Let's just admit Steemit...

in #steemit3 years ago (edited)

Let's just admit Steemit is an esoteric game to rape the reward pool and cash out before the price of Steem goes back to five cents.

Over 90% of the rewards pool is vote traded and promotes garbage that no one wants to see.

The “real” content it is vastly overpriced... If a post objectively worth $20 gets $400 in rewards that is just as bad as a garbage post worth $0 getting $380 in rewards.

Likely the solution is to go to a tipping system in lieu of the reward pool.

In the meantime expect Steem to underperform the cryptomarket. If we get our act together there will be a great opportunity to pick up the pieces.

Cautious investing to all

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Steemit is a social experiment where everyone can choose to do whatever they wish with their stake. So it's an arena where, proportionate to the amount of SP one holds, one can manifest their concept of what Steemit is.

So obviously the most influential will be the mega-whales, and to that extent you are correct because some of them do as you stated. However, many of them also give away huge amounts of STEEM through their upvote to those holding small amounts of stake. Whatever Steemit, Inc. chooses to do with their massive holdings is quite impactful as well. Same with @dan and @ned, etc.

Overall, I have seen many with a pessimistic view of Steemit continually power down and cash out, and that is very good for the economy. We will see what happens, but I expect STEEM will be worth anywhere from $15 to $100 by the end of 2018. This, however, will not come to pass if people use Steemit in the method you are advocating.

Since most people have a profit-minded approach and cannot grasp why anyone would possibly want to manifest a gift economy, you may be correct. But again, it depends on what people who have an active stake in the platform do, so anyone who powers down and cashes out will have a very limited influence on its continuing evolution.

The only exception I can think of is someone who has widespread influence and support of whales, such as @papa-pepper, @sweetssj, etc. They have organic influence which will likely persist even if they power down.

the major flaw seems to be forcing every user to "tip" proportional to their stake. If "gifting" was voluntary rewards would be kept in line with the actual value of the content and the value of steem wouldn't be inflated away to the benefit of those manipulating the system.

that is, if steem were striped of all its bells and whistles and was simply a generic crypto currency it would work much better.

You have collected your daily Power Ups! Your posts received total upvotes worth of 6.85$.
Learn how to power up smart here!

also good post!thank you so much!

Question is how are the garbage post being upvoted and resteemed if no one wants to see it? Mind you I'm still new here so I'm still trying to understand things work around here.

Yes, completely agree with you, unfortunately all this will go down the sh*thole...

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