RE: A MESSAGE TO THE WHALES FROM THE KING OF STEEMIT!
I think this is one of the biggest problems in Steemit. In fact, it is one of the reasons I am hesitant to buy STEEM - I just can't see the system surviving into the far future with this kind of behavior happening. Instead of decentralizing anything, the system seems to 'centralize' money into those who already have the most. I expect that the more time passes, the more problematic this becomes, and the less incentivized new minnows will be to stay and try to compete.
If this doesn't get fixed, STEEM will not be like Bitcoin but rather will end up like Dogecoin. That too, was once the community tipping coin, remember. All I can hope for is that the people running the show, the developers etc, are smart and wise enough to be working on solutions for this already.
perfect analogy to doge. You and I are on the same page completely.
Sadly, I don't think there is anything the devs can do about it. They can't disallow people from creating accounts, otherwise the platform won't grow. There really is no way technologically of remedying this situation as far as I can see.
I think the only way to remedy this is by use of digital identities. Maybe some collaboration with Civic or similar projects. If we can limit the system to 1 account per person that should fix some of the problems.
But I am doubtful this will happen anytime soon, if ever, because digital identities aren't quite there yet.
I also wonder.. if you can just make many accounts, what's to stop somebody from self-voting themselves into Witnesses? Take that one step further: What's to stop somebody from self-voting multiple of their own witness accounts into power?
Take that one step further: what's to stop somebody from taking over the entire system this way over time? Game theory says that if it's possible and profitable, it will happen one day.
I wish I could give you 100 upvotes right now
Haha, I'm happy to receive one too! thanks!
Very interesting! Probably that's the problem that none of the website of the same group grow on their coins value: becaue their is manipulation. Wow! I think they have to put an end to that because as soon as people notice it, they will be leaving.
No pay-to-win system ever lasts, and neither will Steemit unfortunately.
People like Jerry Banfield, and his crony whale cabal at the top, will bleed Steemit dry.
However, there is a silver lining. The smart media token will allow other, and better websites to monetize their content, which are places that the whales on Steemit cannot control nor dominate, so we'll have to see what happens with those before totally giving up on the Steem token.
I was thinking about that too. Theoretically STEEM could die off, but a SMT built on top of STEEM could survive... I think ...?
Although, in the end, STEEM needs to be profitable in order for the subchains to survive, or there is no blockchain to host it on? So if STEEM's value decreases or gets destroyed, all the SMTs will starve with it?
We shall see, but just keep in mind, Steemit was just a hobby experiment for Dan, and his EOS token will be used to build Steemit-like platforms galore.
Eventually, one of them will get it right, but I do believe Steemit's initial launch was flawed.
They should of put limits on how much Steem a person could buy versus earn, but they definitely have to do something. A 1% at the top is not going to equal out over the long-run, and if it stays... Steemit will definitely crumble.
But if people use EOS to build new steem-like chains, that will adversely effect the price of steem.
"Eventually, one of them will get it right, but I do believe Steemit's initial launch was flawed."
I think this is likely what will happen. Someone will build a new chain from the ground up very similar to steem, and will hopefully learn from the mistakes of steem.
Exactly right, but I would much rather put my money directly into EOS, because why invest in a gasless single product, when you could invest in them all.
"Theoretically STEEM could die off, but a SMT built on top of STEEM could survive... I think ...?"
I don't think so. Skimming the whitepaper it seems to me that STEEM will be to SMTs as Ether is to ERC20 tokens, so if STEEM is flawed and the blockchain dies, the tokens will go with it. Although, I suppose this doesn't say anything about the price of tokens. 1 ERC-20 token could be worth more than 1 ether.
As the owner of a personal blog, why would I use SMT when I can use ADEX or BAT, neither of which have all the baggage of steem?
I guess thinking about it now what I'll likely do is use all of the tokens that way if one dies and the other survives I'm not out anything.
What steemking is doing is also a problem, most of his content is just grabbed from reddit from random people.
And he is trying to make money with it.
The wales on steemit at least invested in steem so they are doing something for steem.
Just taking random content from reddit with a random comment also grabbed from reddit.
Mean while honest people are trying to make some original content.
Then this guy comes and spams copied reddit post.
That is a problem in my book.
But if he keeps this kind of posts up and sparking discussion is good.
Have a nice day!