Good News - Steemit is NOT a Ponzi Scheme!!
Good News Fellow Steemers,
Steemit is NOT a Ponzi Scheme!!
Today I tested the whole withdrawal system from start to finish! Everything works perfectly! I can say that Steemit is not a Ponzi scheme!! What Ponzi scheme do you know of that you invest zero dollars and pull money out in a matter of minutes? I was surprised at how quickly and painless withdrawals can be. This is amazing!!
What is a "Ponzi Scheme"
A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for older investors by acquiring new investors. This is similar to a pyramid scheme in that both are based on using new investors' funds to pay the earlier backers. Eventually, there isn't enough money to go around and the scheme collapses.
This is a screenshot of my test withdrawal on Steemit. My subsequent conversion to BTC on Poloniex went quick and smooth. Round trip, everything took about 10 minutes to go from Steemit to Poloniex to my Bitcoin Wallet.
Here are the instructions I used written by pcste:
TOTAL CRYPTO NEWBIE GUIDE How to turn your STEEM into BTC (bitcoin) and fiat (cash)
I just want to be clear here... So far, I've invested none of my own money. I've put zero Dollars in. I've put zero Bitcoin in. Money is flowing out of Steemit to me!! I know of no Ponzi Scheme that works this way. This is good news for all of us. Tell the World!
Steem on fellow Steemers!!
Sincerely,
Michael Matthews
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I still find it a little baffling how many Bitcoiners today can point at Steemit and say "Ponzi", when it was just a few years ago that everyone was saying the same thing about Bitcoin. When people are so willing to break out the slings and arrows, I have to wonder how they were open-minded enough to get on board with Bitcoin in the first place.
It's all an adventure though... we'll see what happens. Congrats on your first payout
I know right?? We live in a new ever-changing technological world. This is exciting stuff!!
If we could get some trumped up trickle down that would be great.
I'd be happy if they just started doing the math to the 10th decimal.
Ahhhhh you mean trickle down from the Whales... yeah. That would be nice. I think the whales need to spend a little more time up-voting minnow content. I hear ya!
If they would spread it around it would come back to them.
Who wouldn't upvote @ned and @dan?
I am still trying to muster up some courage to withdraw, still scares me. Glad it worked for you :)
Try it. Just withdraw a few bucks and see how easy it is!! The more you do it... the more comfortable you'll be with it. I'll probably withdraw $20 bucks a week just for fun.
I would put money on me making a mess, I'll wait until I'm a little more confident lol :)
Dang, if it was us early folks would be in good shape.
Holy cow! YES!!! If we get a 10x increase in bloggers this year, we could be in a great position to move up out of minnow status. Maybe we can move up to Dolphin status!! Oh yeah!!