This is insane and I can't take the classic pyramid scheme out of my mind. This type of growth is unsustainable unless you have a mass of new users adding money to the base everyday, upvoting and posting, so the top heroes get paid this much. The probable end of this will be a crash where Steem value will be close to zero, big names are long gone and the newbies will loose their investment fighting for .00001 steem on every make up post.
Please prove me wrong. I want to believe in this platform.
D
Why is it when it's crypto people think it has to be a pyramid scheme because it's making little guys rich but if it's Facebook it's considered a legitimate business even though a lot fewer people make money from Facebook? It's the same, it's social media. Social media like Reddit is worth billions and there is plenty of room for something like Steem to grow well into the tens of billions at least.
I believe we will have something like 400 million Steem supply this year, so if the market cap reaches 1 billion what could the price of Steem be? Anyone can become a top hero. Craig and I were not top heroes just a few weeks ago but now we get called top heroes?
In a month or two the next generation of people will have earned Steem Power and eventually will be called top heroes. There is plenty of growth for everyone.
YES, this is very true
Growth for people on the top, or willing to put lot of money as a 2 year, high risk, investment. Distribution still looks like a pyramid. The fact is that this thing is on such an early stage that it can definitely make users rich from nothing. If it is going to be like Facebook, time will tell.
Don't get me wrong, I'm fascinated by Steemit and I believe it has amazing potential, but there are a lot of adjustments to be done so it doesn't become only about money and makeup vlogs.
D
That is not what happened though. I didn't put money into Steemit. I put content into Steemit, and as a result Steem Power and Steem Dollars came out of the machine. I guess you could do the same too.
If you decide not to create content then the people who really need the money will create the content instead and they'll get the Steem Power. Makeup Vlogs are cool because it shows anyone can make money not just computer geeks.
my next video about steem power is uploading right now and I say the same things you just said in your comment
How do you upload a video? Sorry I'm a total newb to Steemit.com!
The pyramid scheme failure mode is that everyone tries to redeem their piles of SBD made from their make-up vlogs and finds that the peg system that it supposed to actually make them worth a dollar each can't keep up.
It's great that your comment appears to have made (as of this writing) $15.38, but I would recommend not to count your Steem-backed dollars before they, as it were, hatch.
@interfect I guess it's always to be seen as a pyramid if it's not built by the right people, using a centralized technology, with the permission of Wall Street, and authorization from power brokers in Silicon Valley, etc. But the truth is that Steemit is something different from that and while it is different it doesn't mean it's inherently any more of a pyramid scheme than the US dollar itself, or any other massive company which has a top down pyramid style hierarchical structure, where very few people can invest in it at IPO, and few people can work for it.
Take Facebook for example which we it can't even find women and minorities to hire because of "lack of talent". Why wouldn't these minorities and women see Facebook as an even bigger pyramid scheme than Steemit? It doesn't let them invest in it, or work for it, or interact with it in any way except the most exploitative way unless they can afford to buy shares.
As far as Steem Dollars, the technology is based on Bitshares which I'm very familiar with. It can hold a peg if it can attract enough speculators. This isn't guaranteed of course because it's still very early but the exchange has no fees and has liquidity rewards so as long as there is demand for Steem and Steem are worth money it is in my opinion very likely the peg if not perfect will still be near the price of $1.
Agreed. GROWTH FOR EVERYONE. Steem adoption has NOT even begun by mainstream public. So much potential, so much financial freedom. ..
Facebook depends on ad revenues, and monetizing user data, so it's hard for a lot of us to see "where the money comes from." I know I need to do more research, just joined a couple days ago, but it does look like money from nowhere at first look.
Facebook steals your attention and then sells your eyeballs. Actually they use terms of service agreements to legally capture your attention to sell to advertisers. Your attention is attracted to Facebook by the containt which is the bait in the hamster capitalist trap but it's still hamster capitalism.
On Steemit you have a voluntary market without coercion, without contracts, where you don't need ads to monetize people. Other people attach a value to the content they like and through collaborative filtering they vote up what they prefer. This collaborative filtering could be seen as valuable because over time it's going to get better and better until a swarm AI knows what everyone likes or wants.
Steemit has the potential to replace Facebook, Amazon, Ebay, etc. Steemit is not competing with Bitcoin or Ethereum nor is it competing for the same people. I understand why it would seem the money comes from no where but the money comes from the wealth of networks of human beings. People have value to other people which is why Steemit will generate value for as more people join it.
Steemit is better because you're selling your content
Oh My how awesome was this rebuttal..I was thinking to myself other day if everyone keep being patient and keep active with good quality post over time we all will be whales helping little fish grow:)!
I think you are right, but this is not the kind of thing I would make a video about, this scenario is why it's smart for me to start powering down now into bitcoin, as it could be years before steem runs out of ponzi power like you describe... there are millions of who will come to steemit and invest time and money, while I get paid.
I agree with you. There is a huge opportunity here.
I'm gonna leave this right here
https://steemit.com/funny/@sunshinecrypto/share-to-join-spread-the-steemy-word
Anyone know how to get on slack?
seems down
exactly my thoughts