The Great Steemit Debate: Tone Vays vs. Jeff Berwick "Ponzi Scheme or Paradigm Shift?
Jeff interviews crypto-trader and Steemit critic, Tone Vays. Topics include: more technical details on Steemit, Jeff's experience of Steemit, people are taking money out fine, Tones objections to the platform, pre-mined proof of stake, 215 people have 80% of Steem Power, rewards early adopters, the whales have too much power, proof of stake is dubious, others have to buy into the system, in what way is it decentralized, is it really a blockchain, is it really censorship free, 90% of crypto-initiatives have been scams, clever incentives, insiders could be cashing out already, unregulated, valid concerns, the dangers of exposing million dollar dark deeds, Tone calls out The Dao before the Ethereum disappeared, now calls out Steemit, individual posts are not actually worth much!
"Ponzi Scheme or Paradigm Shift?
I prefer to consider this a paradigm shift, all disruptive technologies are initially met with skepticism, acceptance, and then maturation. Keep in mind that disruptive technologies threaten the established quo as threats to income and power are perceived. Those in power never give up anything without a fight. More power to the anarchists as they force levels of accommodation never perceived by those controlling various venues of commerce. Steemit is all about rewarding the creativity of individuals with minimal interence from middle layers of "tax", Ron