Re: Steemit how can this thing be workable long term?

Other than deluded n00bs, who is long-term investing in Steem?

Could someone give me some explanation as to why anyone would convert BTC to STEEM POWER? (not STEEM which is debased 92.5% to 100% yearly)

Blockchain investment has, let's say, 2 main types

1) individuals like those of us who frequent btctalk
2) funds who are dealing with millions or billions and are throwing money like there is no tomorrow - types of funds that have ETH at 1+bn marketcap despite all its clusterfucks

The money invested by group (2) is in the hundreds of millions, if it hasn't exceeded a billion already.

Buying a stake at something like Steem could be an investment, for them. They'd essentially be betting on its success and expansion.

Now, in a world where stuff like messaging apps and snapchats and online games can fetch billions or tens of billions, this is not very unlikely to happen.

For group (1) the dynamics are entirely different and what they do with their 1-5-10-100 btc investment is a whole different issue.

You can't buy the company, there isn't one seller.

There is already at least one significant fund (crypto oriented) that invested in SP as a long term play. That others may as well is not implausible. I agree with AlexGR. That has nothing to do with buying the company, and may even turn out to be more valuable than buying the company anyway since it isn't clear what business value the company has other than its SP holdings. People can and will access the platform while bypassing the web site.

Why they would buy into a blockchain debasing at 15-21% yearly for SP holders and which has a license saying it can't be forked (then who the fuck can improve it? Only Dan and Ned?)?

I guess they haven't learned yet that open systems beat closed ones. They probably didn't do the math on the debasement correctly also.

You obviously disagree with their investment thesis. That's why markets exist.