What Experts are saying about STEEM and should we be worried?
Steem has seen unbelievable success in very short period of time.
Petar Zivkovski director of operations for full-service bitcoin trading platform Whaleclub.
"My first impression is that it is a 'pump and dump' crypto where accumulators (founders, early adopters) will be looking to cash out on a major pump in price (distribution) Whether it survives longer term remains to be proven."
Kong Gao overseas marketing manager for bitcoin trader Richfund.
"Most of the articles on Steemit are promoting steem, which makes it seem like a variation of a Ponzi [scheme]. Furthermore, it is the same group of people behind Bitshares." As a result, "I don’t think it is sustainable and I don't take it seriously. I've also spoken with a couple of serious altcoin traders in China” and they have their doubts as well.
Jacob Eliosoff
Eliosoff reiterated Gao's point that steem might be a Ponzi scheme, predicting that the digital currency "will grow and grow until there are no fresh users to suck in and then quickly collapse," a situation he described as being "the Ponzi way.".
Ryan X. Charles is a cryptocurrency engineer who has also worked with Reddit.
Ryan says 'STEEM CANT LAST'.
By reading the above statements i was bit worried so i need your opinion if they are correct or not. Leave your opinion by replying your mind.
Please note that Bitcoin needs 1M USD of fresh capital per day in order to survive - that's the current daily payout for miners. And Bitcoin has survived for over 8 years. Why can't those "experts" comprehend Steem can survive in the same way?
In other words: if they have doubts about Steem, those doubts might be valid but the same doubts need to be applied to Bitcoin.
Bit coin has been in the market for so long now but steem has just arrived. Bit coin has seen everything a 1000$/bitcoin to 14$ but it has been stable for so long now at around 400-600 mark, Cant say where steem will go from here up or down.
It's all true but the important thing is that the economic mechanism has been proved: an inflationary currency can survive and can even appreciate in value.
If Bitcoin can survive, so can Steem. It does not mean Steem will survive but it means it is plausible. So statements like STEEM CANT LAST are false.
We should just enjoy as long as it works or lasts
1 million for Bitcoin isn't big deal as its prices around 650$ per bit coin but steem is priced only 4$ that is huge I mean huge catch
We should be comparing market caps, not prices per unit.
Steem spends 10% of its market cap per year to reward posting and curation (plus other costs) which is comparable to what Bitcoin spends on mining. The economic mechanism is very similar, the real difference is where the inflationary funds end up: Steem redistributes them to content creators whereas Bitcoin burns electricity.
I m not that advanced user like you but knowledge you guys are giving here is immense and will prove very good for future.
The CoinDesk author Charles Bovaird just spreads paid FUD
haha lets hope thats true i m very worried about this post to be honest
They have their reputation we have to respect their comments only time will tell if they are correct or not.
I think it is nice to read the above comments. All from experts who have a massive stake to cast these clouds over something that might seriously affect their worklife, career and income.
Even if this is a pump and dump or ponzi scheme it only works if people pump their own additional money into it over time.
Personally if people have additional money to add in and lose it, that is their own risk vs rewards; they can do this investing or take same gold to their gov't approved casino and risk it there, where do you think the greater risk of loss exists ???
Of course these experts above are just being useful, however since they are actually working for an income salary; i think this clearly shows they have no clue as to what or how to make money, otherwise they themselves would be independently wealthy and retired = not working for their wages...
So now we see many experts are either eggs under pressure or just someone in the industry who has a terrible skill at predicting industry change.
In todays world, the SEC and federal prosecutors love catching scam artists mainly due to the massive saturation effects of todays mass media; after all the world is 'interconnected' today, so where would these people try and flee to ? North Korea or Iran or New Zealand ???
If I can think of these things you can be sure others far smarter have considered and discounted them as well...
This is true all of them were just lucky as they made money from bitcoins and now they are claiming themselves as experts because they predicted bitcoins correctly.
I also think they will be wrong judging steemit
Time for them to run in Syria. LOL
I think they are all jealous of our network because they know they wont get as bigger success as steemit has got, I think you should not be worries at all.
I hope the same because whatever I have read no expert or the person who is from the same niche is saying anything positive about steem