RE: When people will realise steemit is unsustainable and just an elaborate scam?
Since my start over a month ago, I've wondered the same thing.
HOWEVER...
I've invested NONE of my money. I have written solidly for one month straight. In that time, I've earned more money that I have in the same period of time at any other point of my life. I've taken funds out into my bank account.
Recount:
- Zero money invested.
- Work put in.
- Money received in compensation for the value others have placed on my contributions.
how does this fit into the definition of a ponzi scheme?
It doesn't.
The system IS complex. I understand why it might be comparable to a ponzi. Though, it doesn't fit the definition. It COULD turn out similar - depending on whether revenue streams are generated or not, outside of capital investment.
If new applications to be hosted on the Steem blockchain and leverage the infrastructure of the Steem ecosystem that become income streams of their own, then this cannot fit any definition even closely resembling a ponzi scheme.
Time will tell as to what else does get built out. However, it's an open-platform for ANYONE to step up, contribute, pitch ideas, get immediate feedback, access a wealth of knowledge & human resources to get ideas developed & executed quickly.
So in essence, it's all a matter of what we make of it.
Sitting on the sidelines not choosing to understand how the system works or how to be of value to the community, there's the temptation to say its a ponzi. BUT, if you learn how the game works and put massive time & energy into creating value for the community and making the most of what can be built on a blockchain with teams of brilliant programmers and entrepreneurs... game-change. :-)
Raise money first and figure out a business model later! Seems to work for very well for a lot of startups in Silicon Valley.
But seriously, Steemit does have a lot of intelligent people in the community and behind the scenes. Also, apart from members here, crypto investors seem to be pouring money in (how else would STEEM jump to number 3 crypto market cap so quickly) and they're not stupid either. Steemit is definitely on to something big.
clearly you don't know what you are talking about. No VC will give you any money if you don't have a business plan! Anyways in a few month you will realise that it was all a pump and dump.
I hope you realise that if no one invest money, like you and I did, it wouldn't have a market cap of 300mm USD and you wouldn't be able to make money! People are buying this coin and people like you and me are selling to them! I just hope that you realise that at some point someone will be left dry...You can tell yourself that you did believe in the project after this hype is gone and lots of people lose money! I think the dev are criminals you and I are just little gangsters... at the end of the day this website make 0 revenue... think about that for a sec! have a good day ;)