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RE: Critical Analysis of Steem and Why I'm Invested
The amazing feature on steem is the paid upvote.
It is. But the problem is that rewarding tokens by minting from the collective money supply has a game theory which means it is a “winner-takes-all” eventual outcome. That is what we see going on now with the 8000 signups per day probably being sockpuppets of the cartel that controls Steem.
This is a structural problem that can’t be fixed. That cartel will never willingly give up its cash cow. It will continue to siphon off as much Bitcoin value as it can from this.
I agree with your idealism. And there will come a better design and project which meets the idealism you have. But it will not be Steem nor EOS, because these groups are as corrupt as can be.
I don't agree because they have no incentive to be corrupt. The money lies into taking this product as far as it can go. we can never be 100% sure, but I believe they are clever enough to see this and I trust them because they are incentivized to behave.
The "winner-takes-all" outcome is also not a problem for me because the winner is the best content creator. People don't sign up to social media to make money. I don't care about curation rewards. But I also don't want a centralized company to make money out of my attention, and above all I hate adds. This is the value proposition that steem offers today.