You are viewing a single comment's thread from:
RE: Steem dropping! Oh no!
Can you make some things clear to me as I am fairly new on Steemit? Steem is a decentralized currency and Steemit on the other hand is centralized. (As whales do make the decision who will succeed and who won't) So really my concerns stand here; Will the centralization of Steemit make an impact on the currency itself? If yes, then it will become another pump and dump I suppose.
steemit isn't centralised.
Steemit is centralised, steem isn't. Check your facts.
Hello,
Steemit is a centralized website that reads and interacts with the steem blockchain. The whales simply own a lot of Steem. In the sense, Steem is centralized. Ish. Sort of. Not really.
Ok, so I do really need to clear this out or at least defend where I stand.
Centralization is the process by which the activities of an organization, particularly those regarding planning and decision-making, become concentrated within a particular location or group. (Source: Wikipedia)
Use that definition and look at Steemit. Whales do make all the decisions here, if they like you, they upvote, on the contrary if they don't like you, they flag you.
So, the definition says power needs to be concentrated within a particular group, and it is; whales make a small, I would say tiny minority here on Steemit, and they do control it all!
(Whales = People with 100,000SP or more)
Your statement is factually correct. However, these people are whales for a reason, that usually being contribution to the platform, serious abuse of flaws in the platform, or market manipulation.
It still doesn't change the fact that it's centralised.