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Mylon ago

Steem is designed as a pyramid scheme. Buy steem coins, get more visibility by more favorable rankings, earn more steam coins for even more ranking. Or cashing out.

There's no interest in producing quality content. Only spamming shit to get clicks, either for marketing or to earn steem coins. And buying steem coins helps to earn steem coins and perpetuate the pyramid scheme.

If it does take off then the early adopters sell their steem coins to marketers and it becomes just another Reddit with paid content all over it masquerading as content.

go1dfish ago

This is a criticism of every cryptocurrency, there is some validity to it in every case as well, a failed cryptocurrency is nearly indistinguishable from a pyramid scheme.

There's no interest in producing quality content. Only spamming shit to get clicks, either for marketing or to earn steem coins. And buying steem coins helps to earn steem coins and perpetuate the pyramid scheme.

This is one of the biggest downsides of the network as I pointed out, too much of the content seems to be people just desperately trying to get returns. On the other hand, you can ignore this once you find some solid sources of good curation.

One of the interesting things about steem IMO is that it is free to post (exposure isn't cheap though) and that leads to that spammy sort of behavior. There are some reputation mechanisms and down voting to counter this, but not sure how effective they are.

The community like aspect of subverses would also be entirely lost in favor of a more tagging/categorization style system.

If it does take off then the early adopters sell their steem coins to marketers and it becomes just another Reddit with paid content all over it masquerading as content.

Also a valid concern, as a counterpoint all of the balances and wallet behavior are public, so it's clear who the "whales" are so to speak.

If it remains free to post, and possible to insulate yourself into a smaller network of like minded folks just as was originally intended with subreddits then that doesn't necessarily doom the network IMO.

Somebody inevitably has to pay to move the bits, if they do that with clickbait and transparent market manipulation it may have bad effects (worse than reddit is now?) but it may also bring along truly free expression for the ride.

Mylon ago

The initial design of Bitcoin (coin earning power is based on percentage of computing power owned, coin rate decreases over time) very much is a scam but if it lives beyond the scam stage it's pretty solid. This has also helped protect it from many alt coins as they have to jump that scam stage hurdle and few have tried to significantly modify the disbursement scheme. Steem on the other hand embraces the pyramid scheme with the mechanisms I've already described.

Steem is more like reddit in that visibility can be purchased. Even if you can find solid sources of curation, those too will be purchased and subverted eventually.