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RE: Critical Analysis of Steem and Why I'm Invested
It's not clear to me that an organized premine doesn't have the same legal liability than an ICO that's keeping a % of the supply for itself. Unfortunately setting up a skewed start risk giving too much stakes to many other early people along the main originators of the project (steemit), which is what I believe happened. The good thing is that as time goes and these people cash out the influence of these people diminishes.
I think the oligarchy control never diminishes. While they’re dumping, the game theory I warned about in 2016 says they should also be using their alleged 8000 daily sockpuppet signups (awarding themselves presumably 120,000 SP daily) to upvote themselves and take a disproportionate share of the rewards and thus replenishing or even increasing their share of the token supply over time. It’s the perpetual dump for as long as the users are hoodwinked to go along with it and enough new greater fools are willing to buy STEEM tokens and power-up (which is probably another reason for making faucet sign-ups so difficult).
What amazes me is how many people would hope and assume anything other than the outcome I predicted and which is happening. Humans are so trusting of the power vacuums that rape them every time over and over throughout human history.
I also think the securities problem may (not certainly) also whack Steem upside the head with exchange delistings.