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RE: Understanding Steem's Economic Flaw, Its Effects on the Network, and How to Fix It.
Yes it's not the end game, although I guess the protocol should at least be in favor of getting the inflation allocated better than what we can today as soon as possible..
It's either that or turn (most of) it off and pivot to selling the blockchain on its non-reward merits. At the moment the reward system isn't much of a merit anyway.
I think content and reward are huge merits over plenty of the other blockchains out there with similar tx times / fees as well, for example Nano which is close to Steem. Just has to be done right I guess. It's a bit of a mixed message, but likely doable (marketing both its non-reward and reward merits). Steemit being at #2000 still counts as something. Bit of a missed opportunity to get it within #500 in the early stage but maybe still not too late.
I'm not disagreeing. I'm just saying that a dysfunctional content and reward system is the worst outcome. All of the costs with minimal or no benefits. This isn't the end game either, if we don't change the incentives. The dysfunction will continue and it will only continue to get worse.
Yup, understood. Nothing can be worse than the current situation. Looks good short-term, but worst outcome in the long-term. If Steem ultimately can't work on its content/reward merit even after the proposed changes, along with content-based SMTs, do you think it's still able to stand out well enough compared to the rest? I still haven't put much thought to that version of Steem.
I don't know.