Reasons I doubt long term success in Steem

in #steem7 years ago

Here's a list of reasons, lemme hear your thoughts:

1. No PoW mining. Proof of Work is a critical part of why cryptocoins work. How does Steem have value when coins are just created backed by nothing?

2. Poor voting design. This blew me away. One guy with $48,000 worth of Steem has been able to completely downvote every one of my posts. Even one that already had 10 upvotes. What I learned from this is that centralization and censorship exist in a soft sense in that those with a 5 figure account can completely delete someone with a 4 figure account that has good posting history and upvotes and followers. 

3. Whales on this site are poor quality people so far. @Klye's posts to me were all threatening to ruin my account and name-calling and demands that I do as he says. I saved all of it. He sounds like a pissed off teenager. @craig-grant mainly pumps scammy coins like Burst and Bitconnect, offers nothing of substance but just brags about how much money he has,  and still able to pay himself with self-upvotes. 

4. Self Upvoting. Dumb. Just poor design.


Actually Steem is beeing mined by the witnesses but they are not getting the main portion of the mined coins (only 15% ). Most of the mined coins go to the reward pool and therefore to the users who actually use steemit. Steemit still needs a lot of development and yes the whales are not perfect but the community is improving in content and side projects on this plattform. I think it is still a great way to monetize social content and also could be a great way to do crowdfunding but only the future will tell how successfull steemit will be.

Why do you think the price has been in a downward trend the last 3 months while other cryptos have been rising?

Also, what do you think of the fact that one person with a 5 figure account can completely downvote multiple posts from someone with a fairly established account (I have almost 300 followers and lots of upvoted posts and a 4 figure account)? is better

Agreed brotha, self upvoting... its whatever, but downvoting someone and completely muting them from the site if you want to? That only breeds conflict and negativity. Hoping steem will figure this out

I definitely can see how whales can ruin the opportunity of users to freely express their opinions. In general, flagging and down voting is a hard thing to justify, I'm wondering if its possible to create a platform with zero censorship.

I think it is necessary to some point, I just think there is a little too much weight given to the bigger accounts. When one guy can completely downvote like 20 posts of mine, that's too much power.

The problem with zero censorship is the loss of quality. Does free speech allow pro-fascist speech? If it does, the free speech is giving up its survival. It's like being Gandhi instead of JSDF. What we really need is governance with proper incentives. What happens to a whale that uses his/her power irresponsibly.

If you own a Dash masternode and make bad decisions, you are going to loose tons of money. In steemit you can get a bunch of up votes attacking someone and even self vote to award yourself some more wealth. There are many short term gains (including psychological rewards) and not everyone witness the irresponsible use of power. Only those who see the posts witness the bad actors actions.

So problems can grow in isolation and under the radar before biting everyone in the ass. The main problem is the lack of good governance. The bad actors can do the damage and cash out before even things start falling.

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