RE: Lies about Steem and Steemit
It amazes me how people assume Steemit comes out of the box a full and complete product. They assume that everything is set in stone from day one. Steemit is designed to be able to adapt to what is needed. There are many more features that will be added to off set some of the criticism people have. Steemit is hybrid company/government economy. There are many variable that can and will be tweaked. The developers right now are focused on making Steemit a stable platform to interact on. Once that is done, they can continue to focus on the economics. It's funny how quick people want to try and tare something down . But if you gave these people a million dollars to build something valuable from scratch they couldn't do it. It is easier to throw rocks than build a castle with them.
There are some items listed in my blog which can not be changed nor improved because they are fundamental to the vested interests and/or the design of the system. For example, this issue #2 reducing the 15 - 21% debasement rate for STEEM POWER holders would reduce blogging rewards.
The issue #5 is inherent in the business model of Steem which is dictated by the way blog rewards are funded in issue #2.
Even if rewards reduce, they will still be more than any other platforms pay which is zero. Second i beleive i read somewhere that inflation rate will reduce to 14% after the first steem split four years from now. The point is people are arguing and conjuring over incomplete facts. The whitepaper needs to updated.
You can not assume no one will make a Steem competitor.
I look forward to that updated white paper, because I and investors can not form analysis based on vaporware or vague allusions.
Btw, I think I just figured out why the current reward and ranking algorithm is entirely wrong. I mean fundamentally wrong on the basic assumptions. Will be detailing my thoughts at BCT, not here as this is not really a discussion site yet.