The problem with Steemit is that its reward distribution model incentivizes abuse. Distributing rewards based on user votes is guaranteed to create abuse.

Moreover, there's no difference between an individual investing a million USD to Steem Power, getting a 100% ROI in a year through abuse and 100K individuals investing $10 USD and getting a 100% ROI in a year through abuse.

Actually, it's easier for the minnows to abuse the system, because they go under the radar. So, minnows aren't that innocent either, but I don't blame them. If the founder abuses the system, what can you expect from the average guy?

It's not illegal to abuse the system, because abuse is literally programmed into this system. There's no way around it. But it's immoral to abuse the system.

This system has to be changed soon, because it's a matter of time Steem investors will realize that $65 million USD of their hard earned cash is paid for mediocre content in a single year. When that happens, we will see Steemit and all of its tokens implode.

I'm not only criticizing the system. I have also posted a solution proposal, which is discussed by Steemians at this moment. Check the following in my profile: How to Solve the Reward Pool Abuse Problem Once and For All.

You're all invited to join the discussion. Let's do something to save this platform before it reaches the point of no return.