This is a very interesting post. You are right that small authors will have even more difficulties to earn rewards. On Steem we are not only authors we are also curators. In the long term this new system will push us to grow and to collect more Sp. We will be more comitted and it will be favourable for steem prices.
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I share these sentiments too. Cheers!
I hope you're right. I've already seen many bad consequences of all this.