Okay, so this is a proof-of-brain perspective. When one looks at Steem from a DPOS perspective it is working amazingly.
Many people look to our inflation and think it's too high. Anyone who buys in is getting devalued. 8% inflation is a lot.
However, when one realizes they control 90% of the inflation now their stake is only getting devalued by 0.8%. This is a crazy low inflation rate, and it can only happen that way if the stake-holders are getting upvoted an amount equal to their own vote strength.
People like us make the argument that big accounts should accept the higher inflation devaluation and make up for it by upvoting people who bring value to the platform. This argument is a sound one. The value of Steem would increase far more than 8% per year if proof-of-brain was in full effect.
The problem here is that Steem value is already increasing far more than than our inflation rate, so many whales just figure they'll scoop up those short-term gains and not worry about it.
The bottom line is that we don't yet have the infrastructure set up to enforce proof-of-brain, and that's fine. It's not ideal, but it's also not the end of the world like many people think it is.
Anyone can bring their money here with the full knowledge that our currency can never hyper-inflate. Anyone can control inflation without running a node or buying mining equipment. This is a huge deal, and even though the system isn't working like the whitepaper says it should, it's still working very well.
Thank you for you educated response. As a dolphin and a holder of Steem this is makes a lot of sense to me and very assuring. What you described here is the definition of hard money. Low inflation with zero chance of hyperinflation.
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Indeed, but it's also smart-money, and our smart-money is attempting to lower the bar of development allow anyone in the community to participate. Show me another coin doing the same. Tron claims they're going to, but I'm not seeing results. Same for EOS.
Regardless, there is no competition and anything we make they can copy and anything they make we can copy.
Yup, it's a better system than the current one. If only the greed could be mitigated to allow the platform to enrich those who do the work of making it a place with content.
Hopefully this will happen naturally with amazing ui and user friendly ideas. I don't think we can fundemantally change human behavior.
But there should be more incentive to curate good content.
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Makes a lot of sense.