Steemit is Like a Bank Account, But More of a Treasure Chest - That's actually in Everyone's Best Interest
Does your Bank Account grow Everyday? Does you bank account grow substantially as a result of you holding your money in it? Mine doesn't. Maybe I get a few percent interest on the year...but that money in fiat dollars is actually less powerful the following year. If you look at how fiat money works...you'll notice for instance if you held say $10,000.00 in the account for 5 years....that 10,000.00 would actually be able to purchase less goods and services. It's also important to note that your friendly bank makes a shit ton of money/profit of holding your money for you. Talk about a raw deal.
Here is a graph that showcases the decrease in purchasing power of usd's over time...talk about a bad deal for saving your money. This also showcases the fact that if you have debt...which basically the world system is set up in a way where the majority of the population will always have debt that they are unable to pay.
The Creature from Jekyll Island This is a book worth reading. Warning it will change your life.
If you like or don't like my post, let me know, either way...it's important to communicate...as communication is key in the creation of our utmost potential. And if you really like my post, a 're-steem' is much obliged. Thank You So Much. Grateful to Be Here
Steem On,
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We're Creating Heaven.
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I have a problem with this, steem could be a ponzi scheme, how is my money protected. My 10k in the bank it is insured by the fdic, but there are no guarantee with steem, ur money could be gone website shutdown tomorrow, it already happen to some coin. So no im keep my $ in bank for now.
The fdic is an interesting component i had not considered. Thank you for bringing it to my attention. Brilliant business model from what i have briefly seen....buuut maybe not for much longer...
Can you elaborate for me on how "steem could be a ponzi scheme"?
ok i've looked a bit more into the fdic...my initially thinking of it being brilliant business model... was because it cons people into believing that all is good under the hood ....and that betting on the banks has been a traditionally very good strategy. So...that's worked pretty well.
The thing is...you funds aren't aren't really secure.
most recent article I looked at showcases this rather well. see it Here
The interesting thing with Steem is that it's utmost potential rests in the hands of people....meaning it's a point of consensus/agreement....so the real success of Steem is in people Valuing it. Which from my perspective has a pretty cool chance of happening because the setup is very accommodating. Steem blockchain is High Performance. See 'Graphene blockchains' for more details.
I really really appreciate your comment, as it is the criticisms/skepticism's that really challenge me in my thinking.
Steem On Brother!
there are a few coin just drop off the face of earth and website shutdown, most bank will insured ur money thru fdic under 250k, now with steem too many people take money out and not lot of whale, even whale will vote for their own post and comments to make money for themself. So its bleeding money left and right, more like new money pay for old investor. And u are lock in for 1 or 2 years if u choose steem power.
steem power lock in is 13 weeks.....and what that means...is that the steem is powered down weekly over 13 weeks. Which is a pretty cool approach when we consider how much this supports the network...and how much support we have for sharing our votes.
It's good to vote for ourselves and others....striking a balance is indeed key.
And it's a good thing that some whales have been powering down. Quite a noble thing really....as over time, this creates more market liquidity for new investors to get in on the action here. If no whales were powering down, that would be a serious problem
Steemit just turned one year old. It's a baby. The focus here is people and communication. The potential is massive. The future is determined by all of our participation here.
Trusting in our best potential is the key I am learning...as we all got it in us.
I've read a lot more about the fdic and it is an illusion of security....a real farce to the best interest of americans...much like the federal reserve.
Would love to hear your perspectives on The Creatures From Jekyll Island
Best regards
Great post illustrating how inflation, whom my grandfather always called, "the thief in the night" robs us of our purchasing power. The Federal Reserve has a target inflation rate of 2% per year. Which is total bs. All it is is a way for them to swindle everyone and is the biggest ponzi scheme in the history of the world.
I love your analogy of Steemit as a bank account/treasure chest. It truly can produce incredible returns for yourself and the entire Steemit community. I just touched on how Steem Power can be used in this fashion here and why I think Steem Power might very well be the greatest investment in our lifetime.
Always a pleasure indeed my friend! Have a great rest of your weekend! :)
100% Agreed
Awesomeness @orionschariot
Thanks for sharing your post here, I look forward to reading it and all of your posts for that matter...Just wanted to let you know I really dig your style, and appreciate your words!
Out for a date with the girlfriend ....will let my steem voting power build up so i can give you a big upvote!
All the best Brother!
Keep Steem'N
love your grandfather's "thief in the night" take on inflation.
Thank you! He was a very wise man.
That is what the vision of bitcoins founder when he created the blockchain after the 2008 financial crash.
Crypto currencies in general give you back the power that banks and the government has taken away from you. By taking part in the crypto community, you are essentially voting on which system you would prefer to use.
100% Agree, Thank You @saithe
not sure if you saw my full post...i made an edit...and when i did... the graph and the bit about jekyll island disappeared...if you aren't familiar with the book 'the creature from jekyll island' i've attached the pdf version
I already saw a video about that on YouTube awhile.back😀
Maybe I'll give the book a go if I have time haha 😀
Cool. I've been really impressed with the writing styles intertwined throughout the book. It's like a Detective story meets adventure...meets deeply entrenched research...meets laid back down to earth easy speak...with so many brilliant analogies...I especially enjoy the sports analogies :)
Hit the trigger last night on some more buys!
Wanna see the rest of my reasons? : https://steemit.com/steem/@melkay/tonight-i-exchanged-all-my-sh-t-coins-for-steem-power-and-i-will-explain-how-and-why
you know that you are lock in for 1 or 2 years with ur steem power right?
powered down weekly for 13 weeks
you can stop a power down at any time
I dont understand what you say power down weekly for 13weeks, when they say if u got steem power you are lock in for 1 to 2 years. Is this 13weeks new rule?
yes, new rule...change was voted upon a little while ago.
When the platform first started it was placed at 2 years to prevent the currency from experiencing a 'pump and dump'.
There's been a lot of regard put into the development of the platform here.
Steem On Brother
:)
Yes, I am well aware and have read the white paper multiple times. Thank you.
love your stoke factor :)
Steem On Mel!
Know thy Power Up!
:)
Thanks, Exchanged another 1 ZEC today for some steem while its on the low low. XD
BITCOIN = HAVING A SWISS BANK ACCOUNT
STEEMIT = BEING YOUR OWN CENTRAL BANK. :)
BRRRRRAP!!!!!! :))
Everybody;s walking around with a swiss bank account in theri pocket
Yes, Obama Has Be Known To Hint At The Truth From Time to Time ;)
Great Share.
The Green Screen!
"Space may be the final frontier"
"But it's made in a Hollywood Basement"
It's good to know not Everyone is asleep :)
I LOVE STEEMIT!!!
Very good info :)
I see steem same way exactly you think really nice post man appreciated
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Resteem...
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