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RE: Negative Voting and Steem
So instead of "Free Market" voting, instead it is a Governing Board that determines and can control the value of all the posts? Not exactly how it was marketed.
So instead of "Free Market" voting, instead it is a Governing Board that determines and can control the value of all the posts? Not exactly how it was marketed.
@whatsup It's a matter of evolutionary phases. At this early stage, it was felt that the need for upfront funding in exchange for an immediate amount of control and prestige was a pretty good deal. Right now many of the whales are powering down. As they do this it drives the price of steem down and allows you to gain more power simply by purchasing steem from the open market, or buying and holding SBD until the price drops low enough that you can convert to steem and power it up.
It's an inherently unfair & unbalanced system (as recently described by dan), that will eventually evolve towards a system which is more fair and more balanced.