Quote from: smooth on June 17, 2016, 02:16:24 AM

Quote from: cryptohunter on June 17, 2016, 01:49:49 AM

Quote from: MadCow on June 17, 2016, 01:19:46 AM

I agree 100% with smooth's analysis, DASH & steem are very different, both might not pass the sniff test, but DASH was a scam, and steem is just a bad design, maybe even with bad motivation, but not a scam.

How can anyone know. There is no ledger for either. What if Dash is actually spending more of his instamine on development of the coin than steem is?

What they hell? I showed you the ledger for Steem's "stealth mine" coins. Most of the Steem "stealth mine" coins are sitting in the 'steemit' account doing nothing. A relatively small amount have been sold off, and coins are consistently being distributed to new users.

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Steem says strictly no premine whilst taking many measure to ensure only they can mine all the coins at launch. To be fair if only the devs can mine then it is really a premine or captive instamine. I don't see one as much better than the other.

Only the devs can mine is wrong. I mined and so did some other non-devs. Unlike Dash, Steem has a hyper-transparent ledger where most of the coins in existence can be clearly seen and tracked with people's names on them.

It was not a "fair launch" as you like to define that term, but it wasn't completely closed either, nor was there anything deceptive or misleading about it that I have identified.

I'm also not sure where they claim "no premine" either. It used to be on their thread but I don't see it any more.

Fair enough... didn't read that part earlier. Yes, well in that case if the tally of the instamine roughly matches with the total payouts less a reasonable sum for the devs it is not so bad. You can argue really the distribution process only starts via the steem.it board. The first part was merely away of getting the coins into the devs hands without calling it a premine.