# Was there an obvious flaw in the system that would bring it down? ![7db3176e3822d8c0f54f8d537057422f--human-skull-anatomy-head-anatomy.jpg](https://steemitimages.com/DQmPkUZhnNfYzU67rZEbwbXZxWvKKLKDnMPQBcwQjPkvoPV/7db3176e3822d8c0f54f8d537057422f--human-skull-anatomy-head-anatomy.jpg) Everyone who hasn't been using some other method of posting and upvoting knows that there has been some issues with STEEMit lately. But, the bigger issues has to do with the hopes and dreams of everyone on STEEMit who is honest with themselves. # The Payout! Let's take a look at the chart for STEEM price since it was launched in March of 2016. ![steemchart.png](https://steemitimages.com/DQmc4fNkseQufGT9X8hHeT9c6Go2hpuGTcAB4BAzviNB3u7/steemchart.png) There were two points in the history of STEEM where the price shot up and everyone was enjoying the riches. For the people watching the first spike, the downfall probably seemed like the end. Those, like me, who came in after the 2nd drop, still had/have hope that STEEM will shoot up like a new BitCoin or Ethereum. I remember just a few months ago seeing all the articles about people saying STEEM would hit $100 or $1000 or even higher within the next year. Welp, right now, STEEM getting back and staying above $1.50 seems like a bit of a stretch. ## What went wrong? First off, I'm no expert in cryptocurrency. If I was, when I looked at BitCoin back in 2010, I would have bough a load of it. And, I'm not an expert in trading, since I have a few losers in my portfolio right now. So, I don't know if the price of STEEM will continue to stagnate for the next six months before it hits new (old) highs. But, I am curious and want to learn about stuff. This morning, after yet another outage on STEEMit, I found this article on the Twitter feed. [The Ugly Truth Behind Steemit](https://decentralize.today/the-ugly-truth-behind-steemit-1a525f5e156) > STEEM is not decentralized. From the beginning it was and still remains highly centralized. The launch of the STEEM network was heavily rigged to ensure that the developer and his ‘friends’ had control over majority of supply. Furthermore, this has major implications for the Steemit platform. ![steempoo.png](https://steemitimages.com/DQmdjHxJQNTkgdUVk4bbdj8qkJZZfgxfVuKiKfuao8RFiwi/steempoo.png) Needless to say, the author of the article did not like what was going on with STEEM. This article was written ***19 August, 2016***, which means that STEEM was coming down hard from its $3.5 high that made those who had accumulated a bunch of STEEM a good deal of cash. So, at that time, it did look like the author had some legitimate concerns. The article pointed to a message board and a thread about STEEM and those trying to get started with it. [Steem - A experimental Proof of Work blockchain](https://bitcointalk.org/index.php?topic=1410943.0) I decided to skim through the thread and found this exchange. ![mvests1.png](https://steemitimages.com/DQmdZWHYmXoL6YrZf4g3HTt3MgSjoP4oC5X63F1tDafQZsJ/mvests1.png) I am not sure what it means, but I took away that it meant that for every 1 VEST each person had, all of a sudden it became 1 Million VESTs. That would give people a higher reputation, but I'm not sure what else that might do. I know that reputation, at one point, actually had a purpose in determining voting power and curation rewards. Did everyone on STEEMit get a huge boost in May of 2016 that would give them an unfair advantage over anyone else who joined later? I don't know, the thread was closed and I didn't see them discuss it in [the replacement thread](https://bitcointalk.org/index.php?topic=1466593.0). In the replacement thread, a person began to do a rant about Dan based on his "stepping down announcement", which happened about 1 year after STEEM was released to the public. [Today I submitted my Resignation to Steemit, inc](https://steemit.com/steem/@dan/today-i-submitted-my-resignation-to-steemit-inc) I'm sure brilliant people are always looking for the next thing to do, but doing a two line post about "resigning" seems a little wanting. It also leads to concern about how truthful the rants against STEEM are. ## [The Rant](https://bitcointalk.org/index.php?topic=1466593.msg18212263#msg18212263) > I already answered the problem with its economics in prior posts in several steem threads. > Larimer leaving now makes it a scam because he actually leaves after there is no profit to be made on the project at the all time lowest exchange rate and lowest market cap of the project. They instamined 80% of the supply from the short POW in the first few days (I was there, you can find my my comments in the very first steem launch thread) and profited till this very moment, you can be sure they maximized their profit as long as they could. The exchange rate is dumping on a daily basis and Dan is most probably leaving so he can't be made liable for the project dying as there is no way this project can get away with creating money out of thin air. He did the same with BTS and the charts don't lie. >If the economics of the project would be feasible there would be no panic seen in the charts, you won't get anything from buying STEEM except voting power on an unknown platform (STEEM isn't viable as a curreny) and on the other side you get people dumping free money for some reposts (implying here they are friends of the whales as a few people are in control on who get's money on posts, friendship/agenda > quality on the platform). >Even Larimer realized the platform is born to die and he tried to change the whole payout model together with a controled inflation. Guess what? It doesn't work. What is that if not realizing it's shit? > On the topic of "goes to 0", it's just a phrase. This will go down to the point where using the platform won't be profitable to anyone and not worth anyones time* thus people will just go back to the better built and more popular alternatives (even if those are centralized) or will go to the next better built decentralized platform. > I'm using the simple one liners because this project is a disgrace to this forum and doesn't deserve any respect. Even your developer and founder left the project with a simple one liner comment on his own platform. > Enjoy your pile of shit even Dan Larimer backs out of. Again, I'm not expert on cryptocurrencies and stuff. I have hope that whatever is keeping STEEM price down and the problems that are disrupting STEEMit will go by and be in the past. I also hope that the bots and the spam decreases as well, but I don't know how to solve those problems without some heavy handed moderation. And of course, with heavy moderation, you end up with censorship. Anyway, just an interesting thing that came up. ___ ![DeanLogicForkSing-sm.png](https://steemitimages.com/DQmb7eBj66gH8JbwKMiQGg2MTxRp4the9pXMQ5uuj7Nv4oN/DeanLogicForkSing-sm.png) ![Steem Badges](https://steemitimages.com/0x0/http://deanlogic.com/wp-content/uploads/2017/08/SteemBadges-150-300x73.jpg) ![minnowDeanLogic.png](https://steemitimages.com/DQmQD4bhuMQXsEQtaeq2pXwv4ouATHWrco6yoQcX1yvYtAm/minnowDeanLogic.png)

Let the positive energy sing! More Power to the Minnows!!

Let the positive energy sing!
More Power to the Minnows!!

RE: Old and Abandoned [Qurator's Photo Quest - Abandoned Places]