So how is this not a Ponzi? New BTC investors are used to pay old BTC investors. How is any real value provided to the BTC investor so he gets tangible value from his investment?
RE: How is Steemit not a Ponzi Scheme?
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How is Steemit not a Ponzi Scheme?
also btc doesn't have a real value.
The value of btc is given by the fact that a community of people accept it as a measure of value, to make transactions.
For "fiat" currencies is actually similar
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It's similar to a company issuing stock. The stocks don't have value until investors choose to purchase them with money. If people speculate that the company will become more profitable over time, the value of those stocks increases. If people see more potential in Steem as a Reddit-like service, they'll pay more for the tokens. Those who "invest" them as Steem Power (instead of speculating on them) earn interest, like a stock dividend. Eventually the tokens may actually purchase goods and services, because they represent valuable content, and can be used to influence the Steem network. It's quite an interesting concept actually :)
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You can`t compare Steem to shares though. Only Steem Power and even there the comparison is sketchy. The "value" of Steem Power (and SBD) are determined by the market price of Steem, which is in turn only based on the hope that more people want to cash in than cash out. Correct?
https://steemit.com/funny/@fabio/not-sure-if-steemit-revolutionises
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