Was the person who designed the financial model for Steem.....

in #dpoll5 years ago (edited)

Was the person who designed the financial model for Steem.....


Steem's financial model is an epic failure. It's a failure because it is absolutely no different to the capitalist based top heavy financial model we already have that simply caters to, and enables human greed. It replicated the system we already had by designing a new currency and thus lining the pockets of its creator and early adopters. Now instead of the central banks and governments being our masters, we have changed central bank to Steem Inc. and government to witness.
So the question is there, and I know what I think!


  • A moron who has screwed up this blockchain with their incompetence

  • Con artists who set out to make themselves and a few others very wealthy

Answer the question at dpoll.xyz.

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Voted for Con artists who set out to make themselves and a few others very wealthy.

Voted for Con artists who set out to make themselves and a few others very wealthy.

Voted for Con artists who set out to make themselves and a few others very wealthy.

Voted for Con artists who set out to make themselves and a few others very wealthy.

Voted for Con artists who set out to make themselves and a few others very wealthy.

Hi Nathen :-) As usual, I am looking at it a bit differently...

C. (close to "A" but different) Someone with a good idea, but poor execution.

Reading between the lines of the "historical accounts" that I have seen, it is very likely that the original blockchain security measures were alternatively viewed as a "ponzi" which suggests "B". I have just recently figured out, after having a go at being a witness myself, that the Top 20 structure of WITNESSING is essentially a Block Chain Security feature. By having VOTING for top witnesses, it assures that people of high standing in the Steem Community control the block chain, and conversely, must maintain the integrity of the blockchain or they will be replaced with someone who will. This is a seemingly airtight strategy, unlike a simple POW system where anyone can buy enough processing power and simply take over a Blockchain like BTC (not so likely) or Litecoin Ca$h, (much more likely) with what we call the 51% Attack. BTC Miners are going to be much more centralized by 2021 due to the halving of rewards, so a newer start-up like LCC has to innovate to provide 51% protection.

Steem, on the other hand, is "proof of STAKE" (pos or piece of P**???🤣 JK ) and you really do not need a substantial Stake of STEEM COIN to participate as a Witness. But you DO need "community support" on a wide scale. So it is possible for a newer, poor Witness to get in, if the exhibit a big level of participation in the Steem(it) community. FWIW ;)

As far as the security measures go towards making the earning of coins harder, it has made the architecture of the Blockchain much FASTER. With the very secure "mining" attended to, the blocks can be churned out much faster than any other pre-existing blockchain. 3 second block generation is very high speed compared to anything older and MOST Newer efforts, I have a few graphics that show these comparisons...
STEEM-SUPERIORITY-SPEED-okc.gif
and:
STEEM-SUPERIORITY gas gauge-okc.gif
Plus:
STEEM-SUPERIORITY-bargraph.gif

Hat Tip to @overkillcoin for the first two, and the third is the graphic that inspired him to make the first two shown. I forget the originator of that .gif file, unfortunately.

So STEEM was built from the ground up with a lot of great innovations, it was made to support mega-tons of entries, and in reality, I see the Whales and Orcas as the foundation of Steem rather than it's "peak". This arrangement supports a lot of people in the third world, even to this day of "25 cent Steem" people in poorer countries can help their financial situation a good bit just by Blogging!

As a Dolphin, I had to really get serious about being one in the first place. I had somewhat limited writing skills, and even less time to devote to it, so I decided to use what I called the "Brute Force Method" and I rolled my ETH gains into Steem. Had I been smart and avoided a real ponzi/scam just prior to joining Steemit, I would have been much bigger today. I had 1 BTC left from a 3.3 BTC stake that I had earned from buying ETH at $12 U$D. Woulda, Coulda, SHOULDA!!! lol So many other ways I could have went, but I do believe in Steem.

That's my 2¢ on that situation. I avoided dPoll cuz we had a situation several months ago where steemvoter or something like that abused posting and voting keys, they capitalized on it and self-voted all their stuff 100% with all the accounts they had the keys for. I really do see it as a "C" proposition anyway ;)

PS: WHEN Steem reaches a much higher level of adoption, our Top 20 Witness Structure will hit a point of saturation, and you will see the likes of #21-50 making nearly as much as Top 20, and even Top 100 will be highly profitable. In fact, @sapphic-witness was around #100 and making a little profit after the server fees were paid, and Steem was around 85¢ as I recall. My end of the deal was wrangling community support and another witness whom we have supported from nearly day one received a HUGE Proxy, and he was already supporting us, so at one time we were well into the Top 100's and the block were rolling in faster than ever. If that had held on, we would even now likely be showing a small profit after server fees. But politics of Steem being what they are, our friend lost that Proxy and we lost almost 2/3 of that prior tally... Hey, it was nice for a while! LOL

I have many ways that I promote for plankton and redfish to "advance" and they all basically start with "Micro-Stacking" principles, which are time proven monetary methods. I have never powered down my main account, and I was in the Growth Days (pre-Dolphin) powering up EVERYTHING, all SBD and all Steem. I foresee another huge growth spurt like we saw at this time last year, but when will it start! Maybe Soon

Thats an excellent take on things and lots to mull over. Really nice to see other perspectives. Thanks for the in depth response and if you do reignite your witness boiler, let me know and you will have at least one vote!

Awww Your the BEST! 😎

I am working on a new thing, I will keep you posted...
As for Steem, it IS possible to start new as a witness and Make Top 20,
my very good friend @crimsonclad and the witness account @followbtcnews (her partner) have made even Top TEN last I looked, and they are beloved and admired by many in Steem. So it CAN BE DONE! Crimmi has been with me almost since I started, she is positive and supportive.
Some of the bad things we see seem too prevalent, but if we look hard enough we can see that there is a LOT of GOOD as a foundation here. In May I will be here 2 full years and I have seen a lot. Once steem starts popping again, I believe you will see lots of great causes emerge, and although it is limping along, my Minnow Boot Camp is still helping the little ones become Minnows. I am about to rev it up again, I am condensing my SP and VP and still taking members. We have a Vote Trading model where I multiply their votes back to them and it works out well for all of us! I just need to POST MORE lol With Great Content :)

Thank you so much for participating the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!

Hi @nathen007!

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