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RE: Is Steem a ponzi scheme?

in #steem4 years ago

Very interesting point of view, to be honest I have never thought of it like this. Sure, I had some shady thoughts that "wealth distribution" isn't actually a wealth distribution, when 10-20 whales are just upvoting themselvs and their inner circle with huge voting power.

What is somewhat neglected in our community is the fact that the Steemit community can destroy itself. We already have a great number of issues and the abusive practics used by the biggest stakeholders are only making it worse. If you think about some of the members in our community (who consider themselves deffenders of the future and their values are in line with decentralization) there is not much that differentiates them from the bankers they so desperately dislike. What is difference between paying yourself and your friends 1000$ per post, whilst keeping things off the ground, paying good content creators 5-10$. Bankers do the same with bonuses.

I think one of the possible solutions is for people like you to actually use their voting power to incentivize minnows, who create good content to continue doing it, until they themselves reach a certain amount of SP. The ideal case would be, if individuals adopt the moral and behaviour of the "good whales and dolphins".

I would like if you can give suggestions, what can we do to improve the community.


I'm certainly trying to use my voting power to incentivize good content and to deter the Ponzis, and also trying to spread awareness of the potential destruction and consensus about how to prevent it. That's what this post is about. If you think I'm right, please resteem or (even better) write your own post addressing the issue from your own perspective.

For Steem to survive and thrive we need its stakeholders to understand these elements of its economics and vote based on that understanding, so spread the word.

I also have some suggestions for how to refine the protocol to better incentivize good voting and make it harder to profit from abuse, but the protocol is just a tool for the community to use. As they say, 'a bad worker can never find a good tool'. If the community doesn't understand what they're doing then the protocol can't fix that, but if they do understand they can compensate for a lot of flaws in the protocol.

Excuse me for the late reply ! Of course I will re-steem your post, I was going to do it in the first place ! The problem was that I was going to miss your article, if I didn't look closely. So would like to suggest, if it is okay for you to add a picutre or something, because it really catches the attention of the reader. And also boosts visibility :) Just a friendly tip.
Proudly Re-Steemed ! I will also try to write something in the same lines, but todays article took me too much time, so I guess another day. I would be glad if you check out my new article - Blockchain Related ETF Trading On NYSE / Actively Managed ETF vs Passively Managed ETF I would really appreciate feedback :) I am open to suggestions, sir !

Thanks, I do need to work on my presentation/marketing. Done.

Thats the easier part. You have the writing skills, so I think it will be smooth sailing for you :)

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