RE: A 1-5% Pre-Mine Of Steem Power By The Founders Is Acceptable - An 87.5% Pre-Mine of Steem Power By The Founders Is NOT Acceptable.*
There are a lot of misconceptions and incorrect representations of the original Steem mine. If you want to spend the time and see how it actually went down, you can read this post: https://steemit.com/steem/@joseph/the-history-of-steem-steemit-launch-in-the-words-of-dan-larimer-from-the-early-launch-days
The reality of it is, that the people who got in at the beginning, including the founders - have a huge stake in Steem. They were the ones who were in the right place at the right time, took the time to understand what Steem was, saw the potential of what it could become, and invested a lot of their resources (time, money, mining services, etc) to make Steem a reality.
Now those people hold a lot of the power. In my opinion that is how it should be. They are the most invested out of all of us, and have the most to lose. The very core of the Steem design is that whoever is the most heavily invested will have the most influence.
It sucks if you don't like what they are doing, but to some extent, we will all have to trust the judgment of the large SP holders - whoever they happen to be at any given point in time.
Today it is largely Steemit Inc. that holds a lot of power. Whether you agree with what they are doing or not, the truth is that they are doing whatever they feel is best for the platform and community.
I do want the distribution of power to eventually flatten out some, so that a larger portion of the community, with more diversification starts to have more influence.
We are heading in that direction, and I believe we will get there in time. Until then though, you are going to have to accept that people other than you are in control of the site, and are going to be the ones steering the ship.
A 1-5% Pre-Mine Of Steem Power By The Founders Is Acceptable - An 87.5% Pre-Mine of Steem Power By The Founders Is NOT Acceptable. IT IS NOT THE CRYPTO-COIN NORM. All crypto pre-mines have in fact failed REGARDLESS of the pre-mine percentage % so I rest my case.
What is your definition of pre-mine?
Apologies for any noobs reading this post. A definition of a what a pre-mine can be found here: https://www.cryptocompare.com/coins/guides/what-is-a-premine/
Quoting from your own article:
Are you saying this is what happened with Steem?
I never stated it was a literal "pre-mine". I stated it was "orchestrated" (my word) to allocate the largest share of the coins to the developers, as explained in the lead dev's own words here and likewise on the original bitcointalk thread.
Correct. Steem was pre-mined and then swapped to SP blatantly. @smooth confirmed this to me i.e. that the pre-mine was blatant - NOT hidden or systematic as I first thought ;)
Other past pre-mined crypto-coin examples include: Auroracoin, Mazacoin, Titcoin, Wankcoin, Ambercoin, Polcoin, Curecoin, Quark, Hitcoin etc etc....the list is endless. Find more at: https://coinmarketcap.com/ Look for the ** for pre-mined coins.
Replying here due to the nesting level.
Yeah, Ok. Another plug for Steem's competition. If you really think that site will be so much better, and Steem is just a pile of corrupted crap - then you have every right to leave. Everyone is entitled to their opinion.
I love both Tim - and can transfer ideas from both - forget the pre-mine for now - what we REALLY need is an integrated Bitcoin wallet alongside Steem - fans of Steem will still hold Steem regardless. We need to learn lessons from others fast. The competition moves x100 times faster in the cryptos! We cannot bury our heads in the sand or accuse each other of plugging others - this is all market research my friend. Adapt or die!
Replying here due to the nesting level.
I am pretty sure that you are wrong. Based on what I read, the Steem coin was not pre-mined based on the definition of pre-mine in the previous comment. This is something that can be proven by reviewing the facts (not opinions) about the way Steem was launched.
I have a lot of respect for @smooth, so if he has information that says otherwise, I will gladly rethink my position. Without hearing from him directly though, I suspect that you are taking something he said out of context, and trying to use it to justify your argument. If he doesn't reply to either of our comments here, I will ask him more about this on Steemit chat when I get home tonight.
OK Tim. Check it out. The minnows are rising already!! I just found this interesting idea: https://steemit.com/steemit/@thecentreofitall/should-i-just-quit-steemit-now-and-start-to-prepare-to-migrate-my-existing-steemit-content-over-to-yours-network
I was misquoted. I never said it was a literal premine according to that definition. It wasn't.
Replying here due to the nesting level.
It is not really "accusing", I am stating what it is. The article basically says Steem sucks, and brings up the suggestion to switch to a different site. It is what it is.
I really don't think that your intention is to try and improve things with Steemit. You are pointing out problems, trying to assert your negative view/opinion as fact, and trying to convince others to join you in your way of looking at things. To what end? What are you trying to accomplish?
In no place does the article say Steem sucks. I do love Steemit, but we can't be quiet with the inherent faults in the system. Do you think I am influenced not to speak by whale power? No! I follow no man. Check how many people I follow on Steemit? We can either work together to fix these problems, or just be nasty to one another. Your choice Tim?