Haejin's Cut Of U.S. Economy Would Be $17.5b Per/Week, $292 Mill An Hour
Why Do We Even Have To Debate This
Anybody who understands Steem understands that the reward pool is a community pool that EVERYBODY'S rewards are paid out from.
4.706% before Bernie posted.
(Bernie's Pic)
Down .753% to 3.953% of the reward pool is being paid out to one person.
(Deliberately made this picture bigger so that everyone could see the URL and time stamp.
As we speak, that value is worth around 100k in the past 7 days, or roughly $5.2m a year.
100k a month, divided by, and let's be honest, 40 hours is being nice to the amount of time he probably puts in per week for this, but 100,000 divided by 40 is $2500 an hour Haejin is getting paid. Even 80 hours a week would still be $1250 an hour. Tell me what makes one person worth that when it comes to a single individual creating content that is supporting by a COMMUNITY.
So far, I have seen people defend this by stating, “Why do I care how much he makes, He Rocks!”
Well, let us look at this in a different way.
GDP Comparison
Americas GDP was 19.36 trillion in 2017. GDP, or Grand Domestic Product, is basically the market value output of the economy during that year.
Imagine the Steem reward pool, as the GDP of Steem. It is the overall market value output that can reward users for content.
This content ranges over almost all aspects of human interest. I won’t even begin to list them but you could come up with tens of thousands of active topics. Reddit for example, has 50,000 active subreddits according to expandedramblings.com.
If the U.S. had a sole individual gaining 4.706% of the annual GDP, he would get,
$19.36t * .04706 = $.9110816t ~ $911 Billion ~ $911,081,600,000
Dividing by 52 weeks a year, 911,081,600,000/52 weeks =~ 17,520,800,000 or 17.5 Billion a week.
Other than perhaps the government, I do not know any individual that can claim they take that much money home per week every week.
And let us be honest, I do not believe anyone could justify somebody taking home such a large portion of the overall economy that supports the 350+ million people that live in america. So why is an individual who is taking such a large percentage of the Steemian’s economy being allowed and overlooked by other Steemians.
Whether you like it or not, this affects you, this affects the growth of Steem, and the growth of your alias and yourself. When good content starts to fall to the wayside because whale best friends are giving disproportionate amounts of money to single individuals will take from the reward pool, eventually making your upvotes, your posts, your followers posts and upvotes, worth less and less.
Today it is one person taking that percentage, maybe there are more? Anybody know?
What About 30?
What happens when 30 different whales do this? Maybe they are all only getting 2% a piece now because it leveled out a bit, that is still 60% of the reward pool being taken away from the possible millions of people that utilize the platform while 30 individuals get away with what was suppose to benefit the community.
Somebody getting paid disproportionately does not help the community, it hinders it. It makes possible investors not want to join in, or to join in just to do the same exact thing, lessening the worth of everything on the platform.
Disclaimer:
I personally don't care what content he puts out on Steem. Or if he makes money off of his posts due to individuals actually appreciating his work. What I care about is the disproportionate amount of money going to one individual which takes from all of us. The Community.
We are here because we don't want our content to be monetized by others, to be controlled by others, to be sold by others. Yet, the CONTENT creators, ALL of them, over 40k active now, are what is bringing life and VALUE to the Steem dollar. It is not ONLY Haejin giving value, although it does seem he does give value to people.
I hope this post has opened your eyes to some of the things that are happening. If you care about the longevity of Steem, please pay attention to these issues as we need to stand as a community to work through and remedy issues like this.
This Won't Stop With Haejin
So what do we do? Let it fester like our corrupt politicians fester in the greed of corporations, making the problem bigger and bigger until it is almost to big to take control of? Or do we cut the head off from the beginning and fix a problem before it becomes bigger?
Risk management is about understanding and trying to prevent risks, as well as being able to respond and recover if a risk happens. This is a big severe risk to Steem, and we both need to look at preventative measures so the risk doesn't fester, and reactive measures when it inevitably gets worse.
What Will You Do?
Sit back and allow your personal stake in the block chain to be dampened? Or stand up, talk, collaborate and work through to a solution that can help everyone involved.
-BiasNarrative
Do you understand your keys?
Your Steem Wallet and You
Damn homie... said it before, but your a steem detective to the max haha... jokes aside, i really respect you having a level head and looking how this is not good for everyone on the platform... not just crying because your rewards aren't big or that your not a whale..whatever... i really think level headed conversations can be what changes shit here... or at least turns more people on the problems and potential abuse.. props man
Big thanks @biasnarrative for having worked out Haejin's figures! Have you already talked with, let's say the first 100 Steemit Witnesses, about the feasibility of registering in Steemit's blockchain a maximum percentage of individual earnings, compared to what the community rewards are? It could be something like 0.05% (still being a great reward :-)).
I have been playing with that idea in my head, and posted a bit about it. Even a changing % that the witnesses can set on their account. This is because the % would change as the platform grows.
I might make another post getting in depth with what I would envision. We just need the community to talk and not cry about who's right or wrong, and come up with a solution. Because obviously people can't handle being flagged.
Thanks for your insights ijatz!
I don't really like to shill my own stuff, but after seeing the same issue complained about multiple times, I guess I will be more aggressive pushing some of my creative ideas out there.
I have proposed a possible solution that verifies votes by using the votes of the community and reducing the impact of outliers. My "Proof of Worth" proposal would curb the reward farming by individuals and whales and decentralize rewards horizontally. It is not an ideal system but I think it works better than the current implementation.
You do make a good point, however, since Steemit has the potential to be a global phenomenon, this problem would look even worse when looking at a global scale.
I did like your post. I feel it could still be gamed, but I love the different look at the rewards. You don't happen to have a background in coding haha? I was imagining your explanation of validating the votes like your were explaining an array.
Yeah, I was kind of imagining it as some sort of array. I've done a lot of programming so things make more sense as implementations rather than raw mathematics.
An excellent proposal, @greer184! On the basis of what I've heard from him in @aggroed hosted debates, I think @timcliff would be keen on supporting it.
Love it how you aren't afraid of lifting sword against Krakens. My full support to anything you do :D
I don't like the idea that someone might think they can control me with flagging me. I will not stop talking simply because I am afraid that someone is going to flag me. I won't be silenced from talking about what I perceive as important just because some bully might wanna down vote me.
If everybody talked out about it, there wouldn't be enough VP for them to flag everyone. But everyone is to afraid to lose their precious possible profits. Or a reputation number that doesn't really matter. Nobody really recognizes the power of a community.
🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻👏🏻👏🏻👏🏻👏🏻👏🏻 @abh1234 and @edumurphy need to take a look at this and build on it
Haejin is the crook and cheater of the steemit world... @biasnarrative
Thanks information. greetings to the beautiful community where great people are
I think selfishness is the worst thing in this life. @biasnarrative
@biasnarrative sir Such a great articleWow Jerry that was a lot of work, thank you!
I will check them out when I get home this evening and can sit down and read.like and shear
Jesus Christ. This needs to be stopped. Steemians better wake up and see this for what it is: an act of war. But if were going to have a real conversation about this, it needs to be on discord bc if i say my ideas here i risk getting flagged. Ill say this, lets get organized and vote on the right witnesses or direct are resources to make an example of this guy. The next step is starting a discord over this matter and talking about some other measures.
I think the conversation should happen on the blockchain, so everyone can see who supports the idea. Which should be almost everyone.
Power in numbers. Can't flag everyone. Don't let their flagging make you fearful and not speak your mind.
Fair enough. What do people think about doxing him? Putting his real name and address out there? Not saying we should not saying we shouldnt. Ive never advocates something like that before, but considering what hes doing to the community, we should have a discussion about doing so. If you have 10 guys doing this or 100, the whole community could be destroyed. I think we need to have a conversation, about the ethics of a dox in this situation. Then protest what hes doing peacefully in real life.