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RE: Ditching the Socialist Approach on Steemit - Make Steemit a Genuine Free Market or Watch it Fail
You describe the problem well, but I don't see the solution. Who will decide what post is valuable? If everybody gets the same vote, then people with more accounts will be able to abuse the system. Again you explain the problem well, but not the solution.
While equal VP would not solve all of the problems, it would solve a lot of them. Botnets and sockpuppets would still be problems. Vote buying, pandering to whales, circle jerks, would be over.
The present system also potentiates a successful Sybil attack making the 'flash miners' very rich. Some might suspect that consideration could have contributed to why Steem was designed as it was.
These matters have been discussed by me at length, with but cursory dismissals from @lukestokes, @timcliff, and various other witnesses and whales. Since these folks are profiting from the present system, it is unreasonable to expect them to want to make changes that would decrease their beneficial interest in Steemit.
What happens when Steemit begins to actually threaten Fakebook? Zuck buys the SP necessary to control the witness votes, and ends the threat. Those that hold substantial SP are who he'd have to buy it from, so why would those with substantial holdings want to change that?
Making VP equal ends that profit motive current whales have to potentiate a Sybil attack.
That's why it won't happen.
Edit : beneficial interest is a financial term, not an expression of feelings and concern.
Very true, but @david.prochnow has sourced a pretty impressive option for dealing with Sybil attacks (users using multiple accounts) effectively on a decentralized social network. The link below explains it in detail.
https://web.archive.org/web/20160418092652/http://virtualhost.cs.columbia.edu:80/~danr/courses/6772/Fall06/papers/sybil.pdf
Currently, users are able to do the same thing someone pulling a sybil attack would do by simply buying influence on the platform and delegating rewards to themselves. It's just so much easier for them right now and that's no good.