RE: The Great Steemit Debate: Tone Vays vs. Jeff Berwick "Ponzi Scheme or Paradigm Shift?"
Great interview Jeff.
I think a point of confusion might have been around the proof of stake(PoS) aspect of mining. I believe Tone may be thinking that Steem's PoS is like traditional "stake mining" as you find in other PoS coins. Steem is actually a Delegated Proof of Stake (DPoS).
In traditional "stake mining" your mining rewards are based on the amount of stake you hold. So the larger stake holders(insiders) would earn more then anyone else. This seemed to be a primary point of concern for him. However, in DPoS the amount of stake you hold simply determines the weight of your vote for who you think should receive the mining rewards. (Top 20 Witnesses in this case) Having a large stake doesn't actually pay you anything. All SP holders are inflated at the exact same % rate and as you stated, the Steem supply is 100% inflated each year such that the value of your SP remains the same.
Lol..i was reading this without looking at the author. It is so perfectly stated that i was like "wow he this guy understands. "
Then i see it is you xeldal. Now it makes perfect sense. :D
Friend, thanks for sharing this comment. It clarified so much for me. You are awesome.