RE: Why I am quitting steemit - and you should too
This isn't a dictatorship, this is capitalism. Pure, unregulated capitalism, with absolutely no way to fight back.
In the real world, past a certain point of influence, we might see the poor physically attack the rich. On steemit, there is nothing to physically attack. The only thing the masses can do to fight back, is leave and devalue the currency.
This is actually magnified drastically by the choice of the authors to use proof of stake rather than proof of work. Unless I'm mistaken, there is no way the masses can accumulate 51% to kick someone out. Only the top 51% of the people with the most power can do so, not 51% of the entire user base. Resulting in even more power in the hands of the rich.
The system is broken because of the idea that one person's vote is worth more than someone else's. I understand the need for it, because if every new account had the same voting power as an account with lots of power, you'd simply get hundreds of fake accounts.
If you look at reddit for a similar model, you know that they need a lot of systems and moderators in order to keep the site working the way it is. Downvote brigades happen there too, only there people get banned for it. There is no central authority on reddit, so nobody can ban anyone.
"Pure, unregulated capitalism,"
Capitalism established with a pre/flash-mine. So more like communism, really, where the party apparatchiks got everything at the start, and all the scraps going forward are spread around the plebs roughly equally.
"There is no central authority on reddit, so nobody can ban anyone."
I'd disagree. Some reddits are total cesspools of censorship. Look at r/Bitcoin. Absolute propaganda front.
Superb insight!
Also, some reddits get banned outright. Totalitarianism in action.
The incentives are there to decentralise the system. Irrational people with lack of understanding of the incentives are blocking us from getting there. And I agree it's not a dictatorship, but I do see a despot gaining more and more power.
Since this post was made, I have participated in two other posts that were similarly crushed, but broad support reversed the flags, and those posts both made more money than I have on all of mine in months.
@berniesanders would have to forego returns, at all, in order to counter the mob that has sprung up in support of those folks.
I found it unlikely, but it happened.
You're right. And I am sorry I dragged you to this awful hateful place. Let's go back to reddit where there's at least some moderation and case for the community. They've already paid me. :)