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.