Answer to “Somebody Tried To Tell Me Steem Is Dead”

My answer to “Somebody Tried To Tell Me Steem Is Dead”

There are few steemiens with over 70 rep.

Even more interesting would be the amount of users who upgrade from Plankton to Minnow per month. That's probably the most important metric.

Not the absolute amount of Plankton to Minnow but how many upgrade per month. The other levels might also be interesting.

They've now lost their followings and may have to start from scratch

Not unless they closed there accounts. People seldom unfollow inactive accounts. They unfollow when bad posting are made which annoys them.

the people who stayed are gaining a larger share of the reward pool and ultimately are making more money if they hold on till the next price surge.

Only partially. The bulk of the rewards pool still go to the wales are orcas. For plankton like me there is no change.

It's Use As An Actual Form Of Payment/Replacement For Banks

The Telegram Messenger planning to do something similar soon. And Telegram has 200 million active user.

Steemit Is The Easiest Way To Make Money Blogging

Minds will add cryptocurrency. I wrote about that. And Minds has 2 million active user. And will have all the same advantages as Steemit.

we haven't even left the beta phase yet

And Steemit might already be broken beyond repair.

The main problem of Steemit is the linear correlation between steem power and VEST. That should have been an exponential correlation like this one:

As you can see: that curve tilts start steep to give new accounts a boost and tilts off at a maximum which restricts how powerful a single account can become. Steemit did not do that and I fear that will be the downfall of Steemit.

Currently the most powerful account is Steemit itself with 90×10⁹ VEST — for comparison I have measly 108×10³ VEST. We are talking an almost 6 digits difference. No one who joints now will ever make it into the top 20. In don't even thing that anyone joining today can become a whale or orca.

Minds won't have that problem as they decided not to implement anything similar to steem power and vest. Making every users equal. That's the other extreme which which has it's own problems. But is for a new user it's more attractive.