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RE: For everyone still confused about how steemit generates value - Is it a ponzi scheme?
It's kinda like saying that capitalism is a ponzi scheme. You are told that capitalism is based on supply and demand; and that if your skills or product is in demand and you can meet supply, you will be rewarded. But this isn't the reality. People should also know about your skills/product. It's normally done through advertising and marketing.
Steemit is kinda like that. Since it's a decentralized platform, it's kind of a free-for-all country. In such a free-for-all country, you need to secure your advantages first.
That is the very definition of a Ponzi scheme . . . The first have the advantage . . . they gained the most Steem at the lowest price . . . now they use it to advantage themselves, with upvotes and downvoting others. I was trying not to point out the similarities of Steem.it with Bitconnect . . . but, now, here we are.
No, a ponzi scheme is one that doesn't generate value - it only captures it. Steemit generates value by luring its users towards writing good content.
If you don't believe that steem is a Ponzi scheme . . . then, you should quit bringing it up... I don't care. This place is a rudderless ship . . the brains have long since left . . . and now EOS dwarfs Steem.it.
But, What ever. I try not to leave too much 'Value here.'