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RE: What is the Fundamental Problem with STEEM?
I don't think STEEM being an utility token will necessarily cause its value to tank. If STEEM were not used for curation, a lot less inflation would be needed in which case supply and demand would cause it to go up in value. It is desirable to keep the inflation high for quite some time, however. This is because to secure the chain, we want more decentralization of stake.
My main point here is that you need new users to be attracted to steem and willing to stay here. Without them, the stake does not increase decentralization.
I think decentralization can increase even without new users because the stake is quite unevenly distributed. Steemit, Inc controls about 60% of it. Among the top 20 witnesses there are many who have millions to many hundreds of thousands.
Yes, that's true. It's just not happening fast enough to really matter.
Yes, that's true. It's just
Not happening fast enough
To really matter.
- nealmcspadden
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