seems fair enough that people who invested their time or money early in the project were taking a greater risk and so get rewarded for that... having put in the work and/or money, why shouldn't they get paid? no-one complains about Satoshi sitting on a million bitcoins...
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It was a ninja launch. Its not quite what you describe.
this steemit lark seems to be working fine to me... i don't feel like i've been scammed... but i know nothing...
The rules of the system are drastically different now.