RE: I don't See How Steemit Can Continue to Exist! - Read The Blue Paper - STEEM IS GOOD!
Sorry, but I think your analysis is off-base in a lot of ways.
If you read the bluepaper, you will see that STEEM has decreasing inflation. If the value of STEEM outpaces the inflation, then the price will go up - not down. So far (since the new inflation rules were put in place in HF 16) the value has significantly outpaced inflation, and the value has gone up by a lot.
It occurred to me that if a CAPTCHA was required before each upvote then this platform might have a chance.
This is not really feasible with blockchain technology. All UIs (even steemit.com) have to submit the transactions that users make to the blockchain using the same APIs that bots use. There is really no feasible way for the blockchain to tell the difference between a bot and a human. Also, the notion that all bots are bad for the community/ecosystem is false in a lot of ways too.
There are definitely problems. Lots of them. There are a lot of smart people working on solving them though, and the number of problems we have today is a lot less than we had a year ago. In my view, the future of Steem is quite bright.
So not only have I read the blue paper I read it twice and into a microphone and posted it on Dtube, so others don't have to keep asking questions that have been answered a million times.
Glad to hear it I appreciate the response. I just heard about this blue paper, so I will need to read it.