We're in a PONZI: But it doesn't matter! - Short Read - 1 min - #steemit - #money - #investments - #marketing
Preface:
Your PUMP articles are the REASON people think it's a scam, so continue:
" Most of the articles on Steemit are promoting steem, which makes it seem like a variation of a Ponzi" - link
Anyways, they're half-right!
I have been working on my tone, but I apologize in advance if it's still abrasive.
There have been a flurry of posts claiming that Steem isn't a Ponzi.
The main argument they gave:
- How is it a Ponzi if I invested nothing?
A Ponzi is not an Exit Scam!
A Ponzi is financing current investors with previous investors' money.
Mentions: @sigmajin for shining a light on this.
STEEM power = Amount of STEEM it takes to purchase your VESTS
A VEST is just a stake in the money that flows through the STEEM network.
Essentially, a restricted stock in a company.
To learn more about Vests click on this link.
SBD is an IOU = A promise to buy a token for $1 at some point in the future
The Ponzi
Ok, I want to sell my VESTS (i.e. "Steem Power"), who'll buy it?
1. People who are being pumped to buy Steem Power
2. People who are buying SBD
Number 2 is used to prop up number 1.
Well that's one way of looking at. I'm gonna need more vodka.
save here
https://steemit.com/money/@ph111p/introducing-your-kids-to-blockchain-with-a-piggy-bank
If you never take any risks you won't do shit in life!
Look at the state of the economies and the world at the moment...
anyway hopefully you're right about it being designed well enough!
The government pension system is a ponzi that's still up and running in most countries. There are so many ponzi like systems in this world that are not going to implode anytime soon. They will implode at some time because nothing lives forever.
"In the long run, we are all dead" - John Maynard Keynes
Exactly.
we are still very young ! , @positive
Thank you.
I seriously suspect that you are in good faith.
But you are wrong, so I believe it's a nice thing to spend my time trying to help you in your thoughts.
I am not an expert of blockchain, or bitcoin, but I am deeply into the nature of money, currencies, and macroeconomics.
With this saying you miss the whole thing: for the world to function in a nice and productive way, we just need that every human individual can evolve and express itself.
To allow this to happen, the human individual has to be able to cooperate with others, exchanging goods, services, or just sincere human help.
Money should function as a medium to help human beings exchange this good and services to avoid that some individual lives at expenses of others. This shouldn't happen actually for the selfishness of the "productive humans" towards unproductive ones. But because who is productive, knows that it is precisely in being productive that lies the challenge, and joy, of the human condition; and therefore a productive human being doesn't want to deprive others of this challenge, as well as a wealthy and wise father would never allow his son to live of his wealth without realizing his individuality.
The money we are using nowaways (euro, dollars) doesn't work for this matter. Because being based on debt (let's omit the fact that it is a scam) it forces economic entities and individuals to just make some profit in the short term because they always have some debt to repay. This happen also if you made no debts, because there is always some tax to pay.
The core of Steem, like @dan said in his post about "world domination" is creating at the same time a currency, and a market where this currency can be used.
Soon the need to exchange Steem with dollars won't even be an important matter, because we will just use Steem for most of our exchanges.
For sure this project can fail, but this would just mean that umanity is still not ready for such a revolution, and deserver some more year of submission to evil powers that gave birth to 2 world wars and are preparing the 3rd.
Should Steem have success, what we will realize is that Dollar is a Ponzi. Euro is a Ponzi.
Because a currency doesn't need to be based on debt, but just to be widespread in a fair way, to enhance that human exchanges and cooperation I mentioned above.
Wow, great post. What do you think can cause it to fail except government regulation? My view is that it can't truly fail so long as Steem is traded.
meep
Edited to remove incorrect explanation.
I think, but im not sure, the vests simply transform into steem at 1% per week. THis means that there is more steem than vests, so that is corrected with 2 mechanisms
the first line of defense is other people converting the opposite way
the second line of defense is the steem-iverse changes the ratio of vests to steem produced more in favor of vests to keep the proper amount of money vested.
im not 100% sure about this one... its hard to tell without figuring exactly what happens in the power down black box
Ah right. Thanks for the clarification
I think like most people i don't quite understand the whole structure of the money in steemit. But for some unknown reason i feel (wish) in the end it will work with lots of new users who knows lol.
If you don't understand, I don't recommend investing a lot into Steem.
I am investing my hard won information and time. So far the reception has been good.
We'll See How Long It Lasts...
Keep it Clean!
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