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RE: Steemit competitor, Yours, gains traction
It can have the appearance to an outsider of a financial system wherein the old investors are paid by the new ones with no real solvency to back the whole thing, which is what a ponzi scheme is.
And yes, although some people may see it as that, Steem has various applications such as a social media site, remittance payment network, blockchain technology site, creative hub - that I believe the value is justified.
Right, I understand what's going on but that doesn't change how the system as a whole appears to outsiders, and explaining away this natural skepticism is going to be a challenge our community will have to tackle to gain more traction.