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RE: @ned Denies Request For Financial Transparency
Two items for your consideration;
- We have no idea WHO has access to WHAT steemit accounts and they have HUGE stakes still. The stakes could get dumped and Ned says gee sorry guys some disgruntled employee cleaned us out .... What would you do? Steem would be a fraction of a penny.
- The reason I am not a large stake holder in steem currently is that @ned, @andrarchy and company wont even take me up (or anyone else for that matter) on a matching offer to invest the small amount of 100k USD for a project aimed at steems low price. One possible reason for this is that they are scared of getting a larger stake holder in the system that can hold them accountable vis-a-vis legal action. Said another way, how many current players in the system are @ned and steemit worried about that have the resources available to make legal action a real threat, thereby helping to curb bad behavior?
It seems to me the only reason that you would not even communicate with someone offering a project while in a crisis situation is that you are planning bad behavior.
You expect them to sell your 100k STEEM for 100k USD, putting STEEM at effectively 1 cent evaluation.
I expect them to set up a smart contract and put 400k tokens in a wallet that only I can buy from, for .40 USD for two years. Worst case they offer to sell me 400k tokens at a much higher than current price. Best case I deliver and help steem go back to $3.00 range.
I think it's very telling that ned said:
Doesn't this imply that they are several months away from bankruptcy? Just the amount of time you'd need to power down your account and bail?
I almost feel like a whale needs to preemptively dump on the market and squeeze ned out once and for all. I'd rather rip the bandaid off quickly rather than deal with this nonsense. Anyone who can't figure out how to play it safe in such a volatile market doesn't deserve to be here.
Guys like @fulltimegeek are trying to offer SMT solutions by developing products solo. If one person can do that, what the hell is the STINC team doing?
ned gets a criticized on a daily basis. I would never expect him to open his books and feed the endless trolls he has to deal with. However, nothing about this situation is trustworthy.
While I do believe that @fulltimegeek is working diligently on his project, he hasn't published anything yet (no whitepaper, no MVP) besides a small tweet. When @ned published the idea of SMTs, a full whitepaper was shared at the same time.
If you want to praise someone, do it once the person has actually delivered.
Fair enough. The point I'd actually like to make is that we need to learn how to scale up in a decentralized manner. We aren't going to make it very far if everyone works alone or in small groups.