Ha ha, that is fucking great!
Oh, and Steem is created, along with Steem Backed Dollars via postings. When a post is created and up-voted, it creates more Steem and Steem Dollars after 7 days have passed. If no one creates anything, no new Steem or Steem Dollars are created.
That's how I gather it anyway, your thoughts my friend?
This is the video I mentioned. A bit long but an interesting point of view and not just the blowing of steam up Steem's ass you tend to get here:
The Great Steemit Debate: Tone Vays vs. Jeff Berwick "Ponzi Scheme or Paradigm Shift?
I watched this one, and did you see Tone debating Ned and Dan?
I did not, hoping to get a chance to see that one.
But what do you make of Tone's beef with Steem?
Tone Vays wants everyone to just use Bitcoin, but realistically, Bitcoin is too slow and too expensive to be used on a Steemit style platform. Could you imagine waiting hours for your up-vote to go through, and spending a dollar or more to collect your rewards each day?
Definetely not.
I think a Steem block is 3 seconds. It’s like comparing a gun with a potato peeler, you wouldn’t want to defend yourself with a peeler, nor use your gun to scrape off potato skins.
Ha ha, exactly!
I really don’t know as I did not read the white paper.
But, based on a video debate I saw on youtube back in December, I am under impression that it is doubled every year and distributed based on a proof of stake mechanism. So, the more you have the more of a share of the annual inflation you get.
I can’t remember who it was but the guy had excerpts from the white paper, charts, etc. He liked the website and the platform, but was totally negative on the economic model.
I haven’t really done any digging into the subject myself.
One of my biggest gripes about Steemit is the lack of information coming from higher, these are things that should be passed on to us from Ned and other so called "witnesses".
The governance system is shit here on Steemit, and they really need some conformity.
“In it for the money” just like everything else
Sad, because Steemit could really be something great!