Quote from: smooth on July 14, 2016, 07:15:18 AM

Quote from: iamnotback on July 14, 2016, 04:31:49 AM

Quote from: chryspano on July 14, 2016, 04:23:05 AM

I think you would gain instant access to all information from Dan himself if you opened a steemit thread and it would be really intresting.

I am considering doing this once I am done re-reading the white paper and make sure I understand the specifics of how this could or could not be gamed. Because I also have access to 1000 of people I could Sybil attack this with, so I am looking at my options now, because CoinHoarder pissed me off.

I am beginning to think that Dan has rigged this such that it is impossible for the minions to ever gain enough rep power to game the system. He has I think retained the control in his own hands. A permissioned block chain. That is what I would expect from him.

If that is the case, then I another bit of my respect for smooth will die because of his involvement in this scheme. But I need to confirm first the details...I understand making a profit but given how moralistic he has been about coins and knowing he is smart enough to have studied the details, then he should have been pointing out these matters long ago but apparently didn't because he was vested.

There is no question that insiders have absolute control now. They have said so, and it is obvious from the transparent holdings on the blockchain.

What the future holds, nobody really knows. Where you and I differ is that I don't believe I have the ability to predict the outcome of extremely complex systems with many people involved. That said, most new businesses fail, most cryptocurrencies fail, so objectively speaking the odds for Steem are not good. I'm willing to let it play out though, and see where it goes. Nothing else I've seen here has made even a remotely credible effort to reach a mainstream audience. Steem has at least done that, even if flawed, and even if it fails.

Where can I view the holdings?

How can you rail against scams such as Dash instamine, and then you basically support a coin that is primarily held by Dan and other insiders (you apparently claiming at one point to be one of the larger 1% of supply holders) that doesn't have a mechanism for diluting whales and instead concentrates more and more tokens to the whales. So we can presume they are running trading bots on the exchanges driving the price by buying from themselves (or at least have the holdings to do so in the future), which is precisely what you told me to be wary of.

R² means if the insiders have 1000X the rep power of the minions, there would need to be 1 million minions before their voting could even begin to challenge the insiders. And the minions might not hold SP and instead hold regular tokens which are debased at 100% per annum, they would never likely challenge the insiders reputationally weighted stake.

Their chief math guy has admitted as I quoted that the R² is designed to fool those who have a risk seeking personality to strive for the $100 - $10,000 per post payouts, while in fact due to that math, most of them will only receive a couple of $ of payouts. Thus eventually they will lose the happy feeling they when started on the positive hope side of their risk seeking personality.

You don't build successful businesses by making users depressed. Facebook makes people happy. Reddit makes people engaged (because users were't recruited with high expectations of huge payouts, these users are contented with engagement). Steemit makes users blow steem out of their ears pissed as hell later (because the marketing lied to them thus attracting an insatiable demographic with higher expectations).

Perhaps they plan to try to transition some of this audience to Peertracks, which is apparently another pyramid scheme lie based around music. Instead of focusing on social experiences and matching music to fans, I think I remember reading that Peertracks will allow fans to become investors in a pyramid of the artist.

You are turning the s/w industry into lies and scams. I want nothing to do with you if you are going to on the one hand be so dogmatic even leading me entirely away from doing what Dan has done (I originally was talking ICOs and no no no don't you dare do anything but PoW distribution). I had more respect for you than this, that at least some consistency of your position.

I don't have a problem with Dan doing this. Everyone should be free. I just have a problem with feeling like I been jerked around, some people telling me to be idealistic, then telling me as long as you build adoption through lying to people's emotions, then that is positive.

I don't feel there is any consistency of anything. Everyone should do what ever in the hell they want.

But I don't think there is any way that Dan will be successful, because he doesn't love his users. These are real people. You can't abuse your customers and expect to build anything great. Facebook actually strives for user satisfaction, My gf loves facebook. She gets her daily happy social fix.

So Dan is giving users their risk taking gambling fix. Yeah I guess there is a market for that. I see that in the females who have blogged. They are risk takers.

Crypto is one big gambling fix and I doubt can't make the transition to mainstream software with these type of people at the helm, unless the world has become a gambling casino.

Steemit is taking money from new investors and redistributing it to those with the most rep power. And fooling bloggers to join by hyping payouts most of them will never receive. That doesn't sound to me like building a good long-term business model.

Bernie Madoff must be proud.