STEEM: Whales Are Losing Their Power....The System Is Not Broken...A 6 Day Shift In The Numbers!!!!
Many people think that STEEM is nothing more than a ponzi scheme where the early entries get richer while everyone else gets poorer. Being reared in the bankster world, it is understandable how people believe this. However, I am here to tell you that this is not the case.
On STEEM, the rich do not get richer. As a percentage of the whole, those at the top are losing power. Their "control" is diminishing.
Last week, actually 6 days ago, I wrote a post that showed, using @arcange's numbers, exactly what took place over the last 90 days. True to the system, the Whales and Orcas did not have as much of the pie 6 days ago as they did 3 months before that.
Here is that post:
Well guess, what, the same thing continues to happen. I took at look at the numbers at the end of January and might make this a regular ritual.
Anyway, what took place in the last week minus 1?
As a refresher, here is what the chart looked like back in October:
Here is how it broke down on January 25, 2018:
The total MVests here is 392,754.
On a percentage basis:
Whales 65.24%
Orcas 16.82%
Dolphins 10.04%
Minnows 5.05%
Red Fish 1.21%
Inactive 1.62%
Here is what the chart looked like for the end of January 2018:
The total MVests here is 382,412.
On a percentage basis:
Whales 63.72%
Orcas 17.54%
Dolphins 10.55%
Minnows 5.21%
Red Fish 1.28%
Inactive 1.685%
The change over that time period is as such:
Whales -4.8%
Orcas +1.5%
Dolphins +2.3%
Minnows +.3%
Red Fish +2.6%
Inactive +1.3%
Let us take a look at the breakdown of users:
1/25/18
1/31/18
So what does this all tell us.
To start: THE SYSTEM IS WORKING AS IT IS DESIGNED!!!!
The rich are not getting richer. People who proclaim this simply need to look at the numbers.
On Jan 25th, the Whales and Orcas has 322,325 MVests; on January 31st, 310,778...a decrease of 3.58%.
Naturally, we can conclude that one whale is powering down which caused the large drop in the Whales MVests. At the same time, we see the Orca number increase by one, which is most likely said Whale. Nevertheless, the total MVests under their control dropped a significant amount for such a short period of time.
It is true this could be an aberration although it does align with what the numbers tell us occurred over a longer period, the last 90 days. Logic tells me as more people join this blockchain, the numbers will keep following this trend. More people from the lower levels will move up the rankings, hence increasing those categories. At the same time, as evidenced by the last two charts, a big jump in the number of Red Fish also meant an increase in the MVests (+2.6%).
The final thing that I wanted to mention is this number: 8571
That is the total number of people who are Minnow (around 500SP) or above.
My friends, that is called being an early adopter....
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One should include liquid balances not only steem power.
Also, if A delegates to B what account holds SP in this calculations? Maybe it's simple whales generating more fake accounts and delegatint to them.
And even the whales lose more stake, their steem power still increasing everytime you refresh their page. I don't see if there's anything to cheer about. It's just share dilution. The steem ecosystem compensate those losing stake by making your mvests more expensive. If you check steemd, steem per mvests is increasing every year. It only makes minnows to pay more to enter the STEEM ecosystem. This discourages a lot of people I think.
this is a very good trend!
As more famous people join, more and more traditional whales will diminish, but I do believe if sub-Steemits are ever created, each one will have its own individual whales.
I believe the powerdown of the steemit account of 5m SP could have something to do with this...
Btw; could you tell us in your next week's article how much SP is needed to be a dolphin/orca/whale? And are these Numbers static or do they change with the total number of accounts (like 500SP is a minnow atm, but a dolphin in the future due to fact that 500SP could be enough to be in te top 1% at that time)?
I think he already answered that.
Red Fish less than 500
Minnow 500 SP
Dolphin 5K SP
Orca 50K SP
Whale 500K SP
Thank you,
where did you find this?
i think the whales profil delegate power
Their strength for new people on the podium
1 - due to low price
2 - To help defame and bring in the largest investors
some truth in that i think yeah. either way, good to see things balancing out. i've loved my time so far on this platform. may it long continue.
Thanks for clearing this up!
I think the change in MVests for the whales will mainly (perhaps totally) be the @steemit account powering down.
The method they are using to do this, delegating power out to Utopian, DLive etc should push the rewards down to content creators at lower levels, which I think is a good way to carry out the diversification of the @steemit account, and should increase Steem Power for lots of minnows.
But I think this is the main driver. I'm not sure that it's possible to conclude that the system works for minnows based on this data. It's very much a one-off impact.
I agree that the move was probably mostly @steemit since it is powering down totally.
However, what is interesting is that isnt a delegation but a powering down which means that it is moving out of the whale group.
Over time, this makes sense. We are going to see more of this.
It does seem the system is doing what it intended.
Let's hope this trend will continue. A lot of new users are frustrated because of the whales and these numbers prove the system is not rigged but will work itself out.
That is true @pieter87.
I think a lot of new years become frustrated because of false expectations. People believe that coming on here entitles them to simply putting up a post and reaping in big rewards. That is not how it works. Few seem to realize, at least at first, that most people are in the position they are in on here because they put in time and effort.
That is the only way to make this work for oneself.
Unless buy in, the odds of reaching dolphin are slim in one's first month. It can be done over time, but it takes that, time.
Now that I totally agree with. The perception people arrive with that it's a get rich quick scheme that's going to have money pouring into their accounts for posting any old shite needs addressing.
True, those whales commited themselve even when the future of steemit didn't look as bright and they should be rewarded. But the balance just looks a bit off when you see these statistics, that's all.
And indeed new users should realise this platform isn't a get rich quick game nut the ones who start off with good posts should get a boost so they don't quit easely.
Unfortunately I saw some new ones in my niche 'diving' who started with some great underwater footage and compilations they put a lot of work in who quit after a few posts with a few of no votes. That's too bad because they could have been nice additions to our little subgroup with usefull comments and tips.
I really like this series of posts that you've put together as it shows quantitatively that the system indeed is not broken. Not just in your opinion, but in reality. And as more people join and participate on Steemit the balance will continue to shift.
I dont think there is any other option @moneyinfant.
As more people get involved, especially in larger numbers, we are going to see this continue. With the reward pool broken down as it is, it is impossible not to. There is no way the few can write enough articles to keep pace with all the newer people.
This change was a 6 day move....was it abnormal....I do not think so. It will be interesting to watch as the weeks go buy and the price of SBD and STEEM change. I wonder how that will affect things.
Not abnormal, but rather a developing trend yes? And yes, as more people join there's no way for the few to keep up with the influx of new articles. Not just here, but on all the other platforms that have been gaining increased traction.
I believe it is a developing trend...the last three months saw this...this is the first time I looked at a shorter time frame. There might be weeks when this changes, but I think over a long enough sample, like a month or quarter, it will be the case.
I have a feeling the overall effect will be tied to the number of people signing up and becoming active. As long as the active users are increasing, that is going to dilute the reward pool some. with roughly 65K active now, that means there are about double the content creators as there were just a month or so ago.
That has to have a major impact.
I've been seeing the upward trend in number of users/posts made by following @penguinpablo for his Steem status reports. It looks as if the growth began in December, so it will be interesting to see if the pace of new users remains the same, decreases or if the upward trend gains momentum.
His 4 week report for Jan said 129K user sign ups for that period...that is a huge number compared to where we were.
I would believe we are going to keep seeing a steady increase in sign ups until we get the auto sign up in the next fork.
D.Tube seems to be having a lot of success grabbing some of the disgruntled YouTube people.
Isnt it amazing that YouTube might turn out to be our greatest ally.
At that rate I would imagine we'll have somewhere north of 250k active users by the end of the year, although the rate of adoption could increase substantially with auto sign ups.
It's certainly ironic that YT is looking like a great ally thanks to their own poor decisions.
Power to the minnows!! Lol.. I love seeing the distribution progress. Regardless of my minimal influence now and regardless of where it goes, I'm here for the even distribution of wealth possibility. Awesome charts, nice to see. I'd ask where they're from but I just asked you for stat sources in another article of yours so I'll give you a break :)
Thanks for this!