We are human ASICs: STEEM ponzi scheme Explained/Debunked
Is STEEM a scam? Many people are asking and they are not without solid reasons to back their claims. I personally think this is all because of the perspective. Almost everyone consider STEEM to be that social media platform that PAYS YOU TO POST. Skeptics notice that this PAYOUT comes out of thin air. FB, Twitter, YouTube....they all have ads. steemit.com has nothing. Nothing at all as a revenue stream.
This is when perspective comes to play. Cryptos hold their value in utility. Compared to gold, Cryptos aren't REAL. They are not Tangible. Cryptos are not real assets. They have value because of what they can do. Cryptos are the hyper-gold except for being REAL. Most cryptos are mined or minted in a POW or PoS process. I see STEEM not as a social media but as a non-PoW non-PoS mining/minting process. Just think for a moment what if we could replace the Hashes and piggy back on social media activity instead.
If you look at steemit.com as a social media that that pays your for posting, STEEM is a massive Ponzi Scheme. You could even call it a pyramid scheme. Buy if you can change your perspective and look an steemians as GPUs or ASICs you'll see STEEM as a crypto with a very unique/wierd utterly complicated mining process.
@originalworks
I think @originalworks is confused :)
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STOPThis post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
I can't believe that all you earned from this was 0.04. Crazy! Solid Post
I think STEEM is an application platform that has features others can't provide. Primarily, the transaction of tokens reflect value perception by the "consumers" to content "providers". It truly sets value accountability on the merits of each work. It is a pure "capitalistic" approach to content valuation. Simply put, supply and demand without ads that push and force and cost.
Having said that, this value accountablity can expand not only to written blogs but videos, games and so many other types of content.
To this, your reference of us being human asics fits well. We process and hash out individual value perceptions and upvote, follow, resteem or the opposites.
What I love the most is the whole process having an intrinsic value. Even in PoS mining, the token/coin creation process itself has no value on its own. Steemit has built the single best mass community on the net and used the community itself as the mining process. It's Human Action within Human Action; 2 layers of pure capitalism. This gives me real hope about the future of EOS.