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, as this house of cards is about to come falling down hard and fast. At $2.09, people are going to wish they had sold.
When I was told come into Steemit from the Social Media where I have well over 50,000 followers, and even 4,500+ for my Linkedin page, I was all excited. But have you noticed that 99% of the people in Steemit do not even use their names. So nobody REALLY know who is real, who is not real, who is really being paid or not. If Steemit founders thought about this, they would demand that all real people with real names be used in Steemit so it would attract more people. But they are not doing that.....why? It is like a flashback of America Online (AOL) from the 1990's in here with 75% of the content from the the AOL days. And AOL eventually failed and was bought out for pennies.
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....
Also, I have watched just how fast there are little "Steemit gangs" on Steemit who will do and say anything, including ending the same free speech that Steemit says it supports, but if anyone that questions Steemit currency or this business model is downvoted where articles are removed. Thus, there is a Neo NAZI or Neo Fascist group patrolling Steemit versus allowing free speech as they promote. How is that a Free Market System where you have a Gang of Steemit Fascists go around and beat authors up and punish them by removing their votes for money and even removing their story if the author does not "go along" ...gezzz...this sounds more and more like a mini government system...like the corruption in DC where they will get you if you do not play along.
That is not free speech or free markets as what Steemit claims to support. It is these bullies or gangs of Fascists roaming Steemit who have added to the flaws of the Steemit business model.
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.
The model has many flaws. It the founders do not find a way to change it soon, then this currency could be back down to $0.10 and fast.
Update: Less than 24 hours later the Steemit Fascist Police downvoted this article but also 4 other articles that had nothing to do about Steemit.....then they made sure my credibility rating fell from 40 to 6 in the last three hours.....these activities proves my point for sure that the Steemit business model will fail fast and soon if the founders do not change it fast. There is no such thing as free speech in Steemit....it is currently an online community that had adopted a Socialist style model to reward those hyping cyber currencies and punishing anyone who questions anything, or posts anything that it not a pro socialist / marxist topic....life, travel, art are all find in the socialist utopia....anything other than that, then here come the Steemit whale police to sensor your content and punish you.....so far this is what i have read about, seen happen to others and so i tested this and proved that it is 100% TRUE.
@dan, @dantheman and @steemitblog
If you enjoyed this post please Upvote, Resteem and Follow me @michaelpinson for more articles.
"This makes Steemit a semi Venezuela government model where when you need more cash, HEY, just print more up."
Uh, this can be said of every(?) single currency in the world.
One can always buy Steem on other exchanges and send it to steemit.
Agreed on the downvotes - and you will likely get many for this - but it is more of an annoyance than anything to me. Same thing happens on Reddit.
I've had a +$1000 article, and all I can say is you have to find out what appeals to this somewhat limited audience. You can probably post the recipe to Coca-Cola here and it would not get much money.
It is still in beta. It needs MANY improvements on the social media side to seriously compete with Reddit, FB, and others.
I totally hear ya on good vs bad posts and the odd rewards/payouts. I can only attribute it to length of time and investment on the platform. There are groups of people who started out super early on and they have grown together and helped grow the platform together. They are likely the ones who have much invested and want to share amongst their friends.
As a newcomer it's definitely a strange thing to adjust to, seeing low quality content get hundreds if not thousands of dollars worth in upvotes and seeing quality content not get noticed at all.
This post received a 2.2% upvote from @randowhale thanks to @britt.the.ish! For more information, click here!
also...you are correct....the quality of the content needs much work...but with these Steemit gangs down voting all the money from new authors and attacking them...this is nothing more than NEO NAZIs who think they can control the entire site....maybe that it their model..merely to suck all the bitcoins they can out of others and make authors think they are making money that is printing more and more and more out of thin air?
Thanks....I am seeing this downvote crap....this downvote feature is the same type of thing that Fascist or Communist governments do...they will punish you if you have free speech...as I see people doing to me tonight....it means that my article really hit home tonight about what is really going on here...
You're getting flagged? Which article, I'm curious to see
I was flagged on this article after it was up for a mere 10 minutes....so I reposted it......
I've been looking around for a while, and I agree with you on many points. But since I'm new here, I'd rather observe peacefully than rock the boat for now.
Theoretically though, on a perfect cryptocurrency-based social media platform, why would you want people to be forced to identify themselves? The writing and ideas should speak for themselves, not someone's identity. If there's an amazing post, I don't think I'd even care if a computer wrote it! (I mean, I would care, but as in extremely interested) Just my opinion.
Thanks for a great post that needs to be heard by more.
Having REAL people post versus these shadow people helps prevent fraud, scams, stalking, threats, cyber bullying...which are all crimes....and also to expose people from posting FAKE NEWS, hate, racism, and more...this is why Steemit should have real posters on its site....if the person is not MAN ENOUGH to post his own name, then why should anyone even trust what they are reading when the author is openly saying do not trust him because he is nothing more than a screen name.....just as an example, and I am not saying this is happening....but...what if the Steemit insiders are 90% of the screen names who are paid the most? what if this is all staged out to get people to buy STEEM POWER and this is a huge house of cards? By being transparent, they should force everyone to be confirmed who they really are to a certain level.....if not, then Steemit is nothing more than an old fashioned AOL bulliton board where people post anything under fake screen names....what good is that???
Your last comment pretty much ruined any credibility your post might have had:
"If you enjoyed this post please Upvote, Resteem and Follow me @michaelpinson for more articles"
Steem is a joke but upvote resteem and follow me! LOL
Indeed. If it's such an awful scam, why is the poster still here?
In any case, not everybody here has paid money into this system. For them, there really isn't any loss possible, because they didn't pay anything for trying. I'm betting most (especially newer) users fall into that category, too.
Good points @iceflower! Well said :)
EXACTLY so the insiders have to print more and more steem and dilute the currency to keep raising money to pay their bills.....yep...STEEM is COOKED and will crash from the $2.09 level if they do not change their model and fast..
Leaning who is who and what is what.....when I discovered that steem allows articles to be removed by voting by the community....I have discovered a huge flaw in their business model because there are insiders HYPING steem all over the place...and they vote down and remove articles that are bearish on the currency or steemit model...that is a socialist / fascist community model which will fail....@iceflower @scalerman @vixvixvix also, these fake screen names versus people showing who they are is a real problem for Steemit....all investment HYPE and the removal of any article they do not like as Steemit promotes unregulated free speech on their site....yes, this is going to BACKFIRE on people holding Steem currency except for the founders who have YOUR bitcoin to buy their Steem....it is like a ponzi scheme controlled in a fascist business model that removes free speech....that's not going to work long..
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I think the entire Steemit Community needs to demand changes in Steemit before this all crashes the entire business model and Steem falls to 10 cents...my article above is exactly what appears to be happening here....changes need to be made and fast
@dan, @dantheman and @steemitblog