RE: Steem is ESSENTIALLY a Ponzi Scheme - It’s nothing like the $USD
Its pretty clear you don't understand what a pozi scheme is.
The Steem currency value depends on the people who purchase it with other currencies. These people have done so as an investment rather than in exchange for the content.
The exact same thing could be said of any stock or commodity. If i buy stock in IBM, then other people decide they don't want to buy as much stock in IBM as usually sells, does that make ibm stock a ponzi scheme?
Your argument centers around the notion that that two very fundamentally different things are "analogous"
1.In a ponzi scheme, new investor money is paid directly to old investors.
2.In your scenario, while the value of old investor money might effected by the amount of new investors, new investor money does not go directly to them.
New investor money is not how blogging and curation rewards are funded. Those steem come from mining.
not that youll listen, but here are 2 posts from two different attorneys explainging this to you two different ways
https://steemit.com/steem/@sigmajin/an-actual-relevant-analysis-of-steem-and-why-its-really-not-a-ponzi-scheme
https://steemit.com/steemit/@joelkatz/steemit-is-not-a-ponzi-scheme
At the time of writing, most of the trending content is about the Steem platform itself, making money from it, or entrepreneurship in general. It seems most people are here to make money, rather than for the content. This is a huge red flag, and strongly illustrates the unsustainable foundations of Steem.
partial credit. what you describe is a huge red flag, and it mostly comes from bad curation decisions. but that doesnt change the fact that it doesnt meet the definition of a ponzi scheme.
I said "essentially" a Ponzi scheme because all of the money is coming from new investors as opposed to legitimate sources. The difference with IBM is that they do work and have income from contracts.
Something isnt "essentially" a ponzi scheme. It either is or it isn't. The reason you have to equivocate to make your point is that it isnt.
"Essentially"
used to emphasize the basic, fundamental, or intrinsic nature of a person or thing.
So while not literally a Ponzi scheme according to various technicalities, it is essentially a Ponzi scheme because it conforms to the important concepts - early adopters earning money from late adopters who lose out, with a pretend product in place.
Are you saying making videos about make-up or writing about their holidays isn't work!?!?
How dare you!!!! Everyone, put down your vegan rolls and get this guy!!!