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The most powerful people on the blockchain are the witnesses, as they are the ones who can make fundamental change to the core code of the blockchain. What to they think about Steem?
What is Steem to most of these people? Bitcoin is a alternative monetary system, Ethereum is a vehicle to power smart contract, Speculation aside these are what bring them value.
So what brings value to each Steem token?
And does that reflect the truth? Does operating and participating in the bidbot industry bring any value the Steem Blockchain?
Unfortunately to most people they dont bother asking these questions as they chase the short term dollars. Arguably these people will be the first to leave as soon as some other form of passive income comes around. I'd say that these people holds no value to the Steem Community.
I never really voice out what i thought of the steem blockchain reflectively. I but think having a general consensual understanding to what the steem blockchain is before we can move on to real change.
Otherwise most of us are just nitpicking details.
As I recently found out, they really can only veto Steemit Inc's wishes pretty much. But yeah I suppose they could be developers as well and propose changes. But quarter of them are too busy with EOS, some others too busy posting and bidbotting, most are non-devs. All in all, the incentives are aligned for them not to do too much for the platform really. How can there be almost nothing done for a year in a nascent platform? Mind boggling, but I guess it takes more time for experience, hard to fault anyone. That's the weakness of DPOS i guess, it's the same IRL when there's high salary positions with guaranteed payout, instead of POW's piecemeal mining.
Bidbot owners will just defend their bread and butter til the end of time with whatever reasons.
I've a feeling we're just waiting for Tauchain for any discussions and consensus to move forward effectively, like any crypto projects or traditional businesses out there, but I guess more important for decentralised networks.
Im hoping the "D" in DPOS can mean democrazy too.. I guess the Steem community hasnt reached a size where the non-whale majority has enough to overpower the minority. Its the reason why DPOS was create in the first place. I guess there will always in attack surfaces to a blockchain in the most unexpected human ways.
That as well as the sad truth that many account owners don't know about the witness voting feature of their steem account. It's why community grassroot-level awareness spreading is so important. I'd argue along with @aantonop that the biggest contribution a blockchain user can do is not in monetary terms but by telling people and sharing the right information for awareness. more so for Steem when its still widely misunderstood in the public zeitgeist.
I actually dont blame bidbot operators despite how i may sound like. It's just that underpricing their votes not only make them lose money but hurts the platform overall. There are cases where Bitbots are certainly justified.
But if a person can literally double their steem and "use money to buy more money", it hits at what is fundamentally the value behind the steem blockchain. When Steem loses value, bitbot owners will get hurt too.. So they have alot of skin in the game.
Who would invest (not just monetarily) in a cryptocurrency when any dick can shitpost and pay for guaranteed profit with no regards to what they post let alone quality of content. Im not suggesting bidbot owners to close shop.. But at least dont make what is happening possible.
You got me interested in Tauchain but to be honest at this stage it's really still way over what i am able to comprehend. Maybe i should learn more stuff before tackling the whitepaper.
I proposed hiring OCI to do dev work for us, and they are open to it. I posted about it here and talked to some witnesses about it. The response wasn't that enthusiastic so far (other than @smooth wanting to know more).