Why Steem Investors Are Getting Crushed
This Steem story sounds remarkably similar to bitshares. Dan (cnx) pumps the price of some new "innovative" coin. What I like to call the Larimer Lemmings all buy into this grand vision. The coin starts falling in value, but people still proclaim "we have awesome tech and the devs promise even more cool tech and marketing campaigns to boot!".
This all happens while Dan and his cabal dump their shares in silence on the Larimer Lemmings. Dan keeps up the charade that there is some great new tech coming... usually there is a new tech, sometimes cool sometimes lame/scammy. Unfortunately most Larimer Lemmings think that this tech was going to be integrated into the platform for the benefit of the long time investors, but here is where they slowly realize they are being screwed. Dan doesn't will only implement this tech at a huge cost, and since he has most of the control over the coin (via stake and blind love of the lemmings) he violently forces the new tech to be adopted at a huge cost to his current investors. Ohh and if the community doesn't go along with it or he doesn't have enough power, he just abandons the project to start something new.
This is what Dan did with PTS, AGS, DNS, Brownies.PTS, bitshares, bitshares 2.0, and the story seems to be the same with steem. He comes out with a new investment vehicle every year and abandons the old ones. He vastly inflated the supply of bts in order to get funding for projects that very few wanted. His company promised business development and a marketing campaign but delivered nothing. He promoted bitshares as a sharedropping chain and told people to buy bts for that reason, then he creates a new chain and refuses to sharedrop! All while dumping his stake.
If you want to learn more about this come over to bitsharestalk.com. His lemmings are all over steem and are sure to downvote this into oblivion. That is if it isn't piled on with garbage posts first.
9 of 10 startups fail and crypto projects like BTS and STEEM are even harder to make it a success story.
So what did you aspect, get rich quick?
I strongly disagree with some of Dan's decisions in the past but you can't blame him for everything. He never promised to be responsible for anything and he always said that there is no guarantee to succeed.
All of his projects are experimental and he always were very open to discussions and community feedback to adapt.
If you invest in this high-risk and volatile cryptosphere you should expect huge losses until eventually you hit a real unicorn.
And I still believe in the potential of BitShares, I even buy some each and every month because I can see the progress and steady growth.
I know projects fail. Problem is Dan followed through on very little of what he said he would do. Marketing campaign for bitshares, never happened. Bitshares 2.0 promised a bond market, never happened and he never even created a worker proposal to do it. And I didn't even mention the business development projects his father, Stan, said were going to be implemented.
I think the funniest thing was when Dan said his 2016 New Years Resolution was to become a better leader for bitshares. He abandoned bts 3 months later.
I get that maybe he wanted to do something different after he realized that he lost so much power in BTS that it couldn't be his lab rat to test his ideas at the expense of investors anymore. The problem is him and his cabal, specifically Stan, are featured in a video where they are saying people are going to regret not buying BTS at under a penny. They said this all while they were dumping there shares in the background. That is a pump and dump.
@dantneman let go of their first child into the world,
but who knows, maybe they will meet again later
for me personally, after 3.5 years exploring the crypto world
#Bitshares is the holy grail of crypto!
Still needs some work, and it is quite demanding, but anyway ..
You mark my words
#holygrailofcrypto @officialfuzzy #beyondbitcoin
Belief systems are really strong. I don't know if you're right about the Dan - and I doubt, but I agree that people should think critically. What speaks for Dan is the tech he has helped create. While others write papers, both Bitshares and Steem are reality. I upvoted this not because I necessarily agree, but because I think people should habitually consider both sides of every matter.
You are funny man !
Everyone deserve the right to express freely its own opinion but ...
Just answer me on that one : why the hell Dan L. would create a system where he can not withdraw more than 1/104th of its capital weekly if its goal is to screw everyone when the price is high ???
Dan designed steem to show a massive pump on CMC, this pump was probably coordinated by him as well. This way he could dump into the FOMO of the lemmings, as you are seeing now. There is no way he could have dumped his entire stake on the market at one time. The price chart is a classic pump and dump chart that crypto people are all to familar with.
Another fun fact, brownies point have been given to BitShares members for their contribution. Dan never sold them, it was a gift. How can a gift can be a bad thing ?
Dan repeatedly said people should focus on earning brownies. He paid some of the biggest platform supporters in brownies as if they were a currency. He implied that they had value and were worth accumulating.
I get you man, BitShares share price is about to grow like crazy in the next months with all the new developments you are probably aware of. You're trying to push the price a little lower to buy some cheap BTS before it sky rocket.
Understandable ... nice try but not very subtle ;p
This is all very new and you have a clear bias in seeing this fail. I'm not lemming. Quite the contrary in fact and I have a strong positive opinion of the projects and people currently operating in this ecosphere.
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