sheesh...if true I call 'scam' as well or pyramid scheme is more apt...(new money drives price up because old money used and/or can't get spent)
Why would it be a scam just because of that?
As an investor, I like that feature. It creates more long term stakeholders. The more people that are vested in the success of the coin the better, and as you said... there is less downward pressure on the market which means it takes less new money to drive the price up. To me those are good things not bad things, but I do understand some people may not like being locked in for a year or more. That is how I invest in cryptocurrencies anyways... long term investments, so it doesn't bother me I guess.
Just saying this is how a pryamid scheme works. Once Money is in you can play with 1/2 say. But rest is locked in to be used to inflate and promote new money to come in. It all works quite well like cloud mining UNTIL new money is to little to pump this flywheel. Then both new and old money lose when all withdraw at one time when they realize this. It is classic if not a pump and dump a pump and crash.
This looks awful close to that
Could be, but it depends on if the business model works or not. If it works, everybody gets paid and it looks brilliant; but if it fails, every critic gets to say I told you so and a bunch of people feel duped. I'm playing with house money, so I'm not upset if it fails. Though it would be nice to see one crypto project break into the world of big business.
Can anyone tell me why I keep getting a "transaction broadcast error" every time I try to convert steem dollars to steem? It happens on the exchange and the convert box. Tried multiple times on different days with the same result--might try a different machine, but typing that mammoth password seems a chore ATM.