[In the original post, there was a video here. If you watched the video, you will know that it basically just said you should read the text below. This video served a double purpose of getting steemit's official youtube channel some video views, and wasting our fucking time]
In this post, we want to bring you up to speed on what is happening inside Steemit, as well as give you our perspective on the successes (and failures) of the past year, let you know what we see as our mission going forward, and provide some insight into what we have planned... However, there are far more important things to address, so we will have to cover that in a later post.
It has been our responsibility at Steemit Inc to assist in the fair distribution of STEEM across the network. We have fallen short of this responsibility, and so we offer to you our sincerest apologies. Our inaction in regards to pay-for-vote bots has reversed the distribution of STEEM on the network, and now a few "bad whales" are quickly expanding their stakes, and their ability to cause further abuse on the platform.
We had attempted to use curation rewards and voting penalties as a way to influence the higher SP holders to vote for the best content, in order to earn the most curation rewards. This was how we planned to have STEEM distributed over the network. We unfortunately did not foresee that some of those high SP accounts would simply stop voting on community content, and instead sell their voting power to the lower SP holders, whilst still laying claim to the curation rewards in the process, maximizing their take of the rewards pool.
This will soon lead to a new era of megawhales, with the dolphins losing their power to influence the reward pool. We would advise you that if you were all able to simply avoid using these bots, and let the voting power they hold go unclaimed, then the power of your own votes would elevate so you could reward one another more; but we know that not all the community would stop, and the few that chose not to would see more rewards for their deceit. This would not be fair.
Instead, as a means of combating this dystopian megawhale future, and reversing the reversal of the distribution of STEEM across the network, we have decided to make a number of useful delegations.
Yes, that's right. We are going to cancel our wasteful 1.5 Million delegation to 
Furthermore, we can't really justify giving a 1.5 million STEEM delegation to an abuse-fighting initiative, when they overlooked this cry for help from a member of our community. We had to instead wait for 
Yes. We shall be removing that useless delegation, especially as the initiative has now paid themselves enough SP to do the job without the delegation. We can now instead offer that 1.5 million delegation to a few members of the community with a fucking spine, who will use that delegation to turn minnows into dolphins, rather than dolphins into whales or whales into fucking krakens. We have seen delegations being used well and would like to see more of this in the future. We will delegate to active and unbiased curators who favour quality content over the circle-jerk and this-for-that mentality that has hurt our beloved Steemit.
We believe that if we can provide a few community-oriented whales, who will seek out and reward the best content, or encourage initiatives that do, then with a higher frequency of worthy content being rewarded, people will be less inclined to pay for their own vote. There'd be little reason to if they knew there were other whales out there who may still find and reward their work, without looking for a payment.
We do not know how we will choose these delegatees, but we are open to suggestions in the comments. Perhaps if enough of the community agree on a method then we will have a good starting point.