looks like a great project, waiting for more info of ICO

What about the site's rapid growth is the basis for your statement that "Whales dominating which content gets ranked is killing the site"?

Thank you for helping set the record straight with your ninja edit. Your comment on reddit mods is perhaps the most accurate thing you've said in this thread.

Not true... quirk of the user interface... nothing is being recorded to the blockchain... look at the vote totals... they don't go up... the $ figure is just an approximation... it is based on the share of the current vote pool and the price feed... both of which can and always do change over time before payout occurs...

You have responded to everything I said, but you have been wrong. Your posts have been riddled with factual inaccuracies and wild speculation based on false assumptions (or more likely, outright lies).

I have repeatedly corrected you. You simply refuse to have an honest discussion in good faith.

Oh, I see. You view Steem as competition. Now it's clear why you are so relentless... You just want to hurt Steem, and by extension Steemit users.

What a guy.

iamnotblack, how much are you getting paid for all this trolling? I've never seen anybody willing to waste this much time and energy on something that they have no stake in.

The supply of STEEM is diluted to incentivize long term investment. Most Steem is created as SP, rather than liquid Steem. Unfortunately I don't have time to go into it further, but that is the quick and dirty.

There are a lot of mechanics at play, but it really is well conceived when you wrap your head around it.

The exchange rate of VESTs to SP is not determined by market forces. It is hard coded to change over time in order to dilute the supply of SP.

You can check the current rate at https://steemd.com/distribution

Currently it is
Note that what is called SP is simply VEST balance denominated in STEEM equivalents.

There are mechanisms in that act as automatic stabilizers in the case of market volatility, by the way... We could eventually discuss those. They're very clever.

I made the point earlier in the thread that most people were converting their STEEM to SP. That's verifiable fact.

You're making things up out of whole cloth in order to make baseless accusations about it being a pyramid scheme, and impugning the character of a person who has 100% of their stake in Steem in the form of SP. He is invested for the long haul, and that is verifiable. It's on the blockchain. You can see the balance of his wallet.

The fact that the richest accounts have the vast majority of their stake invested in the platform tells you all you need to know. They are in it for the long haul.

If you actually believe that Dan and his team are evil geniuses who have created a pyramid scheme and produced a $350 million market cap out of thin air based on some kind of elaborate deception, you should at least give them credit for having a plan to walk away with something to show for it. You can't simultaneously present them as masterminds and unwitting dupes.

The simple fact is that Ned and Dan have more of a reason to want Steem to be viable long term than literally anybody. If things go south, they wouldn't even be able to react fast enough to cut and run. They're forced to do everything in their power to ensure Steemit's long term success, due to the realities of the platform's incentive structure. And so is every single other person who owns SP. At the end of the day, that's why it will succeed.

But please... don't pretend that Dan is trying to pull one over on anybody. He's not offering anybody a value proposition he hasn't already accepted himself. And he has as much or more to lose than anybody involved. That's not speculation.. it's right there on the blockchain for all to see.

SP is created alongside STEEM at a ratio of 9:1.

You said if nobody is converting to SP, it will all be STEEM.

90% is bigger than 10%.

90% of the money supply is created as SP. 10% is created as STEEM.

More SP is created than STEEM.

Get it?

You bolded the fact that disproves the premise of your post...

I'm not saying you don't know what you're talking about, but none of what you just said has any basis in reality.

9 SP are created for every 1 Steem created.

Please do your homework before making outlandish claims about pyramid schemes.

The holders of SP have a strong economic incentive to ensure that the content is of a high quality. If you own enough SP to make significant amounts from voting, and influence the reward of posts, you have more to lose by the site turning to shit than you stand to gain by "voting perfectly."

This thread is like a case study in how the crypto community is full of folks who want to take a position and argue without understanding the subject matter.

It means that well over 90% of the Steem in existence is not currently liquid. Though there is additional liquidity in the form of SBD (Steem Dollars), which are backed by one USD of Steem.

A lot of the criticism in this thread assumes that the majority of users will think like speculators or day traders... That hasn't been the case so far. Most people have been powering up their Steem.

Two explanations are better than one.

The whitepaper says that "prices will multiply by ten." This means that it will take ten times the VESTs to purchase a unit of STEEM... Since SP is denominated in STEEM, but is a representation of the VEST balance, the amount of SP that people see will decrease accordingly.