Am I right in thinking that the steem currnecy was pre-mined and in the hands of the owner of Steemit?
So when they talk about Steem's market cap are they including the 60% (or whatever it is) that he owns?
For the sake of easy Maths:
Isn't this a bit like creating 1,000,000 tokens, giving 1000 away to people who join early on, letting them trade them against something with actual value so they are given a price (let's say 1 USD$ for the sake of the example) then giving new joiners 10 of them each with an incentive to buy more so they can boost each others posts and make more steem. As more people join and try to buy vote booster tokens in order to make more the price rises to 2 USD$ then the owner declares the market cap as USD$2,000,000 (original million that were mined * 2 USD$)?
I know there is more to it than that what with Tokens, Steem, Steem Dollars, Steem Power etc but they all just seem like ways to obfuscate what's going on.
Unless I've missed something that sounds like a bit of a 'dodgy' way to determine market cap.