RE: STEEM, The People's Blockchain.
It was the same under the n2, but worse.
Until the whale experiment put a 800mv cap on voting, then all the math came into balance.
My vote went from dust to .04stu with under 1000sp.
Stinc hurried up, 8 days, and forked in linear rewards and took out the 4 post soft cap on rewards so haejin could rape the pool.
Before, the 5th post of the day got its rewards reduced, the 6th even more.
With a 500mv cap you will see just how bad the greedy whales are raping us.
When they are removed from the pool the rewards they take daily now gets spread out to everybody else.
Look here.
If anything, this is even worse now that this report isn't produced daily.
I can't say that there are not other drawbacks to the n2, but simply putting a 500mv cap in place does wonders to the adoption rates because the fortunes now being taken by the top ten accounts would get spread out to reach more newbs.
I'm not in front of my computer this weekend to study that properly but from what I can see you have a massive point on this one.
Without doing the maths anything that can spread the distribution of the reward pool among more active users could only be a good thing. The amount of people that we lose at the beginning of their steem entry is crazy. The power of the whales is getting diluted slowly and steadily over time but it would be great to speed that up and get the rewards to more people. The use of apps has broken up their power as they reward people for use rather than knowing the right people.
The reward structure will no doubt get changed again at some point but the people making those decisions will hardly change their stance at this stage and will keep it profitable for themselves.
Posted using Partiko Android
That dilution is their biggest fear.
As dilution increases their power decreases.
Little man disease tells them that less power is the worst thing in the world.
'It's just good crapitalism.'
I know stinc, et al, will take years to dilute, but they can only sell once.
Once they have, I'm hoping proof of brain is restored.
Otherwise, once they get the memory issues cheap enough to run a node, we can organise a fork to restore proof of brain.
Then we can just see if proof of brain can float without a tyrant forcing it on us, eh?
I may be the only one beating a drum, but I'm not alone on the principle.
Vote proof of brain!
Better distribution should be a priority as a large stakeholder. They already have their reserves built up so getting steem into more hands can only be a good thing. I would much rather have 10000 at $10 than 1m at 10c.
Making steem a success and raising the price will help the whales more than anybody. I know steem.inc has a huge amount but they are on a scheduled sell off so that will dilute over time especially since they don't actively use the stake. I was on discord thursday and steem.inc were on talking about the new memory system through mira. From what I understood within the next month it will be possible to run a full node for a far reduced price. Making it profitable for anybody to run a top 100 witness from a basic set up. I'm not a techie but there were a lot of witnesses in the chat and they were very excited about the possilities.
There are plenty more people thinking and talking the same way that you are.
Posted using Partiko Android
Yes, after the hijackening stinc, et al, was very careful to bring some golden boys with them.
They know which side of the bread gets the butter.
Don't expect to hear any dissent from them.
I'd agree with you about the distribution, but it doesn't seem those currently in charge agree with you.
Dilution was a popular topic before linear reaards, not so much after.
I can't say, for sure, that pob, in the form of the n2, is the optimal solution, but the abuse we flag now was predicted, and many former authors just farm self votes, now.
Some made posts at the time.
Remember, these folks think they are doing you a favor to break your game, all the better if your bank comes with it.