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Steemit must be criticized for running Ponzi scheme-like network

Steemit must be criticized for running Ponzi scheme-like network

I tried a website called Steemit.com for more than a month. My objective from posting articles on Steemit was to get more audience and to invite readers to view my blogs on WordPress. Steemit is a social news service which runs a blogging and social networking website on top of a blockchain database, known as Steem. The project was founded in 2016 by Ned Scott and Dan Larimer, creator of BitShares. The two are founders of the Steemit Inc. company which runs the Steemit website and funds ongoing development of the platform. On March 15, 2017 Dan Larimer announced his resignation from the company.

While using Steemit.com I found huge number of strange and aggressive IPs persist to communicate with my computer stealthily. The attacks come oil companies, GMF produces, and even from explosives manufactures.

Steemit states that “Accounts can not be deactivated or deleted. The account along with all of its activity is permanently stored in the blockchain.”! The platform saw huge growth in its first month of operation, before a hack in July 2016 raised questions about security.

I discovered the Steemit.com is not really a blog host but rather a private group forum for “conversation” between members from the public and a small group of undisclosed owners.

Steemit seduces writers to submit articles with money but ultimately uses invested money to reward themselves and few useful people. The main objective of Steemit is not free quality speech but rather promotion of “Steem” as a cryptocurrency.

I am very satisfied with WordPress.com and after experiencing Steemit.com for a while here are my conclusions:

  1. Steemit is by far has low quality materials and authors.
  2. It lacks a lot of the very useful tools and design of WP or other blogging sites.
  3. It is more concerned about collecting articles than on promoting free speech.
  4. It is has hidden subsidiaries websites working on the background.
  5. It is based on a currency token, STEEM, similar to Bitcoin which is unsafe and risky in my opinion.
  6. It invites large number of strange aggressive IP’s to communicate stealthy to members’ computers.
  7. It has a weird rule of not allowing deactivation or deleting accounts.
  8. It distracts authors of opinions from intellectual matters and eludes them by alleged profits.
  9. It does not give authors direct controls over their materials and audience.

I must say that I deeply regret getting an account on Steemit and posting my articles there. Sincerely, I feel that there is mean liberal political, security breaches, and globalist bankers’  agendas behind Steemit. Steemit must be criticized for running Ponzi scheme-like network.

Steemit is a Mean Alternative for Blogging

Steemit is a Mean Alternative for Blogging

What is Steemit.com? They describe themselves in these statements:

“Steemit is a social network and content rewards platform that makes the crowd the beneficiaries of the attention economy. It does this be rewarding users with STEEM.” Steemit states “Most social media sites extract value from their userbase for the benefit of shareholders alone. Steemit is different, it’s a new kind of attention economy. By connecting with the Steem blockchain (which is decentralized and controlled by the crowd), Steemit users receive all the benefits and rewards for their attention.”; “The Steem network continually creates digital tokens to reward content creators and curators. Some of the newly-created tokens are transferred to users who add value to Steemit by posting, commenting, and voting on other people’s posts. The remainder is distributed to holders of STEEM Power and the witnesses that power the blockchain.” “Steemit has redefined social media by building a living, breathing, and growing social economy; a community where users are getting rewarded for sharing their voice.”

I hope Steemit will deactivate and delete my account and all my articles and information from their servers and from their partner sites. Social media site Steemit, just a week after giving away $1.3 million USD to users after seeing huge success, has temporarily shut down after a major hack. Steemit was hacked for ‘$85,000’ as users complain of weak security

In an official statement released today, CEO Ned Scott said that a maximum of $85,000 worth of the site’s currency, the Steemit dollar, “may have been stolen.”

One of these experts is Daniel Imbellino, an information technology specialist and the co-founder of Strategic Social Networking, who first approached Steemit and its cryptocurrency STEEM with extra precaution. He simply believed it was too good to be true. Writers of blog posts were getting paid out a range of $1,000 to $7,000 depending on the popularity. As a result, the Steemit platform paid nearly $1.3 million to users on July 4, 2016.

There are two major issues with the payout system of Steemit. The first is the revenue source; where is Steemit receiving money to incentivize users millions of dollars? According to Imbellino, no one in the company seems to know. The CEO of Steemit, Ned Scott, cited a super angel investor that has funded the platform.

The second major issue with the payout system of Steemit is its clear preference over reputable figures in the industry. If users breakdown the bloggers that are generating thousands of dollars in revenue per article, they are usually very respected figures in the industry like Roger Ver and Charlie Shrem. Ver’s introductory post on Steemit generated a whopping $7,000.

“Upon first glance of Steemit, I noticed the profiles that were earning money were typically earning thousands, and often had post after post with hundreds of dollars of tallied revenue on hand, while other accounts had nearly as many if not more posts of the same quality, yet they had almost no revenue at all. One has to wonder if some of these profiles are merely sock puppet accounts formed to create the illusion of easy money. It all just sounds way too good to be true,” explains Imbellino.

Unless these two simple questions are answered honestly in public I cannot find any reason to believe that hard dollars are made out of thin air and money is made legally and distributed fairly.

It is just stupid to assume that a 350-word article (full for grammar and vocabulary mistakes) of common personal opinion, not a theory or new breaking thought, about “overpopulation” can make $290 in two days.

I decided to stop using Steemit and delete the contents of my posts leaving only links to WordPress blogs.

Another strange treatment from Steemit: Now I am not allowed to edit the contents of my articles, while they don’t allow me to delete my articles or deactivate my account.

They act as if my articles are their own property!

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Comments on: "Steemit is a Mean Alternative for Blogging" (2)

  1. Avoid this nefarious Steemit. Thanks for the info, Tariq. We are now posting on YouTube to reach a wider audience.

    • Imagine this article made $15000
      [My name is Jeff Berwick and I am the founder of The Dollar Vigilante (TDV http://dollarvigilante.com), an anarcho-capitalist and Austrian economics based financial newsletter. TDV is the fastest growing financial newsletter in the world.

      I also host the world’s biggest anarcho-capitalist podcast, Anarchast (https://www.youtube.com/user/TheAnarchast), with 300 episodes and over 3 million views on Youtube.

      I also founded the world’s largest anarcho-capitalist conference, Anarchapulco (http://anarchapulco.com) which is next to be held in February 2017 in Acapulco, Mexico.]
      Other meaningless articles won thousands and hundreds of dollars, while all serious and useful article get nothing.
      Who pay, why, and how?

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