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RE: How much lower does it need to go?
Steemit was meant to be a decentralized platform, but as long 30 whales and their minions consume 90% of the steem power; it's not decentralized and that's why it's failing!
Can you explain why do you think this is the reason?
I really do like decentralization, but it's not a miracle medicine that will cure everything.
I can't see much benefit of new blockchain project having lots of decentralization. New projects have to be able to develop quickly and that's really hard when everything is decentralized.
It's much better to keep the project mostly centralized in the beginning and when it matures, let the decentralization happen.
well, there are 2 different parts to it;
the development, which is in the hands of a small group of people, which means it's centralized, but that's about the internal system, while it's countered by 19 witnesses
but I'm referring to the votes; there are about 30 whales that have so much more power than the average user, that a vote of the average user simply doesn't matter ... and that's why people are leaving in droves
whether or not a posts starts trending totally depends on those 30 whales, if they don't vote for your post, you get absolutely nothing
because those 30 whales take away everybody else's voting power, which is why voting is no fun, as it is pointless, while only posts that get votes from whales will trend and make money ... and that's why steemit is consistently losing users
there are no real investors, because those people, like me, who invest a bit of money to see how it works will soon find out, it basically doesn't work, because those 30 whales consume 90% of the voting power, which is why buying steem power is extremely expensive and thus pointless