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RE: When people will realise steemit is unsustainable and just an elaborate scam?
excellent distinction.
"A ponzi scheme requires people to pay money in the expectation of a return but uses that money to pay off old investors... Steemit is asking for people's time but is asking for very little if any money."
that got my vote. :-)
Thank you @rok-sivante I hate it when people throw the Ponzi word around when they think anything is a scam. A Ponzi scheme is a special kind of scam, think Bernie Madoff, et al. Ponzi schemes are actually pretty brilliant and take special people (heartless as well) to pull them off.
Steemit is brilliant as well but it is obvious the creators are thinking of the people as an asset and the best way to use that asset is to give them a share of that profit, or profit sharing. A typical person could literally walk into this place without a penny and cash out. No Ponzi scheme works like that.
Steemit may ultimately be unsustainable (I believe it is sustainable) but it is no scam in my opinion.