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Wouldn't call it a ponzi. Any newcomer can have the change to be one of the top earners. If they get enough votes.

However, there are some major flaws with the distribution of Steem.

Coin Marketplace

STEEM 0.25
TRX 0.20
JST 0.036
BTC 94745.85
ETH 3468.48
USDT 1.00
SBD 3.48