There sure are a lot of big names participating in this...investment scenario. Anything for a buck. Right fellas?
Wow respect, i see some people who usually stand on morale high ground here defending and shilling for such a scam mining.... wtf is going on here.
I'm as perplexed, trust no one.
soon this pyramid will collapse and everyone will look silly.
I notice none of you "holier than thou" types were able to provide a rebuttal to my post:
Morals are subjective. They are derived from religion and one's upbringing, and everyone forms their own version of morals as they experience life.
To some a "sneaky mine" is immoral. Others may liken it to starting a business, and equate it to the developers/organizers of a start up obtaining equity in their project. Are all start ups and corporations immoral? Is capitalism immoral? That is subjective...
To some 12% annual inflation is an unsustainable pyramid scheme. Others may liken it as a good way to gain a huge userbase quickly, then leverage that userbase in the form of profitable features that are yet to be implemented. Can a business not change its business plan, or never expand into other markets? To judge something based on exactly how it exists today instead of where it is headed in the future may be a mistake.
To some extent, this is true, but there are some universal moral standards. Which society condones lying? Where is that accepted moral behavior? In my opinion Steem was born of lies and perpetuates them today. Whether you want to call it a sneaky mine, instamine, premine, fast mine, or whatever, Steem loudly proclaimed in their three or four announce threads, "Fair launch! No premine, instamine, or fast mine!", when of course nothing could be further from the truth - the founders mined 80% of the coins generated during the short PoW phase by their own admission.
They perpetuate the lie by advertising, "Welcome to Steemit, decentralized and incentivized social media.", and generally plastering the word 'decentralized' wherever they possibly can. Of course it's not decentralized, the founders just mined 80% of the mineable coins, making themselves able to elect the vast majority of delegates in the DPoS validation scheme, not too mention wield the vast majority of the influence about who gets paid out and how much. Steem is decentralized like Turkey is a democracy.
Ultimately I think this dishonesty will contribute to the failure of this venture, in conjunction with an overly complex system of tokens and a failure to generate enough users to keep the bubble from deflating, but I'm sure the founders and very early adopters will walk away with a nice stash of BTC. C'est la vie.