Quote from: pharesim on May 11, 2016, 01:17:29 PM

I've never seen one of the steemit guys advising anyone to buy in. The OP doesn't even contain links to exchanges. Instead, it promotes the free signups.

Your definition of a fair currency distribution wasn't met, you made that point clear. It would've been possible to do so without showing that you have no idea of what steem is in the first place.
Let me highlight this gem, to add it to the historical records Kiss

Quote from: traumschiff on May 10, 2016, 04:13:49 PM

you might want to migrate to an official steem forum.

It is interesting how people define "fair" because it almost always boils down to wealth reallocation and jealousy (someone wanting something for nothing).

"Fairness" can mean many things, but usually it means "equal". There are three kinds of equal: "equal opportunity", "equal outcome", and "equal exchange".

Steem was launched with equal opportunity to mine. Everyone in the world interested in new crypto-project announcements had equal opportunity to follow the thread, setup a VPS, and mine.

But many will argue that 'mining' wasn't equal opportunity because not everyone had time to setup and find out about it. This is true, mining is not an equal opportunity means to get coins because only 1 in 1000 has the technical ability to mine. Everyone else just buys when the miners dump. Is it fair that the miners get to dump on everyone else and make a nice profit? What value did they really bring the the table that makes it 'fair'?

Steemit recognized that more people need to have an opportunity to get involved, in particular we want people to be able to get a meaningful amount of Steem without mining. In this case, there is truly "equal opportunity" for everyone to get a couple of dollars worth of STEEM just for being a person. Not only is that "equal opportunity" but it is also "equal outcome", because regardless of when you learn about Steem you get a meaningful amount just for signing up. This level of fairness can only be achieved if Steemit has a lot of Steem to hand out.

Lastly, there is equal exchange. If you assume the creators own 100% of the fruit of their labor, then they are free to give it away or sell it at what ever price the market will bare. Every voluntary exchange is fair by definition or the parties wouldn't have agreed to the exchange.

So it seems there is one last bone of contention that is at the root of all complaints: "Steemit can dump and everyone who buys now will lose money".

This statement is true, we could sell all of our Steem over a short period of time during which there are no buyers. Such a move would reduce the price, but it wouldn't change the value. The result of the sale is simply that Steem moved from one set of hands (who could DUMP) to a new set of hands (who could DUMP). It wouldn't make the project dead, it would just be under new management.

Unlike every other crypto-project out there, Steem actively transfers value from those who are short-term thinkers (ready to dump), to those who are long-term thinkers (willing to hold). Steem was designed to prevent dumping.

Those who fear dumping assume there is no underlying value in what has been created. From this assumption they assume creators perceive no value in their creation and thus all selling at any price is profitable. Furthermore, anyone buying at any price is guaranteed a loss. Regardless of the creators perception of value, others in the market are free to make their own assessment of value.

Suppose Steemit were to burn its STEEM, what would the result be? Would it increase the value? Would it make the remaining distribution "more fair"? What would happen is that the market cap would be redistributed over the remaining holders. These new holders would realize a huge profit. Not having anything significant invested there would be a larger chance of dumping.

Try out Steemit.com, it is better than "free", it pays you! We are literally giving money away every single day. It has even lower risks than mining (which is just another way of buying in).

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