Is Steemit A Ponzi Scheme?
For new users or people who do no understand how this site works, here is a clear explanation of why is not a Ponzi scheme. You do not have to invest a dime to use all the features of the network, you are not trying to bring in money from other users and the site works even if you take the money aspect out of it. Ponzi scheme applies it is a scheme to get money from people and has no real use. This is, without a doubt, a functioning social media/blog site with a unique system of voting power. You can take the money/market away from steem and have steem be points, where people with more points get more voting power and the site still works. And unless you have been under a rock for the last five years, social media and content distribution are BIG businesses that are not schemes. They are, arguably, one of the biggest businesses in the future. Plus the site give you rewards for free to use it, if it was a Ponzi scheme, this would be the dumbest scheme ever :p.
And even if you choose to buy the coin, you are buying it from an open market, which means you can be buying it from anyone who has it.
The future of media is all about the attention economy. Facebook, Netflix, Youtube, Steemit, your mother's blog are all competing for the same thing. Attention. And it will only get worse. People have more and more free time on their hands and access to media. It is a global market that people are fighting to get a piece off. Steemit has thrown their hat in a very competitive ring. The reward system and decentralized aspects give them a unique voice in a crowded market but they are up against tough opponents. But there are a company who are bringing in new ideas to filter content and reward the content creators. But they are, in no way, a Ponzi scheme.
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
Yup, total scheme!
Oh, steemit? Nevermind, steemit is not, I was thinking Facebook...
Ha! That got me to laugh. One of the first comments here on #Steemit to do so. Thank you.
Glad to hear it!
Haha good one!
Hmm, I have yet to have to invest any money into my account to get anything from it. Rather weird if this is a ponzi scheme because those are designed to separate idiots from their money.
Oh well, people will believe what they want. Whether true or not. For those that take the time to investigate, question, and join us here, welcome.
Nice
Great breakdown. As a new user, I'm just learning so much about this platform in just all the articles. Still now sure what steemit is, but I'm enjoying it so far. :)
The attention economy is what it is about.
Great write-ups!
"Plus the site give you rewards for free to use it, if it was a Ponzi scheme, this would be the dumbest scheme ever :p."
That reminded me of this song from a cartoon my niece, and nephews were watching a couple of months ago...
Nice article.
This post has been ranked within the top 80 most undervalued posts in the first half of Jun 14. We estimate that this post is undervalued by $25.64 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jun 14 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
For it to be ponzi scheme it would require you to invest money. Since it only gives and doesn't take joke can't possibly be on us. I love this platform so I pray this business model succeeds. And I'm not even religious.
thanks - now if I'm asked about that I'll just hand out copy of your post