Is Steemit a Ponzi scheme? 
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It would be an understatement to say that we are in the middle of the wild west of this new technology called blockchain. This social media site called Steemit, being as nascent as the blockchain technology itself, is already mired in speculation. The view is that this is just a scam, one devised by people who are preying on the vulnerabilities of the anarchists, millennials and impressionable youths who are trying to find a way; not only out of this mad socio-political system, but also to make a quick buck.
Being new to Steemit, it would be supremely arrogant of me to say that I can even begin to grasp the business and technological model behind this platform. I am still scratching my head wondering how I managed to earn 57 cents within five minutes of posting a few comments and an introductory article. Some people have made thousands within a few days.
My only conclusion as a newbie is that it is too early for me to say anything conclusive. I have my views on the white paper. Mind you, I would have to give it another read to make any informed comments on it, for now I will listen to the analysts like those I have pasted in this document. They have ventilated the issue is a very coherent way, so it would be a banality for me to rehearse them.
If indeed this is a scam, it would be a tragedy, because in this era where other social media sites, like Facebook, are censoring materials under the guise of clamping down on fake news, Steemit is what we need. I am interested in hearing what you all have to say. Below is the article that tickled my interest in this issue.
https://steemit.com/steemit/@ebryans/there-is-something-rotten-in-the-state-of-steemit-and-you-should-be-very-aware
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