Post
Topic
Board Altcoin Discussion
Re: Steemit how can this thing be workable long term?
by
smooth
on 15/07/2016, 01:15:19 UTC
Also I think you could help by speaking frankly about the meritocracy of the fact that you could get $50,000 a week for basically a very minimal effort. You could perhaps influence some speculators and newbies to think carefully about what types of projects they want to support. Without being too dogmatic, just about the value of meritocracy.

The irony is, the more I would talk about this, the more harm it would do. Like pro ball players visiting schools and telling kids to study in school and not plan on being pro ball players. The effect is very likely the opposite. Yeah, I was clever and somewhat lucky (though the paper value of this asset doesn't really mean much, so I wouldn't overstate things). Doesn't mean others should try to do the same, but we all know they will.

I don't think it is entirely a premeditated pyramid, I think they actually believe they can establish a large network effect by bringing a very large number of people into the crypto ecosystem in a way that nothing else ever has (in fact it has already achieved a significant percentage of this, and reached demographics previously entirely unreached). The post rewards will likely fall, as we agreed earlier, but paying a fraction of the market cap as a pool for new content does indeed scale both up and down. If the rewards get too small and people stop posting then rewards per post will increase. It is self correcting, as long as there is enough network effect for people to want to remain  part of the system at all, thereby supporting the market cap, which is a very uncertain prospect, but not implausible.

Hey dude! Why do you waste your time jutifying yourself to nerds on a crypto forum when you could be in your private yacht sipping mojitos with lots of bitches ! Tell us all to fuck off and go spend your millions! That's what i would do anyway.

I'm pretty happy with my life, so I see not changing much, and that's assuming this were even real money and not some illiquid asset that is always a threat to quickly return to the value it came from.