Did you know that you can generate unlimited money out of @steemit now? Actually some does and it will soon go mad if we don't make a change. Money only goes to few hands and I think it’s my duty to share it with you.
What's wrong?
Let's say that you just created an account on the Steemit website. You look into your wallet and notice that you got already 3 Steem Power (10$). What prevents you from creating another account? then another? then another all day long? Actually, there is no real security to prevent this.
How much you can win in 1 hour?
I tested myself. All that you need is create an email address (I used Yahoo for instance) to sign up on Facebook. Then you can sign up on Steemit with your freshly new Facebook account. Log out, clear your cookies and you can repeat infinitely. I count no more than 5 minutes at my watch. From there you can repeat the process and earn nearly $120 per hour (a little less if you grant yourself a pee break).
Steem is not Steemit
Every day, people are signing up “for free” on Steemit. Most of you don't know it, but the signup process has never been free on the Steem blockchain. In order to process the signup on our new favorite social network, someone has to pay this fee. And for each new member, it’s @steemit that pay the bill. So, thankfully, there is no issue on the Steem blockchain. The mighty mistake comes from Steemit only.
Why isn't a big deal?
All you risk is that administrators realize the abnormally growing number of new accounts. Unless you abuse the technique with a robot that would create 10 accounts per second, it's quite discreet. Be wise.
The future of Steemit
Obviously, there is a high chance that Steemit will not let people doing this hack forever. Maybe this will cease in few days, or with the rise of this post, who knows? You must be quick. Soon, you can be sure that your friends to whom you have advised to meet Steemit will have to pay a signup fee. To ensure that one account is indeed linked to one person, the platform may also employ an ID verification. Maybe it will simply let you create a free account, but then without any fund offered. We shall soon see what strategy Steemit will use.
Damn ! You were faster ! I was just thinking about it, wanted to post and went even deeper in the maths.
And realize it's not worth doing it manually...
You say you will win 120$/h which is not totally correct:
"Account registed by another account requires 10x account creation fee worth of Steem Power before it can power down"
My conclusion is, it will not work properly and not worth the effort trying for any person/hacker at least manually.
You can still imagine building bots with NodeJs for example,
or buy 1000 Cheap facebook Account to automate this with a bot. (approx. cost 1000$)
You would be able to generate 10000$ or 3000 STEEMPOWER in a day. Which is HUGE !
The problem of how can you PowerDown this SM is still a mistery for me.
You should consider giving more information about how you can really win money out of this plan.
Only thing that would actually works is to use all accounts to Upvote specific contents and expect currating rewards until you're able to Power Down your money or wait at least 1 years to have enough..
By then all the Whales and staff will detect it and close the accounts.
I still hope this will help the team improving Steemit model.
Yep, you can waste lots of Steemit funds but in the end you'll just have a lot of low SP accounts and no way to withdraw from them.
How long does it take to get the 10 dollar out? 2 years?
Lol
You get your salary every week bro.
Well, the money are not 'unlimited'. 50% of the tips are locked in for 2 years (with weekly installments), to assure retention, and the 50% that is backed by steem coin is up to the market. If there is somebody buying them up, they keep the value. So far it looks sustainable.
Well done on highlighting this. I suspect people will already have created bots to automate milking of the system in this way.
They should make sure your fb account is at least one year old