The biggest problem I see within Steem as a currency, is the fact that the global rewards pool is creating sub cultures within Steem itself.
Instead of having one big community of people and stakeholders who believe in Steem (the currency) for similar reasons, we‘ve got different groups with different ideals.
Some find that Steem should be distributed without thinking about your own profits.
Some find that Steem is a great asset to be invested in as it gives you the ability to reward your friends and followers and thus grow your power.
Some find that Steem is a great asset with a high APR due to excessive vote-selling & self-voting.
.... and the lost goes on and on.
But who’s right? What happens when different ideals clash against each other?
Whale flag wars is what happens, splitting the community even further and hitting innocent targets on both sides.
What‘s the optimal situation?
Well, let’s take Bitcoin as an example.
Everyone who’s invested in Bitcoin is most likely in it for similar reasons or at least believes in the same bitcoin ideals, which are simple and short: Value!
This strengthens the bond between individual stakeholders and attracts new investors, as there is a clear path made by Bitcoin believers.
If we compare Steem side by side, people from the outside might be attracted by groups who claim that Steem is an amazing asset for APR, but once they get here and try to optimize their APR, they’ll be greeted by a commando of newSteem believers, who are flagging exactly that behavior. Said user will most likely leave, as his/her expectations weren’t met.
What’s the solution?
We need a Steem that is universally positive and attracts and retains stakeholders from all categories who believe in Steem.
And I do think there is a solution:
Remove or drastically reduce the global rewards pool, add a passive inflation source for stakeholders instead and let SMTs do the rest.
The main currency should be as little opinionated as possible, while unique SMTs can decide on their own what behavior they will allow and thus which categories of stakeholders they want to attract.