of "greater fools".
Since Steemit is given value based on market demand, it's not inevitable that it fails, any more than a multitude of other products produced in some kind of limited capacity that people want.