Steem pump-and-dump or Social Media Revolution?
80% of coins is owned by the founders of STEEM. They would do to the STEEM price whatever they want. And unpleasant bitcointalk STEEM threads are being closed https://bitcointalk.org/index.php?topic=1410943.msg14639425#msg14639425
It's not that simple. 98% of all Steem is in the form of Steem Power. Steem Power cannot be dumped without something like a year delay. Take a closer look at Steem before it's too late because once Steemit catches on can you give me one reason why I should use Reddit ever again?
I'm only on Reddit because the rest of you don't have enough sense to move to Steemit.
Don't underestimate Larimer. VB gives him the credit for inventing DAC/DOAs.
https://steemit.com/steem/@dan/steemit-s-evil-plan-for-cryptocurrency-world-domination
And Larimer was dead right about the DAO... except it never lasted long enough to fail.
https://steemit.com/crypto-news/@dan/is-the-dao-going-to-be-doa
You make a simplistic claim that the 80% is to just pump and dump. I've seen so many alts that I can appreciate an original plan.
40% to content creators
20% to finance and run the business
20% to Dan and his group, yes I believe in getting paid
Plus it's all quite inflationary, but the brilliant part is that about 90% ends up in what is called Steem Power... which can only be taken out over a 2 year period. So there is lots of money to build and pump, but no money to dump, it just trickles out of Steem Power slowly.
If you're gonna compete with Reddit, etc... all that whiny crypto purism just gets in the away. It's a loser's game. This plan at least has a chance to go big. Maybe the 1000% pump is worling because few people are selling... few people can sell. No one has ever FORCED everyone to become a long-term investor before.
https://bittrex.zendesk.com/hc/en-us/articles/218269848-STEEM-Q-A-with-Ned-and-Bytemaster-04-17-2016
Steem is now up to 2,000 users/day... and 80,000 tx/day (double that of ETH). The beauty is that Dan and friends can pump this indefinitely, because public STEEM float is only about 3%... so it's very hard to have a major dump
https://steemle.com/charts.php
https://steemd.com/distribution.