You are viewing a single comment's thread from:
RE: Critical Analysis of Steem and Why I'm Invested
Just do a premine in that case - Why pretend you're not premined (as they advertised), yet realistically your distribution has the exact same concerns as a premine? The only reason I can think of is that there is a negative connotation with premines, so might as well do a stealth mine which has the exact same effect (skewed distribution towards founders), but less PR concerns. The technical semantics they went for were just a lame tactic overall and even though they were transparent about how much they had, it was still handled poorly (in my opinion).
It's not clear to me that an organized premine doesn't have the same legal liability than an ICO that's keeping a % of the supply for itself. Unfortunately setting up a skewed start risk giving too much stakes to many other early people along the main originators of the project (steemit), which is what I believe happened. The good thing is that as time goes and these people cash out the influence of these people diminishes.
I think the oligarchy control never diminishes. While they’re dumping, the game theory I warned about in 2016 says they should also be using their alleged 8000 daily sockpuppet signups (awarding themselves presumably 120,000 SP daily) to upvote themselves and take a disproportionate share of the rewards and thus replenishing or even increasing their share of the token supply over time. It’s the perpetual dump for as long as the users are hoodwinked to go along with it and enough new greater fools are willing to buy STEEM tokens and power-up (which is probably another reason for making faucet sign-ups so difficult).
What amazes me is how many people would hope and assume anything other than the outcome I predicted and which is happening. Humans are so trusting of the power vacuums that rape them every time over and over throughout human history.
I also think the securities problem may (not certainly) also whack Steem upside the head with exchange delistings.
It was for this exact reason that intelligent individuals steered well clear of steemit and rightfully talked mad shit on it in places like bitcointalk, and considering how much dumping went on at the very start and how there hasn't been a steem boom cycle independent of other factors that buoyed other coins and led to steem/sbd being convenient pump and dump tools on upbit they were mostly not wrong. Good investors question projects that have dev shares much, much less than what steem had, and it has hurt the project and its investment potential from the very start.
Yes, and instead of acknowledging and attempting to fix these investor concerns and criticisms, STINC simply announced that they would go forward with their “multi-year divestment plan” - A.K.A., “long-term dump.”
Not only are they doing that, but they have also delegated large amounts of stake to their favored people and projects from this ninja-mined sum, which further dilutes investors’ stake-weight on the platform.
So would-be investors are taking on more risk (from planned multi-year dumping of a large percentage stakeholder) and getting less reward (in the form of lower returns when putting their stake to use). And we wonder why STEEM can’t sustain any price rises and the platform doesn’t attract many people other than poor, talentless bums and scammers.
But despite all of that, Dan actually created a phenomenal blockchain that can possibly survive the ninja-mine and the continued incompetence of his former colleagues. Possibly.
Amen to that rant!
LOL
You know, I feel like a poor, talentless bum.
At least I'm not a scammer ;)
The creators worked hard and came up with something not only amazing but a paradigm shift - which is all the harder. I mean look how hard it is for general users to get a handle on this new paradigm. To be the ones that came up with it - that's in the vein of Einstein - in terms of the creative capacity required.
They also took a lot of risk in terms of time investment.
And because of that I don't have a problem with them holding so much from a premine style activity. What's more important is the long term viability.
Maybe functionally identical, but not exactly the same. It was more like, “If you understand this, or at least trust that there’s something unique in this code base, get on board.”
That’s how they thought they presented it. The optics seemed good at the time. But when people look back at it, they saw something else.