RE: Steem Power: Delusions Of Grandeur & Gold Sickness
I was literally thinking about this same thing this morning... especially came to mind was a whale that was upvoting themselves and close family. Their argument was that they had invested a lot of money into the platform, and they needed to do that to make good on their investment.
It's such a short-sighted close-minded view. Firstly, there is mechanisms to 'save' your steem and get paid 9% interest annually. For anyone who has invested in mutual funds or real estate, 9% is pretty dreamy. Secondly, the main thing that Steem currently has going for it, better than any other crypto is it's community. It's literally only it's users that give the token any value at all... and so this toxic behaviour actually drives people away (what's the point when you can't compete fairly) which drives the value of their investment down. It's so crazy.
Steem could have the potential to have every creator and every blogger here... and therefore every content consumer... but it's those misusing the reward pool that are preventing that. If they were as generous and proactive as Dan, we would have passed a 1B valuation a long time ago.
I wish those whales would realize that they're gobbling up tokens that may be worthless in the long run if people don't adopt this platform, see success, stay, and create higher demand for tokens. With so few daily users, I'm concerned that any future adoption wave would see even more breadcrumbs with the whales growing increasingly stronger to be able to pull more rewards from the pool. This would suffocate the opportunity for larger populations to earn or accumulate anything without paying up for it. The whales will just dump their bags on people who buy into the dream and wind up being the new group of bag holders.
Yeah, it's one of those classic problems... if all the whales but one do the right thing... then that one profits the most.... but if none do the right thing then it's all worthless anyway.
I loved the concept of the EOS distribution... and then it all just ended up with the same 10 accounts anyway... I honestly don't know that the best/fairest system would be.