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RE: UPDATE: The Great Steemit Debate: Tone Vays vs @blakemiles84
A ponzi is where people take THEIR OWN MONEY and give it to other people. Steemit allows you to participate in allocating the minting of a cryptocurrency in a weighted vote style. Semi-democratic or democratic whatever you want to call Steemit it is not a ponzi, calling Steemit a ponzi in 2016 will be like calling Bitcoin magic internet money in 2009
IMO, many people that calling Steemit a ponzi scheme doesn't know, what a ponzi scheme actually is. In a ponzi scheme there must be a constant in-flow of new money to pay the interest of the "investors". In contrast Steemit is creating a new commodity called Steem. Its like a mine, where something new is taken out of the earth. It's not clear what value this new commodity has, but there is no need of a constant in-flow, because Steemit is creating this new commodity itself.
I think cryptocurrencies in general, and Bitcoin in particular, are still a bit tainted in the eyes of the general public due to such things as Mt. Gox and Silk Road. I tried to explain my Ethereum investments to my wife, and she replied with "you mean it's like that Bitcoin stuff that people use to buy drugs with?" People naturally mistrust that which they don't understand, and Steemit is complex enough with not one, but 3 different crypto-tokens, that you really need to read and re-read the whitepaper before it all starts to sink in. As a new user I'm still trying to wrap my head around all the implications. So I can understand how some people may ignorantly dismiss it as a Ponzi scheme without bothering to invest time in learning more about it. We the Steem community need to educate and teach people about this great new technology, and try to clear up misconceptions whenever possible.
I agree with you Matrixdweller, BUT you have to also point out that you have a CHOICE to invest your OWN money into Steemit, and you have a CHOICE to Power Up your Steem or Steem Dollars. So, because you don't HAVE to and it's a CHOICE it's not a ponzi in my opinion. And it you DON'T power up, the Steemit Community can still thrive on its own. That's also why it's not a ponzi.
I am not claiming Steem is a ponzi, but ponzi thrive on giving users a choice, making them seem they don't even want their money. Ponzi victims have the choice to participate, it is called different types of fraud/theft when no choice is involved.
This guy confirmed Steemit can't be ponzi. Recognize him?
The scandalous Chuck P.
Maybe someone should invite Tone Vase on here for a live debate about Steem?
Yes Id like to see that @Merlinscat. Although...Tone seems to stuck on the "Where's the value comes from debate". He is seeing big payouts and is having trouble accepting them. As I see it the value is in the community pooling all their knowledge together frictionlessly. And its just a small liquidity pool of steem vs users right now.
An example of value Ive seen: Due to @pauls post and personal reply to my question on Ethereum splitting I was able to claim my ETC. I wouldn't have found it as easy on other platforms like reddit, Steemit I find is much easier to read and a better community I can trust (because its monetized).
Exactly. I'm a long time redditer, but have always found it frustrating trying to separate out the useful, informative posts from all the mindless trash. Sometimes I feel like I'm wading through a sewer, stepping gingerly to find treasure buried in the muck. As soon as I found out about Steemit, I thought "wow, this is going to be amazing", and I signed up as quick as I could. Monetizing a social media platform and having a system that rewards users for quality content is sheer genius, a way to actually incentivize people to think before they write. I've only been on Steemit a couple days, but already finding the quality of discussions and posting to be of higher standards than Reddit. And that right there gives it added value over Reddit in my eyes.
Yep..couldn't agree more Cryptomancer. Im finding HUGE value. Cheers
Are STEEM Power (VEST) disbursements partly funded by people buying STEEM Power?
If so, then the term ponzi can be applied.
As I understand it, SP is highly inflational currence, so Vest rewards are funded by emission. I've read Whtepaper not very closely though.
Of course people on the platform are going to say it's not a ponzi because they are invested in some way. There need to be critics and people who analyze it to point out its flaws so that it may become stronger or be exposed depending on which applies. That is why these discussions are so important.
Looks like @matrixdweller wins the comment prize for the month :)
It looks like so. But it's just 1st day off August. Anything can happen. :)
edit. Thanks for the debate. It was really helpful. :)
Steemit is a great opotunity for peaple who need help or donations etc, to make it came tru.
I am so agree with you. It is not PONZI and it is a great way to let peaple conect to each other, and discus wath you mean etc.
The main thing steemit is geting in future is, a new way to think and use crypto. Couse this way to whrite and earn is fantastic.
Term Ponzi used as follows: payouts to existing stakeholders coming from money collected from new participants. Reason for this word was: where is added value?
One could say the same thing about bitcoin. Or gold. Doesn't make either of them a ponzi though.
No, they are values by default. I just tried to show the meaning of "ponzi" as it was in the video. Simple answer is: content is added value in our case, then it's not a ponzi
i think that other value added to steemit is that you don´t need to be a early adopter to get big reward, this is something that we can´t say about bitcoin,ethereum, or any other good altcoin. i see steemit much more democratic, is the upvote of real people who make you become a value member of this comunity, not just rooms full of mining hardware.