You are viewing a single comment's thread from:
RE: STEEM: Whales Are Losing Their Power....The System Is Not Broken...A 90 Day Shift In The Numbers!!!!
well...first of all more than 80% of wealth in the hands of 0.16% (!) of the accounts is still a catastrophic distribution.
And secondly, the main problem I see is that with steem, the economic distribution is directly causing a political distribution, as for witness voting, the SP, and not the number of votes, counts. And the rich determining everything without any chance for the 99.9% to counter any decision is not a good system.
I know most whales have the best interests of the blockchain in mind and all, but we really shouldn't rely on trust in the upper 1% so much, that can go terribly wrong should just a tiny group of people decide to abuse the power.
A year ago, 90% of the wealth was in the hands of the .16%.....
So it is changing.
On planet earth, 10% of the population - not 0.16 - are holding 85% of global wealth, and that is a bad system already.
And there, with many democracies around, political power is not even directly connected to this distribution.
So steem is much, much worse distributed than money on planet earth at any given time. Even feudal Europe was better.
I do NOT say we should take away wealth from the whales. They have mostly earned it, or invested early, when everything was just a dream. That's ok.
But we have to put mechanisms in place for a faster catching-up of content creators. Plus we have to take "political" power to the people - i.e. seperate it at least partly from the wealth distribution.
Or we'll end in a non-participatory oligarchy, and that's bad for anyone who holds a single steem.
I've written a lot about this. Steem Power is a measure of platform trust and currently the only way to gain trust is to invest in the platform.
This was a good idea to get Steem going, but it's already outdated itself. We need to employ smarter metrics of trust. You should only get Steem Power when you interact positively with the blockchain and you should lose it for negative encounters.
I've made a lot of suggestions like having trials-by-jury and things like that but I suppose I'll have to become a much bigger player in the community before I'm taken seriously.