First of all, Steemit can print more Steemit coins anytime they wish. This makes Steemit a semi Venezuela government model where when you need more cash, HEY, just print more up.
This cannot be very good. Also, I have ntoiced that very-very few people actually have high votes and high money earned in Steemit. This is another large red flag. I have watched it fall from its high to $2.09. My friends in the digital currency world have all say BUY - BUY - BUY....so I studied this even more. I say SELL - SELL - SELL, and this house of cards if about to come falling down hard and fast. At $2.09, people are going to wish they had sold.
As a former financial analyst that has been in Steemit to try it, I must say there are many flaws in this model. If Steemit was a real digital currency community as described, then why cannot a person purchase Steemit with a credit card or to trasnsfer dollars in to but the digital currency. No? That is because Steemit is collecting your Bitcoins themselves, that has a fixed number of Bitcoins issued and giving you Steemit currency they create out of thin air.
I am finding more and small groups making up business models with new digital currencies to get you to buy Bitcoin which increases the demand for Bitcoin and then they hang onto Bitcoin which reduces the supply. To get more of your Bitcoins, they print more Steemit coins to sell you, for your Bitcoins. Do you see where all this is heading?
I question just how many people are really earning $1,500 per article they are writing as compared to a computer program that is auto voting certain accounts to make it look like there are many voters when there is not? Maybe not....but it makes you wonder. I see how many articles that are good that have no real money at all, and many crappy articles that have $2,000? Really? Hummmmm....
Hello? Steemit currency is going to CRASH hard soon....it is being sold as a free market business model. But really? It is more like a digital socialist model where the top 1% make all the coin while the lower 99%, like with all other Socialist and Marxist models, remain equally poor.....think about it....under their current business model this currency is going to CRASH....they have to change it fast or they face a meltdown soon.
If you enjoyed this post please Upvote, Resteem and Follow me @michaelpinson for more articles.
I upvoted you because I don't agree with flagging in order to hide an opinion. You raise some valid concerns and you should at least get some rational answers.
None of your flaggers provided any arguments. Just ad hominems. Heck, that even makes the platform look even more suspicious. I would advice people to think before they act.
Thanks....I have just gotten hit with 3 others articles that have nothing to do with Steem topics, all flagged and hidden now....this is proving my point that there is no free speech or free market in Steemit....there is a fascist gang that will punish you ....downvoting should be removed as it creates a fascist gang and gives them power to drive off all free speech....no wonder steemit has far less quality content....notice how many articles are about hyping up Bitcoin and steem....it just makes me consider writing about this experience in Google where the Steeit gangs cannot control free speech...
not everybody is like that. I tried to rectify the situation a bit. I will see if i can do something else.
You are just spreading FUD. But hey you are free to post whateveer you like.
Chain Letters work as well until it slows down then it all falls apart overnight....be careful...the digital currencies have soared and they are also way overdue for a MASSIVE correction...
Maybe because I have 30 years experience and I have seen many things like this before....but HEY....what do I know....Guys, the math and business model do not add up....dont be the guy at the gambling table who says you will make up on the next play....just saying...
Damn 30 years experience in this market! Time must move really really slow for you!
30 years experience as a financial analyst and in business....
It's one thing to claim that the business model is flawed...it's another thing to claim that there is fraud as your post implies. For that you need proof not just asumptions.
Yeah. People can earn big if there's people with huge steem power, otherwise there are many great articles that don't get what they deserve.
That is my point....you have to go out and BUY Bitcoins and HAND THEM your Bitcoins, which they print more Steem and give to you....Hello? Steemit currency is going to CRASH hard soon....it is being sold as a free market business model. But really? It is more like a digital socialist model where the top 1% make all the coin while the lower 99%, like with all other Socialist and Marxist business models, remain equally poor.....think about it....under their current business model this currency is going to CRASH....they have to change it fast or they face a meltdown soon.
This is really a great post but you made a mistake at the end. It sounds really counterproductive if you are like it can't be true it's this and that but at the end you say follow me, resteem and upvote ???
To prove a point....thank you for saying it is a really great post....yet, watch how much money it does not earn...and even it does earn $500 Steemit dollars, which I highly doubt, the Steemit model is still grossly flawed.....one of the points I make here is to get the EXTRA money with Steem POWER, you have to go buy Bitcoin and give them YOUR bitcoins with a 10% to 20% spread between the Bid and the asking price of Bitcoin, then buy Steemit coins with an XX% spread between the Bid and Ask Price again....then, after taking those to financial hits to just buy Steemit, they get to print more Steemit to pay you while you give them your Bitcoin?
WOW! How would you like to have the ability to print money out of thin air, pay people to create content with the money, and they give you gold bars? That is what is going on here....and frankly, the Bitcoin panic selling is about to start any time now....like down 50% in a single day is in the future....Steemit? It will crash a lot sooner than later on...I have seen this type of thing before....
Michael i don't want to spend more words on this because every clever person could know that all of this coins are made of thin air and some computing. you are right that it costs 3 times or more of different fees to get some Steem and Steem power. And i have seen some videos of the founders of this coin and it made me laugh:p But that isn't the reason i am on this platform. I see that it's a wonderful media and i want to contribute my own thing. I have seen a lot of this world and i have done so much activities to help the needed one. if you like to know me better follow me to see my blogs.
You, sir, are an idiot.
LOL....too bad you do not understand real economics and business models....you should not down vote people in a free speech environment and try to bully them....I see you have some sort of fascist power to downvote and bully people to have their comments and articles removed...it is people like you that will be exposed where YOU will end up crashing the currency....
LOL....too bad you do not understand real economics and business models....you should not down vote people in a free speech environment and try to bully them....
Don't tell me what to do,
After people like you and others who use this down vote feature is nothing more than fascism in Steemit and does not support free speech....I will be sure to write about my experience in Goolge....and yes, Steemit currency will fall...your actions with these downvoting gangs have proved my point very well......I have 50,000 people in my social media and frankly I had hoped that Steemit was not a rigged system...it they do not change their model, this currency is going to crash
I just did...get over it
The payout imbalance is due to the fact that whale votes count for far more than minnow votes. Technically, this is to reward the main investors. In all honesty with your use of 'print' in relation to cryptocurrency, it is quite difficult to legitimately follow your train of thought.
So these whale owners of the currency control free speech which is not what Steemit promotes....based on what has happened, Steemit is a lot more like a dictatorship where they punish you if you question the government....it is not different here with these guys...and they print unlimited money to keep paying the bills....trust me when I tell you this model will crash if they do not change it soon....I have massive experience on Wall Street and the industry...
You know man, I was born in the Soviet Union. Everyone thought all these things. There were a lot of things that were known and thought. Thinking was rampant. But no one ever opened their mouth because everyone knew that the distribution of power was unequal and they would quickly get disappeared and by opening their mouth in the first place, there was no changing anything. The bread line would still be just as long.
But look at Steemit from a different perspective. While it's a community it's also a business in a way. It has investors. These investors put in their time at inception, were allocated something or rather for whatever reason at inception, or put in their money at inception. Same as any business, they now have controlling shares. Just like the guys who invested in Apple back when. There's no freebies in investment; the guy who just signed up and invested nothing will not get a controlling share.
That aside, the whales will have to do a massive dump for Steem to crash. With the current model of Steemit, that will take quite a while. Steem thus cannot possibly crash overnight. If there's a downtrend, then we'll see it coming. For now it's a pretty solid platform.
Good point...but the currency can and most likely crash very fast...I have seen this sort of thing before...NOBODY in Steemit should be able to control free speech and down vote anything at all..the author should be able to receive upvotes or no votes at all...but the big guys are controlling free speech in Steemit where yes, it is no different than a communist or fascist model....if you write what they do not like, these secret police guys behind fake screen names, hiding who they are will make your free speech disappear very quickly...exact same concept...frankly is it like a early stage of indoctrination to teach people not to have free speech...there is no difference here....Steemit must change their business model FAST, or their currency will CRASH vert FAST with this going on
Steemit is private property, it's not a country. Freedom of speech has nothing to do with it.
So which alt coin do you recommend then?
Steemit promotes free speech....I used a government sensoring free speech as an example...I am currently studying all coins....right now, the coin bubble may have popped....in the meantime, there are 4-5 that i favor but have not purchased yet because there is current high risk the entire industry about drop 50% to 80% ....watching closely
Steemit promotes original content with credit given where it's not so original. Free speech has nothing to do with it.
What about making money on the way down?
Good point...but the currency can and most likely crash very fast...I have seen this sort of thing before...NOBODY in Steemit should be able to control free speech and down vote anything at all..the author should be able to receive upvotes or no votes at all...but the big guys are controlling free speech in Steemit where yes, it is no different than a communist or fascist model....if you write what they do not like, these secret police guys behind fake screen names, hiding who they are will make your free speech disappear very quickly...exact same concept...frankly is it like a early stage of indoctrination to teach people not to have free speech...there is no difference here....Steemit must change their business model FAST, or their currency will CRASH vert FAST with this going on
SInce I posted an article why STEEM price would fall (from $2.09)...several Bullies have called it FUD which is childish BS.....now this guy below is flagging every article that i have written about any topic, and stalking me. Is this how the Steemit Community wants to be managed? By THUGS controlling what you even say? That is not free speech...
Community Needs to Gang up and FLAG Everything "Bacchist" Has as a Thug and Bully....he is trying to beat up everyone who he disagrees with and he is flagging the same people over and over 24/7 like some nut case...