People need to realize that STEEM is not a blogging blockchain only, STEEM is a cryptocurrency, and just like any other cryptocurrency it can be used to make dapps, games, supply chains, etc... it just requires a smart contract.
Think of STEEM as a BTC that is distributed to the people who provide better content, that's the only difference. BTC is distributed to the people through mining, STEEM is through writing content (Proof-of-brain).
Not only this but STEEM has a stake form, which increases scarcity, STEEM can't be dumped on the market straight away like BTC can, STEEM in the stake form is in that form for at least 3 months!
Steem is one of the few blockchains that doesn't require huge amounts of money to get in (like most PoS coins) and doesn't require huge electricity waste from mining. It's a coin that everyone can get in on.
Is it a pyramid scheme? Well, it's no more nor less of a pyramid scheme than other fiat currencies and cryptocurrencies. It increases in value because of demand and scarcity. People can sell the coin for other cryptos, just like people can sell dollar for euros. People irl are given money for working a job and every coin has inflation, STEEM is distributed to the people through writing content and has an inflation. And if people argue that the guys who invested more are earning more, well, same thing happens in our society, guys with money can just invest in the stock market and it will go up with time, there are bonds, houses, etc... that will make someone's money grow irl...
I love that people think it's easy to earn hundreds here on STEEM, it isn't lol... it requires hard work, commitment, a good network of contacts inside the blockchain, being part of the community, speaking and talking, helping out, etc...
Regarding the bidding bots part, well, I don't think the solution is changing the code in the blockchain to disable bidding bots, that would only implement "laws" on the blockchain, and this isn't a dictatorship, this is a sort of democracy/anarchist blockchain, we, as a community, need to figure out who we allow here and what we allow here, we need to reach a consensus inside the community and use our flag/upvote to reward the good content and flag the bad content. That's why I love communities...
I won't go into more detail here because I would love to make a post in the future about this topic... I could be here all day writing xD
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True, except for the "just like any other cryptocurrency" part, not all of them allow this kind of flexibility.
eehm that's imprecise to say the least. STEEM is distributed in 3 ways: first, the witnesses who "forge" the blocks get steem. Second, every vested user (i.e. users owning Steem Power) receive a cut of the inflation. And then finally we get to steem that is distributed throught upvotes. On steem we like calling that rewards from proof-of-brain, but this includes rewards from all upvotes, including self-upvotes, vote bider upvotes, etc. I would say some portion of steem is indeed distributed through "proof of brain", but certainly not all of it.
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True true and you are def right on those, I didn't want to go into much more detail because it would make the whole comment way to big and I'd like to make a post about this topic in the future, but yes, you are right about that. I think you forgot to put curation rewards in there, unless you are putting those on the upvote section
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