RE: UPDATE: The Great Steemit Debate: Tone Vays vs @blakemiles84
I wouldn't be so quick to say its "impossible" for STEEM to be a Ponzi scheme as some people are doing in the comments. Obviously I am a STEEM user. If I was convinced STEEM is a Ponzi, I wouldn't be here.
But... I am skeptical.
A Ponzi scheme is where later "investors" are paid out with the funds from the people who entered early. If the SD that STEEM posters receive was obviously coming from the VESTS/SP of other users, it might be a clear Ponzi. But there is so much complexity involved in the creation of the 3 tokens (yes, I've read the whitepaper) that its really hard to tell. People who put their STEEM in get it locked up as SP could be left holding the bag.
I don't think this particular guy was actually interested in exploring this and had already made up his mind, and that can be frustrating, so I understand people quick to defend the system and deny the allegation.
...But, I don't think its entirely baseless.
My opinion is very similar to yours, indeed.
Don't want your upvote but your feedback on my post about the Debate, thank you
OK I read your concerns, I think they are good points, and yeah, similar to what I'm thinking. I think its not 100% straight-forward 'YES" or "NO" on the Ponzi question.
I think ultimately it will come down to are payouts coming from new buyers (made easier because are also "locked in" to Vests), or do they come from somehow the overall value in the system increasing? I admit the second choice, the non-Ponzi one, sounds kind of subjective and hard to test for. Also I think we should be more concerned with whether or not the VALUE is transferring from "suckers/bag holders", and not specifically each of the 3 token types. Their complex relationship makes that hard to track.