Ponzi Scheme?
I have had enough time to examine it, and I believe that Steemit isn't a complete ponzi scheme, as Tone Vays says. I do however believe it is a partial ponzi scheme, because there seems to be no control over price value, other than just hope for the best.I realize price value is related to participation level, up voting, down voting, etc.But this shouldn't determine exclusively the value.
I say this because I got the initial bonus 10 or 15 or whatever it was, and then I also deposited 0.05 btc (which was worth around $30.00 at the time).It was at 54 dollars.Now, few months later, it's worth 4 dollars and change (glad I didn't deposit a large sum of btc :-) This isn't a massive loss or anything, but it proves my point: the value dropped to nothing way to fast! (Even rounding it to an even 5 dollars, that's a roughly 80-90 % loss on initial investment!) A system such as this should not lose that much value in this short of time period.
Look, not trying to accuse anyone of being a crook, a cheat or anything. Maybe it's just a flaw in the methodology of the system as it was developed, as it exists.But the fact is that anything that loses that much that fast isn't worth investing anymore in.
Why do you talk so much about money? STEEM is about new technology. The STEEM price was designed to be volatile. It's the SBD price that was designed to have much much much lower volatility. If blockchain token price volatility is your problem, then STEEM has solved it.
If you say so :-) I dont give a damn about money, but not in the habit of giving it to those other that the guys on the street like war veterans holding signs in a wheel chair!
Beyond that, I agree with what you said about " STEEM is about new technology'" Thats probably true.But I have been using Facebook, Mysapce, twitter, etc, etc for a long time and never lost any money; and I have been mining bitcoin and investing in crypto-currencies for a while, and have never lost any btc, except on stuff like this :-)
Bitcoin had swings just as wild. It is normal in crypto. 10000 % gains don't come without the chance for 10000 % losses when you are trading commodities.
Bitcoin had swings just as wild. It is normal in crypto. 10000 % gains don't come without the chance for 10000 % losses when you are trading commodities.