RE: "The Ugly Truth Behind Steemit" - Please share your thoughts on this

[helikopterben]

It may have been a highly questionable instamine, but from what @smooth says, the initial mining was legit as he was mining alonside others whom he had no relationship with. From what i understand, the instamine was done for legal reasons instead of an ICO or something of that nature. As of now, steem is centralized which is acceptable IMO while it is still in beta. I dont have a problem with it but others may. At least the devs have plenty of funds to dev with.

Comments

[smooth]

what @smooth says

Here is what happened from my personal perspective:

1. I found the coin announcement on Bitcointalk
2. I figured out how to compile it and start mining with no help from anyone or anything other than the information on the thread and my own experience.
3. I mined before the relaunch
4. I mined again after the relaunch
5. I reviewed the source code myself and relied upon that and information posted to the thread to figured out why I might want to mine a lot of it (it looked like a blockchain-hosted reddit with a good amount of development behind it).
6. I had no contact with the development team or anyone associated with the coin other than reading their posts on the thread. I didn't know any of them prior, so I had no special insider status or "tip off".

Draw your own conclusions.