Is STEEMIT a Ponzi Scheme? An interesting Youtube debate about the value of STEEM

in #steemit7 years ago

Hello there, Alex here from sunny tropical Costa Rica... :-)

I was watching an interesting video this morning on an ongoing debate discussing the topic of : Is Steemit a paradigm shift or is it a scam and a Ponzi scheme.

I have to say, I actually just became aware of Steemit a couple of days ago when I was watching a video from @jerrybanfield

I am also a very BIG Facebook user and fan. Facebook's market penetration and dominance is unparalleled . 1.8 billion with a B active users. Roughly 25% of the total human population uses Facebook on a monthly basis. Things like Snapchat and Twitter are not even close !!!

It is hard imagining some other social network being able to challenge this dominance.

So why am I saying this?

I have had arguments with friends saying that in my opinion it would be hard for another social network to build up the momentum to challenge Facebook's dominance.

But I have to say that after being on Steemit for a very brief time, I see the potential and I also see the real possibility for a true paradigm shift. I know it is very early days, and it will be hard for Steemit to build up momentum to reach global scale and actually make a dent in Facebook's usage numbers. But the potential is definitely there in my opinion.

So back to the debate video :

I had never heard of any of the folks on the video. Apparently TheAnarchast @dollarvigilante is an interesting site and podcast that touches interesting topics. (I started following today as well)

I have to say that the arguments on the negative side from Jeff Berwick are weak in my opinion. Saying that it appears to be a scam because a certain person is involved and also because some of the original owners have a big influence on the networks direction is not a solid argument.

I mean, doesn't Zuck have a huge influence over what happens at Facebook? Doesn't Bezos have influence over what Amazon does?. Same argument for Bill Gates over Microsoft back in the days.

The creators of Steemit will obviously make decisions to help push the platform forward and they will also hopefully make money at some point. Heck, didn't Zuck make a ton of money on Facebook?. Does that mean that none of the people that came onto the platform later were being scammed. NOOOOOO.

A successful platform will be like a rising tide. It will lift the boat for everyone that takes part in it. Some will certainly benefit more than others. That is certainly ok in a capitalist society.

I am still exploring Steemit, but I can say one thing. Even now, being 1 day in, I see a huge upside and a lot of things I like. I am sure I will find some things I dislike, but that is probably true of any product I use.

I have not made a dime on Steemit yet, but I have big hopes, and I think it has clear odds to provide a Paradigm shift.

What do others think?. I am very interested in hearing about the pros and cons from folks that have been here longer.

Hope you enjoy the conversation.

Pura vida,

Alex from Costa Rica !!!

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Having thought about this for last few days, i dont think Steemit is any more a Ponzi scheme than Facebook stock was early on, or any stock is early on. The value depends on confidence and trust of the user base. To the extent that trust continues to be earned, the value will keep going up.

I completely agree Dave. In the day or so I have been on Steemit, it seems that it's users are really engaged.