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RE: Ned's Making $700k+ Every Week: Is the Steem Power Interest Rate Too High?
So much truth in this:
If there's one thing humans are bad at, it's understanding the exponential growth of compounding interest. We don't encounter it nature, so we've got no hard-wired brainpower for handling it.
A lot of the success of Steemit will be on whether the whales act smart for the long term. That means curating outside of a couple narrow categories, spreading out their votes to new people religiously, being thoughtful on how they shape the growth of the overall ecosystem without destabilizing it or being short term greedy. They need to be long term greedy.
YES. Absolutely.
The numbers I'm seeing above, $700k a week... that doesn't sound long term greedy and that has me worried about long term success. I'm not laying blame here, just trying to make sense of the numbers. It's possible they got the math/economics wrong.
As with most things... time will tell.
Amen! Preach it brother! :)
Agreed, but since they hold Steem Power, aren't they already long-term greedy to a degree? If they are invested in the platform, and have to power down over the course of two years, I doubt they would want to see any harm come to their investment as they power down. But yes, they do have a lot of responsibility in their hands with the future of Steemit.
Yeah, I tried to analyze that a bit in the post to get a feel for what the next couple of days will be like. I ran the numbers just with Ned's account, but he's not the only one who has been powering down. Hold on to your butt, as they say.
Actually, what would stop them from powering down their Steem Power so the Steem Power can be more distributed, and taking instead the Steem Dollars to live off the interest? We should not assume Steem Power will only and always belong to Dan and Ned. They could easily power down and take Steem Dollar interest for profit if it's profit they want.
100% https://steemit.com/steemit/@razvanelulmarin/we-were-promised-a-revolution-and-the-whales-could-take-us-there